STATEMENT OF ADDITIONAL INFORMATION

TRANSAMERICA VARIABLE ANNUITY I-SHARE

Issued through

Transamerica Life Insurance Company
Separate Account VA B (EST. 1/19/1990)
4333 Edgewood Road NE
Cedar Rapids, Iowa 52499-0001
(800)525-6205
www.transamerica.com Transamerica Financial Life Insurance Company
Separate Account VA BNY (EST. 9/27/1994)
4333 Edgewood Road NE
Cedar Rapids, Iowa 52499-0001
(800)525-6205
www.transamerica.com

This Statement of Additional Information expands upon subjects discussed in the current prospectus for the Transamerica Variable Annuity I-Share offered by Transamerica Life Insurance Company and Transamerica Financial Life Insurance Company (“us,” “we”, “our” or “Company”). You may obtain a copy of the current prospectus, dated May 1, 2020, by calling (800) 525-6205, or write us at the addresses listed above. The prospectus sets forth information that a prospective investor should know before investing in a policy. Terms used in the current prospectus for the policy are incorporated in this Statement of Additional Information.

This Statement of Additional Information (SAI) is not a prospectus and should be read only in conjunction with the prospectuses for the policy and the underlying fund portfolios.

Dated: May 1, 2020

TABLE OF CONTENTS

GLOSSARY OF TERMS	1
THE POLICY—GENERAL PROVISIONS	3
Owner	3
Entire Contract	3
Misstatement of Age or Sex	3
Reallocation of Annuity Units After the Annuity Commencement Date	3
Annuity Payment Options	4
Death Benefit	4
Death of Owner	5
Assignment	5
Evidence of Survival	5
Non-Participating	5
Amendments	5
Employee and Agent Purchases	5
INVESTMENT EXPERIENCE	6
Accumulation Units	6
Annuity Unit Value and Annuity Payment Rates	7
PERFORMANCE	8
HISTORICAL PERFORMANCE DATA	9
Money Market Yields	9
Total Returns	9
Other Performance Data	10
Adjusted Historical Performance Data	10
PUBLISHED RATINGS	10
STATE REGULATION OF US	10
ADMINISTRATION	11
RECORDS AND REPORTS	11
DISTRIBUTION OF THE POLICIES	11
VOTING RIGHTS	11
OTHER PRODUCTS	12
CUSTODY OF ASSETS	12
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	12
OTHER INFORMATION	12
FINANCIAL STATEMENTS	12
APPENDIX
CONDENSED FINANCIAL INFORMATION	13
APPENDIX
Prior Withdrawal/ Growth Percentages and Rider Fees	25
APPENDIX
Prior Allocation/Withdrawal Percentages and Rider fees	27

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GLOSSARY OF TERMS

Accumulation Unit—An accounting unit of measure used in calculating the Policy Value in the Separate Account before the Annuity Commencement Date.

Adjusted Policy Value—The Policy Value increased or decreased by any Excess Interest Adjustment.

Administrative Office—Transamerica Life Insurance Company and Transamerica Financial Life Insurance Company, Attention: Customer Care Group, 4333 Edgewood Road NE, Cedar Rapids, IA 52499-0001, (800)525-6205.

Annuitant - The person on whose life any annuity payments involving life contingencies will be based.

Annuity Commencement Date - The date upon which annuity payments are to commence. This date may not be later than the last day of the policy month following the month in which the Annuitant attains age 99 (earlier if required by state law).

Annuity Payment Option - A method of receiving a stream of annuity payments selected by the Owner.

Annuity Unit—An accounting unit of measure used in the calculation of the amount of the second and each subsequent variable annuity payment.

Assumed Investment Return or AIR—The annual effective rate shown in the contract that is used in the calculation of each variable annuity payment.

Beneficiary(ies)—The person(s) who has the right to the death benefit as set forth in the policy.

Cash Value - The adjusted policy value less any rider fees (imposed upon surrender).

Code—The Internal Revenue Code of 1986, as amended.

Enrollment Form—A written application, order form, or any other information received electronically or otherwise upon which the policy is issued and/or is reflected on the data or specifications page.

Excess Interest Adjustment—A positive or negative adjustment to amounts paid out or transferred from the Fixed Account Guaranteed Period Options prior to the end of the guaranteed period. The adjustment reflects changes in the interest rates declared by us since the date any payment was received by, or an amount was transferred to, the Guaranteed Period Option. The Excess Interest Adjustment can either decrease or increase the amount to be received by the Owner upon withdrawals, surrenders or commencement of annuity payments, depending upon whether there has been an increase or decrease in interest rates, respectively. The Excess Interest Adjustment will not decrease the interest credited to Your policy below the guaranteed minimum. The excess interest adjustment does not apply to policies issued in New York by Transamerica Financial Life Insurance Company.

Excess Partial Surrender—The portion of a partial surrender (surrender) that exceeds the free amount.

Fixed Account—One or more Guaranteed Period Options under the policy that are part of our general assets and are not in the Separate Account.

free amount—The amount that can be withdrawn each year without incurring any excess interest adjustments.

Guaranteed Lifetime Withdrawal Benefit - Any optional benefit under the policy that provides a guaranteed minimum withdrawal benefit, including the Guaranteed Principal Solution^SM rider, the Retirement Income Max^® rider, the Retirement Income Choice^® 1.6 rider and the Transamerica Income Edge rider.

Guaranteed Period Options—The various guaranteed interest rate periods of the Fixed Account which we may offer and into which Premium Payments may be paid or amounts transferred when available.

Market Day - A day when the New York Stock Exchange is open for business.

Nonqualified Policy—A policy other than a Qualified Policy.

Owner (You, Your) - The person who may exercise all rights and privileges under the policy.

Policy Date - The date shown on the policy data page attached to the policy and the date on which the policy becomes effective.

Policy Value—On or before the Annuity Commencement Date, the Policy Value is equal to the Owner's:

• Premium Payments; minus

• gross withdrawals (withdrawals plus or minus excess interest adjustments plus taxes (on the withdrawal)); plus

• interest credited in the Fixed Account; plus

• accumulated gains in the Separate Account; minus

• accumulated losses in the Separate Account; minus

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• Service Charges, rider fees, premium taxes, transfer fees, and other charges, if any.

Policy Year - A Policy Year begins on the Policy Date and on each anniversary thereafter.

Premium Payment—An amount paid to us by the Owner or on the Owner's behalf as consideration for the benefits provided by the policy.

Qualified Policy—A policy issued in connection with retirement plans that qualify for special federal income tax treatment under the Code.

Separate Account - Separate Account VA B and Separate Account VA BNY, Separate Accounts established and registered as unit investment trusts under the Investment Company Act of 1940, as amended (the “1940 Act”), to which premium payments under the policies may be allocated.

Separate Account Value - The portion of the Policy Value that is invested in the Separate Account.

Service Charge—An annual charge on each policy anniversary (and a charge at the time of surrender during any Policy Year) for policy maintenance and related administrative expenses.

Subaccount - A subdivision within the Separate Account, the assets of which are invested in a specified underlying fund portfolio.

Valuation Period - The period of time from one determination of Accumulation Unit values and Annuity Unit values to the next subsequent determination of those values. Such determination shall be made generally at the close of business on each Business Day.

Variable Annuity Payments—Payments made pursuant to an Annuity Payment Option which fluctuate as to dollar amount or payment term in relation to the investment performance of the specified Subaccounts within the Separate Account.

Written Notice—Written Notice, signed by the Owner, that gives us the information we require and is received in good order at the Administrative Office. For some transactions, we may accept an electronic notice or telephone instructions. Such electronic notice must meet the requirements for good order that we establish for such notices.

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In order to supplement the description in the prospectus, the following provides additional information about us and the policy, which may be of interest to a prospective purchaser.

THE POLICY—GENERAL PROVISIONS

Owner

The policy shall belong to the Owner upon issuance of the policy after completion of an Enrollment Form and delivery of the initial Premium Payment. While the Annuitant is living, the Owner may: (1) assign the policy; (2) surrender the policy; (3) amend or modify the policy with our consent; (4) receive annuity payments or name a payee to receive the payments; and (5) exercise, receive and enjoy every other right and benefit contained in the policy. The exercise of these rights may be subject to the consent of any assignee or irrevocable Beneficiary; and of Your spouse in a community or marital property state.

Unless we have been notified of a community or marital property interest in the policy, we will rely on our good faith belief that no such interest exists and will assume no responsibility for inquiry.

Note carefully. If the Owner predeceases the Annuitant and no joint Owner, primary Beneficiary, or contingent Beneficiary is alive or in existence on the date of death, the Owner's estate will become the new Owner. If no probate estate is opened because the Owner has precluded the opening of a probate estate by means of a trust or other instrument, that trust may not exercise ownership rights to the policy. It may be necessary to open a probate estate in order to exercise ownership rights to the policy.

The Owner may change the ownership of the policy in a Written Notice. When this change takes effect, all rights of ownership in the policy will pass to the new Owner. A change of ownership may have tax consequences.

When there is a change of Owner, the change will not be effective until it is recorded in our records. Once recorded, it will take effect as of the date the Owner signs the Written Notice, subject to any payment we have made or action we have taken before recording the change. Changing the Owner does not change the designation of the Beneficiary or the Annuitant.

Entire Contract

The entire contract consists of the policy and any application, endorsements and riders. If any portion of the policy or rider attached thereto shall be found to be invalid, unenforceable or illegal, the remainder shall not in any way be affected or impaired thereby, but shall have the same force and effect as if the invalid, unenforceable or illegal portion had not been inserted.

Misstatement of Age or Sex

During the Accumulation Phase. If the age of any person whose life or age a benefit provided under a guaranteed benefit has been misstated, any such benefit will be that which would have been purchased on the basis of the correct age. If that person would not have been eligible for that guaranteed benefit at the correct age, (i) the benefit will be rescinded; and (ii) any charges that were deducted for the benefit will be refunded and applied to the total account value of the policy.

We reserve the right to terminate the contract at any time if we discover a misstatement or fraudulent representation of any information provided in connection with the issuance or ongoing administration of the policy.

After the Annuity Commencement Date. We may require proof of the Annuitant’s or Owner’s age and/or sex before any payments associated with any benefits are made. If the age or sex of the Annuitant and/or Owner has been misstated, we will change the payment associated with any benefits payable to that which the Premium Payments would have purchased for the correct age or sex. The dollar amount of any underpayment made by us shall be paid in full with the next payment due such person, Beneficiary, or payee. The dollar amount of any overpayment made by us due to any misstatement shall be deducted from payments subsequently accruing to such person or Beneficiary. Any underpayment or overpayment will include interest specified in Your policy, from the date of the wrong payment to the date of the adjustment. The age of the Annuitant or Owner may be established at any time by the submission of proof satisfactory to us.

Reallocation of Annuity Units After the Annuity Commencement Date

After the Annuity Commencement Date, You may reallocate the value of a designated number of Annuity Units of a Subaccount then credited to a policy into an equal value of Annuity Units of one or more other Subaccounts or the Fixed Account. The reallocation shall be based on the relative value of the Annuity Units of the account(s) or Subaccount(s) at the end of the market Day on the next payment date. The minimum amount which may be reallocated is the lesser of (1) $10 of monthly income or (2) the entire monthly income of the Annuity Units in the account or Subaccount from which the transfer is being made. If the monthly income of the

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Annuity Units remaining in an account or Subaccount after a reallocation is less than $10, we reserve the right to include the value of those Annuity Units as part of the transfer. The request must be in writing to our Administrative Office. There is no charge assessed in connection with such reallocation. A reallocation of Annuity Units may be made up to four times in any given Policy Year.

After the Annuity Commencement Date, no transfers may be made from the Fixed Account to the Separate Account.

Annuity Payment Options

During the lifetime of the Annuitant and before the Annuity Commencement Date, the Owner may choose an Annuity Payment Option or change the election, but notice of any election or change of election must be received by us in good order at least thirty (30) days before the Annuity Commencement Date (elections less than 30 days require prior approval). If no election is made before the Annuity Commencement Date, annuity payments will be made under life income with variable payments for 10 years certain using the existing policy value of the separate account. The default options may be restricted with respect to Qualified Policies.

The person who elects an Annuity Payment Option can also name one or more Beneficiaries to receive any unpaid, guaranteed amount at the death of the Annuitant. Naming these Beneficiaries cancels any prior choice of a Beneficiary.

A payee who did not elect the Annuity Payment Option does not have the right to advance or assign payments, take the payments in one sum, or make any other change. However, the payee may be given the right to do one or more of these things if the person who elects the option tells us in writing and we agree.

Adjusted Age. For the Life Income and Joint and Survivor Annuity Payment Options, the adjusted age is the Annuitant's actual age nearest birthday, on the Annuity Commencement Date, adjusted as described in Your policy. This adjustment assumes an increase in life expectancy, and therefore it results in lower payments than without such an adjustment.

Variable Payment Options. The dollar amount of the first variable annuity payment will be determined in accordance with the annuity payment rates set forth in the applicable table contained in the policy. For annuity payments the tables are based on a 3% effective annual AIR and the “Annuity 2000” (male, female and unisex if required by law) mortality table projected for improvement using projection scale G. The rates were projected dynamically using an assumed annuity commencement date of 2020. the “Annuity 2000” mortality rates are adjusted based on improvements in mortality to more appropriately reflect increased longevity. The dollar amount of additional Variable Annuity Payments will vary based on the investment performance of the Subaccount(s) of the Separate Account selected by the Annuitant or Beneficiary. For certain Qualified Policies the use of unisex mortality tables may be required.

Determination of the First Variable Payment. The amount of the first variable payment depends upon the sex (if consideration of sex is allowed under state and Federal law) and adjusted age of the Annuitant.

Determination of Additional Variable Payments. All Variable Annuity Payments other than the first are calculated using Annuity Units which are credited to the policy. The number of Annuity Units to be credited in respect of a particular Subaccount is determined by dividing that portion of the first variable annuity payment attributable to that Subaccount by the Annuity Unit value of that Subaccount on the Annuity Commencement Date. The number of Annuity Units of each particular Subaccount credited to the policy then remains fixed, assuming no transfers to or from that Subaccount occur. The dollar value of variable Annuity Units in the chosen Subaccount will increase or decrease reflecting the investment experience of the chosen Subaccount. The dollar amount of each variable annuity payment after the first may increase, decrease or remain constant. This amount is equal to the sum of the amounts determined by multiplying the number of Annuity Units of each particular Subaccount credited to the policy by the Annuity Unit value for the particular Subaccount on the date the payment is made.

Death Benefit

Due proof of death of the Annuitant is proof that the Annuitant died prior to the commencement of annuity payments. A certified copy of a death certificate, a certified copy of a decree of a court of competent jurisdiction as to the finding of death, a written statement by the attending physician, or any other proof satisfactory to us will constitute due proof of death. If the Annuitant dies after the Annuity Commencement Date, no death benefit is payable and the amount payable will depend on the annuity income option.

Upon receipt in good order of this proof and an election of a method of settlement, the death benefit generally will be paid within seven days, or as soon thereafter as we have sufficient information about the Beneficiary(ies) to make the payment. The death benefit may be paid as a lump sum, as annuity payments or as otherwise permitted by the Company in accordance with applicable law, unless a settlement agreement is effective at the death of the Owner preventing such election.

If an Owner is not an Annuitant, and dies prior to the Annuity Commencement Date, the new Owner may surrender the policy at any time for the amount of the Cash Value. If the new Owner is not the deceased Owner's spouse, the Cash Value must be distributed within five years after the date of the deceased Owner's death, or be used to provide payments to a designated Beneficiary

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within one year of such Owner’s death that will be made for life of the Beneficiary or for a period not extending beyond the life expectancy of the Beneficiary. If the sole new Owner is the deceased Owner's surviving spouse, such spouse may elect to continue the policy as the new Owner instead of receiving the death benefit.

Beneficiary. The Beneficiary designation in the Enrollment Form will remain in effect until changed. The Owner may change the designated Beneficiary by sending us Written Notice. The Beneficiary's consent to such change is not required unless the Beneficiary was irrevocably designated or law requires consent. If an irrevocable Beneficiary dies, the Owner may then designate a new Beneficiary. The change will take effect as of the date the Owner signs the Written Notice, whether or not the Owner is living when we receive the notice. We will not be liable for any payment made before the Written Notice is received. If more than one Beneficiary is designated, and the Owner fails to specify their interests, they will share equally. If upon the death of the Annuitant there is a surviving Owner(s), the surviving Owner(s) automatically takes the place of any Beneficiary designation.

Death of Owner

Federal tax law requires that if any Owner (including any joint Owner who has become a current Owner) dies before the Annuity Commencement Date, then the entire value of the policy must generally be distributed within five years of the date of death of such Owner. Certain rules apply where (1) the spouse of the deceased Owner is the sole Beneficiary, (2) the Owner is not a natural person and the primary Annuitant dies or is changed, or (3) any Owner dies after the Annuity Commencement Date. See the TAX INFORMATION section in the prospectus for more information about these rules. Other rules may apply to Qualified Policies.

Assignment

During the lifetime of the Annuitant You may assign any rights or benefits provided by the policy if Your policy is a Nonqualified Policy. An assignment will not be binding on us until a copy has been filed at our Administrative Office. Your rights and benefits and those of the Beneficiary are subject to the rights of the assignee. We assume no responsibility for the validity or effect of any assignment. Any claim made under an assignment shall be subject to proof of interest and the extent of the assignment. An assignment may have tax consequences.

Unless You so direct by filing Written Notice with us, no Beneficiary may assign any payments under the policy before they are due. To the extent permitted by law, no payments will be subject to the claims of any Beneficiary's creditors.

Ownership under Qualified Policies is restricted to comply with the Code.

Evidence of Survival

We reserve the right to require satisfactory evidence that a person is alive if a payment is based on that person being alive. No payment will be made until we receive such evidence.

Non-Participating

The policy will not share in our surplus earnings; no dividends will be paid.

Amendments

No change in the policy is valid unless made in writing by us and approved by one of our officers. No registered representative has authority to change or waive any provision of the policy.

We reserve the right to amend the policies to meet the requirements of the Code, regulations or published rulings. You can refuse such a change by giving Written Notice, but a refusal may result in adverse tax consequences.

Employee and Agent Purchases

The policy may be acquired by an employee or registered representative of any broker/dealer authorized to sell the policy or their immediate family, or by an officer, director, trustee or bona-fide full-time employee of ours or our affiliated companies or their immediate family. In such a case, we may, at our sole discretion, credit an amount equal to a percentage of each Premium Payment to the policy due to lower acquisition costs we experience on those purchases. We may offer certain employer sponsored savings plans, reduced fees and charges including, but not limited to, the annual service charge, the mortality and expense risk fee and the administrative charge for certain sales under circumstances which may result in savings of certain costs and expenses. In addition, there may be other circumstances of which we are not presently aware which could result in reduced sales or distribution expenses. Credits to the policy or reductions in these fees and charges will not be unfairly discriminatory against any Owner.

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INVESTMENT EXPERIENCE

A “net investment factor” is used to determine the value of Accumulation Units and Annuity Units, and to determine annuity payment rates.

Accumulation Units

Allocations of a Premium Payment directed to a Subaccount are credited in the form of Accumulation Units. Each Subaccount has a distinct Accumulation Unit value. The number of units credited is determined by dividing the Premium Payment or amount transferred to the Subaccount by the Accumulation Unit value of the Subaccount as of the end of the Valuation Period during which the allocation is made. For each Subaccount, the Accumulation Unit value for a given market Day is based on the net asset value of a share of the corresponding portfolio of the underlying fund portfolios less any applicable charges or fees. The investment performance of the portfolio, expenses, and deductions of certain charges affect the value of an Accumulation Unit.

Upon allocation to the selected Subaccount, Premium Payments are converted into Accumulation Units of the Subaccount. The number of Accumulation Units to be credited is determined by dividing the dollar amount allocated to each Subaccount by the value of an Accumulation Unit for that Subaccount as next determined after the Premium Payment is received at the Administrative Office or, in the case of the initial Premium Payment, when the Enrollment Form is completed, whichever is later. The value of an Accumulation Unit for each Subaccount was arbitrarily established at $10 at the inception of each Subaccount. Thereafter, the value of an Accumulation Unit is determined as of the close of trading on each day the New York Stock Exchange is open for business.

An index (the “net investment factor”) which measures the investment performance of a Subaccount during a Valuation Period, is used to determine the value of an Accumulation Unit for the next subsequent Valuation Period. The net investment factor may be greater or less than or equal to one; therefore, the value of an Accumulation Unit may increase, decrease, or remain the same from one Valuation Period to the next. You bear this investment risk. The net investment performance of a Subaccount and deduction of certain charges affect the Accumulation Unit value.

The net investment factor for any Subaccount for any Valuation Period is determined by dividing (A + B - C) by (D) and subtracting (E) from the result, where the net result of:

A	the net asset value per share of the shares held in the Subaccount determined at the end of the current Valuation Period, plus
B	the per share amount of any dividend or capital gain distribution made with respect to the shares held in the Subaccount if the ex-dividend date occurs during the current Valuation Period, plus or minus
C	a per share credit or charge for any taxes determined by us to have resulted during the Valuation Period from the investment operations of the Subaccount;
D	is the net asset value per share of the shares held in the Subaccount determined as of the end of the immediately preceding Valuation Period; and
E	is an amount representing the Separate Account charge and any optional benefit fees, if applicable.

Illustration of Separate Account Accumulation Unit Value Calculations
Formula and Illustration for Determining the Net Investment Factor

Net Investment Factor =	(A + B - C)	- E
	D

Where:
A =	The net asset value of an underlying fund portfolio share at of the end of the current Valuation Period.
	Assume A = $11.57
B =	The per share amount of any dividend or capital gains distribution since the end of the immediately preceding Valuation Period.
	Assume B = 0
C =	The per share charge or credit for any taxes reserved for at the end of the current Valuation Period.
	Assume C = 0
D =	The net asset value of an underlying fund portfolio share at of the end of the immediately preceding Valuation Period.
	Assume D = $11.40
E =	The daily deduction for the mortality and expense risk fee and the administrative charge, and any optional benefit fees, if applicable. Assume E total 1.50% on an annual basis; On a daily basis, this equals 0.000041096.

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Then, the net investment factor =	(11.57 + 0 – 0)	- 0.000041096 = Z = 1.014871185
	(11.40)

Formula for Determining Accumulation Unit Value

Accumulation Unit Value = A * B
Where:
A =	The Accumulation Unit value for the immediately preceding Valuation Period.
	Assume A = $X
B =	The net investment factor for the current Valuation Period.
	Assume B = Y
Then, the Accumulation Unit value = $X * Y = $Z

Annuity Unit Value and Annuity Payment Rates

The amount of Variable Annuity Payments will vary with Annuity Unit values. Annuity unit values rise if the net investment performance of the Subaccount exceeds the Assumed Investment Return of 3% annually. Conversely, Annuity Unit values fall if the net investment performance of the Subaccount is less than the annual Assumed Investment Return. The value of a variable Annuity Unit in each Subaccount was established at $10 on the date operations began for that Subaccount. The value of a variable Annuity Unit on any subsequent Business Day is equal to A multiplied by B multiplied by C, where:

A	is the variable Annuity Unit value for the Subaccount on the immediately preceding market Day;
B	is the net investment factor for that Subaccount for the Valuation Period; and
C	is the Assumed Investment Return adjustment factor for the Valuation Period.

The Assumed Investment Return adjustment factor for the Valuation Period is the product of discount factors of .99986634 per day to recognize the 3% effective annual AIR. The Valuation Period is the period from the close of the immediately preceding market Day to the close of the current market Day.

The net investment factor for the policy used to calculate the value of a variable Annuity Unit in each Subaccount for the Valuation Period is determined by dividing (i) by (ii) and subtracting (iii) from the result, where:

(i)  is the result of:

(1)	the net asset value of a fund share held in that Subaccount determined at the end of the current Valuation Period; plus
(2)	the per share amount of any dividend or capital gain distributions made by the fund for shares held in that Subaccount if the ex-dividend date occurs during the Valuation Period; plus or minus
(3)	a per share charge or credit for any taxes reserved for, which we determine to have resulted from the investment operations of the Subaccount.

(ii)	is the net asset value of a fund share held in that Subaccount determined as of the end of the immediately preceding Valuation Period.
(iii)	is a factor representing the mortality and expense risk fee and administrative charge. This factor is equal, on an annual basis, to 0.60% of the daily net asset value of shares held in that Subaccount.

The dollar amount of subsequent Variable Annuity Payments will depend upon changes in applicable Annuity Unit values.

The annuity payment rates generally vary according to the annuity option elected and the gender and adjusted age of the Annuitant at the Annuity Commencement Date. The policy contains a table for determining the adjusted age of the Annuitant.

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Calculations for Annuity Unit

Value and Variable Annuity Payments

Formula for Determining Annuity Unit Value

Annuity Unit Value = A * B * C
Where:
A =	Annuity Unit value for the immediately preceding Valuation Period.
	Assume A = $X
B =	Net investment factor for the Valuation Period for which the annuity value is being calculated.
	Assume B = Y
C =	A factor to neutralize the annual Assumed Investment Return of 3% built into the Annuity Tables used.
	Assume C = Z
Then, the Annuity Unit value is: $X * Y * Z = $Q

Formula for Determining Amount of

First Monthly Variable Annuity Payment

First monthly variable annuity payment =	A * B
	$1,000

Where:
A =	The Adjusted Policy Value as of the Annuity Commencement Date.
	Assume A = $X
B =	The annuity purchase rate per $1,000 of Adjusted Policy Value based upon the option selected, the sex and adjusted age of the Annuitant according to the tables contained in the policy.
	Assume B = $Y

Then, the first monthly variable annuity payment =	$X * $Y	= $Z
	1,000

Formula for Determining the Number of Annuity Units

Represented by Each Monthly Variable Annuity Payment

Number of Annuity Units =	A
	B

Where:
A =	The dollar amount of the first monthly variable annuity payment.
	Assume A = $X
B =	The Annuity Unit value for the valuation date on which the first monthly payment is due.
	Assume B = $Y

Then, the number of Annuity Units =	$X	= Z
	$Y

PERFORMANCE

We periodically advertise performance of the various Subaccounts. Performance figures might not reflect charges for options, riders, or endorsements. We may disclose at least three different kinds of non-standard performance. First, we may calculate performance by determining the percentage change in the value of an Accumulation Unit by dividing the increase (decrease) for that unit by the value of the Accumulation Unit at the beginning of the period. This performance number reflects the deduction of the mortality and expense risk fees and administrative charges. It does not reflect the deduction of any applicable premium taxes, or fees for any optional riders or endorsements. Any such deduction would reduce the percentage increase or make greater any percentage decrease.

Second, advertisements may also include total return figures, which reflect the deduction of the mortality and expense risk fees and administrative charges. These figures may also reflect the premium enhancement, if any.

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Third, for certain investment portfolios, performance may be shown for the period commencing from the inception date of the investment portfolio (i.e., before commencement of Subaccount operations). These figures should not be interpreted to reflect actual historical performance of the Subaccounts.

Not all types of performance data presented reflect all of the fees and charges that may be deducted (such as fees for optional benefits); performance figures would be lower if these charges were included.

HISTORICAL PERFORMANCE DATA

Money Market Yields

We may from time to time disclose the current annualized yield of the money market Subaccount, which invests in the corresponding money market portfolio, for a 7-day period in a manner which does not take into consideration any realized or unrealized gains or losses on shares of the corresponding money market portfolio or on its portfolio securities. This current annualized yield is computed by determining the net change (exclusive of realized gains and losses on the sale of securities and unrealized appreciation and depreciation and income other than investment income) at the end of the 7-day period in the value of a hypothetical account having a balance of 1 unit of the money market Subaccount at the beginning of the 7-day period, dividing such net change in account value by the value of the account at the beginning of the period to determine the base period return, and annualizing this quotient on a 365-day basis. The net change in account value reflects (i) net income from the portfolio attributable to the hypothetical account; and (ii) charges and deductions imposed under a policy that are attributable to the hypothetical account. The charges and deductions include the per unit charges for the hypothetical account for (i) the administrative charges and (ii) the mortality and expense risk fee. Current yield will be calculated according to the following formula.

Current Yield = ((NCS * ES)/UV) * (365/7)
Where:
NCS	=	The net change in the value of the portfolio (exclusive of realized gains and losses on the sale of securities and unrealized appreciation and depreciation and income other than investment income) for the 7-day period attributable to a hypothetical account having a balance of 1 Subaccount unit.
ES	=	Per unit expenses of the Subaccount for the 7-day period.
UV	=	The unit value on the first day of the 7-day period.

Because of the charges and deductions imposed under a policy, the yield for the money market Subaccount will be lower than the yield for the corresponding money market portfolio. The yield calculations do not reflect the effect of any premium taxes.

We may also disclose the effective yield of the money market Subaccount for the same 7-day period, determined on a compounded basis. The effective yield is calculated by compounding the base period return according to the following formula.

Effective Yield = (1 + ((NCS - ES)/UV))365/7 - 1
Where:
NCS	=	The net change in the value of the portfolio (exclusive of realized gains and losses on the sale of securities and unrealized appreciation and depreciation and income other than investment income) for the 7-day period attributable to a hypothetical account having a balance of one Subaccount unit.
ES	=	Per unit expenses of the Subaccount for the 7-day period.
UV	=	The unit value on the first day of the 7-day period.

The yield on amounts held in the money market Subaccount normally will fluctuate on a daily basis. Therefore, the disclosed yield for any given past period is not an indication or representation of future yields or rates of return. The money market Subaccount's actual yield is affected by changes in interest rates on money market securities, average portfolio maturity of the corresponding money market portfolio, the types and quality of portfolio securities held by the corresponding money market portfolio and its operating expenses.

Total Returns

We may from time to time also advertise or disclose total returns for one or more of the Subaccounts for various periods of time. One of the periods of time will include the period measured from the date the Subaccount commenced operations. When a Subaccount has been in operation for 1, 5 and 10 years, respectively, the total return for these periods will be provided. Total returns for other

9

periods of time may from time to time also be disclosed. Total returns represent the average annual compounded rates of return that would equate an initial investment of $1,000 to the redemption value of that investment as of the last day of each of the periods. The ending date for each period for which total return quotations are provided will be for the most recent month end practicable, considering the type and media of the communication and will be stated in the communication.

Total returns will be calculated using Subaccount unit values which we calculate on each Market Day based on the performance of the Separate Account's underlying fund portfolio and the deductions for the mortality and expense risk fee and the administrative charges. The total return will then be calculated according to the following formula.

P (1 + T)N = ERV
Where:
T	=	The average annual total return net of Subaccount recurring charges.
ERV	=	The ending redeemable value of the hypothetical account at the end of the period.
P	=	A hypothetical initial payment of $1,000.
N	=	The number of years in the period.

Other Performance Data

We may from time to time also disclose average annual total returns in a non-standard format in conjunction with the standard format described above.

We may from time to time also disclose cumulative total returns in conjunction with the standard format described above. The cumulative returns will be calculated using the following formula.

CTR = (ERV / P)-1
Where:
CTR	=	The cumulative total return net of Subaccount recurring charges for the period.
ERV	=	The ending redeemable value of the hypothetical investment at the end of the period.
P	=	A hypothetical initial payment of $1,000.

All non-standard performance data will only be advertised if the standard performance data is also disclosed.

Adjusted Historical Performance Data

From time to time, sales literature or advertisements may quote average annual total returns for periods prior to the date a particular Subaccount commenced operations. Such performance information for the Subaccounts will be calculated based on the performance of the various portfolios and the assumption that the Subaccounts were in existence for the same periods as those indicated for the portfolios, with the level of policy charges that are currently in effect.

PUBLISHED RATINGS

We may from time to time publish in advertisements, sales literature and reports to Wwners, the ratings and other information assigned to us by one or more independent rating organizations such as A.M. Best Company, Standard & Poor's Insurance Ratings Services, Moody's Investors Service and Fitch Financial Ratings. The purpose of the ratings is to reflect our financial strength. The ratings should not be considered as bearing on the investment performance of assets held in the Separate Account or of the safety or riskiness of an investment in the Separate Account. Each year the A.M. Best Company reviews the financial status of thousands of insurers, culminating in the assignment of Best's Ratings. These ratings reflect their current opinion of the relative financial strength and operating performance of an insurance company in comparison to the norms of the life/health insurance industry. In addition, these ratings may be referred to in advertisements or sales literature or in reports to Owners. These ratings are opinions of an operating insurance company's financial capacity to meet the obligations of its insurance policies in accordance with their terms.

STATE REGULATION OF US

We are subject to the laws of jurisdiction governing insurance companies and to regulation by the jurisdiction Department of Insurance. An annual statement in a prescribed form is filed with the Department of Insurance each year covering our operations for the preceding year and our financial condition as of the end of such year. Regulation by the Department of Insurance includes periodic examination to determine our contract liabilities and reserves so that the Department may determine the items are correct.

10

Our books and accounts are subject to review by the Department of Insurance at all times, and a full examination of our operations are conducted periodically by the National Association of Insurance Commissioners. In addition, we are subject to regulation under the insurance laws of other jurisdictions in which it may operate.

ADMINISTRATION

We perform administrative services for the policies. These services include issuance of the policies, maintenance of records concerning the policies, and certain valuation services.

RECORDS AND REPORTS

We will maintain all records and accounts relating to the Separate Account. As presently required by the 1940 Act, as amended, and regulations promulgated thereunder, we will mail to all Owners at their last known address of record, at least annually, reports containing such information as may be required under that Act or by any other applicable law or regulation. Owners will also receive confirmation of each financial transaction and any other reports required by law or regulation. However, for certain routine transactions (for example, regular monthly premiums deducted from Your checking account, or regular annuity payments we send to You) You may only receive quarterly confirmations.

DISTRIBUTION OF THE POLICIES

We have entered into a principal underwriting agreement with our affiliate, Transamerica Capital, Inc. (“TCI”), for the distribution and sale of the policies. We may reimburse TCI for certain expenses it incurs in order to pay for the distribution of the policies (e.g., commissions payable to selling firms selling the Policies, as described below).

TCI's home office is located at 1801 California St. Suite 5200 Denver, Colorado 80202. TCI is an indirect, wholly owned subsidiary of Aegon USA. TCI is registered as a broker-dealer with the Securities and Exchange Commission under the Securities Exchange Act of 1934, and is a member of Financial Industry Regulatory Authority (“FINRA”). TCI is not a member of the Securities Investor Protection Corporation.

We currently offer the policies on a continuous basis. We anticipate continuing to offer the policies, but reserve the right to discontinue the offering. The policies are offered to the public through sales representatives of broker-dealers (“selling firms”) that have entered into selling agreements with us and with TCI. TCI compensates these selling firms for their services. Sales representatives with these selling firms are appointed as our insurance agents.

We and our affiliates provide paid-in-capital to TCI and pay for TCI's operating and other expenses, including overhead, legal and accounting fees. We may also pay TCI an “override” payment based on the pricing of the product which becomes part of TCI's assets. TCI paid no amounts in commissions in connection with the sale of the Policies.

We and/or TCI or another affiliate may pay certain selling firms additional cash amounts for: (1) marketing allowances, which may include marketing services and increased access to their sales representatives; (2) sales promotions relating to the policies; (3) costs associated with sales conferences and educational seminars for their sales representatives; and (4) other sales expenses of the selling firms. We and/or TCI may make bonus payments to certain selling firms based on aggregate sales or persistency standards. These additional payments are not offered to all selling firms, and the terms of any particular agreement governing the payments may vary among selling firms. Differences in compensation paid to a selling firm or its sales representatives for selling one product over another may create conflicts of interests for such firms or its sales representatives.

VOTING RIGHTS

To the extent required by law, we will vote the underlying fund portfolios' shares held by the Separate Account at regular and special shareholder meetings of the underlying fund portfolios in accordance with instructions received from persons having voting interests in the portfolios, although none of the underlying fund portfolios hold regular annual shareholder meetings. If, however, the 1940 Act or any regulation thereunder should be amended or if the present interpretation thereof should change, and as a result we will determine that it is permitted to vote the underlying fund portfolios shares in its own right, it may elect to do so.

Before the Annuity Commencement Date, You hold the voting interest in the selected portfolios. The number of votes that You have the right to instruct will be calculated separately for each Subaccount. The number of votes that You have the right to instruct for a particular Subaccount will be determined by dividing Your Policy Value in the Subaccount by the net asset value per share of the corresponding portfolio in which the Subaccount invests. Fractional shares will be counted.

11

After the Annuity Commencement Date, You have the voting interest, and the number of votes decreases as annuity payments are made and as the reserves for the policy decrease. The person's number of votes will be determined by dividing the reserve for the policy allocated to the applicable Subaccount by the net asset value per share of the corresponding portfolio. Fractional shares will be counted.

The number of votes that You have the right to instruct will be determined as of the date established by the underlying fund portfolio for determining shareholders eligible to vote at the meeting of the underlying fund portfolio. We will solicit voting instructions by sending You, or other persons entitled to vote, requests for instructions prior to that meeting in accordance with procedures established by the underlying fund portfolio. Portfolio shares as to which no timely instructions are received, and shares held by us in which You, or other persons entitled to vote have no beneficial interest, will be voted in proportion to the voting instructions that are received with respect to all policies participating in the same Subaccount.

Each person having a voting interest in a Subaccount will receive proxy material, reports, and other materials relating to the appropriate portfolio.

OTHER PRODUCTS

We make other variable annuity policies available that may also be funded through the Separate Account. These variable annuity policies may have different features, such as different investment choices or charges.

CUSTODY OF ASSETS

We hold assets of each of the Subaccounts. The assets of each of the Subaccounts are segregated and held separate and apart from the assets of the other Subaccounts and from our general account assets. We maintain records of all purchases and redemptions of shares of the underlying fund portfolios held by each of the Subaccounts. Additional protection for the assets of the Separate Account is afforded by our fidelity bond, presently in the amount of $5,000,000, covering the acts of our officers and employees.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The financial statements of the Separate Account VA B and Separate Account VA BNY as of December 31, 2019 and for the years ended December 31, 2019 and 2018, and the statutory-basis financial statements and schedules of Transamerica Life Insurance Company and Transamerica Financial Life Insurance Company as of December 31, 2019 and 2018 and for each of the three years in the period ended December 31, 2019 included in this Statement of Additional Information have been so included in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

OTHER INFORMATION

A registration statement has been filed with the SEC, under the Securities Act of 1933 as amended, with respect to the policies discussed in this SAI. Not all of the information set forth in the registration statement and the amendments and exhibits thereto has been included in the prospectus or this SAI. Statements contained in the prospectus and this SAI concerning the content of the policies and other legal instruments are intended to be summaries. For a complete statement of the terms of these documents, reference should be made to the instruments filed with the SEC.

FINANCIAL STATEMENTS

Separate Account

The values of Your interest in the Separate Account will be affected solely by the investment results of the selected Subaccount(s). The statutory-basis financial statements and schedules of Transamerica Life Insurance Company and Transamerica Financial Life Insurance Company, should be considered only as bearing on the ability of us to meet our obligations under the policies. They should not be considered as bearing on the investment performance of the assets held in the Separate Account.

12

APPENDIX

CONDENSED FINANCIAL INFORMATION

The following tables list the accumulation unit values and the number of accumulation units outstanding for the total separate account expenses listed therein (including any applicable fund facilitation fees) for each subaccount available on December 31, 2019.

		Separate Account Expense 0.60%
Subaccount	Year	Beginning AUV	Ending AUV	# Units (National)	# Units (NY)
AB Balanced Wealth Strategy Portfolio - Class B(2) Subaccount inception date January 17, 2017	2019 2018 2017	$12.724725 $13.706008 $12.139232	$14.921094 $12.724725 $13.706008	0.000 0.000 0.000	0.000 0.000 0.000
AB Growth and Income Portfolio - Class B(2) Subaccount inception date January 17, 2017	2019 2018 2017	$15.859590 $16.980138 $14.417156	$19.447996 $15.859590 $16.980138	0.000 0.000 0.000	0.000 0.000 0.000
American Funds - Asset Allocation FundSM - Class 2(4) Subaccount inception date January 17, 2017	2019 2018 2017	$13.916423 $14.735585 $12.995181	$16.703232 $13.916423 $14.735585	12,476.722 16,799.916 0.000	0.000 0.000 0.000
American Funds - Bond FundSM - Class 2(4) Subaccount inception date January 17, 2017	2019 2018 2017	$10.278058 $10.456464 $10.249696	$11.128033 $10.278058 $10.456464	0.000 0.000 0.000	0.000 0.000 0.000
American Funds - Growth FundSM - Class 2(4) Subaccount inception date January 17, 2017	2019 2018 2017	$18.424928 $18.657283 $15.106976	$23.855211 $18.424928 $18.657283	12,466.713 13,086.425 1,307.254	263.038 270.694 0.000
American Funds - Growth-Income FundSM - Class 2(4) Subaccount inception date January 17, 2017	2019 2018 2017	$17.208772 $17.698934 $14.948142	$21.490599 $17.208772 $17.698934	427.955 0.000 0.000	0.000 0.000 0.000
American Funds - International FundSM - Class 2(4) Subaccount inception date January 17, 2017	2019 2018 2017	$11.923192 $13.864544 $10.996265	$14.505711 $11.923192 $13.864544	1,702.677 786.632 0.000	0.000 0.000 0.000
Fidelity ® VIP Balanced Portfolio - Service Class 2(2) Subaccount inception date January 17, 2017	2019 2018 2017	$14.138452 $14.915013 $13.147785	$17.408106 $14.138452 $14.915013	28,123.823 2,113.729 0.000	7,955.698 0.000 0.000
Fidelity ® VIP Contrafund® Portfolio - Service Class 2(2) Subaccount inception date January 17, 2017	2019 2018 2017	$15.737172 $16.992578 $14.364119	$20.494337 $15.737172 $16.992578	3,365.874 1,894.092 0.000	297.920 315.885 0.000
Fidelity ® VIP Mid Cap Portfolio - Service Class 2(2) Subaccount inception date January 17, 2017	2019 2018 2017	$14.248294 $16.852966 $14.284252	$17.410093 $14.248294 $16.852966	2,208.629 1,626.940 1,447.212	340.648 321.089 0.000
Fidelity ® VIP Value Strategies Portfolio - Service Class 2(2) Subaccount inception date January 17, 2017	2019 2018 2017	$12.486447 $15.257000 $13.112875	$16.610711 $12.486447 $15.257000	1,506.230 1,506.324 0.000	0.000 0.000 0.000
State Street Total Return V.I.S. Fund - Class 3(2) Subaccount inception date January 17, 2017	2019 2018 2017	$12.213618 $13.183414 $11.677991	$14.002582 $12.213618 $13.183414	0.000 0.000 0.000	0.000 0.000 0.000
TA 60/40 Allocation - Service Class Subaccount inception date May 1, 2018	2019 2018	$9.609596 $9.989494	$11.475067 $9.609596	0.000 0.000	0.000 0.000
TA Aegon High Yield Bond - Service Class Subaccount inception date January 17, 2017	2018 2019 2017	$11.486549 $11.877802 $11.267964	$13.013164 $11.486549 $11.877802	0.000 0.000 0.000	0.000 0.000 0.000
TA Aegon U.S. Government Securities - Service Class Subaccount inception date January 17, 2017	2018 2019 2017	$9.961107 $10.020023 $9.909954	$10.530131 $9.961107 $10.020023	0.000 0.000 0.000	0.000 0.000 0.000
PAM TA Aegon U.S. Government Securities - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$9.961107 $10.020023 $9.909954	$10.530131 $9.961107 $10.020023	0.000 5,950.008 0.000	0.000 0.000 0.000
TA American Funds Managed Risk - Balanced - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.809818 $11.547502 $10.271060	$12.658508 $10.809818 $11.547502	25,160.962 0.000 0.000	0.000 0.000 0.000

13

CONDENSED FINANCIAL INFORMATION — (Continued)

		Separate Account Expense 0.60%
Subaccount	Year	Beginning AUV	Ending AUV	# Units (National)	# Units (NY)
TA Barrow Hanley Dividend Focused - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$14.166318 $16.137920 $14.062519	$17.401094 $14.166318 $16.137920	0.000 0.000 0.000	54,135.976 0.000 0.000
TA BlackRock Global Real Estate Securities - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$9.944229 $11.156404 $10.193703	$12.344550 $9.944229 $11.156404	0.000 0.000 0.000	0.000 0.000 0.000
TA BlackRock Government Money Market - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$9.749057 $9.726388 $9.781395	$9.857213 $9.749057 $9.726388	22,939.144 0.000 0.000	0.000 0.000 0.000
TA BlackRock iShares Edge 40- Service Class(6) Subaccount inception date January 17, 2017	2019 2018 2017	$11.092104 $11.676188 $10.858830	$12.690872 $11.092104 $11.676188	0.000 0.000 0.000	0.000 0.000 0.000
TA BlackRock iShares Edge 50 - Service Class(7) Subaccount inception date January 17, 2017	2019 2018 2017	$11.098204 $11.466191 $10.328257	$12.800841 $11.098204 $11.466191	623.709 649.301 0.000	0.000 0.000 0.000
TA BlackRock iShares Edge 75 - Service Class(8) Subaccount inception date January 17, 2017	2019 2018 2017	$11.526250 $12.067832 $10.427759	$13.780602 $11.526250 $12.067832	0.000 0.000 0.000	0.000 0.000 0.000
TA BlackRock iShares Edge 100 - Service Class(9) Subaccount inception date January 17, 2017	2019 2018 2017	$12.149991 $12.911024 $10.696425	$15.045755 $12.149991 $12.911024	10,424.590 0.000 0.000	0.000 0.000 0.000
TA BlackRock Tactical Allocation - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$12.119303 $12.755638 $11.617758	$14.100790 $12.119303 $12.755638	0.000 0.000 0.000	0.000 0.000 0.000
TA International Growth - Service Class(10) Subaccount inception date January 17, 2017	2019 2018 2017	$10.519220 $12.898106 $10.478790	$13.321548 $10.519220 $12.898106	2,257.685 0.000 0.000	0.000 0.000 0.000
TA Janus Balanced - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$14.040876 $14.135038 $12.379380	$16.995791 $14.040876 $14.135038	1,332.588 0.000 0.000	0.000 0.000 0.000
TA Janus Mid-Cap Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$13.913638 $14.204826 $11.421546	$18.854737 $13.913638 $14.204826	0.000 0.000 0.000	0.000 0.000 0.000
TA JPMorgan Asset Allocation - Conservative - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.464766 $12.049945 $10.883543	$12.940262 $11.464766 $12.049945	0.000 0.000 0.000	0.000 0.000 0.000
TA JPMorgan Asset Allocation - Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$13.256329 $14.935184 $12.302276	$16.584855 $13.256329 $14.935184	0.000 0.000 0.000	0.000 0.000 0.000
TA JPMorgan Asset Allocation - Moderate Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$12.688805 $13.773884 $11.761488	$15.108755 $12.688805 $13.773884	1,110.066 0.000 0.000	0.000 0.000 0.000
TA JPMorgan Asset Allocation - Moderate - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$12.067637 $12.826791 $11.258548	$13.936037 $12.067637 $12.826791	0.000 0.000 0.000	8,812.350 0.000 0.000
TA JPMorgan Core Bond - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.423686 $10.496376 $10.281734	$11.216586 $10.423686 $10.496376	468.261 470.943 0.000	0.000 0.000 0.000
TA JPMorgan Enhanced Index - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$16.204866 $17.389095 $14.687985	$21.051172 $16.204866 $17.389095	0.000 0.000 0.000	0.000 0.000 0.000
TA JPMorgan International Moderate Growth - Service Class(11) Subaccount inception date January 17, 2017	2019 2018 2017	$10.851932 $12.393735 $10.461896	$12.686411 $10.851932 $12.393735	0.000 0.000 0.000	477.962 466.877 0.000
TA JPMorgan Mid Cap Value - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$14.417109 $16.500026 $14.760248	$18.056147 $14.417109 $16.500026	0.000 0.000 0.000	0.000 0.000 0.000

14

CONDENSED FINANCIAL INFORMATION — (Continued)

		Separate Account Expense 0.60%
Subaccount	Year	Beginning AUV	Ending AUV	# Units (National)	# Units (NY)
TA JPMorgan Tactical Allocation - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.406323 $11.853027 $11.082222	$12.688857 $11.406323 $11.853027	0.000 0.000 0.000	0.000 0.000 0.000
TA Legg Mason Dynamic Allocation - Balanced - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.325166 $11.784287 $10.833974	$13.065588 $11.325166 $11.784287	1,259.556 0.000 0.000	0.000 0.000 0.000
TA Legg Mason Dynamic Allocation - Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.729419 $12.386483 $11.107433	$13.621254 $11.729419 $12.386483	0.000 0.000 0.000	0.000 0.000 0.000
TA Levin Large Cap Value - Service Class Subaccount inception date May 1, 2018	2019 2018	$9.010053 $9.970015	$10.478493 $9.010053	0.000 0.000	0.000 0.000
TA Madison Diversified Income - Service Class Subaccount inception date June 1,2017	2019 2018 2017	$12.001768 $12.166069 $11.577112	$13.712547 $12.001768 $12.166069	0.000 0.000 0.000	0.000 0.000 0.000
TA Managed Risk - Balanced ETF - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.802113 $12.439023 $11.166968	$13.567079 $11.802113 $12.439023	591.199 606.838 0.000	0.000 0.000 0.000
TA Managed Risk - Conservative ETF - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.627268 $12.133917 $11.103498	$12.966679 $11.627268 $12.133917	9,530.052 10,061.235 0.000	0.000 0.000 0.000
TA Managed Risk - Growth ETF - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$12.356518 $13.389725 $11.545104	$14.666611 $12.356518 $13.389725	0.000 0.000 0.000	0.000 0.000 0.000
TA Market Participation Strategy - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$12.462787 $12.889971 $11.761271	$14.689967 $12.462787 $12.889971	0.000 0.000 0.000	0.000 0.000 0.000
TA Morgan Stanley Capital Growth - Service Class(11) Subaccount inception date January 17, 2017	2019 2018 2017	$23.054868 $21.791897 $16.516296	$28.295878 $23.054868 $21.791897	998.292 0.000 0.000	0.000 0.000 0.000
TA Morgan Stanley Global Allocation - Service Class(12) Subaccount inception date January 17, 2017	2019 2018 2017	$11.504251 $12.528497 $11.269243	$13.476349 $11.504251 $12.528497	1,235.131 0.000 0.000	0.000 0.000 0.000
TA Morgan Stanley Global Allocation Managed Risk - Balanced - Service Class(13) Subaccount inception date January 17, 2017	2019 2018 2017	$9.743155 $10.627060 $9.639376	$11.109432 $9.743155 $10.627060	29,750.604 0.000 0.000	0.000 0.000 0.000
TA MSCI EAFE Index - Service Class(1)(14) Subaccount inception date January 17, 2017	2019 2018 2017	$9.443634 $11.094042 $9.999384	$11.350825 $9.443634 $11.094042	17,612.598 2,456.617 2,198.459	0.000 0.000 0.000
TA Multi-Managed Balanced - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$13.780981 $14.427475 $12.901587	$16.643136 $13.780981 $14.427475	787.803 0.000 0.000	0.000 0.000 0.000
TA PIMCO Tactical - Balanced - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.766102 $12.719671 $11.524535	$13.996861 $11.766102 $12.719671	0.000 0.000 0.000	0.000 0.000 0.000
TA PIMCO Tactical - Conservative - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.615734 $12.320123 $11.341412	$13.574421 $11.615734 $12.320123	0.000 0.000 0.000	0.000 0.000 0.000
TA PIMCO Tactical - Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$12.033337 $13.113475 $11.616278	$14.539661 $12.033337 $13.113475	0.000 0.000 0.000	0.000 0.000 0.000
TA PIMCO Total Return - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.316168 $10.485465 $10.159218	$11.097141 $10.316168 $10.485465	2,801.568 1,816.253 0.000	0.000 0.000 0.000
TA PineBridge Inflation Opportunities - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$9.187438 $9.388178 $9.228594	$9.881475 $9.187438 $9.388178	266.647 264.497 0.000	0.000 0.000 0.000

15

CONDENSED FINANCIAL INFORMATION — (Continued)

		Separate Account Expense 0.60%
Subaccount	Year	Beginning AUV	Ending AUV	# Units (National)	# Units (NY)
TA QS Investors Active Asset Allocation - Conservative - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.186856 $11.589393 $10.557066	$12.369150 $11.186856 $11.589393	0.000 0.000 0.000	0.000 0.000 0.000
TA QS Investors Active Asset Allocation - Moderate Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.700402 $12.516047 $10.617050	$12.951066 $11.700402 $12.516047	0.000 0.000 0.000	0.000 0.000 0.000
TA QS Investors Active Asset Allocation - Moderate - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.410736 $11.979151 $10.563316	$12.604747 $11.410736 $11.979151	0.000 0.000 0.000	0.000 0.000 0.000
TA S&P 500 Index - Service Class(1)(15) Subaccount inception date January 17, 2017	2019 2018 2017	$10.620849 $11.263200 $9.999384	$13.798667 $10.620849 $11.263200	41,941.257 0.000 0.000	147,743.853 0.000 0.000
TA Small Mid Cap Value - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$14.722494 $16.762306 $14.755923	$18.284292 $14.722494 $16.762306	0.000 0.000 0.000	0.000 0.000 0.000
TA T. Rowe Price Small Cap - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$16.924392 $18.363770 $15.334203	$22.272092 $16.924392 $18.363770	11,270.315 1,502.164 1,328.148	0.000 0.000 0.000
TA TS&W International Equity - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.805534 $12.894931 $10.839384	$12.968161 $10.805534 $12.894931	0.000 0.000 0.000	0.000 0.000 0.000
TA WMC US Growth - Service Class(16) Subaccount inception date January 17, 2017	2019 2018 2017	$18.007105 $18.122165 $14.558849	$25.001658 $18.007105 $18.122165	558.134 0.000 0.000	0.000 0.000 0.000
Vanguard VIF Equity Index Portfolio(5) Subaccount inception date January 17, 2017	2019 2018 2017	$16.764982 $17.769392 $14.976329	$21.750180 $16.764982 $17.769392	0.000 0.000 0.000	0.000 0.000 0.000
Vanguard VIF International Portfolio(5) Subaccount inception date January 17,2017	2019 2018 2017	$13.158766 $15.241174 $11.335620	$17.060571 $13.158766 $15.241174	1,015.221 0.000 0.000	0.000 0.000 0.000
Vanguard VIF Mid-Cap Index Portfolio(5) Subaccount inception date January 17,2017	2019 2018 2017	$15.142132 $16.903003 $14.608642	$19.580520 $15.142132 $16.903003	11,650.472 0.000 0.000	26,694.419 0.000 0.000
Vanguard VIF Real Estate Index Portfolio(5) Subaccount inception date January 17,2017	2019 2018 2017	$12.121640 $12.962612 $12.633838	$15.427197 $12.121640 $12.962612	1,616.853 1,616.953 0.000	17,102.823 0.000 0.000
Vanguard VIF Short-Term Investment-Grade Portfolio(5) Subaccount inception date January 17,2017	2019 2018 2017	$10.357314 $10.375129 $10.317591	$10.816503 $10.357314 $10.375129	2,476.707 0.000 0.000	62,695.314 0.000 0.000
Vanguard VIF Total Bond Market Index Portfolio(5) Subaccount inception date January 17,2017	2019 2018 2017	$10.316675 $10.455400 $10.297409	$11.077813 $10.316675 $10.455400	3,627.090 0.000 0.000	70,627.015 0.000 0.000
Wanger International(3) Subaccount inception date January 17,2017	2019 2018 2017	$11.001697 $13.489339 $10.500087	$14.173152 $11.001697 $13.489339	0.000 0.000 0.000	0.000 0.000 0.000
Wanger USA(3) Subaccount inception date January 17,2017	2019 2018 2017	$16.515555 $16.912919 $14.350585	$21.458236 $16.515555 $16.912919	0.000 0.000 0.000	0.000 0.000 0.000

		Separate Account Expense 0.30%
Subaccount	Year	Beginning AUV	Ending AUV	# Units (National)	# Units (NY)
AB Balanced Wealth Strategy Portfolio - Class B(2) Subaccount inception date January 17, 2017	2019 2018 2017	$12.871264 $13.822069 $12.207280	$15.138259 $12.871264 $13.822069	7,320.476 1,996.863 0.000	0.000 0.000 0.000
AB Growth and Income Portfolio - Class B(2) Subaccount inception date January 17, 2017	2019 2018 2017	$15.953313 $17.029015 $14.417632	$19.621687 $15.953313 $17.029015	3,783.412 6,287.784 0.000	1,294.501 0.000 0.000

16

CONDENSED FINANCIAL INFORMATION — (Continued)

		Separate Account Expense 0.30%
Subaccount	Year	Beginning AUV	Ending AUV	# Units (National)	# Units (NY)
American Funds - Asset Allocation FundSM - Class 2(4) Subaccount inception date January 17, 2017	2019 2018 2017	$14.076656 $14.860337 $13.067994	$16.946306 $14.076656 $14.860337	116,014.441 84,842.464 10,783.122	0.000 0.000 0.000
American Funds - Bond FundSM - Class 2(4) Subaccount inception date January 17, 2017	2019 2018 2017	$10.396413 $10.545019 $10.307148	$11.289976 $10.396413 $10.545019	52,070.386 13,347.817 2,895.827	0.000 0.000 0.000
American Funds - Growth FundSM - Class 2(4) Subaccount inception date January 17, 2017	2019 2018 2017	$18.637046 $18.815199 $15.191616	$24.202329 $18.637046 $18.815199	64,633.188 42,756.371 29,086.126	617.022 320.838 0.000
American Funds - Growth-Income FundSM - Class 2(4) Subaccount inception date January 17, 2017	2019 2018 2017	$17.406899 $17.848764 $15.031911	$21.803322 $17.406899 $17.848764	49,679.212 29,647.911 26,843.618	15,286.135 0.000 0.000
American Funds - International FundSM - Class 2(4) Subaccount inception date January 17, 2017	2019 2018 2017	$12.060489 $13.981906 $11.057894	$14.716821 $12.060489 $13.981906	52,144.657 45,271.856 17,675.452	732.158 465.825 0.000
Fidelity ® VIP Balanced Portfolio - Service Class 2(2) Subaccount inception date January 17, 2017	2019 2018 2017	$14.301205 $15.041243 $13.221426	$17.661392 $14.301205 $15.041243	180,317.385 8,955.435 5,417.013	0.000 0.000 0.000
Fidelity ® VIP Contrafund® Portfolio - Service Class 2(2) Subaccount inception date January 17, 2017	2019 2018 2017	$15.830188 $17.041499 $14.364593	$20.677393 $15.830188 $17.041499	30,448.951 21,348.678 1,824.804	1,046.537 186.604 0.000
Fidelity ® VIP Mid Cap Portfolio - Service Class 2(2) Subaccount inception date January 17, 2017	2019 2018 2017	$14.332517 $16.901481 $14.284726	$17.565622 $14.332517 $16.901481	13,015.052 12,491.914 682.197	1,868.139 0.000 0.000
Fidelity ® VIP Value Strategies Portfolio - Service Class 2(2) Subaccount inception date January 17, 2017	2019 2018 2017	$12.560245 $15.300905 $13.113309	$16.759066 $12.560245 $15.300905	8,303.426 2,157.935 2,046.929	0.000 0.000 0.000
State Street Total Return V.I.S. Fund - Class 3(2) Subaccount inception date January 17, 2017	2019 2018 2017	$12.354258 $13.295045 $11.743456	$14.206362 $12.354258 $13.295045	2,791.348 2,074.090 2,061.653	0.000 0.000 0.000
TA 60/40 Allocation - Service Class Subaccount inception date May 1, 2018	2019 2018	$9.628976 $9.989577	$11.532739 $9.628976	4,846.876 0.000	0.000 0.000
TA Aegon High Yield Bond - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.554443 $11.912005 $11.268334	$13.129404 $11.554443 $11.912005	12,588.405 5,706.750 3,254.220	1,649.877 0.000 0.000
TA Aegon U.S. Government Securities - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.075766 $10.104843 $9.965457	$10.683327 $10.075766 $10.104843	6,271.493 0.000 0.000	0.000 0.000 0.000
PAM TA Aegon U.S. Government Securities - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.075766 $10.104843 $9.965457	$10.683327 $10.075766 $10.104843	0.000 0.000 0.000	0.000 1,736.786 0.000
TA American Funds Managed Risk - Balanced - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.901558 $11.610404 $10.297694	$12.804289 $10.901558 $11.610404	62,151.870 48,971.082 0.000	0.000 0.000 0.000
TA Barrow Hanley Dividend Focused - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$14.250059 $16.184389 $14.062985	$17.556533 $14.250059 $16.184389	8,718.033 4,628.517 2,552.944	0.000 0.000 0.000
TA BlackRock Global Real Estate Securities - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.003026 $11.188537 $10.194037	$12.454838 $10.003026 $11.188537	12,798.104 0.000 0.000	0.000 0.000 0.000
TA BlackRock Government Money Market - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$9.861325 $9.808770 $9.836156	$10.000691 $9.861325 $9.808770	171,557.952 107,864.982 0.000	51,014.242 0.000 0.000
TA BlackRock iShares Edge 40- Service Class(6) Subaccount inception date January 17, 2017	2019 2018 2017	$11.219796 $11.775017 $10.919657	$12.875549 $11.219796 $11.775017	0.000 0.000 0.000	0.000 0.000 0.000

17

CONDENSED FINANCIAL INFORMATION — (Continued)

		Separate Account Expense 0.30%
Subaccount	Year	Beginning AUV	Ending AUV	# Units (National)	# Units (NY)
TA BlackRock iShares Edge 50 - Service Class(7) Subaccount inception date January 17, 2017	2019 2018 2017	$11.177552 $11.513372 $10.341312	$12.931088 $11.177552 $11.513372	74,382.127 9,155.893 0.000	7,490.203 0.000 0.000
TA BlackRock iShares Edge 75 - Service Class(8) Subaccount inception date January 17, 2017	2019 2018 2017	$11.608663 $12.117482 $10.440942	$13.920815 $11.608663 $12.117482	7,790.123 0.000 0.000	0.000 0.000 0.000
TA BlackRock iShares Edge 100 - Service Class(9) Subaccount inception date January 17, 2017	2019 2018 2017	$12.236851 $12.964137 $10.709948	$15.198837 $12.236851 $12.964137	3,891.226 0.000 0.000	0.000 0.000 0.000
TA BlackRock Tactical Allocation - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$12.258797 $12.863579 $11.682808	$14.305939 $12.258797 $12.863579	2,886.330 2,909.023 0.000	0.000 0.000 0.000
TA International Growth - Service Class(10) Subaccount inception date January 17, 2017	2019 2018 2017	$10.581414 $12.935238 $10.479135	$13.440561 $10.581414 $12.935238	13,786.281 16,555.376 5,942.808	0.000 0.000 0.000
TA Janus Balanced - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$14.202507 $14.254682 $12.448722	$17.243073 $14.202507 $14.254682	54,650.191 18,185.260 0.000	6,410.553 0.000 0.000
TA Janus Mid-Cap Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$13.995869 $14.245717 $11.421923	$19.023138 $13.995869 $14.245717	13,482.562 1,426.271 129.149	0.000 0.000 0.000
TA JPMorgan Asset Allocation - Conservative - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.596763 $12.151956 $10.944527	$13.128559 $11.596763 $12.151956	1,579.337 1,578.919 0.000	0.000 0.000 0.000
TA JPMorgan Asset Allocation - Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$13.408929 $15.061564 $12.371175	$16.826166 $13.408929 $15.061564	13,188.926 0.000 0.000	325.599 213.249 0.000
TA JPMorgan Asset Allocation - Moderate Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$12.834884 $13.890474 $11.827388	$15.328609 $12.834884 $13.890474	2,556.026 0.000 0.000	0.000 0.000 0.000
TA JPMorgan Asset Allocation - Moderate - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$12.206565 $12.935367 $11.321624	$14.138811 $12.206565 $12.935367	226,447.814 144,858.538 43,165.325	715.648 508.507 0.000
TA JPMorgan Core Bond - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.543678 $10.585222 $10.339325	$11.379786 $10.543678 $10.585222	15,093.302 2,596.655 0.000	23,322.993 0.000 0.000
TA JPMorgan Enhanced Index - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$16.300657 $17.439163 $14.688470	$21.239219 $16.300657 $17.439163	59,119.138 54,806.865 0.000	0.000 0.000 0.000
TA JPMorgan International Moderate Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.976871 $12.498636 $10.520506	$12.871020 $10.976871 $12.498636	2,447.456 0.000 0.000	0.000 0.000 0.000
TA JPMorgan Mid Cap Value - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$14.583105 $16.639682 $14.842936	$18.318904 $14.583105 $16.639682	10,213.801 13,637.408 1,732.696	454.383 0.000 0.000
TA JPMorgan Tactical Allocation - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.537640 $11.953366 $11.144315	$12.873488 $11.537640 $11.953366	9,023.985 9,192.289 0.000	0.000 0.000 0.000
TA Legg Mason Dynamic Allocation - Balanced - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.455544 $11.884039 $10.894669	$13.255710 $11.455544 $11.884039	8,171.958 8,434.309 0.000	0.000 0.000 0.000
TA Legg Mason Dynamic Allocation - Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.864461 $12.491338 $11.169660	$13.819465 $11.864461 $12.491338	12.069 0.000 0.000	1,888.768 0.000 0.000
TA Levin Large Cap Value - Service Class Subaccount inception date May 1, 2018	2019 2018	$9.028221 $9.970097	$10.531166 $9.028221	1,276.208 1,192.227	0.000 0.000

18

CONDENSED FINANCIAL INFORMATION — (Continued)

		Separate Account Expense 0.30%
Subaccount	Year	Beginning AUV	Ending AUV	# Units (National)	# Units (NY)
TA Madison Diversified Income - Service Class Subaccount inception date June 1, 2017	2019 2018 2017	$12.059023 $12.187285 $11.577207	$13.819351 $12.059023 $12.187285	21,345.999 6,464.172 0.000	0.000 0.000 0.000
TA Managed Risk - Balanced ETF - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.937992 $12.544320 $11.229531	$13.764497 $11.937992 $12.544320	19,941.563 3,962.514 0.000	0.000 0.000 0.000
TA Managed Risk - Conservative ETF - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.761133 $12.236627 $11.165701	$13.155379 $11.761133 $12.236627	0.000 0.000 0.000	0.000 0.000 0.000
TA Managed Risk - Growth ETF - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$12.498768 $13.503048 $11.609782	$14.880028 $12.498768 $13.503048	72.572 0.000 0.000	0.000 0.000 0.000
TA Market Participation Strategy - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$12.606256 $12.999067 $11.827148	$14.903707 $12.606256 $12.999067	0.000 0.000 0.000	0.000 0.000 0.000
TA Morgan Stanley Capital Growth - Service Class(11) Subaccount inception date January 17, 2017	2019 2018 2017	$23.191122 $21.854617 $16.516842	$28.548637 $23.191122 $21.854617	68,655.500 11,614.901 8,241.623	0.000 0.000 0.000
TA Morgan Stanley Global Allocation - Service Class(12) Subaccount inception date January 17, 2017	2019 2018 2017	$11.636695 $12.634538 $11.332360	$13.672443 $11.636695 $12.634538	3,399.199 2,828.923 0.000	749.643 528.110 0.000
TA Morgan Stanley Global Allocation Managed Risk - Balanced - Service Class(13) Subaccount inception date January 17, 2017	2019 2018 2017	$9.832912 $10.692639 $9.671326	$11.245456 $9.832912 $10.692639	13,940.360 10,899.111 2,482.372	0.000 0.000 0.000
TA MSCI EAFE Index - Service Class(1)(14) Subaccount inception date January 17, 2017	2019 2018 2017	$9.491286 $11.116391 $9.999630	$11.442364 $9.491286 $11.116391	68,289.103 64,112.181 3,034.919	7,409.942 0.000 0.000
TA Multi-Managed Balanced - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$13.939615 $14.549591 $12.973852	$16.885290 $13.939615 $14.549591	31,452.032 31,326.716 0.000	0.000 0.000 0.000
TA PIMCO Tactical - Balanced - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.901541 $12.827312 $11.589069	$14.200517 $11.901541 $12.827312	2.941 0.000 0.000	0.000 0.000 0.000
TA PIMCO Tactical - Conservative - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.749468 $12.424415 $11.404942	$13.771935 $11.749468 $12.424415	17,546.330 0.000 0.000	0.000 0.000 0.000
TA PIMCO Tactical - Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$12.171867 $13.224452 $11.681337	$14.751218 $12.171867 $13.224452	601.453 0.000 0.000	0.000 0.000 0.000
TA PIMCO Total Return - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.434933 $10.574233 $10.216131	$11.258609 $10.434933 $10.574233	35,543.709 14,456.111 0.000	3,821.026 0.000 0.000
TA PineBridge Inflation Opportunities - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$9.293236 $9.467679 $9.280299	$10.025298 $9.293236 $9.467679	3,907.711 3,895.858 1,437.082	1,018.354 0.000 0.000
TA QS Investors Active Asset Allocation - Conservative - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.315678 $11.687519 $10.616223	$12.549185 $11.315678 $11.687519	0.000 0.000 0.000	0.000 0.000 0.000
TA QS Investors Active Asset Allocation - Moderate Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.835111 $12.621994 $10.676537	$13.139538 $11.835111 $12.621994	0.000 0.000 0.000	0.000 0.000 0.000
TA QS Investors Active Asset Allocation - Moderate - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.542104 $12.080549 $10.622488	$12.788181 $11.542104 $12.080549	35,231.163 35,724.096 0.000	0.000 0.000 0.000
TA S&P 500 Index - Service Class(1)(15) Subaccount inception date January 17, 2017	2019 2018 2017	$10.674410 $11.285885 $9.999630	$13.909913 $10.674410 $11.285885	502,046.791 137,869.043 52,277.454	12,185.000 0.000 0.000

19

CONDENSED FINANCIAL INFORMATION — (Continued)

		Separate Account Expense 0.30%
Subaccount	Year	Beginning AUV	Ending AUV	# Units (National)	# Units (NY)
TA Small Mid Cap Value - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$14.809522 $16.810567 $14.756410	$18.447633 $14.809522 $16.810567	16,477.337 8,813.895 244.273	0.000 0.000 0.000
TA T. Rowe Price Small Cap - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$17.024460 $18.416656 $15.334713	$22.471067 $17.024460 $18.416656	45,185.553 23,204.392 5,065.193	409.418 0.000 0.000
TA TS&W International Equity - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.869425 $12.932062 $10.839741	$13.084021 $10.869425 $12.932062	1,078.661 971.128 0.000	1,035.740 0.000 0.000
TA WMC US Growth - Service Class(16) Subaccount inception date January 17, 2017	2019 2018 2017	$18.113544 $18.174339 $14.559328	$25.224974 $18.113544 $18.174339	14,649.689 3,197.573 0.000	0.000 0.000 0.000
Vanguard VIF Equity Index Portfolio(5) Subaccount inception date January 17, 2017	2019 2018 2017	$16.958012 $17.919818 $15.060254	$22.066674 $16.958012 $17.919818	24,281.553 24,521.954 24,777.542	0.000 0.000 0.000
Vanguard VIF International Portfolio(5) Subaccount inception date January 17,2017	2019 2018 2017	$13.310315 $15.370229 $11.399176	$17.308893 $13.310315 $15.370229	30,373.555 19,306.546 8,982.044	0.000 0.000 0.000
Vanguard VIF Mid-Cap Index Portfolio(5) Subaccount inception date January 17,2017	2019 2018 2017	$15.316524 $17.046138 $14.690540	$19.865523 $15.316524 $17.046138	35,426.351 23,937.090 6,612.146	8,377.377 0.000 0.000
Vanguard VIF Real Estate Index Portfolio(5) Subaccount inception date January 17,2017	2019 2018 2017	$12.261213 $13.072343 $12.704614	$15.651702 $12.261213 $13.072343	9,149.783 5,161.271 4,234.270	0.000 0.000 0.000
Vanguard VIF Short-Term Investment-Grade Portfolio(5) Subaccount inception date January 17,2017	2019 2018 2017	$10.476605 $10.463013 $10.375431	$10.973953 $10.476605 $10.463013	67,103.511 27,565.020 11,874.839	13,349.461 0.000 0.000
Vanguard VIF Total Bond Market Index Portfolio(5) Subaccount inception date January 17,2017	2019 2018 2017	$10.435479 $10.543946 $10.355130	$11.239042 $10.435479 $10.543946	75,562.303 49,292.695 45,729.028	0.000 0.000 0.000
Wanger International(3) Subaccount inception date January 17,2017	2019 2018 2017	$11.128353 $13.603489 $10.558902	$14.379373 $11.128353 $13.603489	970.087 903.145 0.000	0.000 0.000 0.000
Wanger USA(3) Subaccount inception date January 17,2017	2019 2018 2017	$16.705670 $17.056048 $14.430961	$21.770444 $16.705670 $17.056048	0.000 0.000 0.000	0.000 0.000 0.000

		Separate Account Expense 0.20%
Subaccount	Year	Beginning AUV	Ending AUV	# Units (National)	# Units (NY)
AB Balanced Wealth Strategy Portfolio - Class B(2) Subaccount inception date January 17, 2017	2019 2018 2017	$12.896548 $13.835308 $12.207413	$15.183174 $12.896548 $13.835308	0.000 0.000 0.000	0.000 0.000 0.000
AB Growth and Income Portfolio - Class B(2) Subaccount inception date January 17, 2017	2019 2018 2017	$15.984684 $17.045344 $14.417791	$19.679929 $15.984684 $17.045344	4,660.943 3,676.387 0.000	0.000 0.000 0.000
American Funds - Asset Allocation FundSM - Class 2(4) Subaccount inception date January 17, 2017	2019 2018 2017	$14.104327 $14.874576 $13.068137	$16.996598 $14.104327 $14.874576	42,476.933 25,612.087 2,851.911	2,913.677 2,914.124 0.000
American Funds - Bond FundSM - Class 2(4) Subaccount inception date January 17, 2017	2019 2018 2017	$10.416853 $10.555130 $10.307261	$11.323489 $10.416853 $10.555130	38,266.226 5,411.557 930.651	0.000 0.000 0.000
American Funds - Growth FundSM - Class 2(4) Subaccount inception date January 17, 2017	2019 2018 2017	$18.673674 $18.833232 $15.191783	$24.274122 $18.673674 $18.833232	27,930.530 15,873.598 7,654.944	1,903.692 0.000 0.000
American Funds - Growth-Income FundSM - Class 2(4) Subaccount inception date January 17, 2017	2019 2018 2017	$17.441126 $17.865875 $15.032076	$21.868044 $17.441126 $17.865875	21,916.459 4,817.761 1,503.166	2,870.350 2,330.656 0.000

20

CONDENSED FINANCIAL INFORMATION — (Continued)

		Separate Account Expense 0.20%
Subaccount	Year	Beginning AUV	Ending AUV	# Units (National)	# Units (NY)
American Funds - International FundSM - Class 2(4) Subaccount inception date January 17, 2017	2019 2018 2017	$12.084199 $13.995312 $11.058016	$14.760493 $12.084199 $13.995312	66,832.293 22,851.799 9,312.354	0.000 0.000 0.000
Fidelity ® VIP Balanced Portfolio - Service Class 2(2) Subaccount inception date January 17, 2017	2019 2018 2017	$14.329332 $15.055664 $13.221571	$17.713821 $14.329332 $15.055664	68,995.693 19,544.701 0.000	0.000 0.000 0.000
Fidelity ® VIP Contrafund® Portfolio - Service Class 2(2) Subaccount inception date January 17, 2017	2019 2018 2017	$15.861317 $17.057835 $14.364751	$20.738773 $15.861317 $17.057835	22,816.591 11,435.840 3,096.868	0.000 0.000 0.000
Fidelity ® VIP Mid Cap Portfolio - Service Class 2(2) Subaccount inception date January 17, 2017	2019 2018 2017	$14.360697 $16.917674 $14.284884	$17.617757 $14.360697 $16.917674	11,339.571 5,830.402 3,514.154	205.351 0.000 0.000
Fidelity ® VIP Value Strategies Portfolio - Service Class 2(2) Subaccount inception date January 17, 2017	2019 2018 2017	$12.584945 $15.315575 $13.113454	$16.808811 $12.584945 $15.315575	4,430.627 0.000 0.000	0.000 0.000 0.000
State Street Total Return V.I.S. Fund - Class 3(2) Subaccount inception date January 17, 2017	2019 2018 2017	$12.378541 $13.307784 $11.743584	$14.248531 $12.378541 $13.307784	0.000 0.000 0.000	0.000 0.000 0.000
TA 60/40 Allocation - Service Class Subaccount inception date May 1, 2018	2019 2018	$9.635446 $9.989604	$11.552036 $9.635446	12,791.300 7,324.478	0.000 0.000
TA Aegon High Yield Bond - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.577174 $11.923442 $11.268458	$13.168392 $11.577174 $11.923442	40,307.671 4,961.072 3,001.946	328.190 0.000 0.000
TA Aegon U.S. Government Securities - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.095593 $10.114537 $9.965566	$10.715070 $10.095593 $10.114537	93,827.079 2,624.365 2,558.104	0.000 0.000 0.000
PAM TA Aegon U.S. Government Securities - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.095593 $10.114537 $9.9965566	$10.715070 $10.095593 $10.114537	0.000 0.000 0.000	0.000 0.000 0.000
TA American Funds Managed Risk - Balanced - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.922991 $11.621539 $10.297807	$12.842299 $10.922991 $11.621539	292,841.489 5,297.497 2,233.773	2,387.915 2,417.470 0.000
TA Barrow Hanley Dividend Focused - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$14.278097 $16.199907 $14.063140	$17.608666 $14.278097 $16.199907	5,800.409 0.000 0.000	0.000 0.000 0.000
TA BlackRock Global Real Estate Securities - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.022700 $11.199269 $10.194148	$12.491824 $10.022700 $11.199269	25,781.589 0.000 0.000	0.000 0.000 0.000
TA BlackRock Government Money Market - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$9.880710 $9.818157 $9.836246	$10.030370 $9.880710 $9.818157	321,880.713 50,859.511 211.530	66,436.505 1,118.841 1,355.276
TA BlackRock iShares Edge 40- Service Class(6) Subaccount inception date January 17, 2017	2019 2018 2017	$11.241851 $11.786306 $10.919776	$12.913756 $11.241851 $11.786306	1,454.404 0.000 0.000	0.000 0.000 0.000
TA BlackRock iShares Edge 50 - Service Class(7) Subaccount inception date January 17, 2017	2019 2018 2017	$11.199527 $11.524406 $10.341425	$12.969490 $11.199527 $11.524406	89,274.359 2,754.993 0.000	0.000 0.000 0.000
TA BlackRock iShares Edge 75 - Service Class(8) Subaccount inception date January 17, 2017	2019 2018 2017	$11.631476 $12.129099 $10.441056	$13.962134 $11.631476 $12.129099	8,027.898 12,359.992 0.000	0.000 0.000 0.000
TA BlackRock iShares Edge 100 - Service Class(9) Subaccount inception date January 17, 2017	2019 2018 2017	$12.260897 $12.976558 $10.710066	$15.243939 $12.260897 $12.976558	2,241.840 0.000 0.000	0.000 0.000 0.000
TA BlackRock Tactical Allocation - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$12.282920 $12.875920 $11.682936	$14.348419 $12.282920 $12.875920	0.000 0.000 0.000	0.000 0.000 0.000

21

CONDENSED FINANCIAL INFORMATION — (Continued)

		Separate Account Expense 0.20%
Subaccount	Year	Beginning AUV	Ending AUV	# Units (National)	# Units (NY)
TA International Growth - Service Class(10) Subaccount inception date January 17, 2017	2019 2018 2017	$10.602231 $12.947634 $10.479250	$13.480466 $10.602231 $12.947634	2,827.318 3,008.403 3,195.861	0.000 0.000 0.000
TA Janus Balanced - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$14.230449 $14.268365 $12.448859	$17.294286 $14.230449 $14.268365	3,404.045 10,258.714 0.000	0.000 0.000 0.000
TA Janus Mid-Cap Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$14.023390 $14.259368 $11.422049	$19.079610 $14.023390 $14.259368	11,845.983 711.051 0.000	0.000 0.000 0.000
TA JPMorgan Asset Allocation - Conservative - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.619572 $12.163620 $10.944648	$13.167548 $11.619572 $12.163620	61,303.418 60,199.428 38,901.153	0.000 0.000 0.000
TA JPMorgan Asset Allocation - Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$13.435297 $15.076009 $12.371311	$16.876109 $13.435297 $15.076009	13,758.079 0.000 0.000	0.000 0.000 0.000
TA JPMorgan Asset Allocation - Moderate Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$12.860131 $13.903796 $11.827518	$15.374127 $12.860131 $13.903796	21,958.844 21,570.863 0.000	1,327.274 1,343.702 0.000
TA JPMorgan Asset Allocation - Moderate - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$12.230554 $12.947752 $11.321748	$14.180773 $12.230554 $12.947752	86,285.338 2,993.023 0.000	2,152.410 2,179.050 0.000
TA JPMorgan Core Bond - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.564413 $10.595392 $10.339438	$11.413570 $10.564413 $10.595392	78,107.595 17,388.265 0.000	371.347 0.000 0.000
TA JPMorgan Enhanced Index - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$16.332702 $17.455874 $14.688632	$21.032258 $16.332702 $17.455874	260.305 0.000 0.000	0.000 0.000 0.000
TA JPMorgan International Moderate Growth - Service Class( Subaccount inception date January 17, 2017	2019 2018 2017	$10.998467 $12.510625 $10.520621	$12.909243 $10.998467 $12.510625	7,796.859 3,820.063 0.000	0.000 0.000 0.000
TA JPMorgan Mid Cap Value - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$14.611786 $16.655633 $14.843099	$18.373288 $14.611786 $16.655633	5,115.705 1,465.815 799.018	0.000 0.000 0.000
TA JPMorgan Tactical Allocation - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.560331 $11.964839 $11.144437	$12.911714 $11.560331 $11.964839	788.142 0.000 0.000	1,647.917 1,648.240 1,234.820
TA Legg Mason Dynamic Allocation - Balanced - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.478069 $11.895436 $10.894789	$13.295055 $11.478069 $11.895436	2,326.253 0.000 0.000	0.000 0.000 0.000
TA Legg Mason Dynamic Allocation - Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.887788 $12.503305 $11.169782	$13.860477 $11.887788 $12.503305	0.000 0.000 0.000	0.000 0.000 0.000
TA Levin Large Cap Value - Service Class Subaccount inception date May 1, 2018	2019 2018	$9.034294 $9.970124	$10.548792 $9.034294	2,014.752 0.000	0.000 0.000
TA Madison Diversified Income - Service Class Subaccount inception date June 1, 2017	2019 2018 2017	$12.078177 $12.194369 $11.577239	$13.855150 $12.078177 $12.194369	27,580.353 1,256.257 0.000	1,544.266 1,563.379 0.000
TA Managed Risk - Balanced ETF - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.961469 $12.556351 $11.229654	$13.805374 $11.961469 $12.556351	105,609.382 78,575.856 3,260.917	2,212.320 2,239.702 0.000
TA Managed Risk - Conservative ETF - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.784266 $12.248369 $11.165823	$13.194429 $11.784266 $12.248369	7,241.347 7,241.810 7,242.309	0.000 0.000 0.000
TA Managed Risk - Growth ETF - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$12.523347 $13.515993 $11.609910	$14.924205 $12.523347 $13.515993	5,494.364 5,547.099 0.000	1,366.737 1,383.654 0.000

22

CONDENSED FINANCIAL INFORMATION — (Continued)

		Separate Account Expense 0.20%
Subaccount	Year	Beginning AUV	Ending AUV	# Units (National)	# Units (NY)
TA Market Participation Strategy - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$12.631035 $13.011533 $11.827278	$14.947930 $12.631035 $13.011533	0.000 0.000 0.000	0.000 0.000 0.000
TA Morgan Stanley Capital Growth - Service Class(11) Subaccount inception date January 17, 2017	2019 2018 2017	$23.236711 $21.875560 $16.517024	$28.633381 $23.236711 $21.875560	91,129.934 5,759.398 5,917.685	0.000 0.000 0.000
TA Morgan Stanley Global Allocation - Service Class(12) Subaccount inception date January 17, 2017	2019 2018 2017	$11.659560 $12.646636 $11.332485	$13.713017 $11.659560 $12.646636	11,712.612 11,693.459 11,902.086	0.000 0.000 0.000
TA Morgan Stanley Global Allocation Managed Risk - Balanced - Service Class(13) Subaccount inception date January 17, 2017	2019 2018 2017	$9.852259 $10.702897 $9.671432	$11.278863 $9.852259 $10.702897	158,853.536 46,582.004 0.000	2,651.930 2,684.754 0.000
TA MSCI EAFE Index - Service Class(1)(14) Subaccount inception date January 17, 2017	2019 2018 2017	$9.507218 $11.123849 $9.999712	$11.473030 $9.507218 $11.123849	89,102.583 65,068.009 4,321.917	1,951.782 0.000 0.000
TA Multi-Managed Balanced - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$13.967042 $14.563549 $12.973994	$16.935426 $13.967042 $14.563549	0.000 0.000 0.000	0.000 0.000 0.000
TA PIMCO Tactical - Balanced - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.924940 $12.839609 $11.589196	$14.242665 $11.924940 $12.839609	0.000 0.000 0.000	0.000 0.000 0.000
TA PIMCO Tactical - Conservative - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.772561 $12.436322 $11.405067	$13.812809 $11.772561 $12.436322	5,143.623 1,780.150 1,780.273	0.000 0.000 0.000
TA PIMCO Tactical - Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$12.195813 $13.237149 $11.681465	$14.795020 $12.195813 $13.237149	0.000 0.000 0.000	1,283.442 1,283.693 973.056
TA PIMCO Total Return - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.455457 $10.584377 $10.216243	$11.292052 $10.455457 $10.584377	111,695.615 4,085.464 764.770	4,864.613 0.000 0.000
TA PineBridge Inflation Opportunities - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$9.311490 $9.476754 $9.2580401	$10.055036 $9.311490 $9.476754	3,497.771 2,380.943 0.000	1,257.615 0.000 0.000
TA QS Investors Active Asset Allocation - Conservative - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.337919 $11.698713 $10.616339	$12.586417 $11.337919 $11.698713	1,894.263 1,894.384 1,894.515	0.000 0.000 0.000
TA QS Investors Active Asset Allocation - Moderate Growth - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.858383 $12.634102 $10.676655	$13.178551 $11.858383 $12.634102	5,895.524 0.000 0.000	0.000 0.000 0.000
TA QS Investors Active Asset Allocation - Moderate - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$11.564795 $12.092132 $10.622605	$12.826137 $11.564795 $12.092132	13,697.861 7,546.299 0.000	0.000 0.000 0.000
TA S&P 500 Index - Service Class(1)(15) Subaccount inception date January 17, 2017	2019 2018 2017	$10.692325 $11.293457 $9.999712	$13.947190 $10.692325 $11.293457	331,985.225 80,208.231 2,157.926	6,525.122 0.000 0.000
TA Small Mid Cap Value - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$14.838649 $16.826681 $14.756573	$18.502409 $14.838649 $16.826681	32,486.005 1,256.675 1,326.913	2,401.928 0.000 0.000
TA T. Rowe Price Small Cap - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$17.057948 $18.434318 $15.334883	$22.537792 $17.057948 $18.434318	42,548.792 10,921.813 3,675.984	108.559 0.000 0.000
TA TS&W International Equity - Service Class Subaccount inception date January 17, 2017	2019 2018 2017	$10.890790 $12.944454 $10.839860	$13.122850 $10.890790 $12.944454	2,212.322 0.000 0.000	413.014 0.000 0.000
TA WMC US Growth - Service Class(16) Subaccount inception date January 17, 2017	2019 2018 2017	$18.149148 $18.191755 $14.559488	$25.299834 $18.149148 $18.191755	6,950.720 110.572 122.121	0.000 0.000 0.000

23

CONDENSED FINANCIAL INFORMATION — (Continued)

		Separate Account Expense 0.20%
Subaccount	Year	Beginning AUV	Ending AUV	# Units (National)	# Units (NY)
Vanguard VIF Equity Index Portfolio(5) Subaccount inception date January 17, 2017	2019 2018 2017	$16.991362 $17.937004 $15.060419	$22.132195 $16.991362 $17.937004	15,657.172 15,657.206 15,657.241	0.000 0.000 0.000
Vanguard VIF International Portfolio(5) Subaccount inception date January 17,2017	2019 2018 2017	$13.336480 $15.384946 $11.399301	$17.360262 $13.336480 $15.384946	28,869.516 10,855.873 10,868.561	0.000 0.000 0.000
Vanguard VIF Mid-Cap Index Portfolio(5) Subaccount inception date January 17,2017	2019 2018 2017	$15.346632 $17.062471 $14.690701	$19.924484 $15.346632 $17.062471	8,169.001 2,801.301 1,149.380	0.000 0.000 0.000
Vanguard VIF Real Estate Index Portfolio(5) Subaccount inception date January 17,2017	2019 2018 2017	$12.285327 $13.084880 $12.704752	$15.698174 $12.285327 $13.084880	6,626.965 3,601.534 3,205.546	1,366.476 0.000 0.000
Vanguard VIF Short-Term Investment-Grade Portfolio(5) Subaccount inception date January 17,2017	2019 2018 2017	$10.497204 $10.473060 $10.375545	$11.006531 $10.497204 $10.473060	82,886.815 14,523.011 11,416.761	0.000 0.000 0.000
Vanguard VIF Total Bond Market Index Portfolio(5) Subaccount inception date January 17,2017	2019 2018 2017	$10.456011 $10.554067 $10.355243	$11.272425 $10.456011 $10.554067	87,081.122 19,438.233 9,821.409	0.000 0.000 0.000
Wanger International(3) Subaccount inception date January 17,2017	2019 2018 2017	$11.150240 $13.616521 $10.559018	$14.422056 $11.150240 $13.616521	1,726.664 1,719.365 1,596.985	0.000 0.000 0.000
Wanger USA(3) Subaccount inception date January 17,2017	2019 2018 2017	$16.738517 $17.072404 $14.431122	$21.835063 $16.738517 $17.072404	0.000 0.000 0.000	0.000 0.000 0.000

(1)	The beginning and ending AUV for this fund also reflects a 0.15% Fund Facilitation Fee which is in addition to the Separate Account Expense percentage listed above.
(2)	The beginning and ending AUV for this fund also reflects a 0.20% Fund Facilitation Fee which is in addition to the Separate Account Expense percentage listed above.
(3)	The beginning and ending AUV for this fund also reflects a 0.30% Fund Facilitation Fee which is in addition to the Separate Account Expense percentage listed above.
(4)	The beginning and ending AUV for this fund also reflects a 0.40% Fund Facilitation Fee which is in addition to the Separate Account Expense percentage listed above.
(5)	The beginning and ending AUV for this fund also reflects a 0.60% Fund Facilitation Fee which is in addition to the Separate Account Expense percentage listed above.
(6)	Effective November 1, 2019, Transamerica BlackRock Smart Beta 40 VP was renamed Transamerica BlackRock iShares Edge 40 VP.
(7)	Effective November 1, 2019, Transamerica BlackRock Smart Beta 50 VP was renamed Transamerica BlackRock iShares Edge 50 VP.
(8)	Effective November 1, 2019, Transamerica BlackRock Smart Beta 75 VP was renamed Transamerica BlackRock iShares Edge 75 VP.
(9)	Effective November 1, 2019, Transamerica BlackRock Equity Smart Beta 100 VP was renamed Transamerica BlackRock iShares Edge 100 VP.
(10)	Effective May 1, 2020, Transamerica Greystone International Growth VP was renamed Transamerica International Growth VP.
(11)	Effective November 1, 2019, TA Jennison Growth was merged into TA Morgan Stanley Capital Growth.
(12)	Effective May 1, 2020, Transamerica BlackRock Global Allocation VP was renamed Transamerica Morgan Stanley Global Allocation VP.
(13)	Effective May 1, 2020, Transamerica BlackRock Global Allocation Managed Risk – Balanced VP was renamed Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced VP.
(14)	Effective May 1, 2020, Transamerica International Equity Index VP was renamed Transamerica MSCI EAFE Index VP.
(15)	Effective May 1, 2020, Transamerica U.S. Equity Index VP was renamed Transamerica S&P 500 Index VP.
(16)	Effective November 1, 2019, Transamerica Torray Concentrated Growth VP was merged into Transamerica WMC US Growth VP.

24

APPENDIX

Prior Withdrawal/ Growth Percentages and Rider Fees

The table below identifies the prior percentages for the Retirement Income Max^® rider.

Rider fee Percentages

Date	Percentage
Prior to February 1, 2018	1.25%
February 1, 2018 to June 30, 2018	1.35%

Date	Single Life	Joint Life
July 1, 2018 to November 30, 2019	1.35%	1.45%
December 1, 2019 to April 30, 2020	1.45%	1.55%

New york Rider fee Percentages

Date	Percentage
Prior to February 1, 2018	1.25%
February 1, 2018 to November 30, 2019	1.35%

Date	Single Life	Joint Life
December 1, 2019 to April 30, 2020	1.45%	1.55%

Growth Percentages

Date	Percentage
Prior to February 1, 2018	5.50%
After February 1, 2018	7.20%

Withdrawal Percentages

Date	Age at time of first withdrawal	Singe Life Percentage	Joint Life Percentage
Prior to February 1, 2018	0-58 59-64 65-79 ≥80	0.00% 4.20% 5.20% 6.20%	0.00% 3.70% 4.70% 5.70%
February 1, 2018 to February 28, 2019	0-58 59-64 65-79 ≥80	0.00% 4.00% 5.00% 6.00%	0.00% 3.50% 4.50% 5.50%
March 1, 2019 to November 30, 2019	0-58 59-64 65-69 70-74 75-79 ≥80	0.00% 4.00% 5.25% 5.40% 5.50% 5.75%	0.00% 3.50% 4.75% 4.90% 5.00% 5.25%
December 1, 2019 to April 30, 2020	0-58 59-64 65-74 75-79 ≥80	0.00% 4.00% 5.00% 5.25% 5.75%	0.00% 3.50% 4.50% 4.75% 5.25%

25

Prior Withdrawal/ Growth Percentages and Rider Fees — (Continued)

New York single life Withdrawal Percentages

Date	Age at time of first withdrawal	Singe Life Percentage
Prior to February 1, 2018	0-58 59-64 65-79 ≥80	0.00% 4.20% 5.20% 6.20%
February 1, 2018 to February 28, 2018	0-58 59-64 65-79 ≥80	N/A 4.00% 5.00% 6.00%
March 1, 2019 to April 30, 2019	0-58 59-64 65-69 70-74 75-79 ≥80	N/A 4.00% 5.15% 5.40% 5.50% 5.75%
May 1, 2019 to November 30, 2019	0-58 59-64 65-70 71-74 75-79 ≥80	N/A 4.00% 5.15% 5.40% 5.50% 5.75%
December 1, 2019 to April 30, 2020	0-58 59-64 65-74 75-79 ≥80	N/A 4.00% 5.00% 5.25% 5.75%

New York Joint life Withdrawal Percentages

Date	Age at time of first withdrawal	Joint Life Percentage
Prior to February 1, 2018	0-58 59-64 65-79 ≥80	0.00% 0.00% 4.70% 5.70%
February 1, 2018 to February 28, 2019	0-61 62-64 65-79 ≥80	N/A 3.50% 4.50% 5.50%
March 1, 2019 to April 30, 2020	0-61 62-64 65-74 75-79 ≥80	N/A 3.50% 4.50% 5.00% 5.25%

26

APPENDIX

Prior Allocation/Withdrawal Percentages and Rider fees

The table below identifies the prior percentages for the Transamerica Income Edge^SM rider.

Rider fee Percentages

Date	Percentage
Prior to November 30, 2019	1.25%
December 1, 2019 to April 30, 2020	1.35%

Required Allocation Percentages

		Premium		Rebalance
		Minimum	Maximum	Minimum	Maximum
Prior to February 1, 2018	Stable Account	20%	20%	N/A	N/A
	Select Investment Options	20%	80%	25%	100%
	Flexible Investment Options	0%	60%	0%	75%

		Premium		Rebalance
		Minimum	Maximum	Minimum	Maximum
February 1, 2018 to June 30, 2018	Stable Account	25%	25%	N/A	N/A
	Select Investment Options	0%	75%	0%	100%
	Flexible Investment Options	0%	75%	0%	100%

		Premium		Rebalance
		Minimum	Maximum	Minimum	Maximum
July 1, 2018 to April 30, 2020	Stable Account	20%	20%	N/A	N/A
	Select Investment Options	0%	80%	0%	100%
	Flexible Investment Options	0%	80%	0%	100%

27

Prior Allocation/Withdrawal Percentages and Rider fees — (Continued)

Withdrawal Percentages

	Age at time of first withdrawal	Rider Years 1-3 Withdrawal Percentage - Single Life Option	Rider Years 1-3 Withdrawal Percentage - Joint Life Option	Rider Years 4+ Withdrawal Percentage - Single Life Option	Rider Years 4+ Withdrawal Percentage - Joint Life Option
Prior to February 1, 2018	0-58	0.00%	0.00%	0.00%	0.00%
	59-64	4.00%	3.50%	5.00%	4.50%
	65-79	5.00%	4.50%	6.00%	5.50%
	≥80	6.00%	5.50%	7.00%	6.50%

single life Withdrawal Percentages

	Age at time of first withdrawal	Rider Years 1-3 Withdrawal Percentage - Single Life Option	Rider Years 4-6 Withdrawal Percentage - Single Life Option	Rider Years 7+ Withdrawal Percentage - Single Life Option
February 1, 2018 to February 28, 2019	0-58	0.00%	0.00%	0.00%
	59-64	4.00%	5.00%	6.00%
	65-79	5.00%	6.00%	7.00%
	≥80	6.00%	7.00%	8.00%
March 1, 2019 to November 30, 2019	0-58	0.00%	0.00%	0.00%
	59-64	4.00%	5.00%	6.00%
	65-69	5.25%	6.25%	7.25%
	70-74	5.50%	6.50%	7.50%
	75-79	5.75%	6.75%	7.75%
	≥80	6.00%	7.00%	8.00%
December 1, 2019 to April 30, 2020	0-58	0.00%	0.00%	0.00%
	59-64	4.00%	5.00%	6.00%
	65-69	5.00%	6.00%	7.00%
	70-74	5.25%	6.25%	7.25%
	75-79	5.50%	6.50%	7.50%
	≥80	5.75%	6.75%	7.75%

joint life Withdrawal Percentages

	Age at time of first withdrawal	Rider Years 1-3 Withdrawal Percentage - Joint Life Option	Rider Years 4-6 Withdrawal Percentage - Joint Life Option	Rider Years 7+ Withdrawal Percentage - Joint Life Option
February 1, 2018 to February 28, 2019	0-58	0.00%	0.00%	0.00%
	59-64	3.50%	4.50%	5.25%
	65-79	4.50%	5.50%	6.25%
	≥80	5.50%	6.50%	7.25%
March 1, 2019 to November 30, 2019	0-58	0.00%	0.00%	0.00%
	59-64	3.50%	4.50%	5.50%
	65-69	4.75%	5.75%	6.75%
	70-74	5.00%	6.00%	7.00%
	75-79	5.25%	6.25%	7.25%
	≥80	5.50%	6.50%	7.50%

28

Prior Allocation/Withdrawal Percentages and Rider fees — (Continued)

	Age at time of first withdrawal	Rider Years 1-3 Withdrawal Percentage - Joint Life Option	Rider Years 4-6 Withdrawal Percentage - Joint Life Option	Rider Years 7+ Withdrawal Percentage - Joint Life Option
December 1, 2019 to April 30, 2020	0-58	0.00%	0.00%	0.00%
	59-64	3.50%	4.50%	5.50%
	65-69	4.50%	5.50%	6.50%
	70-74	4.75%	5.75%	6.75%
	75-79	5.00%	6.00%	7.00%
	≥80	5.25%	6.25%	7.25%

New York single life Withdrawal Percentages

	Age at time of first withdrawal	Rider Years 1-3 Withdrawal Percentage - Single Life Option	Rider Years 4-6 Withdrawal Percentage - Single Life Option	Rider Years 7+ Withdrawal Percentage - Single Life Option
February 1, 2018 to February 28, 2019	0-58	0.00%	0.00%	0.00%
	59-64	4.00%	5.00%	6.00%
	65-79	5.00%	6.00%	7.00%
	≥80	6.00%	7.00%	8.00%
March 1, 2019 to November 30, 2019	0-58	0.00%	0.00%	0.00%
	59-64	4.00%	5.00%	6.00%
	65-69	5.25%	6.25%	7.25%
	70-74	5.50%	6.50%	7.50%
	75-79	5.75%	6.75%	7.75%
	≥80	6.00%	7.00%	8.00%
December 1, 2019 to April 30, 2020	0-58	0.00%	0.00%	0.00%
	59-64	4.00%	5.00%	6.00%
	65-69	5.00%	6.00%	7.00%
	70-74	5.25%	6.25%	7.25%
	75-79	5.50%	6.50%	7.50%
	≥80	5.75%	6.75%	7.75%

New York joint life Withdrawal Percentages

	Age at time of first withdrawal	Rider Years 1-3 Withdrawal Percentage - Joint Life Option	Rider Years 4-6 Withdrawal Percentage - Joint Life Option	Rider Years 7+ Withdrawal Percentage - Joint Life Option
February 1, 2018 to February 28, 2019	0-58	0.00%	0.00%	0.00%
	59-64	3.50%	4.50%	5.25%
	65-79	4.50%	5.50%	6.25%
	≥80	5.50%	6.50%	7.25%
March 1, 2019 to November 30, 2019	0-58	0.00%	0.00%	0.00%
	59-64	3.50%	4.50%	5.50%
	65-69	4.75%	5.75%	6.45%
	70-74	5.00%	6.00%	7.00%
	75-79	5.25%	6.25%	7.25%
	≥80	5.50%	6.50%	7.50%

29

Prior Allocation/Withdrawal Percentages and Rider fees — (Continued)

	Age at time of first withdrawal	Rider Years 1-3 Withdrawal Percentage - Joint Life Option	Rider Years 4-6 Withdrawal Percentage - Joint Life Option	Rider Years 7+ Withdrawal Percentage - Joint Life Option
December 1, 2019 to April 30, 2020	0-58	0.00%	0.00%	0.00%
	59-64	3.50%	4.50%	5.50%
	65-69	4.50%	5.50%	6.20%
	70-74	4.75%	5.75%	6.75%
	75-79	5.00%	6.00%	7.00%
	≥80	5.25%	6.25%	7.25%

30

FINANCIAL STATEMENTS – STATUTORY BASIS

AND SUPPLEMENTARY INFORMATION

Transamerica Life Insurance Company

Years Ended December 31, 2019, 2018 and 2017

Transamerica Life Insurance Company

Financial Statements – Statutory Basis

and Supplementary Information

Years Ended December 31, 2019, 2018 and 2017

Contents

Report of Independent Auditors	1
Audited Financial Statements
Balance Sheets – Statutory Basis	3
Statements of Operations – Statutory Basis	4
Statements of Changes in Capital and Surplus – Statutory Basis	5
Statements of Cash Flow – Statutory Basis	7
Notes to Financial Statements – Statutory Basis
1. Organization and Nature of Business	9
2. Basis of Presentation and Summary of Significant Accounting Policies	11
3. Accounting Changes and Corrections of Errors	26
4. Fair Values of Financial Instruments	30
5. Investments	39
6. Premium and Annuity Considerations Deferred and Uncollected	60
7. Policy and Contract Attributes	60
8. Reinsurance	72
9. Income Taxes	77
10. Capital and Surplus	84
11. Securities Lending	87
12. Retirement and Compensation Plans	88
13. Related Party Transactions	90
14. Commitments and Contingencies	95
15. Sales, Transfer, and Servicing of Financial Assets and Extinguishments of Liabilities	101
16. Reconciliation to Statutory Statement	104
17. Subsequent Events	105
Appendix A –Listing of Affiliated Companies	106
Statutory-Basis Financial Statement Schedules
Summary of Investments – Other Than Investments in Related Parties	110
Supplementary Insurance Information	111
Reinsurance	112

Report of Independent Auditors

To the Board of Directors of

Transamerica Life Insurance Company

We have audited the accompanying statutory-basis financial statements of Transamerica Life Insurance Company (the “Company”), which comprise the balance sheets – statutory basis as of December 31, 2019 and 2018, and the related statements of operations – statutory basis, of changes in capital and surplus – statutory basis, and of cash flow – statutory basis for each of the three years in the period ended December 31, 2019, including the related notes and schedules of supplementary insurance information and reinsurance as of December 31, 2019, 2018 and for each of the three years in the period ended December 31, 2019 and summary of investments—other than investments in related parties as of December 31, 2019 listed in the accompanying index (collectively referred to as the “financial statements”).

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the Iowa Insurance Division. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 2 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the Iowa Insurance Division, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

The effects on the financial statements of the variances between the statutory basis of accounting described in Note 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

PricewaterhouseCoopers LLP, 1 N Upper Wacker Drive, Chicago, IL 60606

T: 312-298-2000, F: , www.pwc.com

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the “Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles” paragraph, the financial statements referred to above do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2019 and 2018 or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2019.

Opinion on Statutory Basis of Accounting

In our opinion, the financial statements referred to above present fairly, in all material respects, the admitted assets, liabilities and surplus of the Company as of December 31, 2019 and 2018 and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2019, in accordance with the accounting practices prescribed or permitted by the Iowa Insurance Division described in Note 2.

Emphasis of Matters

As discussed in Note 1 to the financial statements, the financial statements give retroactive effect to the merger of Transamerica Advisors Life Insurance Company into the Company on July 1, 2019 in a transaction accounted for as a statutory merger. Our opinion is not modified with respect to this matter.

As discussed in Note 3 to the financial statements, in 2019 the Company changed its valuation basis for variable annuities. Our opinion is not modified with respect to this matter.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

April 27, 2020

PricewaterhouseCoopers LLP, 1 N Upper Wacker Drive, Chicago, IL 60606

T: 312-298-2000, F: , www.pwc.com

Transamerica Life Insurance Company

Balance Sheets – Statutory Basis

(Dollars in Thousands)

	December 31
	2019			2018
Admitted assets
Cash, cash equivalents and short-term investments	$	1,693,803		$	2,331,468
Bonds		25,412,467			27,627,135
Preferred stocks		111,630			104,793
Common stocks		3,217,206			2,998,481
Mortgage loans on real estate		5,096,613			4,600,493
Real estate		51,546			114,446
Policy loans		1,099,596			1,139,853
Securities lending reinvested collateral assets		1,246,827			1,835,122
Derivatives		1,718,025			2,097,951
Other invested assets		2,124,211			1,666,946
Total cash and invested assets		41,771,924			44,516,688
Accrued investment income		404,846			428,558
Premiums deferred and uncollected		286,843			115,235
Net deferred income tax asset		475,358			627,639
Variable annuity reserve hedge offset deferral		195,067			231,853
Other assets		1,368,699			1,472,587
Separate account assets		85,720,689			76,783,392
Total admitted assets	$	130,223,426		$	124,175,952
Liabilities and capital and surplus
Aggregate reserves for policies and contracts	$	26,237,936			27,294,949
Policy and contract claim reserves		479,226			527,901
Liability for deposit-type contracts		591,570			967,757
Other policyholders’ funds		21,831			17,617
Transfers from separate accounts due or accrued		(898,597	)		(1,034,929	)
Funds held under reinsurance treaties		4,094,413			3,785,867
Asset valuation reserve		879,143			694,388
Interest maintenance reserve		308,453			299,928
Derivatives		1,851,801			975,974
Payable for collateral under securities loaned and other transactions		1,731,464			3,080,656
Borrowed money		1,274,504			3,052,991
Other liabilities		1,402,824			1,452,027
Separate account liabilities		85,720,688			76,783,391
Total liabilities		123,695,256			117,898,517
Total capital and surplus		6,528,170			6,277,435
Total liabilities and capital and surplus	$	130,223,426		$	124,175,952

See accompanying notes.

3

Transamerica Life Insurance Company

Statements of Operations – Statutory Basis

(Dollars in Thousands)

	Year Ended December 31
	2019			2018			2017
Revenues
Premiums and other considerations	$	12,146,106		$	10,813,518		$	(3,514,168	)
Net investment income		1,644,325			1,667,172			2,516,282
Commissions and expense allowances on reinsurance ceded		527,860			835,062			608,958
Reserve adjustment on reinsurance ceded		(83,492	)		(67,838	)		(1,210,892	)
Consideration received on reinsurance recapture and novations		15,485			217,258			462,313
Separate accounts net gain from operations		—			—			139,852
Fee revenue and other income		1,891,767			1,971,474			1,996,610
Total revenue		16,142,051			15,436,646			998,955
Benefits and expenses
Death benefits		1,706,779			1,760,272			1,588,061
Annuity benefits		1,173,639			1,183,691			1,207,143
Accident and health benefits		281,435			295,343			141,823
Surrender benefits		14,231,385			14,536,177			13,109,739
Other benefits		168,259			156,157			156,951
Net increase (decrease) in reserves		(2,277,561	)		228,055			(12,826,051	)
Commissions		908,521			912,831			927,565
Net transfers to (from) separate accounts		(3,868,617	)		(4,075,245	)		(2,619,683	)
IMR adjustment due to reinsurance		—			(13,229	)		(2,065,984	)
General insurance expenses and other		833,410			1,219,389			1,033,737
Total benefits and expenses		13,157,250			16,203,441			653,301
Gain (loss) from operations before dividends and federal income taxes		2,984,801			(766,795	)		345,654
Dividends to policyholders		9,236			5,953			8,057
Gain (loss) from operations before federal income taxes		2,975,565			(772,748	)		337,597
Federal income tax (benefit) expense		(77,933	)		(63,062	)		(1,035,106	)
Net gain (loss) from operations		3,053,498			(709,686	)		1,372,703
Net realized capital gains (losses), after tax and amounts transferred to interest maintenance reserve		240,524			(714,132	)		(575,050	)
Net income (loss)	$	3,294,022		$	(1,423,818	)	$	797,653

See accompanying notes.

4

Transamerica Life Insurance Company

Statements of Changes in Capital and Surplus – Statutory Basis

(Dollars in Thousands)

Balance at January 1, 2017	Common Stock		Preferred Stock			Treasury Stock			Surplus Notes		Paid-in Surplus			Special Surplus Funds			Unassigned Surplus			Total Capital and Surplus
As originally presented	$	6,762	$	1,282		$	(58,000	)	$	150,000	$	3,653,830		$	577,936		$	2,135,591			6,467,401
Merger of Transamerica Advisors Life Insurance Company (TALIC)		—		—			—			—		242,198			—			453,845			696,043
Balance at January 1, 2017 (TALIC Merger)		6,762		1,282			(58,000	)		150,000		3,896,028			577,936			2,589,436			7,163,444
Net income (loss)		—		—			—			—		—			—			797,653			797,653
Change in net unrealized capital gains/losses, net of taxes		—		—			—			—		—			(489,076	)		1,172,461			683,385
Change in net deferred income tax asset		—		—			—			—		—			—			(956,486	)		(956,486	)
Change in nonadmitted assets		—		—			—			—		—			—			474,981			474,981
Change in asset valuation reserve		—		—			—			—		—			—			124,240			124,240
Change in surplus in separate accounts		—		—			—			—		—			—			(117,876	)		(117,876	)
Change in surplus as a result of reinsurance		—		—			—			—		—			—			230,908			230,908
Dividends to stockholders		—		—			—			—		—			—			(620,523	)		(620,523	)
Return of capital		—		—			—			—		(422,572	)		—			—			(422,572	)
Other changes—net		—		(298	)		—			—		(626	)		981			(5,738	)		(5,681	)
Balance at December 31, 2017	$	6,762	$	984		$	(58,000	)	$	150,000	$	3,472,830		$	89,841		$	3,689,056		$	7,351,473
Net income (loss)		—		—			—			—		—			—			(1,423,818	)		(1,423,818	)
Change in net unrealized capital gains/losses, net of taxes		—		—			—			—		—			145,059			1,145,316			1,290,375
Change in net deferred income tax asset		—		—			—			—		—			—			164,466			164,466
Change in nonadmitted assets		—		—			—			—		—			—			45,646			45,646
Change in asset valuation reserve		—		—			—			—		—			—			16,359			16,359
Change in surplus as a result of reinsurance		—		—			—			—		—			—			17,616			17,616
Dividends to stockholders		—		—			—			—		—			—			(624,567	)		(624,567	)
Return of capital		—		—			—			—		(558,740	)		—			—			(558,740	)
Other changes—net		—		(559	)		—			—		2,576			(3,047	)		(345	)		(1,375	)
Balance at December 31, 2018	$	6,762	$	425		$	(58,000	)	$	150,000	$	2,916,666		$	231,853		$	3,029,729		$	6,277,435

Continued on next page.

5

Transamerica Life Insurance Company

Statements of Changes in Capital and Surplus – Statutory Basis

(Dollars in Thousands)

	Common Stock		Preferred Stock			Treasury Stock			Surplus Notes			Paid-in Surplus			Special Surplus Funds			Unassigned Surplus			Total Capital and Surplus
Balance at December 31, 2018	$	6,762	$	425		$	(58,000	)	$	150,000		$	2,916,666		$	231,853		$	3,029,729		$	6,277,435
Net income (loss)		—		—			—			—			—			—			3,294,022			3,294,022
Change in net unrealized capital gains/losses, net of tax		—		—			—			—			—			(36,786	)		(290,676	)		(327,462	)
Change in net deferred income tax asset		—		—			—			—			—			—			(164,812	)		(164,812	)
Change in nonadmitted assets		—		—			—			—			—			—			105,654			105,654
Change in reserve on account of change in valuation basis		—		—			—			—			—			—			(1,248,411	)		(1,248,411	)
Change in asset valuation reserve		—		—			—			—			—			—			(184,755	)		(184,755	)
Change in surplus as a result of reinsurance		—		—			—			—			—			—			(146,952	)		(146,952	)
Change in surplus notes		—		—			—			(150,000	)		—			—			—			(150,000	)
Change in treasury stock		—		—			58,000			—			—									58,000
Return of capital		—		—			—			—			(307,578	)		—			—			(307,578	)
Dividends to stockholders		—		—			—			—			—			—			(725,000	)		(725,000	)
Other changes—net		—		(425	)		—			—			1,625			367			46,462			48,029
Balance at December 31, 2019	$	6,762	$	—		$	—		$	—		$	2,610,713		$	195,434		$	3,715,261		$	6,528,170

See accompanying notes.

6

Transamerica Life Insurance Company

Statements of Cash Flow – Statutory Basis

(Dollars in Thousands)

	Year Ended December 31
	2019			2018			2017
Operating activities
Premiums and annuity considerations	$	11,959,055		$	10,836,714		$	5,030,303
Net investment income		1,853,706			1,826,005			2,524,319
Other income		2,295,448			2,891,089			6,905,408
Benefit and loss related payments		(17,435,718	)		(17,958,301	)		(16,076,467	)
Net transfers from separate accounts		4,005,482			4,343,398			2,904,380
Commissions and operating expenses		(1,898,769	)		(1,892,868	)		(2,050,512	)
Dividends paid to policyholders		(5,889	)		(6,350	)		(7,348	)
Federal income taxes (paid) received		(139,992	)		939,301			438,896
Net cash provided by (used in) operating activities		633,323			978,988			(331,021	)
Investing activities
Proceeds from investments sold, matured or repaid	$	15,951,729		$	9,086,610		$	10,468,686
Costs of investments acquired		(13,028,169	)		(7,574,764	)		(8,455,291	)
Net change in policy loans		40,258			48,668			52,058
Net cost of investments acquired		(12,987,911	)		(7,526,096	)		(8,403,233	)
Net cash provided by (used in) investing activities	$	2,963,818		$	1,560,514		$	2,065,453
Financing and miscellaneous activities
Repayment of surplus notes	$	(150,000	)	$	—		$	—
Capital and paid in surplus received (returned)		(248,376	)		(556,833	)		(434,179	)
Dividends to stockholders		(725,000	)		(564,220	)		(620,523	)
Net deposits (withdrawals) on deposit-type contracts		(429,725	)		(201,168	)		(2,167,303	)
Net change in borrowed money		(1,765,528	)		(1,151,474	)		1,874,369
Net change in funds held under reinsurance treaties		(60,731	)		(271,793	)		(75,583	)
Net change in payable for collateral under securities lending and other transactions		(1,347,778	)		(15,819	)		(125,030	)
Other cash (applied) provided		492,332			587,583			98,001
Net cash provided by (used in) financing and miscellaneous activities		(4,234,806	)		(2,173,724	)		(1,450,248	)
Net increase (decrease) in cash, cash equivalents and short-term investments		(637,665	)		365,778			284,184
Cash, cash equivalents and short-term investments:
Beginning of year		2,331,468			1,965,690			1,681,506
End of year	$	1,693,803		$	2,331,468		$	1,965,690

See accompanying notes.

7

Transamerica Life Insurance Company

Statements of Cash Flow (supplemental) – Statutory Basis

(Dollars in Thousands)

	Year Ended December 31
Supplemental disclosures of cash flow information	2019		2018		2017
Non-cash activities during the year not included in the Statutory Statement of Cash Flows:
Stock cancellations	$	57,575	$	—	$	—
Non-cash dividend to parent company		—		60,347		—
Investments received for insured securities losses		—		16,489		—
Write off of prepaid real estate related assets		—		2,727		—
Non-cash capital contribution to investment subsidiary		—		1,971		—
Transfer of bonds and mortgage loans related to reinsurance agreement with third party		—		—		7,196,754
Transfer of bonds, mortgage loans, and derivatives related to affiliated reinsurance amendment		—		—		5,650,741
Transfer of bonds to settle reinsurance obligations		—		—		22,479
Asset transfer of ownership between hedge funds		—		—		125,036

8

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

December  31, 2019

1. Organization and Nature of Business

Transamerica Life Insurance Company (the Company) is a stock life insurance company owned by Commonwealth General Corporation (CGC). CGC is an indirect, wholly-owned subsidiary of Aegon N.V., a holding company organized under the laws of The Netherlands.

On July 1, 2019, the Company completed a merger with Transamerica Advisors Life Insurance Company (TALIC), an Arkansas-domiciled affiliate. On October 1, 2018, the Company completed a merger with Firebird Re Corp (FReC), an Arizona-domiciled affiliate. The mergers were accounted for in accordance with the Statement of Statutory Accounting Principles (SSAP) No. 68, Business Combinations and Goodwill, as a statutory merger. As such, financial statements for periods prior to the mergers were combined and the recorded assets, liabilities and surplus of TALIC and FReC on a US statutory basis were carried forward to the merged company. As a result of the mergers, TALIC and FReC’s common stock was deemed cancelled by operation of law. Each share of the Company’s capital stock issued and outstanding immediately before the merger shall continue to represent one share of the capital stock. As a result of the merger, the business previously ceded from the Company to FReC is no longer reflected as ceded risk in the restated merged financials. As a result of the merger, the business previously ceded from TALIC to the Company is no longer reflected as assumed risk in the restated merged financials.

Summarized financial information for the Company and TALIC presented separately for periods prior to the merger is as follows. The amounts presented for the Company’s revenues are reflective of the revision as described in Note 3:

	Year Ended December 31
	2018			2017
Revenues:
Company	$	15,206,362		$	730,065
TALIC		230,284			268,890
	$	15,436,646		$	998,955
Net income (loss):
Company	$	(1,353,504	)	$	603,700
TALIC		(70,314	)		193,953
	$	(1,423,818	)	$	797,653

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

	December 31 2018
Assets:
Company	$	117,015,550
TALIC		7,204,454
Reclassification to conform to current year presentation: Current federal income tax recoverable		(44,052	)
	$	124,175,952
Liabilities:
Company	$	111,237,254
TALIC		6,705,315
Reclassification to conform to current year presentation: Other liabilities		(44,052	)
	$	117,898,517
Capital and Surplus:
Company	$	5,778,296
TALIC		499,139
	$	6,277,435

Nature of Business

The Company sells individual non-participating whole life, endowment and term contracts, and pension products, as well as a broad line of single fixed and flexible premium annuity products and guaranteed investment contracts. In addition, the Company offers group life, universal life, credit life, and individual and specialty health coverages. The Company is licensed in 49 states and the District of Columbia, Guam, Puerto Rico and US Virgin Islands. Sales of the Company’s products are primarily through a network of agents, brokers, and financial institutions.

10

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

2. Basis of Presentation and Summary of Significant Accounting Policies

The accompanying financial statements have been prepared in conformity with accounting practices prescribed or permitted by the Iowa Insurance Division (IID), which practices differ from accounting principles generally accepted in the United States of America (GAAP).

The IID recognizes only statutory accounting practices prescribed or permitted by the State of Iowa for determining and reporting the financial condition and results of operations of an insurance company, and for determining its solvency under the Iowa Insurance Law. The National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual (NAIC SAP) has been adopted as a component of prescribed practices by the State of Iowa. Prescribed statutory accounting practices include state laws and regulations. Permitted statutory accounting practices encompass accounting practices that are not prescribed.

The following is a summary of the accounting practices permitted and prescribed by the IID and reflected in the Company’s financial statements which differs from NAIC SAP:

The State of Iowa has adopted a prescribed accounting practice that differs from that found in the NAIC SAP related to the reported value of the assets supporting the Company’s guaranteed separate accounts. As prescribed by Iowa Administrative Code 508A.1.4, the Commissioner found that the Company is entitled to value the assets of the guaranteed separate account at amortized cost, whereas the assets would be required to be reported at fair value under SSAP No. 56, Separate Accounts, of the NAIC SAP. There is no impact to the Company’s income or surplus as a result of utilizing this prescribed practice.

11

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

A reconciliation of the Company’s net income (loss) and capital and surplus between NAIC SAP and practices prescribed and permitted by the State of Iowa is shown below:

	SSAP#		F/S Page		F/S Line		2019		2018			2017
Net income (loss), State of Iowa basis		XXX		XXX		XXX	$	3,294,022	$	(1,423,818	)	$	797,653
State prescribed practices that are an increase(decrease) from NAIC SAP:
Separate account asset valuation		56		NA		NA		—		—			—
State permitted practices that are an increase(decrease) from NAIC SAP:
None								—		—			—
Net income (loss), NAIC SAP		XXX		XXX		XXX	$	3,294,022	$	(1,423,818	)	$	797,653
Statutory surplus, state of Iowa basis		XXX		XXX		XXX	$	6,528,170	$	6,277,435		$	7,351,473
State prescribed practices that are an increase(decrease) from NAIC SAP:
Separate account asset valuation		56		NA		NA		—		—			—
State permitted practices that are an increase(decrease) from NAIC SAP:
Hedge reserve offset deferral		86		Balance Sheet; Statement of Changes in Capital and Surplus		Variable annuity reserve hedge offset deferral Special surplus funds—Change in net unrealized capital gains/ losses		—		(231,853	)		(86,794	)
Statutory surplus, NAIC SAP		XXX		XXX		XXX	$	6,528,170	$	6,045,582		$	7,264,679

The Company elected early adoption of SSAP No. 108, Derivatives Hedging Variable Annuities Guarantees (SSAP 108) effective July 1, 2019. The early adoption allowed for transition from and release of a similar permitted practice in place with the IID since October 1, 2016 (the Permitted Practice). The Company received approval from the IID on September 4, 2019. Please refer to Note 3 for additional information.

Use of Estimates

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.

12

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The effects of the following variances from GAAP on the accompanying statutory-basis financial statements have not been determined by the Company, but are presumed to be material. Significant accounting policies and variances from GAAP are as follows:

Investments

Investments in bonds, except those to which the Securities Valuation Office (SVO) of the NAIC has ascribed a NAIC designation of 6, are reported at amortized cost using the interest method. Bonds containing call provisions, except make-whole call provisions, are amortized to the call or maturity value/date which produces the lowest asset value, often referred to as yield-to-worst method. Bonds ascribed a NAIC designation of 6 are reported at the lower of amortized cost or fair value with unrealized gains and losses reported in changes in capital and surplus. Prepayment penalty or acceleration fees received in the event a bond is liquidated prior to its scheduled termination date are reported as investment income.

Hybrid securities, as defined by the NAIC, are securities designed with characteristics of both debt and equity and provide protection to the issuer’s senior note holders. These securities meet the definition of a bond, in accordance with SSAP No. 26R, Bonds, and therefore, are reported at amortized cost or fair value based upon their NAIC rating.

For GAAP, such fixed maturity investments would be designated at purchase as held-to-maturity, trading or available-for-sale. Held-to-maturity fixed investments would be reported at amortized cost, and the remaining fixed maturity investments would be reported at fair value with unrealized holding gains and losses reported in earnings for those designated as trading and as a separate component of other comprehensive income (OCI) for those designated as available-for-sale.

Single class and multi-class mortgage-backed/asset-backed securities are valued at amortized cost using the interest method, including anticipated prepayments, except for those with an initial NAIC designation of 6, which are valued at the lower of amortized cost or fair value. These securities are adjusted for the effects of changes in prepayment assumptions on the related accretion of discount or amortization of premium using either the retrospective or prospective methods. Prepayment assumptions are obtained from dealer surveys or internal estimates and are based on the current interest rate and economic environment. For statutory reporting, the retrospective adjustment method is used to value all such securities, except principal-only and interest-only securities, which are valued using the prospective method.

For GAAP, all securities purchased or retained that represent beneficial interests in securitized assets, other than high credit quality securities, are adjusted using the prospective method when there is a change in estimated future cash flows. If high credit quality securities are adjusted, the retrospective method is used.

The Company closely monitors below investment grade holdings and investment grade issuers where the Company has concerns to determine if an other-than-temporary impairment (OTTI) has occurred. The Company also regularly monitors industry sectors. The Company considers relevant facts and circumstances in evaluating whether the impairment is other-than-temporary including: (1) the probability of the Company collecting all amounts due according to the

13

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

contractual terms of the security in effect at the date of acquisition; (2) the Company’s decision to sell a security prior to its maturity at an amount below its carrying amount; and (3) the Company’s ability to hold a structured security for a period of time to allow for recovery of the value to its carrying amount. Additionally, financial condition, near term prospects of the issuer and nationally recognized credit rating changes are monitored. Non-structured securities in unrealized loss positions that are considered other-than-temporary are written down to fair value. The Company will record a charge to the statements of operations for the amount of the impairment.

For structured securities, cash flow trends and underlying levels of collateral are monitored. An OTTI is considered to have occurred if the fair value of the structured security is less than its amortized cost basis and the entity intends to sell the security or the entity does not have the intent and ability to hold the security for a period of time sufficient to recover the amortized cost basis. An OTTI is also considered to have occurred if the discounted estimated future cash flows are less than the amortized cost basis of the security and the security is in an unrealized loss position. Structured securities considered other-than-temporarily impaired are written down to discounted estimated cash flows if the impairment is the result of cash flow analysis. If the Company has an intent to sell or lack of ability to hold a structured security, it is written down to fair value. The Company will record a charge to the statements of operations for the amount of the impairments.

For GAAP, if it is determined that a decline in fair value is other-than-temporary and the entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the OTTI is recognized in earnings equal to the entire difference between the amortized cost basis and its fair value at the impairment date. If the entity does not intend to sell the security or the entity will likely not be required to sell the security before recovery, the OTTI should be separated into a) the amount representing the credit loss, which is recognized in earnings, and b) the amount related to all other factors, which is recognized in OCI, net of applicable taxes.

Investments in both affiliated and unaffiliated preferred stocks in good standing (those with NAIC designations RP1 to RP3 and P1 to P3), are reported at cost or amortized cost, depending on the characteristics of the securities. Investments in both affiliated and unaffiliated preferred stocks not in good standing (those with NAIC designations RP4 to RP6 and P4 to P6), are reported at the lower of cost, amortized cost, or fair value, depending on the characteristics of the securities. The related net unrealized capital gains and losses for all NAIC designations are reported in changes in capital and surplus.

Common stocks of affiliated noninsurance subsidiaries are reported based on underlying audited GAAP equity. The net change in the subsidiaries’ equity is included in net unrealized capital gains or losses and are reported in changes in capital and surplus.

Common stocks of unaffiliated companies, which include shares of mutual funds, are reported at fair value and the related net unrealized capital gains or losses are reported in changes in capital and surplus.

14

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company owns stock issued by the Federal Home Loan Bank (FHLB), which is only redeemable at par, and its fair value is presumed to be par, unless other-than-temporarily impaired.

If the Company determines that a decline in the fair value of a common stock or a preferred stock is other-than-temporary, the Company writes it down to fair value as the new cost basis and the amount of the write down is accounted for as a realized loss in the statements of operations. The Company considers the following factors in determining whether a decline in value is other-than-temporary: (a) the financial condition and prospects of the issuer; (b) whether or not the Company has made a decision to sell the investment; and (c) the length of time and extent to which the value has been below cost.

Mortgage loans are reported at unpaid principal balances, less an allowance for impairment. A mortgage loan is considered to be impaired when it is probable that the Company will be unable to collect all principal and interest amounts due according to the contractual terms of the mortgage agreement. When management determines the impairment is other-than-temporary, the mortgage loan is written down to realizable value and a realized loss is recognized. Prepayment penalty or acceleration fees received in the event a loan is liquidated prior to its scheduled termination date are reported as investment income.

Valuation allowances are established for mortgage loans, if necessary, based on the difference between the net value of the collateral, determined as the fair value of the collateral less estimated costs to obtain and sell, and the recorded investment in the mortgage loan. Under GAAP, such allowances are based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, if foreclosure is probable, on the estimated fair value of the collateral.

The initial valuation allowance and subsequent changes in the allowance for mortgage loans are charged or credited directly to unassigned surplus as part of the change in asset valuation reserve (AVR), rather than being included as a component of earnings as would be required under GAAP.

Land is reported at cost. Real estate occupied by the Company is reported at depreciated cost net of encumbrances. Real estate held for the production of income is reported at depreciated cost net of related obligations. Real estate the Company classifies as held for sale is measured at lower of carrying amount or fair value less cost to sell. Depreciation is calculated on a straight-line basis over the estimated useful lives of the properties. The Company recognizes an impairment loss if the Company determines that the carrying amount of the real estate is not recoverable and exceeds its fair value. The Company deems that the carrying amount of the asset is not recoverable if the carrying amount exceeds the sum of undiscounted cash flows expected to result from the use and disposition. The impairment loss is measured as the amount by which the asset’s carrying value exceeds its fair value.

Investments in real estate are reported net of related obligations rather than on a gross basis as for GAAP. Real estate owned and occupied by the Company is included in investments rather than reported as an operating asset as under GAAP, and investment income and operating expenses for statutory reporting include rent for the Company’s occupancy of those properties. Changes between depreciated cost and admitted amounts are credited or charged directly to unassigned surplus rather than to income as would be required under GAAP.

15

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

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

For a decline in the fair value of an investment in a joint venture or limited partnership which is determined to be other-than-temporary, the Company writes it down to fair value as the new cost basis and the amount of the write down is accounted for as a realized loss in the statements of operations. The Company considers an impairment to have occurred if it is probable that the Company will be unable to recover the carrying amount of the investment or if there is evidence indicating inability of the investee to sustain earnings which would justify the carrying amount of the investment.

Investments in Low Income Housing Tax Credit (LIHTC) properties are valued at amortized cost. Tax credits are recognized in operations in the tax reporting year in which the tax credit is utilized by the Company. The carrying value is amortized over the life of the investment. Amortization is calculated as a ratio of the current year tax credits and tax benefits compared to the total expected tax credits and tax benefits over the life of the investment.

Cash equivalents are short-term highly liquid investments with original maturities of three months or less (principally stated at amortized cost) or money market mutual funds which are reported at fair value.

Short-term investments include investments with remaining maturities of one year or less at the time of acquisition and are principally stated at amortized cost.

Policy loans are reported at unpaid principal balances.

Realized capital gains and losses are determined using the specific identification method and are recorded net of related federal income taxes. Changes in admitted asset carrying amounts of bonds, mortgage loans, common and preferred stocks are credited or charged directly to unassigned surplus.

Interest income is recognized on an accrual basis. The Company does not accrue income on bonds in default, mortgage loans on real estate in default and/or foreclosure or which are delinquent more than twelve months, or real estate where rent is in arrears for more than three months. Income is also not accrued when collection is uncertain. Due and accrued amounts determined to be uncollectible are written off through the statements of operations.

Valuation Reserves

Under a formula prescribed by the NAIC, the Company defers the portion of realized capital gains and losses on sales of fixed income investments, primarily bonds and mortgage loans, attributable to changes in the general level of interest rates and amortizes those deferrals into net investment income over the remaining period to maturity of the bond or mortgage loan based on groupings of individual securities sold in five year bands. The net deferral is reported as the

16

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

interest maintenance reserve (IMR) in the accompanying balance sheets. Realized capital gains and losses are reported in income net of federal income tax and transfers to the IMR. Under GAAP, realized capital gains and losses are reported in the statements of operations on a pre-tax basis in the period that the assets giving rise to the gains or losses are sold.

The AVR provides a valuation allowance for invested assets. The AVR is determined by an NAIC prescribed formula with changes reflected directly in unassigned surplus; AVR is not recognized for GAAP.

In 2019, the NAIC revised the AVR Factors (basic contribution, reserve objective and maximum reserve) to be consistent with the risk-based capital (RBC) after-tax factors, which were amended in 2018 as a result of federal tax reform. The AVR factor changes are effective for year-end 2019. As of December 31, 2019, the factor changes decreased Capital and Surplus by $127,960. The changes were recorded to the Change in Asset Valuation Reserve line of the Statements of Changes in Capital and Surplus.

Derivative Instruments

Overview: The Company may use various derivative instruments (options, caps, floors, swaps, forwards, and futures) to manage risks related to its ongoing business operations. On the transaction date of the derivative instrument, the Company designates the derivative as either (A) hedging (fair value, foreign currency fair value, cash flow, foreign currency cash flow, forecasted transactions, or net investment in a foreign operation), (B) replication, (C) income generation, or (D) held for other investment/risk management activities, which do not qualify for hedge accounting under SSAP No. 86—Derivatives.

(A) Derivative instruments used in hedging transactions that meet the criteria of an effective hedge are valued and reported in a manner that is consistent with the hedged asset or liability (amortized cost or fair value). Embedded derivatives are not accounted for separately from the host contract. Derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge are accounted for at fair value, and the changes in the fair value are recorded in unassigned surplus as unrealized gains and losses. Under GAAP, the effective and ineffective portions of a single hedge are accounted for separately, and the change in fair value for cash flow hedges is credited or charged directly to a separate component of OCI rather than to income as required for fair value hedges, and an embedded derivative within a contract that is not clearly and closely related to the economic characteristics and the risk of the host contract is accounted for separately from the host contract and valued and reported at fair value.

(B) Derivative instruments are also used in replication (synthetic asset) transactions. A replication transaction is a derivative transaction entered into in conjunction with a cash instrument to reproduce the investment characteristics of an otherwise permissible investment. In these transactions, the derivative is accounted for in a manner consistent with the cash instrument and replicated asset. For GAAP, the derivative is reported at fair value, with the changes in fair value reported in income.

17

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

(C) Derivative instruments used in income generation relationships are accounted for on a basis that is consistent with the associated covered asset or underlying interest to which the derivative relates (amortized cost or fair value).

(D) Derivative instruments held for other investment/risk management activities are measured at fair value with value adjustments recorded in unassigned surplus.

Derivative instruments are subject to market risk, which is the possibility that future changes in market prices may make the instruments less valuable. The Company uses derivatives as hedges, consequently, when the value of the hedged asset or liability changes, the value of the hedging derivative is expected to move in the opposite direction. Market risk is a consideration when changes in the value of the derivative and the hedged item do not completely offset (correlation or basis risk) which is mitigated by active measuring and monitoring.

The Company is exposed to credit-related losses in the event of non-performance by counterparties to derivative instruments, but it does not expect any counterparties to fail to meet their obligations given their high credit rating of ‘BBB’ or better. The credit exposure of interest rate swaps and currency swaps is represented by the fair value of contracts, aggregated at a counterparty level, with a positive fair value at the reporting date. The Company has entered into collateral agreements with certain counterparties wherein the counterparty is required to post assets on the Company’s behalf. The posted amount is equal to the difference between the net positive fair value of the contracts and an agreed upon threshold that is based on the credit rating of the counterparty. Inversely, if the net fair value of all contracts with this counterparty is negative, then the Company is required to post assets instead.

Instruments:

Interest rate swaps are used in the overall asset/liability management process to modify the interest rate characteristics of the underlying asset or liability. These interest rate swaps generally provide for the exchange of the difference between fixed and floating rate amounts based on an underlying notional amount. Typically, no cash is exchanged at the outset of the swap contract and a single net payment is exchanged each due date. Swaps that meet hedge accounting rules are carried in a manner consistent with the hedged item, generally at amortized cost, in the financial statements. If the swap is terminated prior to maturity, proceeds are exchanged equal to the fair value of the contract. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment. Swaps not meeting hedge accounting rules are carried at fair value with fair value adjustments recorded in unassigned surplus.

Cross currency swaps are utilized to mitigate risks when the Company holds foreign denominated assets or liabilities; therefore, converting the asset or liability to a U.S. dollar denominated security. These cross currency swap agreements involve the exchange of two principal amounts in two different currencies at the prevailing currency rate at contract inception. During the life of the swap, the counterparties exchange fixed or floating rate interest payments in the swapped currencies. At maturity, the principal amounts are again swapped at a pre-determined rate of exchange. Each asset or liability is hedged individually where the terms of the swap must meet the terms of the hedged instrument. For swaps qualifying for hedge accounting, the premium or discount is amortized into income over the life of the contract and the foreign currency translation

18

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

adjustment is recorded as unrealized gain/loss in capital and surplus. Swaps not meeting hedge accounting rules are carried at fair value with fair value adjustments recorded in capital and surplus. If a swap is terminated prior to maturity, proceeds are exchanged equal to the fair value of the contract. These gains and losses may be included in IMR or AVR if the hedged instrument receives that treatment.

Total return swaps are used in the asset/liability management process to mitigate the market risk on minimum guarantee insurance contracts linked to an index. These total return swaps generally provide for the exchange of the difference between fixed leg (tied to the Standard & Poor’s (S&P) or other global market financial index) and floating leg (tied to the London Interbank Offered Rate (LIBOR)) amounts based on an underlying notional amount (also tied to the underlying index). Typically, no cash is exchanged at the outset of the swap contract and a single net payment is exchanged each due date. Swaps that meet hedge accounting rules are carried in a manner consistent with the hedged item, generally at amortized cost, in the financial statements. If the swap is terminated prior to maturity, proceeds are exchanged equal to the fair value of the contract. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment. Swaps not meeting hedge accounting rules are carried at fair value with fair value adjustments recorded in capital and surplus.

Variance swaps are used in the asset/liability management process to mitigate the gamma risk created when the Company has issued minimum guarantee insurance contracts linked to an index. These variance swaps are similar to volatility options where the underlying index provides for the market value movements. Variance swaps do not accrue interest. Typically, no cash is exchanged at the outset of initiating the variance swap, and a single receipt or payment occurs at the maturity or termination of the contract. Variance swaps that meet hedge accounting rules are carried in a manner consistent with the hedged item, generally at amortized cost, on the financial statements. If terminated prior to maturity, proceeds are exchanged equal to the fair value of the contract. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment. Swaps not meeting hedge accounting rules are carried at fair value with fair value adjustments recorded in capital and surplus.

Bond forwards are used to hedge the interest rate risk that future liability claims increase as rates decrease, leading to higher guarantee values.

Futures contracts are used to hedge the liability risk when the Company issues products providing the customer a return based on various global market indices. Futures are marked to market on a daily basis whereby a cash payment is made or received by the Company. These payments are recognized as realized gains or losses in the financial statements.

The Company issues products providing the customer a return based on the various global equity market indices. The Company uses options to hedge the liability option risk associated with these products. Options are marked to fair value in the balance sheets and fair value adjustments are recorded as capital and surplus in the financial statements. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment.

19

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Caps are used in the asset/liability management process to mitigate the interest rate risk created due to a rapidly rising interest rate environment. The caps are similar to options where the underlying interest rate index provides for the market value movements. The caps do not accrue interest until the interest rate environment exceeds the caps strike rate. Cash is exchanged at the onset, and a single receipt or payment occurs at the maturity or termination of the contract. Caps that meet hedge accounting rules are carried in a manner consistent with the hedged item, generally at amortized cost, on the financial statements. If terminated prior to maturity, proceeds are exchanged equal to the fair value of the contract. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment. Caps that do not meet hedge accounting rules are carried at fair value with fair value adjustments recorded in unassigned surplus.

The Company uses zero cost collars to hedge the interest rate risk associated with rising short term interest rates, whereby the exposure would otherwise adversely impact the Company’s capital generation. The collar position(s) help range bound the floating rate by combining a cap and floor position.

The Company may sell products with expected benefit payments extending beyond investment assets currently available in the market. Because assets will have to be purchased in the future to fund future liability cash flows, the Company is exposed to the risk of future investments made at lower yields than what is assumed at the time of pricing. Forward-starting interest rate swaps are utilized to lock-in the current forward rate. The accrual of income begins at the forward date, rather than at the inception date. These forward-starting swaps meet hedge accounting rules and are carried at cost in the financial statements. Gains and losses realized upon termination of the forward-starting swap are deferred and used to adjust the basis of the asset purchased in the hedged forecasted period. The basis adjustment is then amortized into income as a yield adjustment to the asset over its life.

The Company issues fixed liabilities that have a guaranteed minimum crediting rate. The Company uses receiver swaptions, whereby the swaption is designed to generate cash flows to offset lower yields on assets during a low interest rate environment. The Company pays a single premium at the beginning of the contract and is amortized throughout the life of the swaption. These swaptions are marked to fair value in the balance sheets and the fair value adjustment is recorded in unassigned surplus. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment.

The Company replicates investment grade corporate bonds or sovereign debt by combining a highly rated security as a cash component with a written credit default swap which, in effect, converts the high quality asset into an investment grade corporate asset or a sovereign debt. The benefits of using the swap market to replicate credit include possible enhanced relative values as well as ease of executing larger transactions in a shortened time frame. Generally, a premium is received by the Company on a periodic basis and recognized in investment income. In the event the representative issuer defaults on its debt obligation referenced in the contract, a payment equal to the notional amount of the contract will be made by the Company and recognized as a capital loss.

20

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Securities Lending Assets and Liabilities

The Company loans securities to third parties under agent-managed securities lending programs accounted for as secured borrowings. Cash collateral received which may be sold or repledged by the Company is reflected as a one-line entry on the balance sheets (securities lending reinvested collateral assets) and a corresponding liability is established to record the obligation to return the cash collateral. Non-cash collateral received which may not be sold or repledged is not recorded on the Company’s balance sheets. Under GAAP, the reinvested collateral is included within invested assets (i.e. it is not one-line reported).

Repurchase Agreements

For dollar repurchase agreements accounted for as secured borrowings, the Company receives cash collateral in an amount at least equal to the fair value of the securities transferred by the Company in the transaction as of the transaction date. The securities transferred are not removed from the balance sheets, and the cash received as collateral is invested as needed or used for general corporate purposes of the Company. A liability is established to record the obligation to return the cash collateral and included in Borrowed Money on the Balance Sheets.

Offsetting of Assets and Liabilities

Financial assets and liabilities are offset in the Balance Sheets when the Company has a legally enforceable right to offset and has the intention to settle the asset and liability on a net basis.

Other Assets and Other Liabilities

Other assets consist primarily of reinsurance receivable, accounts receivable and company owned life insurance. Company owned life insurance is carried at cash surrender value.

Other liabilities consist primarily of remittances, amounts withheld by the Company, accrued expenses, payable for securities and municipal repurchase agreements. Municipal repurchase agreements are investment contracts issued to municipalities that pay either a fixed or floating rate of interest on the guaranteed deposit balance. The floating interest rate is based on a market index. The related liabilities are equal to the policyholder deposit and accumulated interest. These municipal repurchase agreements require a minimum of 95% of the fair value of the securities transferred to be maintained as collateral.

Separate Accounts

The majority of separate accounts held by the Company, primarily for individual policyholders as well as for group pension plans, do not have any minimum guarantees, and the investment risks associated with fair value changes are borne by the policyholder. The assets in the accounts, carried at estimated fair value, consist of underlying mutual fund shares, common stocks, long-term bonds and short-term investments.

21

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Certain other separate accounts held by the Company provide a minimum guaranteed return of 3% of the average investment balance to policyholders. The assets consist of long-term bonds and short-term investments which are carried at amortized cost.

Certain other non-indexed guaranteed separate accounts represent funds invested by the Company for the benefit of the contract holders who are guaranteed certain returns as specified in the contracts. Separate account asset performance different than the guaranteed requirements is either transferred to or received from the general account and reported in the statements of operations. Non-indexed guaranteed separate account assets and liabilities are carried at fair value. These guarantees are included in the general account due to the nature of the guaranteed return.

Assets held in trust for purchases of variable life, variable universal life, variable annuity, and modified guaranteed annuity contracts and the Company’s corresponding obligation to the contract owners are shown separately in the balance sheets. The assets in the separate accounts are valued at fair value.

Income and gains and losses with respect to the assets in the separate accounts accrue to the benefit of the contract owners and, accordingly, the operations of the separate accounts are not included in the accompanying financial statements. The investment risks associated with fair value changes of the separate accounts are borne entirely by the policyholders except in cases where minimum guarantees exist.

Income and gains and losses with respect to the assets in the separate accounts supporting modified guaranteed annuity contracts are included in the statements of operations as a component of net transfers from separate accounts.

Surplus funds transferred from the general account to the separate accounts, commonly referred to as seed money, and earnings accumulated on seed money are reported as surplus in the separate accounts until transferred or repatriated to the general account. The transfer of such funds between the separate account and the general account is reported as surplus contributed or withdrawn during the year.

Aggregate Reserves for Policies and Contracts

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 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.

22

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

In accordance with SSAP No. 51R, Life Contracts, and No. 54R, Individual and Group Accident and Health Contracts, the Company reports the amount of insurance, if any, for which the gross premiums are less than the net premiums according to the valuation standards and any related premium deficiency reserve established. Anticipated investment income is included as a factor in the health contract premium deficiency calculation, respectively.

Policy and Contract Claim Reserves

Claim reserves represent the estimated accrued liability for claims reported to the Company and claims incurred but not yet reported through the balance sheets date. These reserves are estimated using either individual case-basis valuations or statistical analysis techniques. These estimates are subject to the effects of trends in claim severity and frequency. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes available.

Deposit-Type Contracts

Deposit-type contracts do not incorporate risk from the death or disability of policyholders. These types of contracts may include guaranteed investment contracts (GICs), funding agreements and other annuity contracts. Deposits and withdrawals on these contracts are recorded as a direct increase or decrease, respectively, to the liability balance and are not reported as premiums, benefits or changes in reserves in the statements of operations. Interest on these policies is reflected in other benefits.

Premiums and Annuity Considerations

Revenues for life and annuity policies with mortality or morbidity risk (including annuities with purchase rate guarantees) consist of the entire premium received. Benefits incurred represent surrenders and death benefits paid and the change in policy reserves. Under GAAP, for universal life policies, premiums received in excess of policy charges would not be recognized as premium revenue and benefits would represent interest credited to the account values and the excess of benefits paid over the policy account value. Under GAAP, for all annuity policies without significant mortality risk, premiums received and benefits paid would be recorded directly to the reserve liability using deposit accounting.

Policyholder Dividends

Policyholder dividends are recognized when declared rather than over the term of the related policies as would be required under GAAP.

23

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Reinsurance

Coinsurance premiums, commissions, expense reimbursements and reserves related to reinsured business are accounted for on bases consistent with those used in accounting for the original policies and the terms of the reinsurance contracts. Gains associated with reinsurance of in force blocks of business are included in unassigned surplus and amortized into income as earnings emerge on the reinsured block of business. Premiums ceded and recoverable losses have been reported as a reduction of premium income and benefits, respectively. Policy liabilities and accruals are reported in the accompanying financial statements net of reinsurance ceded.

Any reinsurance amounts deemed to be uncollectible have been written off through a charge to operations. In addition, a liability for reinsurance balances would be established for unsecured policy reserves ceded to reinsurers not authorized to assume such business. Changes to the liability are credited or charged directly to unassigned surplus. Under GAAP, an allowance for amounts deemed uncollectible would be established through a charge to earnings.

Losses associated with an indemnity reinsurance transaction are reported within income when incurred rather than being deferred and amortized over the remaining life of the underlying reinsured contracts as would be required under GAAP.

Policy and contract liabilities ceded to reinsurers have been reported as reductions of the related reserves rather than as assets as would be required under GAAP.

Commissions allowed by reinsurers on business ceded are reported as income when incurred rather than being deferred and amortized with deferred policy acquisition costs as required under GAAP.

Under GAAP, for certain reinsurance agreements whereby assets are retained by the ceding insurer (such as funds withheld or modified coinsurance) and a return is paid based on the performance of underlying investments, the assets and liabilities for these reinsurance arrangements must be adjusted to reflect the fair value of the invested assets. The NAIC SAP does not contain a similar requirement.

Deferred Income Taxes

The Company computes deferred income taxes in accordance with SSAP No. 101, Income Taxes. Unlike GAAP, SSAP No. 101 does not consider state income taxes in the measurement of deferred taxes. SSAP No. 101 also requires additional testing to measure gross deferred tax assets. The additional testing limits gross deferred tax asset admission to 1) the amount of federal income taxes paid in prior years recoverable through hypothetical loss carrybacks of existing temporary differences expected to reverse during a timeframe corresponding with the Internal Revenue Service tax loss carryback provisions, not to exceed three years, plus 2) the amount of remaining gross deferred tax assets expected to be realized within three years limited to an amount that is no greater than 15% of current period’s adjusted statutory capital and surplus, plus 3) the amount of remaining gross deferred tax assets that can be offset against existing gross deferred tax liabilities after considering character (i.e. ordinary versus capital) and reversal patterns. The Company’s reported net deferred tax asset or liability is the sum of gross deferred tax assets admitted through this three part test plus the sum of all deferred tax liabilities.

24

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Policy Acquisition Costs

The costs of acquiring and renewing business are expensed when incurred. Under GAAP, incremental costs directly related to the successful acquisition of insurance and investment contracts are deferred. For traditional life insurance and certain long-duration accident and health insurance, to the extent recoverable from future policy revenues, acquisition costs are deferred and amortized over the premium-paying period of the related policies using assumptions consistent with those used in computing policy benefit reserves. For universal life insurance and investment products, to the extent recoverable from future gross profits, deferred policy acquisition costs are amortized generally in proportion to the present value of expected gross profits from surrender charges and investment, mortality and expense margins.

Value of Business Acquired

Under GAAP, value of business acquired (VOBA) is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity, and investment-type contracts in-force at the acquisition date. The estimated fair value of the acquired liabilities is based on projections, by each block of business, of future contracts and contract changes, premiums, mortality and morbidity, separate account performance, surrenders, operation expenses, investment returns, nonperformance risk adjustment and other factors. VOBA is not recognized under the NAIC SAP.

Subsidiaries and Affiliated Companies

Investments in subsidiaries, controlled and affiliated companies (SCA) are stated in accordance with the Purposes and Procedures Manual of the NAIC SVO, as well as SSAP No. 97 – Investments in Subsidiary, Controlled and Affiliated Entities.

The accounts and operations of the Company’s subsidiaries are not consolidated with the accounts and operations of the Company as would be required under GAAP. Dividends or distributions received from an investee are recognized in investment income when declared to the extent that they are not in excess of the undistributed accumulated earnings attributable to an investee. Changes in investments in SCA’s are recorded as a change to the carrying value of the investment with a corresponding amount recorded directly to unrealized gain/loss (capital and surplus).

Surplus Notes

Surplus notes are reported as surplus rather than as liabilities as would be required under GAAP.

Nonadmitted Assets

Certain assets designated as “nonadmitted”, primarily net deferred tax assets and other assets not specifically identified as an admitted asset within the NAIC SAP, are excluded from the accompanying balance sheets and are charged directly to unassigned surplus. Under GAAP, such assets are included in the balance sheets to the extent that they are not impaired.

25

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Statements of Cash Flow

Cash, cash equivalents and short-term investments in the statements of cash flow represent cash balances and investments with initial maturities of one year or less and money market mutual funds. Under GAAP, the corresponding caption of cash and cash equivalents includes cash balances and investments with initial maturities of three months or less.

3. Accounting Changes and Corrections of Errors

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

Recent Accounting Pronouncements

As of July 1, 2019, the Company has received IID approval on an approach for transitioning from a prior permitted practice into full implementation of SSAP No. 108. The approved transition approach will not result in adjustment to the Company’s historical statutory reporting or existing unamortized deferral balances established under the permitted practice at the time of transition. The Company will continue amortizing deferral balances established under the permitted practice according to the amortization schedule previously approved. This amortization will be reported as net realized capital gains (losses) in the Statements of Operations. The net deferral is re-classed from unassigned to special surplus and is presented in the Variable annuity reserve hedge offset deferral financial statement line item on the balance sheets. As of the date of transition, current period fair value fluctuations in the designated derivative instruments offset by the current period Valuation Manual section 21 (VM-21) liability change attributed to the hedged risk (“natural offset”) will be included in net realized capital gains (losses) in the Statements of Operations. As of the date of transition, the Company is fully compliant with the provisions of SSAP 108. The adoption of SSAP 108 and the contemporaneous release of the Permitted Practice will not impact historical statutory reporting or remaining residual balances established under the Permitted Practice and will not have a significantly different impact, in comparison to the Permitted Practice, on the Company’s statutory capital position or RBC ratio. Differences include reporting the natural offset as net realized capital gains/losses in the statements of operations compared to previously being included within the change in unrealized gains/losses with no impact to capital and surplus. Additionally, the deferral amortization under SSAP 108 begins in the subsequent reporting period as opposed to starting in the period it was established, as with the Permitted Practice. The delay in deferral amortization impacts the timing and flow through statutory capital and surplus, but does not create material differences from the Permitted Practice.

Effective January 1, 2019, the NAIC adopted revisions to SSAP No. 30, Unaffiliated Common Stock, which updated the definition of common stock to include SEC registered closed-end funds and unit investment trusts. The adoption of this guidance did not impact the financial position or results of operations of the Company.

26

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Change in Valuation Basis

As of December 31, 2019, the Company has received IID approval on an approach for adoption of the NAIC 2020 VM-21 and related Risk Based Capital C3P2 changes documented in the VM-21 2020 NAIC Valuation Manual: Requirements for Principle-Based Reserves for Variable Annuities. The Company has elected to early adopt the VM-21 requirements for variable annuities effective December 31, 2019. The approved transition approach did not result in an adjustment to the Company’s historical statutory reporting or existing balances at the time of transition. The Company reported the increase to the VM-21 reserve of $1,248,411. As a result, the Company released the voluntary reserve that was recorded to account for the adoption in the amount of $850,000 which was developed considering Q4 2018 balances and factors. The change year-over-year is due to significant market factor changes such as bond yields and treasury rates. As of the date of transition, the Company is fully compliant with the provisions of VM-21.

27

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Revision to Prior Years

During 2019, the Company identified errors in prior year financial statements for which the Company has determined it appropriate to revise. The Company assessed the materiality of these revisions and concluded these revisions are not material to the December 31, 2018 and 2017 financial statements as a whole. The following tables show the impact of the revision after the effect of the TALIC merger as described in Note 1:

	Year Ended December 31, 2018
	As Revised for the Merger			Adjustment			As Revised
Statements of Operations
Revenues
Premiums and other considerations	$	11,448,988			$(635,470	)	$	10,813,518
Fee revenue and other income		1,977,174			(5,700	)		1,971,474
Total revenue	$	16,077,816		$	(641,170	)	$	15,436,646
Benefits and expenses
Surrender benefits	$	15,154,347		$	(618,170	)	$	14,536,177
Total benefits and expenses		16,821,611			(618,170	)		16,203,441
Gain (loss) from operations before dividends and federal income taxes		(743,795	)		(23,000	)		(766,795	)
Federal income tax (benefit) expense		(55,012	)		(8,050	)		(63,062	)
Net gain (loss) from operations		(694,736	)		(14,950	)		(709,686	)
Net income (loss)	$	(1,408,868	)	$	(14,950	)	$	(1,423,818	)
Statements of Changes in Capital and Surplus
Balance at December 31, 2017
Net income (loss)	$	(1,408,868	)	$	(14,950	)	$	(1,423,818	)
Other changes—net		(16,325	)		14,950			(1,375	)
Balance at December 31, 2018	$	6,277,435		$	—		$	6,277,435
Statements of Cash Flows
Operating activities
Premiums and annuity considerations	$	11,449,184		$	(612,470	)	$	10,836,714
Other income		2,896,789			(5,700	)		2,891,089
Benefit and loss related payments		(18,576,471	)		618,170			(17,958,301	)
Net cash provided by (used in) operating activities		978,988			—			978,988
Financing and miscellaneous activities
Net deposits (withdrawals) on deposit-type contracts	$	(146,883	)	$	(54,285	)	$	(201,168	)
Other cash (applied) provided		533,298			54,285			587,583
Net cash provided by (used in) financing and miscellaneous activities		(2,173,724	)		—			(2,173,724	)
Net increase (decrease) in cash, cash equivalents and short-term investments		365,778			—			365,778
Cash, cash equivalents and short-term investments:
Beginning of year		1,965,690			—			1,965,690
End of year	$	2,331,468		$	—		$	2,331,468

28

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

	Year Ended December 31, 2017
	As Revised for the Merger			Adjustment			As Revised
Statements of Operations
Revenues
Premiums and other considerations	$	(3,098,001	)	$	(416,167	)	$	(3,514,168	)
Fee revenue and other income		1,997,110			(500	)		1,996,610
Total revenue	$	1,415,622		$	(416,667	)	$	998,955
Benefits and expenses
Surrender benefits	$	13,526,406		$	(416,667	)	$	13,109,739
Total benefits and expenses		1,069,968			(416,667	)		653,301
Gain (loss) from operations before dividends and federal income taxes		345,654			—			345,654
Net gain (loss) from operations		1,372,703			—			1,372,703
Net income (loss)	$	797,653		$	—		$	797,653
Statements of Cash Flows
Operating activities
Premiums and annuity considerations	$	5,446,470		$	(416,167	)	$	5,030,303
Other income		6,905,908			(500	)		6,905,408
Benefit and loss related payments		(16,493,134	)		416,667			(16,076,467	)
Net cash provided by (used in) operating activities		(331,021	)		—			(331,021	)
Financing and miscellaneous activities
Net deposits (withdrawals) on deposit-type contracts	$	(2,130,022	)	$	(37,281	)	$	(2,167,303	)
Other cash (applied) provided		60,720			37,281			98,001
Net cash provided by (used in) financing and miscellaneous activities		(1,450,248	)		—			(1,450,248	)
Net increase (decrease) in cash, cash equivalents and short-term investments		284,184			—			284,184
Cash, cash equivalents and short-term investments:
Beginning of year		1,681,506			—			1,681,506
End of year	$	1,965,690		$	—		$	1,965,690

Management has determined that the amounts primarily relate to misclassifications of balances within the Statements of Operations and Cash Flows for the years ended December 31, 2018 and 2017 related to accounting for retirement plan cash flows and other cash flow presentation reclassifications. This error resulted in offsetting misstatements to premiums and other considerations, fee revenue and other income, and surrender benefits and corresponding offsetting misstatements within the cash provided by (used in) operating activities and cash provided by (used in) financing and miscellaneous activities. The misclassifications had no impact to the Company’s net income or capital and surplus in the prior years.

In addition, Management reclassified certain prior year out of period adjustments from income to capital and surplus per SSAP No. 3, Accounting Changes and Corrections of Errors.

29

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Reclassifications

Certain amounts in prior year financial statement balances and footnote disclosures have been reclassified to conform to the current year presentation.

4. Fair Values of Financial Instruments

The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Determination of fair value

The fair values of financial instruments are determined by management after taking into consideration several sources of data. When available, the Company uses quoted market prices in active markets to determine the fair value of its investments. The Company’s valuation policy utilizes a pricing hierarchy which dictates that publicly available prices are initially sought from indices and third-party pricing services. In the event that pricing is not available from these sources, those securities are submitted to brokers to obtain quotes. Lastly, securities are priced using internal cash flow modeling techniques. These valuation methodologies commonly use reported trades, bids, offers, issuer spreads, benchmark yields, estimated prepayment speeds, and/or estimated cash flows.

To understand the valuation methodologies used by third-party pricing services, the Company reviews and monitors their applicable methodology documents. Any changes to their methodologies are noted and reviewed for reasonableness. In addition, the Company performs in-depth reviews of prices received from third-party pricing services on a sample basis. The objective for such reviews is to demonstrate the Company can corroborate detailed information such as assumptions, inputs and methodologies used in pricing individual securities against documented pricing methodologies. Only third-party pricing services and brokers with a substantial presence in the market and with appropriate experience and expertise are used.

Each month, the Company performs an analysis of the information obtained from indices, third-party services, and brokers to ensure the information is reasonable and produces a reasonable estimate of fair value. The Company considers both qualitative and quantitative factors as part of this analysis, including but not limited to, recent transactional activity for similar securities, review of pricing statistics and trends, and consideration of recent relevant market events. Other controls and procedures over pricing received from indices, third-party pricing services, or brokers include validation checks such as exception reports which highlight significant price changes, stale prices or un-priced securities.

30

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Fair value hierarchy

The Company’s financial assets and liabilities carried at fair value are classified, for disclosure purposes, based on a hierarchy defined by SSAP No. 100R, Fair Value. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets and liabilities (Level 1), and the lowest ranking to fair values determined using methodologies and models with unobservable inputs (Level 3). An asset’s or a liability’s classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows:

Level 1 -	Unadjusted quoted prices for identical assets or liabilities in active markets accessible at the measurement date.
Level 2 -	Quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:
	a) Quoted prices for similar assets or liabilities in active markets
	b) Quoted prices for identical or similar assets or liabilities in non-active markets
	c) Inputs other than quoted market prices that are observable
	d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means
Level 3 -	Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. They reflect the Company’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.

The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments:

Cash Equivalents and Short-Term Investments: The carrying amounts reported in the accompanying balance sheets for these financial instruments is either reported at fair value or amortized cost (which approximates fair value). Cash is not included in the below tables.

Short-Term Notes Receivable from Affiliates: The carrying amounts reported in the accompanying balance sheets for these financial instruments approximate their fair value.

Bonds and Stocks: The NAIC allows insurance companies to report the fair value determined by the SVO or to determine the fair value by using a permitted valuation method. The fair values of bonds and stocks are reported or determined using the following pricing sources: indices, third-party pricing services, brokers, external fund managers and internal models.

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

31

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

securities (including redeemable preferred stock) not actively traded, fair values are estimated using values obtained from third-party pricing services, or are based on non-binding broker quotes or internal models. In the case of private placements, fair values are estimated by discounting the expected future cash flows using current market rates applicable to the coupon rate, credit and maturity of the investments.

Mortgage Loans on Real Estate: The fair values for mortgage loans on real estate are estimated utilizing discounted cash flow analyses, using interest rates reflective of current market conditions and the risk characteristics of the loans.

Real Estate: Real estate held for sale is typically valued utilizing independent external appraisers in conjunction with reviews by qualified internal appraisers. Valuations are primarily based on active market prices, adjusted for any difference in the nature, location or condition of the specific property. If such information is not available, other valuation methods are applied, considering the value that the property’s net earning power will support, the value indicated by recent sales of comparable properties and the current cost of reproducing or replacing the property.

Other Invested Assets: The fair values for other invested assets, which include investments in surplus notes issued by other insurance companies and fixed or variable rate investments with underlying characteristics of bonds were determined primarily by using indices, third-party pricing services and internal models.

Derivative Financial Instruments: The fair value of futures and forwards are based upon the latest quoted market price and spot rates at the balance sheets date. The estimated fair values of equity and interest rate options (calls, puts, caps) are based upon the latest quoted market price at the balance sheets date. The estimated fair values of swaps, including equity, interest rate and currency swaps, are based on pricing models or formulas using current assumptions. The estimated fair values of credit default swaps are based upon active market data, including interest rate quotes, credit spreads, and recovery rates, which are then used to calculate probabilities of default for the fair value calculation. The Company accounts for derivatives that receive and pass hedge accounting in the same manner as the underlying hedged instrument. If that instrument is held at amortized cost, then the derivative is also held at amortized cost.

Policy Loans: The book value of policy loans is considered to approximate the fair value of the loan, which is stated at unpaid principal balance.

Securities Lending Reinvested Collateral: The cash collateral from securities lending is reinvested in various short-term and long-term debt instruments. The fair values of these investments are determined using the methods described above under Cash Equivalents and Short-Term Investments and Bonds and Stocks.

Separate Account Assets and Annuity Liabilities: The fair value of separate account assets are based on quoted market prices when available. When not available, they are primarily valued either using third-party pricing services or are valued in the same manner as the general account assets as further described in this note. However, some separate account assets are valued using non-binding broker quotes, which cannot be corroborated by other market observable data, or

32

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

internal modeling which utilizes input that are not market observable. The fair value of separate account annuity liabilities is based on the account value for separate accounts business without guarantees. For separate accounts with guarantees, fair value is based on discounted cash flows.

Investment Contract Liabilities: Fair value for the Company’s liabilities under investment contracts, which include deferred annuities and GICs, are estimated using discounted cash flow calculations. For those liabilities that are short in duration, carrying amount approximates fair value. For investment contracts with no defined maturity, fair value is estimated to be the present surrender value.

Deposit-Type Contracts: The carrying amounts of deposit-type contracts reported in the accompanying balance sheets approximate their fair values. These are included in the Investment Contract Liabilities.

Fair values for the Company’s insurance contracts other than investment-type contracts (including separate account universal life liabilities) are not required to be disclosed. However, the fair values of liabilities under all insurance contracts are taken into consideration in the Company’s overall management of interest rate risk, such that the Company’s exposure to changing interest rates is minimized through the matching of investment maturities with amounts due under insurance contracts.

The Company accounts for its investments in affiliated common stock in accordance with SSAP No. 97, as such, they are not included in the following disclosures.

33

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following tables set forth a comparison of the estimated fair values and carrying amounts of the Company’s financial instruments, including those not measured at fair value in the balance sheets, as of December 31, 2019 and 2018, respectively:

	December 31, 2019
	Aggregate Fair Value			Admitted Value		(Level 1)		(Level 2)			(Level 3)		Net Asset Value (NAV)		Not Practicable (Carrying Value)
Admitted assets
Cash equivalents and short-term investments, other than affiliates	$	1,298,116		$	1,298,076	$	1,042,719	$	255,397		$	—	$	—	$	—
Short-term notes receivable from affiliates		240,300			240,300		—		240,300			—		—		—
Bonds		28,644,195			25,412,467		5,355,305		22,844,657			444,233		—		—
Preferred stocks, other than affiliates		109,845			111,630		—		108,849			996		—		—
Common stocks, other than affiliates		80,789			80,789		10,227		19			70,543		—		—
Mortgage loans on real estate		5,383,132			5,096,613		—		—			5,383,132		—		—
Other invested assets		262,406			218,682		—		243,524			18,882		—		—
Derivative assets:
Options		311,739			311,739		—		311,739			—		—		—
Interest rate swaps		1,363,717			1,363,526		—		1,363,717			—		—		—
Currency swaps		8,929			7,304		—		8,929			—		—		—
Credit default swaps		59,599			34,248		—		59,599			—		—		—
Equity swaps		55			55		—		55			—		—		—
Interest rate futures		467			467		467		—			—		—		—
Equity futures		686			686		686		—			—		—		—
Derivative assets total		1,745,192			1,718,025		1,153		1,744,039			—		—		—
Policy loans		1,099,596			1,099,596		—		1,099,596			—		—		—
Securities lending reinvested collateral		987,763			987,763		96		987,667			—		—		—
Separate account assets		85,275,020			85,209,155		81,391,463		3,878,274			5,283		—		—
Liabilities
Investment contract liabilities		16,687,551			11,934,145		—		218,239			16,469,312		—		—
Derivative liabilities:
Options		151,696			151,696		—		151,696			—		—		—
Interest rate swaps		1,279,477			1,442,132		—		1,279,477			—		—		—
Currency swaps		2,279			4,328		—		2,279			—		—		—
Credit default swaps		(3,740	)		13,450		—		(3,740	)		—		—		—
Equity swaps		211,606			211,606		—		211,606			—		—		—
Interest rate futures		22,916			22,916		22,916		—			—		—		—
Equity futures		5,673			5,673		5,673		—			—		—		—
Derivative liabilities total		1,669,907			1,851,801		28,589		1,641,318			—		—		—
Dollar repurchase agreements		448,829			448,829		—		448,829			—		—		—
Payable for securities lending		1,246,827			1,246,827		—		1,246,827			—		—		—
Payable for derivative cash collateral		484,637			484,637		—		484,637			—		—		—
Separate account annuity liabilities		78,615,086			78,617,102		2,783		78,565,537			46,766		—		—

34

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

	December 31, 2018
	Aggregate Fair Value			Admitted Value		(Level 1)		(Level 2)			(Level 3)		Net Asset Value (NAV)		Not Practicable (Carrying Value)
Admitted assets
Cash equivalents and short-term investments, other than affiliates	$	1,966,071		$	1,966,071	$	1,385,771	$	580,300		$	—	$	—	$	—
Short-term notes receivable from affiliates		261,000			261,000		—		261,000			—		—		—
Bonds		28,352,356			27,627,135		7,005,814		20,905,525			441,017		—		—
Preferred stocks, other than affiliates		97,812			104,793		—		94,815			2,997		—		—
Common stocks, other than affiliates		171,979			171,979		15,401		6			156,572		—		—
Mortgage loans on real estate		4,647,770			4,600,493		—		—			4,647,770		—		—
Other invested assets		241,689			214,934		—		229,963			11,726		—		—
Derivative assets:
Options		996,427			996,427		—		996,427			—		—		—
Interest rate swaps		710,817			711,165		—		710,817			—		—		—
Currency swaps		15,288			15,495		—		15,288			—		—		—
Credit default swaps		52,360			52,579		—		52,360			—		—		—
Equity swaps		281,457			281,457		—		281,457			—		—		—
Interest rate futures		20,639			20,639		20,639		—			—		—		—
Equity futures		20,189			20,189		20,189		—			—		—		—
Derivative assets total		2,097,177			2,097,951		40,828		2,056,349			—		—		—
Policy loans		1,139,853			1,139,853		—		1,139,853			—		—		—
Securities lending reinvested collateral		1,660,683			1,660,683		71,045		1,589,638			—		—		—
Separate account assets		76,150,197			76,130,173		72,461,882		3,684,492			3,823		—		—
Liabilities
Investment contract liabilities		13,297,887			12,379,779		—		243,143			13,054,743		—		—
Derivative liabilities:
Options		344,808			344,808		—		344,808			—		—		—
Interest rate swaps		376,095			591,999		—		376,095			—		—		—
Currency swaps		1,706			645		—		1,706			—		—		—
Credit default swaps		(1,309	)		13,394		—		(1,309	)		—		—		—
Equity swaps		16,890			16,890		—		16,890			—		—		—
Interest rate futures		6,999			6,999		6,999		—			—		—		—
Equity futures		1,239			1,239		1,239		—			—		—		—
Derivative liabilities total		746,428			975,974		8,238		738,190			—		—		—
Dollar repurchase agreements		214,357			214,357		—		214,357			—		—		—
Payable for securities lending		1,835,122			1,835,122		—		1,835,122			—		—		—
Payable for derivative cash collateral		1,245,534			1,245,534		—		1,245,534			—		—		—
Separate account annuity liabilities		69,914,071			69,915,907		3,069		69,874,047			36,955		—		—

35

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following tables provide information about the Company’s financial assets and liabilities measured at fair value as of December 31, 2019 and 2018:

	2019
	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets:
Bonds
Industrial and miscellaneous	$	—	$	15,615	$	4,075	$	—	$	19,690
Total bonds		—		15,615		4,075		—		19,690
Preferred stock
Industrial and miscellaneous		—		41		996		—		1,037
Total preferred stock		—		41		996		—		1,037
Common stock
Mutual funds		5,049		—		—		—		5,049
Industrial and miscellaneous		5,178		19		70,543		—		75,740
Total common stock		10,227		19		70,543		—		80,789
Cash equivalents and short-term
Money market mutual funds		1,042,719		—		—		—		1,042,719
Total cash equivalents and short-term		1,042,719		—		—		—		1,042,719
Securities lending reinvested collateral		96		—		—		—		96
Derivative assets		1,153		1,671,609		—		—		1,672,762
Separate account assets		81,255,681		3,293,963		4,271		—		84,553,915
Total assets	$	82,309,876	$	4,981,247	$	79,885	$	—	$	87,371,008
Liabilities:
Derivative liabilities	$	28,589	$	1,633,210	$	—	$	—		1,661,799
Separate account liabilities		2,783		—		—		—		2,783
Total liabilities	$	31,372	$	1,633,210	$	—	$	—	$	1,664,582

	2018
	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets:
Bonds
Government	$	—	$	900	$	—	$	—	$	900
Industrial and miscellaneous		—		26,472		8,205		—		34,677
Hybrid securities		—		2,282		—		—		2,282
Total bonds		—		29,654		8,205		—		37,859
Preferred stock
Industrial and miscellaneous		—		1,601		2,997		—		4,598
Total preferred stock		—		1,601		2,997		—		4,598
Common stock
Mutual funds		12,648		—		—		—		12,648
Industrial and miscellaneous		2,753		6		156,572		—		159,331
Total common stock		15,401		6		156,572		—		171,979
Cash equivalents and short-term
Money market mutual funds		1,385,771		—		—		—		1,385,771
Total cash equivalents and short-term		1,385,771		—		—		—		1,385,771
Securities lending reinvested collateral		71,045		—		—		—		71,045
Derivative assets		40,828		1,995,419		—		—		2,036,247
Separate account assets		72,321,900		3,124,101		3,823		—		75,449,824
Total assets	$	73,834,945	$	5,150,781	$	171,597	$	—	$	79,157,323
Liabilities:
Derivative liabilities	$	8,238	$	811,965	$	—	$	—	$	820,203
Separate account liabilities		3,069		—		—		—		3,069
Total liabilities	$	11,307	$	811,965	$	—	$	—	$	823,272

36

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Bonds classified as Level 3 are primarily those valued using non-binding broker quotes, which cannot be corroborated by other market observable data, or internal modeling which utilize significant inputs that are not market observable.

Preferred stock classified as Level 3 are internally valued using significant unobservable inputs.

Common stock classified as Level 3 are comprised primarily of shares in the FHLB of Des Moines, which are valued at par as a proxy for fair value as a result of restrictions that allow redemptions only by FHLB.

The following tables summarize the changes in assets classified as Level 3 for 2019 and 2018:

	Beginning Balance at January 1, 2019		Transfers in (Level 3)		Transfers out (Level 3)			Total Gains (Losses) Included in Net income (a)			Total Gains (Losses) Included in Surplus (b)
Bonds
RMBS	$	—	$	5	$	—		$	—		$	(5	)
Other		8,206		—		1,829			72			398
Preferred stock		2,997		—		—			—			(2,654	)
Common stock		156,572		—		4,197			(5,874	)		3,296
Separate account assets		3,824		1,264		807			(3	)		(789	)
Total	$	171,598	$	1,269	$	6,833		$	(5,805	)	$	246
	Purchases		Issuances		Sales			Settlements			Ending Balance at December 31, 2019
Bonds
RMBS	$	—	$	—	$	—		$	—		$	—
Other		—		—		—			2,772			4,075
Preferred stock		653		—		—			—			996
Common stock		4,645		6,702		90,600			1			70,543
Separate account assets		848		—		(27	)		93			4,271
Total	$	6,146	$	6,702	$	90,573		$	2,866		$	79,885

(a) Recorded as a component of Net Realized Capital Gains (Losses) on Investments in the Statements of Operations

(b) Recorded as a component of Change in Net Unrealized Capital Gains (Losses) in the Statements of Changes in Capital and Surplus

37

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

	Beginning Balance at January 1, 2018		Transfers in (Level 3)		Transfers out (Level 3)		Total Gains (Losses) Included in Net income (a)			Total Gains (Losses) Included in Surplus (b)
Bonds
Government	$	—	$	—	$	—	$	(3	)	$	3
RMBS		—		—		—		(26	)		26
Other		14,619		—		5,465		108			423
Preferred stock		3,180		—		—		—			(754	)
Common stock		197,751		—		270		(2,000	)		3,398
Other long term		—		920		1,040		—			(310	)
Derivatives		29,230		—		—		(84,445	)		(29,230	)
Separate account assets		51,040		1,394		249		(43,234	)		(77	)
Total	$	295,820	$	2,314	$	7,024	$	(129,600	)	$	(26,521	)

	Purchases		Issuances		Sales			Settlements			Ending Balance at December 31, 2018
Bonds
Government	$	—	$	—	$	—		$	—		$	—
RMBS		—		—		—			—			—
Other		—		—		—			1,479			8,206
Preferred stock		828		—		259			—			2,997
Common stock		—		216		42,400			123			156,572
Other long term		430		—		—			—			—
Derivatives		—		—		(3,869	)		(80,576	)		—
Separate account assets		100		—		3,490			1,660			3,824
Total	$	1,358	$	216	$	42,280		$	(77,314	)	$	171,598

(a) Recorded as a component of Net Realized Capital Gains (Losses) on Investments in the Statements of Operations

(b) Recorded as a component of Change in Net Unrealized Capital Gains (Losses) in the Statements of Changes in Capital and Surplus

Transfers between fair value hierarchy levels are recognized at the beginning of the reporting period.

Nonrecurring fair value measurements

As indicated in Note 2, real estate held for sale is measured at the lower of carrying amount or fair value less cost to sell. As of December 31, 2019, the Company held no properties as held-for-sale, where fair value was less than its carrying value. As of December 31, 2019, the Company held one property as held-for sale, where carrying amount of $576 was equal to fair value.

Fair value was determined by utilizing an external appraisal following the sales comparison approach. The fair value measurements are classified as Level 3 as the comparable sales and adjustments for the specific attributes of these properties are not market observable inputs.

38

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

5. Investments

Bonds and Stocks

The carrying amounts and estimated fair value of investments in bonds and stocks are as follows:

	Book Adjusted Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
December 31, 2019
Bonds:
United States Government and agencies	$	4,280,658	$	775,293	$	372	$	5,055,579
State, municipal and other government		1,174,675		125,422		16,509		1,283,588
Hybrid securities		271,982		42,062		1,464		312,580
Industrial and miscellaneous		15,555,330		2,013,749		42,420		17,526,659
Mortgage and other asset-backed securities		4,129,822		351,694		15,727		4,465,789
Total unaffiliated bonds		25,412,467		3,308,220		76,492		28,644,195
Unaffiliated preferred stocks		111,630		6,330		8,115		109,845
	$	25,524,097	$	3,314,550	$	84,607	$	28,754,040

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Unaffiliated common stocks	$	58,311	$	22,545	$	67	$	80,789

	Book Adjusted Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
December 31, 2018
Bonds:
United States Government and agencies	$	6,578,120	$	277,575	$	121,838	$	6,733,857
State, municipal and other government		761,458		35,634		19,456		777,636
Hybrid securities		260,707		13,182		8,417		265,472
Industrial and miscellaneous		15,824,266		731,481		383,320		16,172,427
Mortgage and other asset-backed securities		4,202,584		265,837		65,457		4,402,964
Total unaffiliated bonds		27,627,135		1,323,709		598,488		28,352,356
Unaffiliated preferred stocks		104,793		3,022		10,003		97,812
	$	27,731,928	$	1,326,731	$	608,491	$	28,450,168

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Unaffiliated common stocks	$	154,552	$	18,557	$	1,130	$	171,979

39

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The carrying amount and estimated fair value of bonds at December 31, 2019, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

	2019
December 31:	Carrying Value		Fair Value
Due in one year or less	$	715,115	$	721,686
Due after one year through five years		4,446,683		4,713,256
Due after five years through ten years		5,108,090		5,808,153
Due after ten years		11,012,757		12,935,311
	21,282,645		24,178,406
Mortgage and other asset-backed securities		4,129,822		4,465,789
	$	25,412,467	$	28,644,195

The estimated fair value of bonds, preferred stocks and common stocks with gross unrealized losses at December 31, 2019 and 2018 is as follows:

	2019
	Equal to or Greater than 12 Months				Less than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
United States Government and agencies	$	896	$	4	$	10,513	$	368
State, municipal and other government		37,638		10,695		96,166		5,814
Hybrid securities		18,613		1,464		—		—
Industrial and miscellaneous		349,475		31,808		398,580		10,612
Mortgage and other asset-backed securities		217,019		12,486		503,736		3,241
Total bonds		623,641		56,457		1,008,995		20,035
Preferred stocks-unaffiliated		47,696		8,025		4,511		90
Common stocks-unaffiliated		—		—		739		67
	$	671,337	$	64,482	$	1,014,245	$	20,192

40

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

	2018
	Equal to or Greater than 12 Months				Less than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
United States Government and agencies	$	415,707	$	25,873	$	3,771,379	$	95,965
State, municipal and other government		84,973		6,723		192,550		12,733
Hybrid securities		13,815		2,063		114,678		6,354
Industrial and miscellaneous		1,584,834		141,445		4,936,668		241,875
Mortgage and other asset-backed securities		796,932		39,004		828,836		26,453
Total bonds		2,896,261		215,108		9,844,111		383,380
Preferred stocks-unaffiliated		23,579		6,575		38,576		3,428
Common stocks-unaffiliated		—		—		11,083		1,130
	$2,919,840		$221,683		$9,893,770		$387,938

During 2019, there were $4,294 of loan-backed or structured securities with a recognized OTTI due to intent to sell or lack of intent and ability to hold for a period of time to recover the amortized cost basis. During 2018 and 2017, there were no loan-backed or structured securities with a recognized OTTI due to intent to sell or lack of intent and ability to hold for a period of time to recover the amortized cost basis.

For loan-backed and structured securities with a recognized OTTI due to the Company’s cash flow analysis, in which the security is written down to estimated future cash flows discounted at the security’s effective yield, in 2019, 2018 and 2017 the Company recognized OTTI of $5,546, $4,339 and $7,960, respectively.

41

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following loan-backed and structured securities were held at December 31, 2019, for which an OTTI was recognized during the current reporting period:

CUSIP	Amortized Cost Before Current Period OTTI		Present Value of Projected Cash Flows		Recognized OTTI		Amortized Cost After OTTI		Fair Value at Time of OTTI		Date of Financial Statement Where Reported
87266TAJ1	$	1,299	$	1,056	$	243	$	1,056	$	869		3/31/2019
79548KXQ6		295		271		24		271		228		3/31/2019
14984WAA8		1,399		1,295		104		1,295		1,295		6/30/2019
87266TAJ1		587		484		103		484		387		6/30/2019
79548KXQ6		250		250		—		250		209		6/30/2019
41161PPQ0		19,646		18,718		928		18,718		17,362		9/30/2019
36828QQK5		2,493		2,237		256		2,237		1,754		9/30/2019
79548KXQ6		221		203		18		203		58		9/30/2019
126671ZS8		4		4		—		4		4		9/30/2019
585525ES3		491		480		11		480		424		9/30/2019
15032GAC8		2,245		2,245		—		2,245		2,245		9/30/2019
41161PPQ0		18,422		18,368		54		18,368		16,944		12/31/2019
36828QQK5		2,237		1,134		1,103		1,134		1,751		12/31/2019
52108MDN0		3,049		366		2,683		366		1,870		12/31/2019
22541SGE2		432		417		15		417		426		12/31/2019
585525ES3		428		424		4		424		381		12/31/2019
					$	5,546

The unrealized losses of loan-backed and structured securities where fair value is less than cost or amortized cost for which an OTTI has not been recognized in earnings as of December 31, 2019 and 2018 is as follows:

	2019				2018
	Losses 12 Months or More		Losses Less Than 12 Months		Losses 12 Months or More		Losses Less Than 12 Months
Year ended December 31:
The aggregate amount of unrealized losses	$	12,486	$	15,728	$	39,004		$40,117
The aggregate related fair value of securities with unrealized losses		217,019		517,385		796,932		850,568

At December 31, 2019 and 2018, respectively, for bonds and preferred stocks that have been in a continuous loss position for greater than or equal to twelve months, the Company held 199 and 663 securities with a carrying amount of $735,818 and $3,141,523, and an unrealized loss of $64,482 and $221,683. Of this portfolio, 65.2% and 90.7% were investment grade with associated unrealized losses of $19,696 and $165,913, respectively.

At December 31, 2019 and 2018, respectively, for bonds and preferred stocks that have been in a continuous loss position for less than twelve months, the Company held 245 and 1,411 securities with a carrying amount of $1,033,633 and $10,269,495 and an unrealized loss of $20,125 and $386,809. Of this portfolio, 91.1% and 89.7% were investment grade with associated unrealized losses of $11,888 and $302,186, respectively.

42

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

At December 31, 2019 and 2018, there were no common stocks that have been in a continuous loss position for greater than or equal to twelve months.

At December 31, 2019 and 2018, respectively, for common stocks that have been in a continuous loss position for less than twelve months, the Company held 7 and 13 securities with a cost of $807 and $12,212 and an unrealized loss of $67 and $1,130.

The following table provides the number of 5GI securities, aggregate book adjusted carrying value and aggregate fair value by investment type:

	Number of 5GI Securities		Book / Adjusted Carrying Value		Fair Value
December 31, 2019
Bond, amortized cost		2	$	18,813	$	18,169
Loan-backed and structured securities, amortized cost		3		6,719		6,719
Preferred stock, amortized cost		1		996		996
Total		6	$	26,528	$	25,884
December 31, 2018
Bond, amortized cost		3	$	29,647	$	29,725
Loan-backed and structured securities, amortized cost		1		8		8
Preferred stock, amortized cost		1		2,996		2,996
Total		5	$	32,651	$	32,729

The tables below present the Company’s gross and net receivable for securities and borrowed money financial statement line items that were subject to offsetting:

December 31, 2019	Gross Amount Recognized		Amount Offset		Net Amount Presented on Financial Statements
Assets:
Receivables for securities	$	120,009	$	101,474	$	18,535
Liabilities:
Borrowed money	$	550,303	$	101,474	$	448,829

43

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

December 31, 2018	Gross Amount Recognized		Amount Offset		Net Amount Presented on Financial Statements
Assets:
Receivables for securities	$	273,566	$	149,607	$	123,959
Liabilities:
Borrowed money	$	353,860	$	149,607	$	204,253

During 2019 and 2018, the Company sold, redeemed or otherwise disposed of 175 and 159 securities as a result of a callable feature which generated investment income of $13,296 and $18,683 as a result of a prepayment penalty and/or acceleration fee.

Proceeds from sales and other disposals of bonds and preferred stock and related gross realized capital gains and losses are reflected in the following table. The amounts exclude maturities and include transfers associated with reinsurance agreements.

	Year Ended December 31
	2019			2018			2017
Proceeds	$	13,048,390		$	5,928,234		$	18,171,710
Gross realized gains	$	133,153		$	86,626		$	2,375,500
Gross realized losses		(37,677	)		(209,899	)		(151,723	)
Net realized capital gains (losses)	$	95,476		$	(123,273	)	$	2,223,777

The Company had gross realized losses, which relate to losses recognized on other-than-temporary declines in the fair value of bonds and preferred stocks, for the years ended December 31, 2019, 2018 and 2017 of $30,802, $10,795 and $19,101, respectively.

At December 31, 2019 and 2018, the Company had no investments in restructured securities.

44

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Mortgage Loans

The credit quality of mortgage loans by type of property for the years ended December 31, 2019 and 2018 were as follows:

December 31, 2019
	Farm		Commercial		Total
AAA - AA	$	10,519	$	3,000,254	$	3,010,773
A		31,600		1,812,978		1,844,578
BBB		6,458		217,779		224,237
BB		8,536		4,089		12,625
B		—		4,400		4,400
	$	57,113	$	5,039,500	$	5,096,613

December 31, 2018
	Farm		Commercial		Total
AAA - AA	$	219	$	2,635,041	$	2,635,260
A		42,814		1,745,127		1,787,941
BBB		6,690		157,753		164,443
BB		8,730		4,119		12,849
B		—		—		—
	$	58,453	$	4,542,040	$	4,600,493

The credit quality for commercial and farm mortgage loans was determined based on an internal credit rating model which assigns a letter rating to each mortgage loan in the portfolio as an indicator of the credit quality of the mortgage loan. The internal credit rating model was designed based on rating agency methodology, then modified for credit risk associated with the Company’s mortgage lending process, taking into account such factors as projected future cash flows, net operating income, and collateral value. The model produces a credit rating score and an associated letter rating which is intended to align with S&P ratings as closely as possible. Information supporting the credit risk rating process is updated at least annually.

During 2019, the Company issued mortgage loans with a maximum interest rate of 5.52% and a minimum interest rate of 3.50% for commercial loans. The maximum percentage of any one mortgage loan to the value of the underlying real estate originated or acquired during the year ending December 31, 2019 at the time of origination was 82%. During 2018, the Company issued mortgage loans with a maximum interest rate of 5.57% and a minimum interest rate of 3.95% for commercial loans. The maximum percentage of any one mortgage loan to the value of the underlying real estate originated or acquired during the year ending December 31, 2018 at the time of origination was 69%.

During 2019 and 2018, the Company did not reduce the interest rate on any outstanding mortgage loans.

45

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The age analysis of mortgage loans and identification in which the Company is a participant or co-lender in a mortgage loan agreement is as follows for December 31, 2019 and 2018.

			Commercial
	Farm		All Other		Total
December 31, 2019
Recorded Investment (All)
(a) Current	$	57,113	$	4,958,605	$	5,015,718
(b) 30-59 Days Past Due		—		—		—
(c) 60-89 Days Past Due		—		—		—
(d) 90-179 Days Past Due		—		—		—
(e) 180+ Days Past Due		—		80,895		80,895
Accruing interest 90-179 days past due
(a) Recorded investment		—		—		—
(b) Interest accrued		—		—		—
Participant or Co-lender in Mortgage Loan Agreement
(a) Recorded Investment	$	33,658	$	1,483,157	$	1,516,815

			Commercial
	Farm		All Other		Total
December 31, 2018
Recorded Investment (All)
(a) Current	$	50,576	$	4,461,023	$	4,511,599
(b) 30-59 Days Past Due		—		—		—
(c) 60-89 Days Past Due		—		57,005		57,005
(d) 90-179 Days Past Due		7,875		—		7,875
(e) 180+ Days Past Due		—		24,014		24,014
Accruing interest 90-179 days past due
(a) Recorded investment		7,876		—		7,876
(b) Interest accrued		96		—		96
Participant or Co-lender in Mortgage Loan Agreement
(a) Recorded Investment	$	31,524	$	1,286,604	$	1,318,128

At December 31, 2019 and 2018, respectively, multiple mortgage loans with a carrying value of $80,895 and $24,014 were non-income producing for the previous 180 days. There was no accrued interest related to these mortgage loans at December 31, 2019 and 2018. The Company has a mortgage or deed of trust on the property thereby creating a lien which gives it the right to take possession of the property (among other things) if the borrower fails to perform according to the terms of the loan documents. The Company requires all mortgaged properties to carry fire insurance equal to the value of the underlying property. At December 31, 2019 and 2018, there were no taxes, assessments and other amounts advanced and not included in the mortgage loan total.

At December 31, 2019 and 2018, the Company held no impaired loans with related allowance for credit losses. There were no impaired mortgage loans held without an allowance for credit losses as of December 31, 2019 and 2018, respectively. There were no impaired mortgage loans held without an allowance for credit losses as of December 31, 2019 and 2018, respectively, that were subject to participant or co-lender mortgage loan agreement for which the Company is restricted from unilaterally foreclosing on the mortgage loans. The average recorded investment in impaired loans during 2019 and 2018 was $0 and $49,118, respectively.

46

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following table provides a reconciliation of the beginning and ending balances for the allowance for credit losses on mortgage loans:

	Year Ended December 31
	2019		2018			2017
Balance at beginning of period	$	—	$	26,618		$	1,421
Additions, net charged to operations		—		—			26,618
Recoveries in amounts previously charged off		—		(26,618	)		(1,421	)
Balance at end of period	$	—	$	—		$	26,618

As of December 31, 2019 and 2018, the Company had no mortgage loans derecognized as a result of foreclosure.

The Company accrues interest income on impaired loans to the extent deemed collectible (delinquent less than 91 days) and the loan continues to perform under its original or restructured contractual terms. Interest income on nonperforming loans generally is recognized on a cash basis. For the years ended December 31, 2019, 2018 and 2017, respectively, the Company recognized $0, $852 and $5,359 of interest income on impaired loans. Interest income of $0, $860 and $2,806, respectively, was recognized on a cash basis for the years ended December 31, 2019, 2018 and 2017.

At December 31, 2019 and 2018, the Company held a mortgage loan loss reserve in the AVR of $69,202 and $46,436, respectively.

The Company’s mortgage loan portfolio is diversified by geographic region and specific collateral property type as follows:

Geographic Distribution							Property Type Distribution
	December 31							December 31
	2019			2018				2019			2018
Pacific		25	%		28	%	Apartment		47	%		47	%
South Atlantic		23			22		Retail		19			21
Middle Atlantic		16			16		Office		15			16
E. North Central		9			8		Industrial		15			12
W. North Central		8			8		Other		2			2
W. South Central		8			7		Agricultural		1			1
Mountain		7			6		Medical		1			1
E. South Central		3			4
New England		1			1

47

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

At December 31, 2019, 2018 and 2017, the Company had mortgage loans with a total net admitted asset value of $20,550, $23,144 and $83,445, respectively, which had been restructured in accordance with SSAP No. 36, Troubled Debt Restructuring. There were no realized losses during the years ended December 31, 2019, 2018 and 2017 related to such restructurings. At December 31, 2019 and 2018, there were no commitments to lend additional funds to debtors owing receivables.

Real Estate

The fair value of property is determined based on an appraisal from a third-party appraiser, along with information obtained from discussions with internal asset managers and a listing broker regarding recent comparable sales data and other relevant property information. Impairment losses of $5,078, $26,231 and $4,033 were taken on real estate in 2019, 2018 and 2017, respectively, to write the book value down to the current fair value, and included in net realized capital gains (losses), within the Statements of Operations, for the year ended December 31, 2019.

As of December 31, 2019, there were four properties classified as held for sale. As of December 31, 2018, there were nine properties classified as held for sale. The Company is working with an external commercial real estate advisor firm to actively market the properties and negotiate with potential buyers. During 2019, one property classified as held for sale was disposed of resulting in a net realized gain of $1,788. During 2018, six properties classified as held for sale were disposed of resulting in a net realized gain of $4,579. These gains and losses were included in net realized capital gains (losses) within the Statements of Operations.

The Company also disposed of other properties during 2019 and 2018 resulting in net realized gains of $9,047 and $26,756, respectively.

The carrying value of the Company’s real estate assets at December 31, 2019 and 2018 was as follows:

	2019		2018
Home office properties	$	45,831	$	52,466
Investment properties		—		18,953
Properties held for sale		5,715		43,027
	$	51,546	$	114,446

Accumulated depreciation on real estate at December 31, 2019 and 2018, was $47,188 and $72,083, respectively.

Other Invested Assets

During 2019, the Company recorded impairments of $5,488, $3,363, and $13,867 throughout 2019, 2018 and 2017. These impairments were primarily related to private equity funds, except for 2017, which also included an impairment for a tax credit fund. The impairments were taken because the decline in fair value of the funds were deemed to be other than temporary and a recovery in value from the remaining underlying investments in the funds were not anticipated.

48

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

These write-downs are included in net realized capital gains (losses) within the Statements of Operations.

During 2017, the Company reassigned its ownership interest in the Prisma Spectrum Fund for an additional interest in the Zero Beta Fund in the amount of $125,036, which resulted in a realized gain of $19,443.

Tax Credits

At December 31, 2019, the Company had ownership interests in forty-six LIHTC investments with a carrying value of $58,163. The remaining years of unexpired tax credits ranged from one to twelve, and the properties were not subject to regulatory review. The length of time remaining for holding periods ranged from one to sixteen years. The amount of contingent equity commitments expected to be paid during the years 2020 to 2029 is $26,728. Tax credits recognized in 2019 were $81,690, and other tax benefits recognized in 2019 were $2,795. There were no impairment losses, write-downs or reclassifications during the year related to any of these credits.

At December 31, 2018, the Company had ownership interests in forty-seven LIHTC investments with a carrying value of $33,212. The remaining years of unexpired tax credits ranged from one to eleven, and the properties were not subject to regulatory review. The length of time remaining for holding periods ranged from one to sixteen years. The amount of contingent equity commitments expected to be paid during the years 2019 to 2029 is $55,107. Tax credits recognized during 2018 was $76,141. There were no impairment losses, write-downs or reclassifications during the year related to any of these credits.

The following tables provide the carrying value of transferable state tax credits gross of any related tax liabilities and total unused transferable tax credits by state and in total as of December 31, 2019 and 2018:

		December 31, 2019
Description of State Transferable and Non- transferable Tax Credits	State	Carrying Value		Unused Amount*
Low-Income Housing Tax Credits	MA	$	2,683	$	5,024
Economic Redevelopment and Growth Tax Credits	NJ		5,281		20,948
Total		$	7,964	$	25,972

		December 31, 2018
Description of State Transferable and Non- transferable Tax Credits	State	Carrying Value		Unused Amount
Low-Income Housing Tax Credits	MA	$	3,880	$	6,220
Economic Redevelopment and Growth Tax Credits	NJ		3,994		20,948
Total		$	7,874	$	27,168

* The unused amount reflects credits that the Company deems will be realizable in the period 2019-2030.

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

49

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company estimated the utilization of the remaining state transferable tax credits by projecting a future tax liability based on projected premium, tax rates and tax credits, and comparing the projected future tax liability to the availability of remaining state transferable tax credits. The Company had no impairment losses related to state transferable tax credits.

Derivatives

Amounts disclosed in this Derivatives section do not include derivatives utilized in the hedging of variable annuity guarantees in accordance with SSAP 108. Please see the subsequent section “Derivatives Hedging Variable Annuity Guarantees” for results associated with those derivatives.

The Company has entered into collateral agreements with certain counterparties wherein the counterparty is required to post assets (cash or securities) on the Company’s behalf in an amount equal to the difference between the net positive fair value of the contracts and an agreed upon threshold based on the credit rating of the counterparty. If the net fair value of all contracts with this counterparty is negative, then the Company is required to post similar assets (cash or securities). Fair value of derivative contracts, aggregated at a counterparty level at December 31, 2019 and 2018 was as follows:

	2019			2018
Fair value - positive	$	647,378		$	2,285,546
Fair value - negative		(646,157	)		(934,798	)

At December 31, 2019, 2018 and 2017, the Company has recorded unrealized gains (losses) of ($257,972), $858,229 and ($131,678), respectively, for the component of derivative instruments utilized for hedging purposes that did not qualify for hedge accounting. The Company did not recognize any unrealized gains or losses during 2019, 2018 and 2017 that represented the component of derivative instruments gain or loss that was excluded from the assessment of hedge effectiveness.

The maximum term over which the Company is hedging its exposure to the variability of future cash flows is approximately 24 years for forecasted hedge transactions. At December 31, 2019 and 2018, none of the Company’s cash flow hedges have been discontinued as it was probable that the original forecasted transactions would occur by the end of the originally specified time period documented at inception of the hedging relationship. As of December 31, 2019 and 2018, the Company has accumulated deferred gains in the amount of $2,334 and $0, respectively, related to the termination of swaps that were hedging forecasted transactions. It is expected that these gains will be used as basis adjustments on future asset purchases expected to transpire throughout 2020.

50

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Summary of realized gains (losses) by derivative type for the years ended December 31, 2019, 2018 and 2017:

	2019			2018			2017
Options:
Calls	$	(15,424	)	$	59,693		$	2,473
Caps		—			—			(1,203	)
Puts		—			(26,491	)		(7,634	)
Total options	$	(15,424	)	$	33,202		$	(6,364	)
Swaps:
Interest rate	$	95,162		$	(299,024	)	$	307,519
Credit		(3,099	)		(14,288	)		8,209
Total return		(611,814	)		(205,341	)		(1,443,432	)
Total swaps	$	(519,751	)	$	(518,653	)	$	(1,127,704	)
Futures—net positions		535,875			(310,914	)		60,205
Lehman settlements		106			537			1,195
Total realized gains (losses)	$	806		$	(795,828	)	$	(1,072,668	)

The average estimated fair value of derivatives held for other than hedging purposes is presented in the following table for the years ended December 31, 2019 and 2018:

	Asset(1)				Liability(1)
	2019		2018		2019			2018
Derivative component of RSATs
Credit default swaps	$	56,455	$	55,387	$	(9,504	) $		(6,341	)
Interest rate swaps		3,225		1,650		—			8,598

⁽¹⁾ Asset and liability classification is based on the positive (asset) or negative (liability) book/adjusted carrying value of each derivative.

The estimated fair value of derivatives held for other than hedging purposes is presented in the following table for the years ended December 31, 2019 and 2018:

	Asset(1)				Liability(1)
	2019		2018		2019			2018
Derivative component of RSATs
Credit default swaps	$	59,599	$	43,455	$	(11,589	)	$	(1,309	)
Interest rate swaps		3,972		2,188		—			—
Total	$	63,571	$	45,643	$	(11,589	)	$	(1,309	)

⁽¹⁾ Asset and liability classification is based on the positive (asset) or negative (liability) book/adjusted carrying value of each derivative.

51

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The net realized gains (losses) on the derivatives held for other than hedging purposes is presented in the following table for the years ended December 31, 2019, 2018 and 2017:

	2019			2018			2017
Derivative component of RSATs
Credit default swaps	$	(3,099	)	$	(4,476	)	$	8,209
Interest rate swaps		—			(8,207	)		(59,357	)
Total	$	(3,099	)	$	(12,683	)	$	(51,148	)

As stated in Note 2, the Company replicates investment grade corporate bonds, sovereign debt, or commercial mortgage backed securities by writing credit default swaps. As a writer of credit swaps, the Company actively monitors the underlying asset, being careful to note any events (default or similar credit event) that would require the Company to perform on the credit swap. If such events would take place, a payment equal to the notional amount of the contract, less any potential recoveries as determined by the underlying agreement, will be made by the Company to the counterparty to the swap.

The following tables present the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at December 31, 2019 and 2018:

			2019
Rating Agency Designation of Referenced Credit Obligations (1)	NAIC Designation		Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
AAA/AA/A		1
Single name credit default swaps (3)			$	6,522	$	441,000		1.9
Credit default swaps referencing indices				108		10,000		39.9
Subtotal				6,630		451,000		2.7
BBB		2
Single name credit default swaps (3)				41,004		1,781,035		1.8
Credit default swaps referencing indices				23,093		1,192,624		2.9
Subtotal				64,097		2,973,659		2.3
BB		3
Single name credit default swaps (3)				462		50,000		1.2
Subtotal				462		50,000		1.2
Total			$	71,189	$	3,474,659		2.3

⁽¹⁾  The rating agency designations are based on availability and the blending of the applicable ratings among Moody’s Investors Service (“Moody’s”), Standard and Poor’s Rating Services (“S&P”), and Fitch Ratings. If no rating is available from a rating agency, then an internally derived rating is used.

⁽²⁾  The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.

⁽³⁾  Includes corporate, foreign government and state entities.

52

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

			2018
Rating Agency Designation of Referenced Credit Obligations (1)	NAIC Designation		Estimated Fair Value of Credit Default Swaps			Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
AAA/AA/A		1
Single name credit default swaps (3)			$	5,534		$	468,085		2.6
Credit default swaps referencing indices				(109	)		10,000		40.9
Subtotal				5,425			478,085		3.4
BBB		2
Single name credit default swaps (3)				32,228			1,905,450		2.7
Credit default swaps referencing indices				7,806			907,000		3.3
Subtotal				40,034			2,812,450		2.9
BB		3
Single name credit default swaps (3)				2,427			145,500		2.7
Subtotal				2,427			145,500		2.7
B		4
Single name credit default swaps (3)				(2,809	)		27,000		2.7
Subtotal				(2,809	)		27,000		2.7
CCC and lower		5
Single name credit default swaps (3)				(312	)		5,000		1.0
Subtotal				(312	)		5,000		1.0
Total			$	44,765		$	3,468,035		2.9

⁽¹⁾  The rating agency designations are based on availability and the blending of the applicable ratings among Moody’s Investors Service (“Moody’s”), Standard and Poor’s Rating Services (“S&P”), and Fitch Ratings. If no rating is available from a rating agency, then an internally derived rating is used.

⁽²⁾  The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.

⁽³⁾  Includes corporate, foreign government and state entities.

The Company may enter into credit default swaps to purchase credit protection on certain of the referenced credit obligations in the table above. At December 31, 2019, the maximum amounts of potential future recoveries available to offset the $3,474,659 from the table above were $0. At December 31, 2018, the maximum amounts of potential future recoveries available to offset the $3,468,035 from the table above were $0.

53

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

At December 31, 2019 and 2018, the Company’s outstanding derivative instruments, shown in notional or contract amounts and fair value, are summarized as follows:

	Contract or Notional Amount*						Fair Value
	2019			2018			2019			2018
Derivative assets:
Credit default swaps	$	2,402,624		$	2,509,467		$	59,599		$	52,360
Currency swaps		88,501			129,622			8,929			15,288
Equity futures		—			22			686			20,189
Equity swaps		209,341			3,706,430			55			281,457
Interest rate futures		—			38			—			20,639
Interest rate swaps		33,735			24,881,535			5,147			710,817
Options		21,196,796			23,094,442			311,739			996,427
Derivative liabilities:
Credit default swaps		1,446,000			1,318,568			(3,740	)		(1,309	)
Currency swaps		142,704			18,459			2,279			1,706
Equity futures		(12	)		(1	)		5,673			1,239
Equity swaps		4,823,034			145,269			211,606			16,890
Interest rate futures		—			(19	)		—			6,999
Interest rate swaps		3,366,493			15,261,493			17,420			376,095
Options		(3,676,923	)		(3,815,570	)		151,696			344,808

* Futures are presented in contract format. Swaps and options are presented in notional format.

Derivatives Hedging Variable Annuity Guarantees

The hedged obligation consists of guaranteed benefits on variable annuity contracts and resembles a long dated put option where claim payment is made whenever account value is less than a guaranteed amount, adjusted for applicable fees. Changes in interest rates impact the present value of future product cash flows (discount rate) as well as the value of investments comprising the account value to be assessed against the guarantee. Under this VM-21 compliant clearly defined hedging strategy (CDHS), interest rate risk may be hedged by a duration matched portfolio of interest sensitive derivatives such as treasury bond forwards, treasury futures, interest rate swaps, interest rate swaptions or treasury future options. The hedging strategy is unchanged from the prior reporting period, and the total return on the designated portfolio of derivatives has been highly effective in covering the interest rate risk (rho) of the hedged obligation. Hedge effectiveness is measured in accordance with the requirements outlined under SSAP 108 and entails assessment of the total return on the designated portfolio of derivatives against changes in the fair value of the hedged obligation due to interest rate movements on a cumulative basis.

54

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Scheduled amortization for SSAP 108 derivatives as of December 31, 2019 is as follows:

Amortization Year	Deferred Assets		Deferred Liabilities
2020	$	68,503	$	18,702
2021		60,234		18,702
2022		39,808		18,702
2023		39,808		18,702
2024		39,808		18,702
2025		39,808		18,702
2026		29,176		18,702
2027		22,720		18,702
2028		17,393		18,702
2029		20,155		14,028
Total	$	377,413	$	182,346

As discussed in Note 2 and 3, the Company elected to adopt SSAP 108 effective July 1, 2019.

The following table is a reconciliation of the total deferred balance of SSAP 108 derivatives from the date of adoption through December 31, 2019. The beginning deferred balance was the deferral under a previous permitted practice described in Note 2.

1.	Total Deferred Balance, July 1, 2019	$	189,601
2.	Current Year Amortization		19,002
3.	Current Year Deferred Recognition		(24,468	)
4.	Ending Deferred Balance [1-(2+3)]	$	195,067

The following tables provide information regarding SSAP 108 hedging instruments:

	12/31/2019			7/1/2019
Amortized cost	$	(51	)	$	(53	)
Fair value	$	74,063		$	447,385

	Net Investment Income			Realized Gain (Loss)			Unrealized Gain (Loss)			Total
Derivative performance	$	23,639		$	495,410		$	(373,324	)	$	145,725
SSAP 108 Adjustments
Portion of the derivative performance attributed to natural offset		—			(184,385	)		14,192			(170,193	)
Deferred		(23,639	)		(311,025	)		359,132			24,468

55

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Prior year fair value of hedged item	$	(2,294,125	)
Current year fair value of hedged item		(2,573,520	)
Change in fair value attributable to interest rates	$	(279,395	)
Portion of the fair value change attributed to the hedged risk	$	(232,394	)

Restricted Assets

The following tables show the pledged or restricted assets as of December 31, 2019 and 2018, respectively:

	Gross Restricted (Admitted & Nonadmitted) 2019
Restricted Asset Category	Total General Account (G/A)		G/A Supporting Separate Account (S/A)		Total S/A Restricted Assets		S/A Assets Supporting G/A Activity		Total
Collateral held under security lending agreements	$	1,246,827	$	—	$	—	$	—	$	1,246,827
Subject to repurchase agreements		113,025		—		—		—		113,025
Subject to dollar repurchase agreements		550,333		—		—		—		550,333
FHLB capital stock		42,800		—		—		—		42,800
On deposit with states		43,813		—		—		—		43,813
Pledged as collateral to FHLB (including assets backing funding agreements)		1,259,059		—		—		—		1,259,059
Pledged as collateral not captured in other categories		736,696		—		—		—		736,696
Other restricted assets		1,170,136		—		—		—		1,170,136
Total restricted assets	$	5,162,689	$	—	$	—	$	—	$	5,162,689

	Gross (Admitted & Nonadmitted) Restricted									Percentage
Restricted Asset Category	Total From Prior Year (2018)		Increase/ (Decrease)			Total Nonadmitted Restricted		Total Admitted Restricted		Gross (Admitted & Nonadmitted) Restricted to Total Assets			Admitted Restricted to Total Admitted Assets
Collateral held under security lending agreements	$	1,842,557	$	(595,730	)	$	—	$	1,246,827		0.96	%		0.96	%
Subject to repurchase agreements		205,405		(92,380	)		—		113,025		0.09	%		0.09	%
Subject to dollar repurchase agreements		371,260		179,073			—		550,333		0.42	%		0.42	%
FHLB capital stock		133,400		(90,600	)		—		42,800		0.03	%		0.03	%
On deposit with states		43,908		(95	)		—		43,813		0.03	%		0.03	%
Pledged as collateral to FHLB (including assets backing funding agreements)		4,405,503		(3,146,444	)		—		1,259,059		0.97	%		0.97	%
Pledged as collateral not captured in other categories		687,891		48,805			—		736,696		0.56	%		0.56	%
Other restricted assets		1,172,934		(2,798	)		—		1,170,136		0.90	%		0.90	%
Total restricted assets	$	8,862,858	$	(3,700,169	)	$	—	$	5,162,689		3.96	%		3.96	%

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

56

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following tables show the pledged or restricted assets in other categories as of December 31, 2019 and 2018, respectively:

	Gross (Admitted & Nonadmitted) Restricted 2019
Description of Assets	Total General Account (G/A)		G/A Supporting S/A Activity		Total Separate Account (S/A) Restricted Assets		S/A Assets Supporting G/A Activity		Total
Derivatives	$	728,018	$	—	$	—	$	—	$	728,018
Secured funding agreements		6,357		—		—		—		6,357
AMBAC		2,321		—		—		—		2,321
Total	$	736,696	$	—	$	—	$	—	$	736,696

	Gross (Admitted & Nonadmitted) Restricted							Percentage
Description of Assets	Total From Prior Year (2018)		Increase/ (Decrease)			Total Current Year Admitted Restricted		Gross (Admitted & Nonadmitted) Restricted to Total Assets			Admitted Restricted to Total Admitted Assets
Derivatives	$	638,025	$	89,993		$	728,018		0.56	%		0.56	%
Secured funding agreements		46,723		(40,366	)		6,357		0.00	%		0.00	%
AMBAC		3,143		(822	)		2,321		0.00	%		0.00	%
Total	$	687,891	$	48,805		$	736,696		0.56	%		0.56	%

The following tables show the collateral received and reflected as assets within the financial statements as of December 31, 2019 and 2018:

2019
Collateral Assets	Carrying Value		Fair Value		Total Assets (Admitted and Nonadmitted)			% of CV to Total Admitted Assets
Cash	$	898,267	$	898,267		2.02	%		2.02	%
Securities lending collateral assets		1,246,827		1,246,827		2.80			2.80
Other		35,199		35,199		0.08			0.08
Total collateral assets	$	2,180,293	$	2,180,293		4.90	%		4.90	%

	Amount		% of Liability to Total Liabilities
Recognized obligation to return collateral asset	$	2,181,672		5.75	%

57

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

2018
Collateral Assets	Carrying Value		Fair Value		Total Assets (Admitted and Nonadmitted)			% of CV to Total Admitted Assets
Cash	$	1,453,892	$	1,453,892		3.05	%		3.06	%
Securities lending collateral assets		1,835,122		1,835,122		3.85			3.87
Other		5,999		5,999		0.01			0.01
Total collateral assets	$	3,295,013	$	3,295,013		6.91	%		6.94	%

	Amount		% of Liability to Total Liabilities
Recognized obligation to return collateral asset	$	3,296,139		8.01	%

Net Investment Income

Detail of net investment income is presented below:

	Year Ended December 31
	2019		2018		2017
Income:
Bonds	$	1,185,232	$	1,276,258	$	1,660,465
Preferred stocks		6,230		8,251		6,160
Common stocks		143,184		100,616		214,463
Mortgage loans on real estate		226,766		204,434		245,562
Real estate		21,899		20,190		20,862
Policy loans		67,366		69,773		72,733
Cash, cash equivalents and short-term investments		59,292		39,557		24,772
Derivatives		16,562		32,673		82,507
Other invested assets		49,846		73,164		295,840
Gross investment income		1,776,377		1,824,916		2,623,364
Less: investment expenses		171,238		205,794		172,388
Net investment income before amortization of IMR		1,605,139		1,619,122		2,450,976
Amortization of IMR		39,186		48,050		65,306
Net investment income	$	1,644,325	$	1,667,172	$	2,516,282

58

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Realized Capital Gains (Losses)

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

				Realized
	Year Ended December 31
	2019			2018			2017
Bonds	$	62,739		$	(135,605	)	$	2,204,142
Preferred stocks		1,933			1,539			535
Common stocks		25,384			(3,690	)		(1,978	)
Mortgage loans on real estate		388			(25,696	)		93,149
Real estate		5,756			5,104			(4,101	)
Cash, cash equivalents and short-term investments		239			(51	)		(202	)
Derivatives		311,724			(796,365	)		(1,073,863	)
Variable annuity reserve hedge offset		(159,833	)		—			—
Other invested assets		82,951			113,854			118,984
Change in realized capital gains (losses), before taxes		331,281			(840,910	)		1,336,666
Federal income tax effect		(43,047	)		4,006			(197,937	)
Transfer from (to) interest maintenance reserve		(47,710	)		122,772			(1,713,779	)
Net realized capital gains (losses) on investments	$	240,524		$	(714,132	)	$	(575,050	)

Unrealized Capital Gains (Losses)

The changes in net unrealized capital gains and losses on investments, including the changes in net unrealized foreign capital gains and losses were as follows:

	Change in Unrealized
	Year Ended December 31
	2019			2018			2017
Bonds	$	48,719		$	34,184		$	65,937
Preferred stocks		(2,504	)		(859	)		(564	)
Common stocks		5,052			1,874			1,468
Affiliated entities		447,273			157,530			398,521
Mortgage loans on real estate		—			26,618			(25,197	)
Cash equivalents and short-term investments		(31	)		145			6
Derivatives		(761,219	)		1,093,543			(66,675	)
Other invested assets		18,228			32,164			182,596
Change in unrealized capital gains (losses), before taxes		(244,482	)		1,345,199			556,092
Taxes on unrealized capital gains (losses)		(82,980	)		(54,824	)		123,327
Change in unrealized capital gains (losses), net of tax	$	(327,462	)	$	1,290,375		$	679,419

59

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

6. Premium and Annuity Considerations Deferred and Uncollected

Deferred and uncollected life premium and annuity considerations, net of reinsurance, at December 31, 2019 and 2018 were as follows:

	2019				2018
	Gross		Net of Loading		Gross		Net of Loading
Life and annuity:
Ordinary first-year business	$	1,003	$	168	$	1,077	$	173
Ordinary renewal business		278,922		256,376		94,286		84,273
Group life direct business		17,843		9,477		16,474		7,911
Credit direct business		9		9		13		13
	$	297,777	$	266,030	$	111,850	$	92,370

7. Policy and Contract Attributes

Insurance Liabilities

Policy reserves, deposit-type contracts and policy claims at December 31, 2019 and 2018 were as follows:

	Year Ended December 31
	2019		2018
Life insurance reserves	$	11,472,311	$	12,368,680
Annuity reserves and supplementary contracts with life contingencies		14,094,715		14,244,431
Accident and health reserves (including long term care)		670,910		681,838
Total policy reserves	$	26,237,936	$	27,294,949
Deposit-type contracts		591,570		967,757
Policy claims		479,226		527,901
Total policy reserves, deposit-type contracts and claim liabilities	$	27,308,732	$	28,790,607

Life Insurance Reserves

The aggregate policy reserves for life insurance policies are based upon the 1941, 1958, 1980, 2001 and 2017 Commissioner’s Standard Ordinary Mortality and American Experience Mortality Tables. The reserves are calculated using interest rates ranging from 2.00 to 6.00 percent and are computed principally on the Net Level Premium Valuation and the Commissioner’s Reserve Valuation Method. Reserves for universal life policies are based on account balances adjusted for the Commissioner’s Reserve Valuation Method or Actuarial Guideline XXXVIII. Effective July 1, 2017, term insurance issued follows Valuation Manual section 20 (VM-20) reserve requirements.

Tabular interest, tabular less actual reserves released and tabular cost have been determined by formula.

60

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company waives deduction of deferred fractional premiums upon death of the insured and returns any portion of the final premium for periods beyond the date of death. Additional premiums are charged or additional mortality charges are assessed for policies issued on substandard lives according to underwriting classification. Effective July 1, 2017, for substandard term insurance policies, per VM-20 requirements, the substandard rating is applied to the reserve mortality. For certain flexible premium and fixed premium universal life insurance products, reserves are calculated utilizing the Commissioner’s Reserve Valuation Method for universal life policies and recognizing any substandard ratings.

As of December 31, 2019 and 2018, the Company had insurance in force aggregating $59,712,049 and $78,179,488, respectively, in which the gross premiums are less than the net premiums required by the valuation standards established by the IID. The Company established policy reserves of $1,608,260 and $1,667,131 to cover these deficiencies as of December 31, 2019 and 2018, respectively.

Participating life insurance policies were issued by the Company in prior years which entitle policyholders to a share in the earnings of the participating policies, provided that a dividend distribution, which is determined annually based on mortality and persistency experience of the participating policies, is authorized by the Company. Participating insurance constituted less than 0.05% of ordinary life insurance in force at December 31, 2019 and 2018.

Annuity Reserves and Supplementary Contracts Involving Life Contingencies

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 2.25 to 11.25 percent and mortality rates, where appropriate, from a variety of tables.

Annuity reserves also include GICs and funding agreements classified as life-type contracts as defined in SSAP No. 50, Classifications of Insurance or Managed Care Contracts. These liabilities have annuitization options at guaranteed rates and consist of floating interest rate and fixed interest rate contracts. The contract reserves are carried at the greater of the account balance or the value as determined for an annuity with cash settlement option, on a change in fund basis, according to the Commissioner’s Annuity Reserve Valuation Method.

For variable annuities with guaranteed living benefits and variable annuities with minimum guaranteed death benefits the Company complies with VM-21. VM-21 specifies statutory reserve requirements for variable annuity contracts with benefit guarantees (VACARVM) and without benefit guarantees and related products. The VM-21 reserve calculation covers all variable annuity products. Examples of covered guaranteed benefits include guaranteed minimum accumulation benefits, return of premium death benefits, guaranteed minimum income benefits, guaranteed minimum withdrawal benefits and guaranteed payout annuity floors. The aggregate reserve for contracts falling within the scope of VM-21 is equal to the stochastic reserves plus the additional standard projection amount.

61

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Both the stochastic reserves and the standard projection are determined as the conditional tail expectation (CTE)-70 of the scenario reserves. To determine the CTE-70 values, the Company used 1,000 of the pre-packaged scenarios developed by the American Academy of Actuaries (AAA) and Society of Actuaries. The stochastic reserves uses prudent estimate assumptions based on Company experience, while the standard projection uses the assumptions prescribed in VM-21 for determining the additional standard projection amount.

Accident and Health Liabilities

Accident and health policy reserves are equal to the greater of the gross unearned premiums or any required mid-terminal reserves plus net unearned premiums and the present value of amounts not yet due on both reported and unreported claims.

At December 31, 2019 and 2018, the Company had no premium deficiency reserve related to accident and health policies.

For indeterminate premium products, a full schedule of current and anticipated premium rates is developed at the point of issue. Premium rate adjustments are considered when anticipated future experience foretells deviations from the original profit standards. The source of deviation (mortality, persistency, expense, etc.) is an important consideration in the re-rating decision as well as the potential effect of a rate change on the future experience of the existing block of business.

Liabilities for losses and loss/claim adjustment expenses for accident and health contracts are estimated using statistical claim development models to develop best estimates of liabilities for medical expense business and using tabular reserves employing mortality/morbidity tables and discount rates meeting minimum regulatory requirements for other business. Unpaid claims include amounts for losses and related adjustment expenses and are estimates of the ultimate net costs of all losses, reported and unreported. These estimates are subject to the impact of future changes in claim severity, frequency and other factors.

62

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Activity in the liability for unpaid claims and related processing costs net of reinsurance is summarized as follows:

	Unpaid Claims Liability Beginning of Year		Claims Incurred		Claims Paid		Unpaid Claims Liability End of Year
Year ended December 31, 2019
2019	$	—	$	276,850	$	201,741	$	75,109
2018 and prior		135,241		2,690		86,381		51,550
		135,241	$	279,540	$	288,122		126,659
Active life reserve	$	632,180					$	623,147
Total accident and health reserves	$	767,421					$	749,806

	Unpaid Claims Liability Beginning of Year		Claims Incurred			Claims Paid		Unpaid Claims Liability End of Year
Year ended December 31, 2018
2018	$	—	$	308,983		$	225,500	$	83,483
2017 and prior		157,201		(21,859	)		83,584		51,758
		157,201	$	287,124		$	309,084		135,241
Active life reserve	$	657,543						$	632,180
Total accident and health reserves	$	814,744						$	767,421

The change in the Company’s unpaid claims reserve was $2,690 and ($21,859) for the years ended December 31, 2019 and 2018, respectively, for health claims that were incurred prior to those balance sheets dates. The change in 2019 was in normal range. The change in 2018 resulted primarily from variances in the estimated frequency of claims and claim severity.

Activity in the liability for unpaid claims adjustment expense is summarized as follows:

	Liability Beginning of Year		Incurred			Paid		Liability End of Year
Year ended December 31, 2019
2019	$	—	$	17,934		$	17,219	$	715
2018 and prior		3,091		(1,017	)		1,584		490
	$	3,091	$	16,917		$	18,803	$	1,205
Year ended December 31, 2018
2018	$	—	$	16,859		$	14,951	$	1,908
2017 and prior		3,279		(325	)		1,771		1,183
	$    3,279		$16,534			$    16,722		$    3,091

63

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company did not increase or decrease the claim adjustment expense provision for insured events of prior years during 2019.

Deposit-type Contracts

Tabular interest on funds not involving life contingencies has been determined primarily by formula.

The Company issues certain funding agreements with well-defined class-based annuity purchase rates defining either specific or maximum purchase rate guarantees. However, these funding agreements are not issued to or for the benefit of an identifiable individual or group of individuals. These contracts are classified as deposit-type contracts in accordance with SSAP No. 50.

Withdrawal Characteristics of Annuity Reserves and Deposit Funds

A portion of the Company’s policy reserves and other policyholders’ funds (including separate account liabilities) relates to liabilities established on a variety of the Company’s annuity, deposit fund and life products. There may be certain restrictions placed upon the amount of funds that can be withdrawn without penalty. The amount of reserves on annuity and deposit fund products, by withdrawal characteristics, is summarized as follows:

	December 31 2019
Individual Annuities:	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	541,753	$	561	$	—	$	542,314		1	%
At book value less surrender charge of 5% or more		907,255		—		—		907,255		1
At fair value		3,842		—		49,151,231		49,155,073		80
Total with adjustment or at fair value		1,452,850		561		49,151,231		50,604,642		82
At book value without adjustment (minimal or no charge or adjustment)		7,800,086		—		—		7,800,086		13
Not subject to discretionary withdrawal provision		2,498,084		—		264,646		2,762,730		5
Total individual annuity reserves		11,751,020		561		49,415,877		61,167,458		100	%
Less reinsurance ceded		2,833,026		—		—		2,833,026
Net individual annuities reserves	$	8,917,994	$	561	$	49,415,877	$	58,334,432
Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date		8		—		—		8

64

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

	December 31 2019
Group Annuities:	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	1,107,433	$	18,568	$	—	$	1,126,001		3	%
At book value less surrender charge of 5% or more		235		—		—		235		—
At fair value		—		—		29,101,801		29,101,801		84
Total with adjustment or at fair value		1,107,668		18,568		29,101,801		30,228,037		87
At book value without adjustment (minimal or no charge or adjustment)		2,475,633		—		—		2,475,633		7
Not subject to discretionary withdrawal provision		2,189,501		—		38,174		2,227,675		6
Total group annuities reserves		5,772,802		18,568		29,139,975		34,931,345		100	%
Less reinsurance ceded		377,165		—		—		377,165
Net group annuities reserves	$	5,395,637	$	18,568		$29,139,975	$	34,554,180
Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date		—		—		—		—

	December 31 2019
Deposit-type contracts (no life contingencies):	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	4,789	$	—	$	—	$	4,789		1	%
At book value less surrender charge of 5% or more		—		—		—		—		—
At fair value		—		—		—		—		—
Total with adjustment or at fair value		4,789		—		—		4,789		1
At book value without adjustment (minimal or no charge or adjustment)		775		—		—		775		—
Not subject to discretionary withdrawal provision		375,756		48,782		9,686		434,224		99
Total deposit-type contracts		381,320		48,782		9,686		439,788		100	%
Less reinsurance ceded		8,666		—		—		8,666
Net deposit-type contracts	$	372,654	$	48,782	$	9,686	$	431,122
Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date		—		—		—		—

65

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Reconcililation to the Annual Statement:	Amount
Life & Accident & Health Annual Statement:
Exhibit 5, Annuities section, total (net)	$	13,457,795
Exhibit 5, Supp contracts with life contingencies section, total (net)		636,920
Exhibit 7, Deposit-type contracts, net balance at the end of the current year after reinsurance		591,570
Subtotal		14,686,285
Separate Accounts Annual Statement:
Exhibit 3, Annuities section, total		78,311,341
Exhibit 3, Supp contracts with life contingencies section, total		263,640
Other contract deposit funds		58,468
Subtotal		78,633,449
Combined total	$	93,319,734

	December 31 2018
Individual Annuities:	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	528,969	$	1,279	$	—	$	530,248		1	%
At book value less surrender charge of 5% or more		501,977		—		—		501,977		1
At fair value		97,877		—		44,202,566		44,300,443		77
Total with adjustment or at fair value		1,128,823		1,279		44,202,566		45,332,668		79
At book value without adjustment (minimal or no charge or adjustment)		8,701,240		—		—		8,701,240		15
Not subject to discretionary withdrawal provision		3,209,969		—		214,506		3,424,475		6
Total individual annuity reserves		13,040,032		1,279		44,417,072		57,458,383		100	%
Less reinsurance ceded		2,819,439		—		—		2,819,439
Net individual annuity reserves	$	10,220,593	$	1,279	$	44,417,072	$	54,638,944
Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date		—		—		—		—

66

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

	December 31 2018
Group Annuities:	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	653,206	$	25,742	$	—	$	678,948		2	%
At book value less surrender charge of 5% or more		127		—		—		127		—
At fair value		—		—		25,390,084		25,390,084		82
Total with adjustment or at fair value		653,333		25,742		25,390,084		26,069,159		84
At book value without adjustment (minimal or no charge or adjustment)		2,543,431		—		—		2,543,431		8
Not subject to discretionary withdrawal provision		2,273,676		—		31,585		2,305,261		8
Total group annuity reserves		5,470,440		25,742		25,421,669		30,917,851		100	%
Less reinsurance ceded		398,265		—		—		398,265
Net group annuity reserves	$	5,072,175	$	25,742	$	25,421,669	$	30,519,586
Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date		—		—		—		—

	December 31 2018
Deposit-type contracts (no life contingencies):	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	4,718	$	—	$	—	$	4,718		1	%
At book value less surrender charge of 5% or more		—		—		—		—		—
At fair value		—		—		—		—		—
Total with adjustment or at fair value		4,718		—		—		4,718		1
At book value without adjustment (minimal or no charge or adjustment)		761		—		—		761		—
Not subject to discretionary withdrawal provision		731,816		38,792		8,286		778,894		99
Total deposit-type contracts		737,295		38,792		8,286		784,373		100	%
Less reinsurance ceded		8,174		—		—		8,174
Net deposit-type contracts	$	729,121	$	38,792	$	8,286	$	776,199
Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date		—		—		—		—

67

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

	Amount
Reconcililation to the Annual Statement:
Life & Accident & Health Annual Statement:
Exhibit 5, Annuities section, total (net)	$	14,401,938
Exhibit 5, Supp contracts with life contingencies section, total (net)		652,194
Exhibit 7, Deposit-type contracts, net balance at the end of the current year after reinsurance		967,757
Subtotal		16,021,889
Separate Accounts Annual Statement:
Exhibit 3, Annuities section, total		69,652,375
Exhibit 3, Supp contracts with life contingencies section, total		213,387
Other contract deposit funds		47,078
Subtotal		69,912,840
Combined total	$	85,934,729

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

	December 31 2019
	General Account						Separate Account—Guaranteed and Nonguaranteed
	Account Value		Cash Value		Reserve		Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term policies with cash value	$	127,240	$	174,114	$	294,514	$	—	$	—	$	—
Universal life		8,928,502		8,652,284		12,290,308		—		—		—
Universal life with secondary guarantees		3,583,462		3,496,533		8,994,292		—		—		—
Indexed universal life with secondary guarantees		138,016		98,875		127,312		—		—		—
Other permanent cash value life insurance		272,553		1,009,143		1,542,059		—		—		—
Variable universal life		42,258		41,415		924,560		4,151,215		4,149,688		5,473,280
Not subject to discretionary withdrawal or no cash values
Term policies without cash value		—		—		7,946,544		—		—		—
Accidental death benefits		—		—		36,530		—		—		—
Disability- active lives		—		—		31,521		—		—		—
Disability- disabled lives		—		—		55,431		—		—		—
Miscellaneous reserves		—		—		2,244,758		—		—		—
Total (gross)		13,092,031		13,472,364		34,487,829		4,151,215		4,149,688		5,473,280
Reinsurance ceded		4,155,647		4,155,691		23,015,518		—		—		—
Total (net)	$	8,936,384	$	9,316,673	$	11,472,311	$	4,151,215	$	4,149,688	$	5,473,280

Reconcililation to the Annual Statement:	Amount
Life & Accident & Health Annual Statement:
Exhibit 5, Life insurance section, total (net)	$	10,549,729
Exhibit 5, Accidental death benefits section total (net)		8,050
Exhibit 5, Disability—active lives section, total (net)		7,441
Exhibit 5, Disability—disabled lives section, total (net)		38,391
Exhibit 5, Miscellaneous reserves section, total (net)		868,700
Subtotal		11,472,311
Separate Accounts Annual Statement:
Exhibit 3, Life insurance section, total		5,473,280
Subtotal		5,473,280
Combined total	$	16,945,591

68

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

	December 31 2018
	General Account						Separate Account—Guaranteed and Nonguaranteed
	Account Value		Cash Value		Reserve		Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term policies with cash value	$	119,933	$	164,337	$	278,907	$	—	$	—	$	—
Universal life		8,754,568		8,450,724		12,226,647		—		—		—
Universal life with secondary guarantees		3,675,642		3,595,227		8,938,774		—		—		—
Indexed universal life with secondary guarantees		128,144		83,151		117,301		—		—		—
Other permanent cash value life insurance		262,629		1,033,222		1,574,909		—		—		—
Variable universal life		46,724		45,526		983,103		3,882,674		3,880,143		5,068,091
Not subject to discretionary withdrawal or no cash values
Term policies without cash value		—		—		7,708,101		—		—		—
Accidental death benefits		—		—		37,849		—		—		—
Disability- active lives		—		—		32,726		—		—		—
Disability- disabled lives		—		—		57,672		—		—		—
Miscellaneous reserves		—		—		2,139,264		—		—		—
Total (gross)		12,987,640		13,372,187		34,095,253		3,882,674		3,880,143		5,068,091
Reinsurance ceded		4,106,880		4,106,881		22,536,273		—		—		—
Total (net)	$	8,880,760	$	9,265,306	$	11,558,980	$	3,882,674	$	3,880,143	$	5,068,091

Reconcililation to the Annual Statement:	Amount
Life & Accident & Health Annual Statement:
Exhibit 5, Life insurance section, total (net)	$	10,812,154
Exhibit 5, Accidental death benefits section total (net)		7,954
Exhibit 5, Disability—active lives section, total (net)		8,226
Exhibit 5, Disability—disabled lives section, total (net)		40,261
Exhibit 5, Miscellaneous reserves section, total (net)		1,500,085
Subtotal		12,368,680
Separate Accounts Annual Statement:
Exhibit 3, Life insurance section, total		5,068,091
Subtotal		5,068,091
Combined total	$	17,436,771

Separate Accounts

Certain separate and variable accounts held by the Company relate to individual variable life insurance policies. The benefits provided on the policies are determined by the performance and/or fair value of the investments held in the separate account. The net investment experience of the separate account is credited directly to the policyholder and can be positive or negative. The assets of these separate accounts are carried at fair value. The life insurance policies typically provide a guaranteed minimum death benefit.

Certain separate accounts held by the Company represent funds which are administered for pension plans. The assets consist primarily of fixed maturities and equity securities and are carried at fair value. The Company provides a minimum guaranteed return to policyholders of certain separate accounts. Certain other separate accounts do not have any minimum guarantees and the investment risks associated with fair value changes are borne entirely by the policyholder.

69

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Information regarding the separate accounts of the Company as of and for the years ended December 31, 2019, 2018 and 2017 is as follows:

	Guaranteed Indexed		Nonindexed Guarantee Less Than or Equal to 4%		Nonindexed Guarantee Greater Than 4%		Nonguaranteed Separate Accounts		Total
Premiums, deposits and other considerations for the year ended December 31, 2019	$	—	$	—	$	11,868	$	8,778,459	$	8,790,327
Reserves for separate accounts as of December 31, 2019 with assets at:
Fair value	$	—	$	49,425	$	18,485	$	83,386,230	$	83,454,140
Amortized cost		—		652,587		—		—		652,587
Total as of December 31, 2019	$	—	$	702,012	$	18,485	$	83,386,230	$	84,106,727
Reserves for separate accounts by withdrawal characteristics as of
December 31, 2019:
With fair value adjustment	$	—	$	19,128	$	—	$	—	$	19,128
At fair value		—		—		—		83,073,724		83,073,724
At book value without fair value adjustment and with current surrender charge of less than 5%		—		652,587		—		—		652,587
Subtotal		—		671,715		—		83,073,724		83,745,439
Not subject to discretionary withdrawal		—		30,297		18,485		312,506		361,288
Total separate account reserve liabilities at December 31, 2019	$	—	$	702,012	$	18,485	$	83,386,230	$	84,106,727

	Guaranteed Indexed		Nonindexed Guarantee Less Than or Equal to 4%		Nonindexed Guarantee Greater Than 4%		Nonguaranteed Separate Accounts		Total
Premiums, deposits and other considerations for the year ended December 31, 2018	$	—	$	—	$	11,732	$	8,859,114	$	8,870,846
Reserves for separate accounts as of December 31, 2018 with assets at:
Fair value	$	—	$	51,005	$	14,808	$	74,268,245	$	74,334,058
Amortized cost		—		646,872		—		—		646,872
Total as of December 31, 2018	$	—	$	697,877	$	14,808	$	74,268,245	$	74,980,930
By withdrawal characteristics:
Reserves for separate accounts by withdrawal characteristics as of
December 31, 2018:
With fair value adjustment	$	—	$	27,021	$	—	$	—	$	27,021
At fair value		—		—		—		74,013,868		74,013,868
At book value without fair value adjustment and with current surrender charge of less than 5%		—		646,872		—		—		646,872
Subtotal		—		673,893		—		74,013,868		74,687,761
Not subject to discretionary withdrawal		—		23,984		14,808		254,377		293,169
Total separate account reserve liabilities at December 31, 2018	$	—	$	697,877	$	14,808	$	74,268,245	$	74,980,930

70

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

	Guaranteed Indexed		Nonindexed Guarantee Less Than or Equal to 4%		Nonindexed Guarantee Greater Than 4%		Nonguaranteed Separate Accounts		Total
Premiums, deposits and other considerations for the year ended December 31, 2017	$	—	$	80	$	10,782	$	8,536,011	$	8,546,873
Reserves for separate accounts as of December 31, 2017 with assets at:
Fair value	$	—	$	57,965	$	19,569	$	83,794,485	$	83,872,019
Amortized cost		—		633,003		—		—		633,003
Total as of December 31, 2017	$	—	$	690,968	$	19,569	$	83,794,485	$	84,505,022
Reserves for separate accounts by withdrawal characteristics as of December 31, 2017:
With fair value adjustment	$	—	$	32,619$		—	$	—	$	32,619
At fair value		—		—		—		83,719,277		83,719,277
At book value without fair value adjustment and with current surrender charge of less than 5%		—		633,003		—		—		633,003
Subtotal		—		665,622		—		83,719,277		84,384,899
Not subject to discretionary withdrawal		—		25,346		19,569		75,208		120,123
Total separate account reserve liabilities at December 31, 2017	$	—	$	690,968	$	19,569	$	83,794,485	$	84,505,022

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

	Year Ended December 31
	2019			2018			2017
Transfer as reported in the summary of operations of the separate accounts statement:
Transfers to separate accounts	$	9,249,559		$	9,208,119		$	8,751,721
Transfers from separate accounts		(12,987,554	)		(13,130,804	)		(11,815,503	)
Net transfers from separate accounts		(3,737,995	)		(3,922,685	)		(3,063,782	)
Miscellaneous reconciling adjustments		(130,622	)		(152,560	)		444,099
Net transfers as reported in the summary of operations of the life, accident and health annual statement	$	(3,868,617	)	$	(4,075,245	)	$	(2,619,683	)

71

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The legal insulation of separate account assets prevents such assets from being generally available to satisfy claims resulting from the general account. At December 31, 2019 and 2018, the Company’s separate account statement included legally insulated assets of $85,698,798 and $76,754,148, respectively. The assets legally insulated from general account claims at December 31, 2019 and 2018 are attributed to the following products:

	2019		2018
Group annuities	$	27,466,046	$	23,941,313
Variable annuities		52,062,801		46,955,172
Fixed universal life		684,149		695,569
Variable universal life		4,124,798		3,737,005
Variable life		1,338,413		1,409,360
Modified separate accounts		9,646		4,813
Registered market value annuity product—SPL		12,945		10,916
Total separate account assets	$	85,698,798	$	76,754,148

At December 31, 2019 and 2018, the Company held separate account assets not legally insulated from the general account in the amount of $21,891 and $29,244, respectively, related to variable annuity products.

Some separate account liabilities are guaranteed by the general account. In accordance with the guarantees provided, if the investment proceeds are insufficient to cover the rate of return guaranteed for the product, the policyholder proceeds will be remitted by the general account. To compensate the general account for the risk taken, the separate account paid risk charges of $542,322, $538,628, $525,773, $504,689, and $456,558, to the general account in 2019, 2018, 2017, 2016, and 2015, respectively. During the years ended December 31, 2019, 2018, 2017, 2016, and 2015 the general account of the Company had paid $73,992, $68,367, $69,207, $103,800, and $250,471 respectively, toward separate account guarantees.

At December 31, 2019 and 2018, the Company reported guaranteed separate account assets at amortized cost in the amount of $653,181 and $643,109, respectively, based upon the prescribed practice granted by the State of Iowa as described in Note 2. These assets had a fair value of $719,048 and $679,964 at December 31, 2019 and 2018, respectively, which would have resulted in an unrealized gain of $65,867 and $36,855, respectively, had these assets been reported at fair value.

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

8. Reinsurance

Certain premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The Company reinsures portions of the risk on certain insurance policies which exceed its established limits, thereby providing a greater diversification of risk and minimizing exposure on larger risks. The Company remains contingently liable with respect to any insurance ceded, and this would become an actual liability in the event that the assuming insurance company became unable to meet its obligation under the reinsurance treaty.

72

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Premiums earned reflect the following reinsurance amounts:

	Year Ended December 31
	2019			2018			2017
Direct premiums	$	14,573,402		$	13,848,720		$	13,209,093
Reinsurance assumed—non affiliates		1,225,065			1,268,615			1,351,628
Reinsurance assumed—affiliates		106,627			125,367			325,332
Reinsurance ceded—non affiliates		(2,436,179	)		(3,044,184	)		(15,104,247	)
Reinsurance ceded—affiliates		(1,322,809	)		(1,385,000	)		(3,295,974	)
Net premiums earned	$	12,146,106		$	10,813,518		$	(3,514,168	)

The Company received reinsurance recoveries in the amount of $3,943,015, $3,729,097 and $3,736,461, during 2019, 2018 and 2017, respectively. At December 31, 2019 and 2018, estimated amounts recoverable from reinsurers that have been deducted from policy and contract claim reserves totaled $1,146,686 and $1,061,987. The aggregate reserves for policies and contracts were reduced for reserve credits for reinsurance ceded at December 31, 2019 and 2018 of $42,515,411 and $42,224,573, respectively, of which $21,356,465 and $20,685,636 were ceded to affiliates.

During 2019, 2018 and 2017, amortization of deferred gains associated with previously transacted reinsurance agreements was released into income in the amount of $219,496 ($142,972 after tax), $514,911 ($335,855 after tax) and $90,556 ($62,716 after tax), respectively.

During 2019, 2018 and 2017, the Company obtained letters of credit of $26,675, $56,994 and $55,017, respectively, for the benefit of affiliated and nonaffiliated companies that have reinsured business to the Company where the ceding company’s state of domicile does not recognize the Company as an authorized reinsurer.

Effective January 1, 2019, the Company recaptured term insurance business of a reinsurance treaty with an affiliate, LIICA Re II, Inc. The universal life with secondary guarantees remained reinsured under the treaty. The Company received cash of $15,079, recaptured $67,590 in policyholder reserves, $371 of claim reserves, and net due, deferred and advance premiums of $2,279. The transaction resulted in a pre-tax loss of $50,603, which has been included in the Statements of Operations. In addition, the Company released into income a previously deferred unamortized gain resulting from the original cession of this business to LIICA Re II in the amount of $13,826 with a corresponding charge to unassigned surplus.

In January 2018, Scottish Re Group (SRUS) announced a sale and restructuring plan and commenced Chapter 11 (reorganization) procedures for some of its subsidiaries. In December 2018, the Delaware Department of Insurance began oversight procedures of Scottish Re (U.S.), Inc. (SRUS), with whom the Company is a counterparty for some of its reinsurance activities. SRUS was ordered into receivership for the purposes of rehabilitation on March 6, 2019. The IID suspended the certificate of authority for SRUS on May 16, 2019. The IID has continued to allow reinsurance credit for contracts in force as of May 16, 2019. At December 31, 2019, the Company’s reserves ceded to Scottish Re Group were $102,181. The receiver currently has committed to the court it will provide a rehabilitation plan or a recommendation to move to liquidation in 2020.

73

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Effective October 1, 2018, the Company recaptured credit insurance business from an affiliate, Ironwood Re Corp. The Company released $1,812 in funds withheld liability, recaptured $2,430 of policyholder reserves and $426 of claim reserves. The transaction resulted in a pre-tax loss of $1,044 which has been included in the Statements of Operations. In addition, the Company released into income a previously deferred unamortized gain resulting from the original cession of this business to Ironwood in the amount of $1,262 ($821 after-tax) with a corresponding charge to unassigned surplus.

Effective October 1, 2018, an affiliate, Transamerica Premier Life Insurance Company (TPLIC) recaptured group health insurance business from the Company. The Company paid consideration of $33,799 and released $13,767 of policyholder reserves, $980 of unearned premium reserve and $7,366 of claim reserves. The transaction resulted in a pre-tax loss of $11,686 which has been included in the Statements of Operations.

Effective July 1, 2018, the Company recaptured term insurance business from an affiliate, Stonebridge Reinsurance Company. The Company received cash of $137,447, recaptured $680,477 in policyholder reserves, $28,815 in claim reserves, net due premiums and commissions of $11,764 and $10,560 in interest maintenance reserve liability. The transaction resulted in a pre-tax loss of $570,641 which was included in the Statements of Operations. In addition, as a result of this transaction, amounts previously deferred to surplus under SSAP No. 61R, were released resulting in an increase to earnings, net of tax, of $184,144.

Effective July 1, 2018, the Company entered into a reinsurance agreement to cede an in force block of term insurance business to SCOR Global Life Americas. The Company paid consideration of $260,000, ceded $674,799 in policyholder reserves, $27,884 in claim reserves, $8,289 in due premium (net of commissions), and $13,229 in interest maintenance reserves liability. The transaction resulted in a pre-tax gain of $447,623 which will be identified separately on the insurer’s statutory financial statement as a surplus item. Recognition of the surplus increase as income shall be reflected on a net of tax basis as earnings emerge from the business reinsured.

Effective June 29, 2018, the Company and Wilton Re U. S. Holdings, Inc. (Wilton Re) entered into an agreement as to the “Final Net Settlement Statements and Other Matters” (NSS) associated with the reinsurance agreement between the two companies that was effective April 1, 2017. This agreement related to the reinsurance of the payout annuity and BOLI/COLI business to Wilton Re. As a result of the mutual concessions between the parties, Wilton Re will pay the Company $47,221. In addition, the Company released a reinsurance receivable in the amount of $3,234 related to the initial proposed final NSS that was used for closing. The net pretax impact to Capital and Surplus of these adjustments was $43,986.

Effective June 29, 2018, the Company and Wilton Re agreed to Amendment No. 1 to the Reinsurance Agreement dated June 28, 2017. This amendment converted risks that were ceded on a modified coinsurance basis to a coinsurance basis by reducing the amount of reinsurance ceded in the NSS and reducing the modco reserves ceded. At the close of the original transaction,

74

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

the Company offset the reserve ceded related to a modified separate account contract. Within the amendment to the Master Transaction Agreement, the Company agrees to pay Wilton Re an amount in cash equal to $95,386, which will be offset in full against an equivalent balance of other amounts due and payable to the Company, such that no cash or other assets shall be required to be transferred by the Parties.

Effective December 1, 2017, the Company entered into an agreement with TPLIC, an affiliate, to convert the modified coinsurance agreement to coinsurance and funds withheld. As a result, TLIC transferred cash and invested assets to TPLIC. Assets that were not able to be transferred were retained in a FWH portfolio by TLIC until they mature, are sold or can be transferred. The Company transferred cash and invested assets with a market value of $6,487,360 to TPLIC. The reserves of $4,543,045 and claim reserves of $199,940 net of due and advance premium of $5,815 previously held on a modco basis were transferred to TPLIC. As a result of the transaction $18,642 existing IMR and $1,125,506 newly created IMR ($1,731,547 pre-tax gains) was released and transferred to TPLIC. The transaction results in a pre-tax loss of $606,042 which has been included in the Statements of Operations. Realized gains on the sale of assets supporting the business resulted in gains that offset the impact of the pre-tax loss related to the transaction. The Company ceded modified coinsurance reserves of $4,536,010 as of December 31, 2016 for certain stand-alone long-term care policies under the indemnity reinsurance agreement with TPLIC.

Effective October 1, 2017, the Company recaptured credit life business from an affiliate, Southwest Equity Life Insurance Company. Subsequently, the mortgage life and disability insurance business was recaptured from the Company by TPLIC.

Effective October 1, 2017, the Company recaptured term insurance business from an affiliate, Transamerica International Reinsurance (Bermuda) Ltd. The Company received cash of $346,458, recaptured $1,260,767 in policyholder reserves, $35,798 claim reserves, $3,502 commissions payable and $26,595 due premium. The transaction results in a pre-tax loss of $927,014 which has been included in the Statements of Operations. The Company subsequently entered into an agreement with SCOR Global Life Americas to assume business related to this recapture at the same consideration. The gain related to this reinsurance agreement was deferred to surplus. The combination of the transaction results in no impact to the surplus of the Company.

Effective October 1, 2017, the Company recaptured term insurance business from an affiliate, LIICA Re I. The Company received cash of $113,953, recaptured $724,596 in policyholder reserves, $19,768 claim reserves and $11,124 in interest maintenance reserve liability. The transaction results in a pre-tax loss of $641,535 which has been included in the Statements of Operations. The Company subsequently entered into an agreement with SCOR Global Life Americas to assume business related to this recapture.

Effective October 1, 2017, the Company recaptured certain term insurance business from an affiliate, Transamerica Pacific Insurance Company (TPIC). The Company received cash of $1,902 and recaptured $17,310 in policyholder reserves, $2,897 claim reserves and $325 due premium (net of commission). The transaction results in a pre-tax loss of $17,980 which has been included in the Statements of Operations. The Company subsequently entered into an agreement with SCOR Global Life Americas to assume business related to this recapture.

75

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Effective October 1, 2017, the Company novated the reinsurance agreement between TPIC and Transamerica International Re (Bermuda) Ltd. No cash or invested asset or net reserves were transferred as a result of this novation. The transaction results in no pre-tax gain or loss.

Subsequently effective October 1, 2017, the Company entered into a reinsurance agreement to cede an in force block of term insurance business to SCOR Global Life Americas. The Company accrued to a funds withheld payable of $314,000 ceding $737,678 in policyholder reserves, $21,886 claim reserves, $10,958 due premium (net of commissions), offset by a reinsurance recoverable of $6,000 receivable and $11,124 in interest maintenance reserves liability. The transaction results in a pre-tax gain of $451,730 which has been identified separately on the insurer’s statutory financial statement as a surplus item and recognition of the surplus increase as income shall be reflected on a net of tax basis as earnings emerge from the business reinsured. The funds withheld balance was paid to SCOR Global Life Americas on December 29, 2017.

On June 28, 2017, Transamerica completed a transaction to reinsure its payout annuity business and Bank Owned Life Insurance/Corporate Owned Life Insurance business (BOLI/COLI). Under the terms of the Master Agreement, the Company entered into a 100% coinsurance (general account liabilities)/100% modified coinsurance (separate account liabilities) reinsurance agreement with Wilton Reassurance Company, with an effective date of April 1, 2017. The Company transferred assets in the amount of $8,312,263, which included a negative ceding commission of $112,183, and released policy and deposit-type reserves of $7,186,330 and reinsurance deposit, policy loans and other balances related to the business of $191,144. Modified coinsurance separate account reserves of $3,695,331 were retained by the Company. As a part of the transaction, the Company realized $972,360 in net gains on the assets that were transferred of which $627,872 were deferred to IMR. The IMR liability simultaneously was released along with historical deferrals associated with the blocks of business in the amount of $921,322, resulting in a pretax loss of $51,266, which has been included in the Statements of Operations.

Effective January 1, 2017, three affiliated reinsurance treaties with TLB were amended to include the cession of all business with secondary guarantee universal life (SGUL) issued or novated by the Company. The Company increased cessions from 80 to 100% coinsurance and increased the expense allowance by fifteen basis points of account value on all business ceded based on the end of the period account value. As consideration for the cessions, the Company received cash and invested assets of $206,742, equal to the additional U.S. statutory reserves, resulting in no gain or loss on the transaction.

76

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

9. Income Taxes

The net deferred income tax asset at December 31, 2019 and 2018 and the change from the prior year are comprised of the following components:

	December 31, 2019
	Ordinary		Capital			Total
Gross Deferred Tax Assets	$	1,422,652	$	101,290		$	1,523,942
Statutory Valuation Allowance Adjustment		13,747		—			13,747
Adjusted Gross Deferred Tax Assets		1,408,905		101,290			1,510,195
Deferred Tax Assets Nonadmitted		—		—			—
Subtotal (Net Deferred Tax Assets)		1,408,905		101,290			1,510,195
Deferred Tax Liabilities		843,226		191,611			1,034,837
Net Admitted Deferred Tax Assets	$	565,679	$	(90,321	)	$	475,358

	December 31, 2018
	Ordinary		Capital			Total
Gross Deferred Tax Assets	$	1,618,151	$	132,884		$	1,751,035
Statutory Valuation Allowance Adjustment		—		—			—
Adjusted Gross Deferred Tax Assets		1,618,151		132,884			1,751,035
Deferred Tax Assets Nonadmitted		96,652		—			96,652
Subtotal (Net Deferred Tax Assets)		1,521,499		132,884			1,654,383
Deferred Tax Liabilities		816,662		210,082			1,026,744
Net Admitted Deferred Tax Assets	$	704,837	$	(77,198	)	$	627,639

	Change
	Ordinary			Capital			Total
Gross Deferred Tax Assets	$	(195,499	)	$	(31,594	)	$	(227,093	)
Statutory Valuation Allowance Adjustment		13,747			—			13,747
Adjusted Gross Deferred Tax Assets		(209,246	)		(31,594	)		(240,840	)
Deferred Tax Assets Nonadmitted		(96,652	)		—			(96,652	)
Subtotal (Net Deferred Tax Assets)		(112,594	)		(31,594	)		(144,188	)
Deferred Tax Liabilities		26,564			(18,471	)		8,093
Net Admitted Deferred Tax Assets	$	(139,158	)	$	(13,123	)	$	(152,281	)

77

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

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

	Year Ended December 31
	2019		2018		Change
Deferred Tax Assets:
Ordinary
Policyholder reserves	$	486,010	$	601,605	$	(115,595	)
Investments		328,516		295,047		33,469
Deferred acquisition costs		255,732		225,485		30,247
Policyholder dividends accrual		1,914		1,232		682
Fixed assets		4,933		17,844		(12,911	)
Compensation and benefits accrual		19,346		21,148		(1,802	)
Receivables—nonadmitted		11,594		13,038		(1,444	)
Tax credit carry-forward		259,638		349,547		(89,909	)
Other (including items <5% of total ordinary tax assets)		54,969		93,205		(38,236	)
Subtotal		1,422,652		1,618,151		(195,499	)
Statutory valuation allowance adjustment		13,747		—		13,747
Nonadmitted		—		96,652		(96,652	)
Admitted ordinary deferred tax assets		1,408,905		1,521,499		(112,594	)
Capital:
Investments		101,290		132,884		(31,594	)
Subtotal		101,290		132,884		(31,594	)
Statutory valuation allowance adjustment		—		—		—
Nonadmitted		—		—		—
Admitted capital deferred tax assets		101,290		132,884		(31,594	)
Admitted deferred tax assets	$	1,510,195	$	1,654,383	$	(144,188	)

	Year Ended December 31
	2019		2018		Change
Deferred Tax Liabilities:
Ordinary
Investments	$	657,801	$	602,167	$	55,634
Policyholder reserves		185,248		177,087		8,161
Other (including items <5% of total ordinary tax liabilities)		177		37,408		(37,231	)
Subtotal		843,226		816,662		26,564
Capital
Investments		191,611		210,082		(18,471	)
Subtotal		191,611		210,082		(18,471	)
Deferred tax liabilities		1,034,837		1,026,744		8,093
Net deferred tax assets/liabilities	$	475,358	$	627,639	$	(152,281	)

As a result of the 2017 Tax Cuts and Jobs Act (TCJA), the Company’s tax reserve deductible temporary difference increased by $49,757. This change results in an offsetting ($49,757) taxable temporary difference that will be amortized into taxable income evenly over the eight years subsequent to 2017. The remaining amortizable balance is included within the Policyholder Reserves line items above.

78

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

At December 31, 2019, the Company recorded a tax valuation allowance of $13,747 for deferred tax assets related to its foreign tax credit carryover. Due to the TCJA reduction in the U.S. Federal tax rate, Management no longer believes it is more likely than not that the Company will realize the benefit of its foreign tax credit carryover. The ultimate realization of this deferred tax asset depends on generation of sufficient future foreign source taxable income before the foreign tax credit carryover expires in 2027. Management considers the projected foreign source taxable income, credit expirations and tax planning strategies in making the assessment.

As discussed in Note 2, for the years ended December 31, 2019 and 2018 the Company admits deferred income tax assets pursuant to SSAP No. 101. The amount of admitted adjusted gross deferred income tax assets under each component of SSAP No. 101 is as follows:

				December 31, 2019
		Ordinary		Capital		Total
Admission Calculation Components SSAP No. 101
2(a)	Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks	$	—	$	—	$	—
2(b)	Adjusted Gross Deferred Tax Assets Expected to be Realized (Excluding The Amount of Deferred Tax Assets From 2(a) above) After Application of the Threshold Limitation (the Lesser of 2(b)1 and 2(b)2 below)		557,252		31,779		589,031
	1. Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date		557,252		31,779		589,031
	2. Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold		XXX		XXX		907,922
2(c)	Adjusted Gross Deferred Tax Assets (Excluding The Amount Of Deferred Tax Assets From 2(a) and 2(b) above) Offset by Gross Deferred Tax Liabilities		851,653		69,511		921,164
2(d)	Deferred Tax Assets Admitted as the result of application of SSAP No. 101, Total (2(a) + 2(b) + 2(c))	$	1,408,905	$	101,290	$	1,510,195

79

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

		December 31, 2018
		Ordinary		Capital		Total
Admission Calculation Components SSAP No. 101
2(a)	Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks	$	—	$	—	$	—
2(b)	Adjusted Gross Deferred Tax Assets Expected to be Realized (Excluding The Amount of Deferred Tax Assets From 2(a) above) After Application of the Threshold Limitation (the Lesser of 2(b)1 and 2(b)2 below)		596,212		34,054		630,266
	1. Adjusted Gross Deferred Tax Assets     Expected to be Realized Following the     Balance Sheet Date		596,212		34,054		630,266
	2. Adjusted Gross Deferred Tax Assets     Allowed per Limitation Threshold		XXX		XXX		847,469
2(c)	Adjusted Gross Deferred Tax Assets (Excluding The Amount Of Deferred Tax Assets From 2(a) and 2(b) above) Offset by Gross Deferred Tax Liabilities		925,287		98,830		1,024,117
2(d)	Deferred Tax Assets Admitted as the result of application of SSAP No. 101, Total (2(a) + 2(b) + 2(c))	$	1,521,499	$	132,884	$	1,654,383

		Change
		Ordinary			Capital			Total
Admission Calculation Components SSAP No. 101
2(a)	Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks	$	—		$	—		$	—
2(b)	Adjusted Gross Deferred Tax Assets Expected to be Realized (Excluding The Amount of Deferred Tax Assets From 2(a) above) After Application of the Threshold Limitation (the Lesser of 2(b)1 and 2(b)2 below)		(38,960	)		(2,275	)		(41,235	)
	1. Adjusted Gross Deferred Tax Assets     Expected to be Realized Following the     Balance Sheet Date		(38,960	)		(2,275	)		(41,235	)
	2. Adjusted Gross Deferred Tax Assets     Allowed per Limitation Threshold		XXX			XXX			60,453
2(c)	Adjusted Gross Deferred Tax Assets (Excluding The Amount Of Deferred Tax Assets From 2(a) and 2(b) above) Offset by Gross Deferred Tax Liabilities		(73,634	)		(29,319	)		(102,953	)
2(d)	Deferred Tax Assets Admitted as the result of application of SSAP No. 101, Total (2(a) + 2(b) + 2(c))	$	(112,594	)	$	(31,594	)	$	(144,188	)

	December 31
	2019			2018			Change
Ratio Percentage Used To Determine Recovery Period and Threshold Limitation Amount		848	%		818	%		30	%
Amount of Adjusted Capital and Surplus Used To Determine Recovery Period and Threshold Limitation in 2(b)2 Above	$	6,052,812		$	5,649,795		$	403,017

80

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The impact of tax planning strategies at December 31, 2019 and 2018 was as follows:

	December 31, 2019
	Ordinary Percent			Capital Percent			Total Percent
Impact of Tax Planning Strategies:
(% of Total Adjusted Gross DTAs)		0	%		0	%		0	%
(% of Total Net Admitted Adjusted Gross DTAs)		1	%		0	%		1	%

	December 31, 2018
	Ordinary Percent			Capital Percent			Total Percent
Impact of Tax Planning Strategies:
(% of Total Adjusted Gross DTAs)		0	%		0	%		0	%
(% of Total Net Admitted Adjusted Gross DTAs)		2	%		24	%		4	%

The Company’s tax planning strategies do not include the use of reinsurance-related tax planning strategies.

Current income taxes incurred consist of the following major components:

	Year Ended December 31
	2019			2018			Change
Current Income Tax
Federal	$	(77,933	)	$	(63,062	)	$	(14,871	)
Foreign		—			—			—
Subtotal		(77,933	)		(63,062	)		(14,871	)
Federal income tax on net capital gains		43,047			(4,006	)		47,053
Federal and foreign income taxes incurred	$	(34,886	)	$	(67,068	)	$	32,182

	Year Ended December 31
	2018			2017			Change
Current Income Tax
Federal	$	(63,062	)	$	(1,035,137	)	$	972,075
Foreign		—			31			(31	)
Subtotal		(63,062	)		(1,035,106	)		972,044
Federal income tax on net capital gains		(4,006	)		197,937			(201,943	)
Federal and foreign income taxes incurred	$	(67,068	)	$	(837,169	)	$	770,101

81

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company’s current income tax incurred and change in deferred income tax differs from the amount obtained by applying the federal statutory rate to income before tax as follows:

	Year Ended December 31
	2019			2018			2017
Current income taxes incurred	$	(34,886	)	$	(67,068	)	$	(837,169	)
Change in deferred income taxes (without tax on unrealized gains and losses)		164,812			(164,466	)		956,486
Total income tax reported	$	129,926		$	(231,534	)	$	119,317
Income before taxes	$	3,306,846		$	(1,613,658	)	$	1,674,439
		21.00	%		21.00	%		35.00	%
Expected income tax expense (benefit) at statutory rate	$	694,438		$	(338,868	)	$	586,054
Increase (decrease) in actual tax reported resulting from:
Pre-tax income of disregarded subsidiaries	$	22,600		$	13,405		$	343,013
Dividends received deduction		(58,418	)		(51,477	)		(233,578	)
Tax-exempt income		(9,681	)		(2,455	)		(3,063	)
Nondeductible expenses		5,058			5,176			64,514
Pre-tax items reported net of tax		(39,457	)		(9,892	)		(712,769	)
Tax credits		(29,037	)		(52,239	)		(54,076	)
Prior period tax return adjustment		10,746			10,586			(5,969	)
Change in statutory valuation allowance		13,747			(2,432	)		(11,576	)
Change in tax rates		—			—			18,760
Change in uncertain tax positions		(241	)		3,104			3,668
Deferred tax change on other items in surplus		(480,743	)		207,024			140,162
Other		914			(13,466	)		(15,823	)
Total income tax reported	$	129,926		$	(231,534	)	$	119,317

On December 22, 2017, the TCJA reduced the federal tax rate to 21%. As a result, the Company reduced its net deferred tax asset balance by $18,760, excluding $42,500 of net deferred tax asset reduction on unrealized gains (losses) in the 2017 financial statements.

The effects of the U.S. tax reform were reflected in the 2017 financial statements as determined or as reasonably estimated provisional amounts based on available information subject to interpretation in accordance with the SEC’s Staff Accounting Bulletin No. 118 (SAB 118), as adopted by NAIC SAPWG INT 18-01. SAB 118 provides guidance on accounting for the effects of U.S. tax reform where the Company’s determinations are incomplete but the Company can determine a reasonable estimate. The TCJA related disclosures and figures in the 2018 financials represent final impacts with no estimated figures remaining.

The Company’s federal income tax return is consolidated with other included affiliated companies. Please see the listing of companies in Appendix A. The method of allocation between the companies is subject to a written tax allocation agreement. Under the terms of the tax allocation agreement, allocations are based on separate income tax return calculations. The Company is entitled to recoup federal income taxes paid in the event the future losses and credits reduce the greater of the Company’s separately computed income tax liability or the consolidated

82

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

group’s income tax liability in the year generated. The Company is also entitled to recoup federal income taxes paid in the event the losses and credits reduce the greater of the Company’s separately computed income tax liability or the consolidated group’s income tax liability in any carryback or carryforward year when so applied. Intercompany income tax balances are settled within thirty days of payment to or filing with the Internal Revenue Service. A tax return has not been filed for 2019.

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

Description	Amounts		Origination Dates		Expiration Dates
Foreign Tax Credit	$	13,747		12/31/2017		12/31/2027
Foreign Tax Credit Total	$	13,747
General Business Credit	$	29,094		12/31/2009		12/31/2029
General Business Credit		51,443		12/31/2010		12/31/2030
General Business Credit		46,730		12/31/2011		12/31/2031
General Business Credit		30,962		12/31/2012		12/31/2032
General Business Credit		24,765		12/31/2013		12/31/2033
General Business Credit		20,930		12/31/2014		12/31/2034
General Business Credit		18,131		12/31/2015		12/31/2035
General Business Credit		2,935		12/31/2016		12/31/2036
General Business Credit		5,189		12/31/2017		12/31/2037
General Business Credit		5,280		12/31/2018		12/31/2038
General Business Credit		10,431		12/31/2019		12/31/2039
General Business Credit Total	$	245,890

Gross AMT Credit Recognized as:

(1) Gross AMT credit recognized as:
a. Current year recoverable	$	14,515
b. Deferred tax asset (DTA)		—
(2) Beginning balance of AMT credit carryforward		14,515
(3) Amounts recovered		14,515
(4) Adjustments		—
(5) Ending balance of AMT credit carryforward (5=2-3-4)		—
(6) Reduction for sequestration		—
(7) Nonadmitted by reporting entity		—
(8) Reporting entity ending balance (8=5-6-7)	$	—

The Company elected to account for its alternative minimum tax credit carryforward as a deferred tax asset.

83

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The total amount of the unrecognized tax benefits that if recognized, would affect the effective income tax rate:

	Unrecognized Tax Benefits
Balance at January 1, 2018	$	15,486
Tax positions taken during prior period		3,105
Balance at December 31, 2018	$	18,591
Tax positions taken during prior period		(241	)
Balance at December 31, 2019	$	18,350

The Company classifies interest and penalties related to income taxes as income tax expense. The amount of interest and penalties accrued on the balance sheets as income taxes includes the following:

						Total payable
	Interest			Penalties		(receivable)
Balance at January 1, 2017	$	11,926		$	—	$	11,926
Interest expense (benefit)		(5,815	)		—		(5,815	)
Cash received (paid)		(9,212	)		—		(9,212	)
Balance at December 31, 2017	$	(3,101	)	$	—	$	(3,101	)
Interest expense (benefit)		2,727			—		2,727
Cash received (paid)		1,810			—		1,810
Balance at December 31, 2018	$	1,436		$	—	$	1,436
Interest expense (benefit)		5,709			—		5,709
Balance at December 31, 2019	$	7,145		$	—	$	7,145

The Company has no federal income tax returns currently under examination. The Internal Revenue Service completed its examination for years 2009 through 2013 resulting in tax return adjustments for which an appeals conference was requested. Federal income tax returns filed in 2014 through 2018 remain open, subject to potential future examination. The Company believes that there are adequate defenses against or sufficient provisions established related to any open or contested tax positions.

10. Capital and Surplus

The Company had authorized 1,000,000 common stock shares at $10 per share par value of which 676,190 shares were issued and outstanding at December 31, 2019 and 2018.

The Company has 42,500 Series A preferred shares authorized, 0 shares issued and outstanding. On December 26, 2006, the Company repurchased its Series A preferred shares for $58,000. The Company previously reported 42,500 shares of Series A preferred stock outstanding at $10 par, carried as treasury stock. It has been determined that these shares were cancelled by operation of law as they were not stipulated by the Board of Directors to be treasury shares at the time they were repurchased. The cancellation and removal of the preferred stock had no impact to Capital and Surplus of the Company. The Company also has 250,000 Series B preferred non-voting shares authorized at $10 per share par value, of which 0 shares were issued and outstanding at December 31, 2019. The Company paid its parent company to redeem the Series B non-voting preferred stock at par value on the following dates: December 13, 2018: 55,930 shares for $559; December 27, 2017: 29,787 shares for $297 and December 22, 2016: 31,437 shares for $314.

84

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company is subject to limitations, imposed by the State of Iowa, on the payment of dividends to its stockholders. Generally, dividends during any twelve-month period may not be paid, without prior regulatory approval, in excess of the greater of (a) 10 percent of the Company’s statutory surplus as of the preceding December 31, or (b) the Company’s statutory gain from operations before net realized capital gains (losses) on investments for the preceding year. Subject to the availability of unassigned surplus at the time of such dividend, the maximum payment which may be made in 2020, without the prior approval of insurance regulatory authorities, is $3,053,498.

On December 20, 2019, the Company paid extraordinary common stock dividends of $725,000 to its parent company.

On June 21, 2019, the Company paid an extraordinary dividend of $400,000 split between a return of capital of $250,000 to its parent company and paid off the remaining balance of a surplus note of $150,000 to Transamerica Corporation (TA Corp).

On December 31, 2018, the Company provided a non-cash distribution of the Pension Plan for U.S. Agents of TLIC asset valued at $60,347 to its parent company in order to facilitate the approved plan merger of the Pension Plan for U.S. Agents of TLIC maintained by the Company into the Transamerica Employee Pension Plan maintained by TA Corp.

The Company paid an extraordinary preferred stock dividend and an extraordinary common stock dividend of $16,732 and $47,488, respectively, to its parent company on December 13, 2018.

The Company provided cash returns of capital to its parent company in the amount of $558,740 on December 13, 2018.

The Company paid an ordinary preferred stock dividend and an ordinary common stock dividend of $16,920 and $283,080, respectively, to its parent company on June 29, 2018.

Prior to the merger, TALIC paid an ordinary dividend of $200,000 to its parent company, TA Corp, on April 20, 2018.

On December 31, 2019, the Company received ordinary common stock dividends of $100,000 from TLIC Oakbrook Reinsurance, Inc. (TORI).

On December 20, 2019, the Company received $99,982 from Transamerica Financial Life Insurance Company (TFLIC) as consideration for repurchase of 821 of the Company’s common stock shares in TFLIC at $125 par value. These shares were subsequently cancelled by operation of law.

On December 17, 2019, the Company received a $28,220 common stock dividend from Transamerica Life (Bermuda) Ltd. (TLB).

85

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

On June 21, 2019, the Company received an ordinary common stock dividend of $9,075 from its affiliate, TFLIC.

On March 29, 2019, the Company received ordinary common stock dividend of $60,000 from LIICA Re II, Inc.

The Company received ordinary common stock dividends from TFLIC in the amount of $12,105 on June 29, 2018. On December 13, 2018, the Company received preferred stock dividends of $430 from TFLIC.

On December 18, 2018, the Company received common stock dividends of $23,520 from its subsidiary TLB.

On December 13, 2018, the Company received $7,162 from TFLIC as a redemption of preferred stock.

On August 6, 2018, the Company received a common stock dividend in the amount of $140,000 from Stonebridge Reinsurance Company (SRC) prior to its merger with LIICA Re II, Inc.

On December 31, 2018, the Company made a non-cash capital contribution in the amount of $1,971 to REAP 3A.

Life and health insurance companies are subject to certain RBC requirements as specified by the NAIC. Under those requirements, the amount of capital and surplus maintained by a life or health insurance company is to be determined based on various risk factors. At December 31, 2019, the Company meets the minimum RBC requirements.

The Company’s surplus notes are held by TA Corp. These notes are due 20 years from the date of issuance at an interest rate of 6%, and are subordinate and junior in right of payment to all obligations and liabilities of the Company. In the event of liquidation of the Company, the holders of the issued and outstanding preferred stock shall be entitled to priority only with respect to accumulated but unpaid dividends before the holder of the surplus notes and full payment of the surplus notes shall be made before the holders of common stock become entitled to any distribution of the remaining assets of the Company. The Company received approval from the IID prior to paying quarterly interest payments.

On June 21, 2019, the Company repaid in full its $150,000 surplus note with TA Corp. The Company received approval from the IID prior to its repayment of the surplus note as well as prior to making quarterly interest payments.

Additional information related to the outstanding surplus notes at December 31, 2019 and 2018 is as follows:

For Year Ending	Balance Outstanding		Interest Paid Current Year		Cumulative Interest Paid		Accrued Interest
2019	$	—	$	4,275	$	148,275	$	—
2018	$	150,000	$	9,000	$	144,000	$	2,250

86

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

11. Securities Lending

The Company participates in an agent-managed securities lending program in which the Company primarily loans out US Treasuries and other bonds. The Company receives collateral equal to 102% of the fair value of the loaned government or other domestic securities as of the transaction date. If the fair value of the collateral is at any time less than 102% of the fair value of the loaned securities, the counterparty is mandated to deliver additional collateral, the fair value of which, together with the collateral already held in connection with the lending transaction, is at least equal to 102% of the fair value of the loaned government or other domestic securities. In the event the Company loans a foreign security and the denomination of the currency of the collateral is other than the denomination of the currency of the loaned foreign security, the Company receives and maintains collateral equal to 105% of the fair value of the loaned security.

At December 31, 2019 and 2018, respectively, securities with a fair value of $1,121,274 and $1,791,674 were on loan under securities lending agreements. At December 31, 2019 and 2018, the collateral the Company received from securities lending activities was in the form of cash and on open terms. This cash collateral is reinvested and is not available for general corporate purposes. The reinvested cash collateral has a fair value of $1,246,827 and $1,835,122 at December 31, 2019 and 2018, respectively.

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

	Fair Value
	2019		2018
Open	$	1,246,827	$	1,842,557
Total		1,246,827		1,842,557
Securities received		—		—
Total collateral received	$	1,246,827	$	1,842,557

The Company receives primarily cash collateral in an amount in excess of the fair value of the securities lent. The Company reinvests the cash collateral into higher yielding securities than the securities which the Company has lent to other entities under the arrangement.

87

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

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

	2019				2018
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Open	$	43,483	$	43,483	$	245,460	$	245,460
30 days or less		342,947		342,947		478,305		478,305
31 to 60 days		509,716		509,716		335,517		335,517
61 to 90 days		124,351		124,351		190,847		190,847
91 to 120 days		121,552		121,552		329,816		329,816
121 to 180 days		104,778		104,778		251,440		251,440
1 to 2 years		—		—		417		417
2 to 3 years		—		—		935		935
Greater than 3 years		—		—		2,385		2,385
Total		1,246,827		1,246,827		1,835,122		1,835,122
Securities received		—		—		—		—
Total collateral reinvested	$	1,246,827	$	1,246,827	$	1,835,122	$	1,835,122

Collateral for securities lending transactions that extend beyond one year from the report date is as follows:

Description of collateral	2019		2018
ABS Autos	$	—	$	1,352
ABS Credit Cards		—		2,385
Total collateral extending beyond one year of the reporting date	$	—	$	3,737

For securities lending, the Company’s source of cash used to return the cash collateral is dependent upon the liquidity of the current market conditions. Under current conditions, the Company has securities with a par value of $1,248,011 (fair value of $1,246,827) that are currently tradable securities that could be sold and used to pay for the $1,246,827 in collateral calls that could come due under a worst-case scenario.

12. Retirement and Compensation Plans

Defined Contribution Plans

The Company’s employees participate in a contributory defined contribution plan sponsored by TA Corp which is qualified under Section 401(k) of the Internal Revenue Code (IRC). Generally, employees of the Company who customarily work at least 20 hours per week and meet the other eligibility requirements are participants of the plan. Participants may elect to contribute up to 100% of eligible earnings, subject to government or other plan restrictions for certain key employees. The Company will match an amount up to three percent of the participant’s eligible earnings. Participants may direct all of their contributions and plan balances to be invested in a variety of investment options. The plan is subject to the reporting and disclosure requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Benefits expense of $11,926, $12,769 and $13,133 was allocated to the Company for the years ended December 31, 2019, 2018 and 2017 respectively.

88

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Defined Benefit Plans

The Company’s employees participate in a qualified defined benefit pension plan sponsored by TA Corp. Generally, employees of the Company who customarily work at least 20 hours per week and complete six months of continuous service and meet the other eligibility requirements are participants of the plan. The Company has no legal obligation for the plan. The benefits are based on years of service and the employee’s eligible compensation. The plan provides benefits based on a traditional final average formula or a cash balance formula. The plan is subject to the reporting and disclosure requirements of ERISA.

TA Corp sponsors supplemental retirement plans to provide the Company’s senior management with benefits in excess of normal pension benefits. The Company has no legal obligation for the plan. The plans are noncontributory and benefits are based on years of service and the employee’s eligible compensation. The plan provides benefits based on a traditional final average formula or cash balance formula. The plans are unfunded and nonqualified under the IRC.

The Company recognizes pension expense equal to its allocation from TA Corp. The pension expense related to both the qualified defined pension plan and the supplemental retirement plans is allocated among the participating companies based on International Accounting Standards 19 (IAS 19), Accounting for Employee Benefits, and based upon actuarial participant benefit calculations, which is within the guidelines of SSAP No. 102, Pensions. Pension expenses were $23,904, $23,481 and $30,676 for the years ended December 31, 2019, 2018 and 2017, respectively.

In addition to pension benefits, TA Corp sponsors unfunded plans that provide health care and life insurance benefits to retired Company employees meeting certain eligibility requirements. The Company has no legal obligation for the plan. Portions of the medical and dental plans are contributory. The expenses of the postretirement plans are allocated among the participating companies based on IAS 19 and based upon actuarial participant benefit calculations which is within the guidelines of SSAP No. 92, Postretirement Benefits Other Than Pensions. The Company’s allocation of postretirement expenses was $5,037, $5,027 and $7,332 for the years ended December 31, 2019, 2018 and 2017, respectively.

Other Plans

TA Corp has established deferred compensation plans for certain key employees of the Company. The Company’s allocation of expense for these plans for each of the years ended December 31, 2019, 2018 and 2017 was insignificant.

89

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

13. Related Party Transactions

The Company shares certain officers, employees and general expenses with affiliated companies.

The Company is party to a shared services and cost sharing agreement among and between the Transamerica companies, under which various affiliated companies may perform specified administrative functions in connection with the operation of the Company, in consideration of reimbursement of actual costs of services rendered. The Company is also party to a service agreement with TFLIC, in which the Company provides services, including accounting, data processing and other professional services, in consideration of reimbursement of the actual costs of services rendered. The Company is also a party to a Management and Administrative and Advisory agreement with AEGON USA Realty Advisors, LLC whereby the advisor serves as the administrator and advisor for the Company’s mortgage loan operations. AEGON USA Investment Management, LLC acts as a discretionary investment manager under an Investment Management Agreement with the Company. The amount received by the Company as a result of being a party to these agreements was $920,368, $894,440 and $1,117,864 during 2019, 2018 and 2017, respectively. The amount paid as a result of being a party to these agreements was $559,946, $596,861 and $826,172 during 2019, 2018 and 2017, respectively. Fees charged between affiliates approximate their cost. The Company has an administration service agreement with Transamerica Asset Management, Inc. to provide administrative services to the Transamerica Series Trust. The Company received $130,182, $138,490 and $150,063 for these services during 2019, 2018 and 2017, respectively.

Transamerica Capital, Inc. provides wholesaling distribution services for the Company under a distribution agreement. The Company incurred expenses under this agreement of $50,537, $40,865 and $37,060 for the years ended December 31, 2019, 2018 and 2017, respectively.

Receivables from and payables to affiliates bear interest at the thirty-day commercial paper rate. During 2019, 2018 and 2017, the Company received (paid) net interest of ($1,760), ($476) and ($869) from (to) affiliates, respectively. At December 31, 2019 and 2018, respectively, the Company reported net payables from affiliates of $29,972 and $44,462. Terms of settlement require that these amounts are settled within 60 days.

At December 31, 2019, the Company had short-term intercompany notes receivable of $240,300 as follows. In accordance with SSAP No. 25, Affiliates and Other Related Parties, these notes are reported as short-term investments.

Receivable from	Amount		Due By		Interest Rate
TA Corp	$	77,700		September 4, 2020		2.04	%
TA Corp		1,400		September 5, 2020		2.04	%
TA Corp		43,700		September 19, 2020		2.04	%
TA Corp		49,000		October 21, 2020		1.92	%
TA Corp		43,500		December 26, 2020		1.61	%
TA Corp		25,000		December 29, 2020		1.61	%

90

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

At December 31, 2018, the Company had short-term intercompany notes receivable of $261,000.

Receivable from	Amount		Due By		Interest Rate
TA Corp	$	220,500		December 13, 2019		2.31	%
TA Corp		40,500		December 21, 2019		2.31	%

In prior years, the Company purchased life insurance policies covering the lives of certain employees of the Company from an affiliate, TPLIC. At December 31, 2019 and 2018, the cash surrender value of these policies was $182,753 and $179,004, respectively, and is included in Other assets on the balance sheets. In addition, the Company also issued life insurance policies to an affiliate, TPLIC, covering the lives of certain employees of that affiliate. Aggregate reserves for policies and contracts related to these policies are $170,124 and $167,126 at December 31, 2019 and 2018, respectively, and is included in Aggregate reserves for policies and contracts on the Balance Sheets.

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

Real Estate Alternatives Portfolio 2, LLC	$	22,345
Real Estate Alternatives Portfolio 3, LLC	$	18,419
Real Estate Alternatives Portfolio 4 HR, LLC	$	95,091
Real Estate Alternatives Portfolio 4 MR, LLC	$	6,085
Aegon Multi-Family Equity Fund, LLC	$	55,911
Aegon Workforce Housing Fund 2, L.P.	$	154,601
Aegon Workforce Housing Fund 3, L.P.	$	12,477
Natural Resources Alternatives Portfolio I, LLC	$	170,193
Natural Resources Alternatives Portfolio II, LLC	$	1
Natural Resources Alternatives Portfolio 3, LLC	$	125,161
Zero Beta Fund, LLC	$	257,897

These entity’s financial statements are not audited and the Company has limited the value of its investment in these entities to the value contained in the audited financial statements of the underlying LP/LLC investments, including adjustments required by SSAP No. 97 entities and/or non-SCA SSAP No. 48, Joint Ventures, Partnerships and Limited Liability Companies, entities owned by these entities. All liabilities, commitments, contingencies, guarantees or obligations of these entities which are required to be recorded as liabilities, commitments, contingencies, guarantees or obligations under applicable accounting guidance, are reflected in the Company’s determination of the carrying value of the investment in these entities.

Effective December 31, 2017, the Company received a liquidating distribution from Investors Warranty of America, LLC (IWA), a wholly owned limited liability company reported using the equity method outlined in SSAP No. 48, fully redeeming the Company’s membership interest therein. The Company received $176,999 cash, $57,050 directly held real estate, $17,602 real estate LLC membership, $4,328 intercompany receivable, and $2,684 tax refund receivable in redemption of the Company’s equity method basis in IWA. The transaction resulted in a pre-tax realized loss of $39,953 reported on the Statements of Operations which is offset by a pre-tax $40,097 unrealized loss reduction that is reported on the Statement of Changes in Capital and Surplus.

91

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following tables shows the disclosures for all SCA investments, except 8bi entities, and balance sheet value (admitted and nonadmitted) as of December 31, 2019 and 2018:

December 31, 2019
SCA Entity	Percentage of SCA Ownership			Gross Amount		Admitted Amount		Nonadmitted Amount
SSAP No. 97 8a Entities
None		—	%	$	—	$	—	$	—
Total SSAP No. 97 8a Entities		XXX		$	—	$	—	$	—
SSAP No. 97 8b(ii) Entities
None		—	%	$	—	$	—	$	—
Total SSAP No. 97 8b(ii) Entities		XXX		$	—	$	—	$	—
SSAP No. 97 8b(iii) Entities
REAL ESTATE ALTERN PORT 3A INC		54	%	$	12,963	$	12,963	$	—
GARNET ASSURANCE CORP		100			—		—		—
LIFE INVESTORS ALLIANCE LLC		100			—		—		—
ASIA INVESTMENT HOLDING LTD		100			—		—		—
AEGON FINANCIAL SERVICES GROUP		100			—		—		—
GARNET ASSURANCE CORP III		100			—		—		—
Total SSAP No. 97 8b(iii) Entities		XXX		$	12,963	$	12,963	$	—
SSAP No. 97 8b(iv) Entities
TRANSAMERICA LIFE (BERMUDA) LTD		94	%	$	1,261,461	$	1,261,461	$	—
Total SSAP No. 97 8b(iv) Entities		XXX		$	1,261,461	$	1,261,461	$	—
Total SSAP No. 97 8b Entities (except 8bi entities)		XXX		$	1,274,424	$	1,274,424	$	—
Aggregate Total		XXX		$	1,274,424	$	1,274,424	$	—

December 31, 2018
SCA Entity	Percentage of SCA Ownership			Gross Amount		Admitted Amount		Nonadmitted Amount
SSAP No. 97 8a Entities
None		—	%	$	—	$	—	$	—
Total SSAP No. 97 8a Entities		XXX		$	—	$	—	$	—
SSAP No. 97 8b(ii) Entities
None		—	%	$	—	$	—	$	—
Total SSAP No. 97 8b(ii) Entities		XXX		$	—	$	—	$	—
SSAP No. 97 8b(iii) Entities
REAL ESTATE ALTERN PORT 3A INC		54	%	$	22,419	$	22,419	$	—
GARNET ASSURANCE CORP		100			—		—		—
LIFE INVESTORS ALLIANCE LLC		100			—		—		—
AEGON FINANCIAL SERVICES GROUP		100			—		—		—
GARNET ASSURANCE CORP III		100			—		—		—
Total SSAP No. 97 8b(iii) Entities		XXX		$	22,419	$	22,419	$	—
SSAP No. 97 8b(iv) Entities
TRANSAMERICA LIFE (BERMUDA) LTD		94	%	$	1,000,646	$	1,000,646	$	—
Total SSAP No. 97 8b(iv) Entities		XXX		$	1,000,646	$	1,000,646	$	—
Total SSAP No. 97 8b Entities (except 8bi entities)		XXX		$	1,023,065	$	1,023,065	$	—
Aggregate Total		XXX		$	1,023,065	$	1,023,065	$	—

92

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

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

December 31, 2019
SCA Entity	Type of NAIC Filing*		Date of Filing to the NAIC		NAIC Valuation Amount		NAIC Response Received Y/N		NAIC Disallowed Entities Valuation Method, Submission Required Y/N		Code**
SSAP No. 97 8a Entities
None					$	—
Total SSAP No. 97 8a Entities		—		—	$	—		—		—		—
SSAP No. 97 8b(ii) Entities
None					$	—
Total SSAP No. 97 8b(ii) Entities		—		—	$	—		—		—		—
SSAP No. 97 8b(iii) Entities
REAL ESTATE ALTERN PORT 3A INC		S2		10/31/2019	$	20,940		Y		N		I
GARNET ASSURANCE CORP		NA		—		—		—		—		I
LIFE INVESTORS ALLIANCE LLC		NA		—		—		—		—		I
ASIA INVESTMENT HOLDING LTD		NA		—		—		—		—		I
AEGON FINANCIAL SERVICES GROUP		NA		—		—		—		—		I
GARNET ASSURANCE CORP III		NA		—		—		—		—		I
Total SSAP No. 97 8b(iii) Entities		—		—	$	20,940		—		—		—
SSAP No. 97 8b(iv) Entities
TRANSAMERICA LIFE (BERMUDA) LTD		S2		1/21/2020	$	608,633		Y		N		I
Total SSAP No. 97 8b(iv) Entities		—		—	$	608,633		—		—		—
Total SSAP No. 97 8b Entities (except 8bi entities)		—		—	$	629,573		—		—		—
Aggregate Total		—		—	$	629,573		—		—		—

* S1 – Sub1, S2 – Sub2 or RDF – Resubmission of Disallowed Filing

** I – Immaterial or M – Material

⁽¹⁾ NAIC Valuation Amount is as of the Filing Date to the NAIC

93

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

December 31, 2018
SCA Entity	Type of NAIC Filing*		Date of Filing to the NAIC		NAIC Valuation Amount		NAIC Response Received Y/N		NAIC Disallowed Entities Valuation Method, Submission Required Y/N		Code**
SSAP No. 97 8a Entities
None					$	—
Total SSAP No. 97 8a Entities		—		—	$	—		—		—		—
SSAP No. 97 8b(ii) Entities
None					$	—
Total SSAP No. 97 8b(ii) Entities		—		—	$	—		—		—		—
SSAP No. 97 8b(iii) Entities
REAL ESTATE ALTERN PORT 3A INC		S2		12/21/2018	$	16,471		Y		N		I
GARNET ASSURANCE CORP		NA		—		—		Y		N		I
LIFE INVESTORS ALLIANCE LLC		NA		—		—		Y		N		I
AEGON FINANCIAL SERVICES GROUP		NA		—		—		Y		N		I
GARNET ASSURANCE CORP III		NA		—		—		N		N		I
Total SSAP No. 97 8b(iii) Entities		—		—	$	16,471		—		—		—
SSAP No. 97 8b(iv) Entities
TRANSAMERICA LIFE (BERMUDA) LTD		S2		10/8/2018	$	815,587		N		N		I
Total SSAP No. 97 8b(iv) Entities		—		—	$	815,587		—		—		—
Total SSAP No. 97 8b Entities (except 8bi entities)		—		—	$	832,058		—		—		—
Aggregate Total		—		—	$	832,058		—		—		—

* S1 – Sub1, S2 – Sub2 or RDF – Resubmission of Disallowed Filing

** I – Immaterial or M – Material

⁽¹⁾ NAIC Valuation Amount is as of the Filing Date to the NAIC

The Company reports an investment in the following insurance SCAs for which the reported statutory equity reflects a departure from NAIC SAP. Each of the insurance SCAs listed in the table below reflects an admitted asset, equal to the value of the letter of credit provided by an unaffiliated company, whereas this would not be an admitted asset recognized by SSAP No. 4, Assets and Non Admitted Assets.

LIICA Re II, Inc.	Excess of loss reinsurance asset
Pine Falls Re (PFRe)	Letter of credit
MLIC Re I, Inc. (MLIC Re)	Letter of credit

94

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company has two Limited Purpose Subsidiaries (LPS) with prescribed practices whereby under Iowa Administrative Code 191-99.11(3), the LPS are entitled to admit the following assets that would not be admissible under the NAIC SAP:

TLIC Oakbrook Reinsurance, Inc. (TORI)	Credit linked note
TLIC Watertree Reinsurance, Inc. (TWRI)	Excess of loss reinsurance asset

The monetary effect on net income and surplus as a result of using an accounting practice that differed from NAIC SAP, the amount of the investment in the insurance SCA per reported statutory equity, and amount of the investment if the insurance SCA has completed statutory financial statements in accordance with the NAIC SAP. The SCAs are valued in the Company’s financial statements at zero in accordance with SSAP No. 97.

	Monetary Effect on NAIC SAP					Amount of Investment
SCA Entity (Investments in Insurance SCA Entities)	Net Income Increase (Decrease)		Surplus Increase (Decrease)			Per Reported Statutory Equity		If the Insurance SCA Had Completed Statutory Financial Statements*
LIICA Re II**	$	—	$	(2,298,765	)	$	—	$	—
Pine Falls Re**		—		(1,100,000	)		—		—
MLIC Re**		—		(770,000	)		—		—
TLIC Oakbrook Reinsurance, Inc.		—		(3,383,614	)		1,238,107		—
TLIC Watertree Reinsurance, Inc.		—		(858,258	)		544,597		—

* Per AP&P Manual (without permitted or prescribed practices)

** The SCA is valued at zero in the Company’s financial statements

Had the above SCA entities not been permitted to recognize the letters of credit, excess of loss reinsurance assets, or the credit linked note as admitted assets in the financial statements, the risk-based capital would have been below the mandatory control level which would have triggered a regulatory event.

Information regarding the Company’s affiliated reinsurance transactions is available in Note 8. Reinsurance.

Information regarding the Company’s affiliated guarantees is available in Note 14. Commitments and Contingencies.

14. Commitments and Contingencies

At December 31, 2019 and 2018, the Company has mortgage loan commitments of $177,098 and $238,370, respectively.

The Company has contingent commitments of $732,478 and $718,870 as of December 31, 2019 and 2018, respectively, to provide additional funding for various joint ventures, partnerships, and limited liability companies, which includes LIHTC commitments of $26,728 and $55,107, respectively.

95

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company leases office buildings and equipment under various non-cancelable operating lease agreements. Rental expense for the years 2019 and 2018 was $12,478 and $11,086, respectively.

Private placement commitments outstanding as of December 31, 2019 and 2018 were $81,493 and $78,516, respectively.

The Company sold $101,473 and $1,658 of “to-be-announced” (TBA) securities as of December 31, 2019 and 2018, respectively. Due to different counterparties, the receivable related to these TBAs was not reclassed.

The Company may pledge cash as collateral for derivative transactions. When cash is pledged as collateral, it is derecognized and a receivable is recorded to reflect the eventual return of that cash by the counterparty. The amount of cash collateral pledged by the Company as of December 31, 2019 and 2018, respectively, was $80,993 and $6,782.

At December 31, 2019 and 2018, securities in the amount of $46,975 and $254,930, respectively, were posted to the Company as collateral from derivative counterparties. The securities were not included on the Company’s balance sheets as the Company does not have the ability to sell or repledge the collateral.

The Company has provided back-stop guarantees for the performance of non-insurance affiliates or subsidiaries that are involved in the guaranteed sale of investments in low-income housing tax credit partnerships. The nature of the obligation is to provide third party investors with a minimum guaranteed annual and cumulative return on their contributed capital which is based on tax credits and tax losses generated from the low income housing tax credit partnerships. Guarantee payments arise if low income housing tax credit partnerships experience unexpected significant decreases in tax credits and tax losses or there are compliance issues with the partnerships. A significant portion of the remaining term of the guarantees is between 13-18 years. In the event the Company is required to make a payment under this guarantee, the payment would be reflected in the Company’s financial statements as a decrease in net investment income. No payments are required as of December 31, 2019. The current assessment of risk of making payments under these guarantees is remote.

The Company has guaranteed to the Monetary Authority of Singapore (MAS) that it will provide adequate funds to make up for any liquidity shortfall in its wholly-owned foreign life insurance subsidiary, Transamerica Life Bermuda LTD (TLB) (Singapore Branch), and continue to meet, pay and settle all present and future obligations of TLB. As of December 31, 2019, there is no payment or performance risk because TLB has adequate liquidity as of this date.

The Company has guaranteed to the Hong Kong Insurance Authority that it will provide the financial support to TLB for maintaining TLB’s solvency at all times so as to enable TLB to promptly meet its obligations and liabilities. If at any time the value of TLB’s assets do not exceed its liabilities by the prevailing acceptable level of solvency, the Company will increase the

96

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

paid up share capital of TLB or provide financial assistance to TLB to maintain the acceptable level of solvency. An acceptable level of solvency is net assets at one hundred and fifty percent of the required margin of solvency as stipulated under the Insurance Companies (Margin of Solvency) Regulation. As of December 31, 2019, there is no payment or performance risk because TLB is able to meet its obligations and has assets in excess of its liabilities by the prevailing level of solvency as of this date.

The Company has guaranteed that TLB will (1) maintain tangible net worth of at least equal to the greater of 165% of Standard & Poor’s Risk-Based Capital and the minimum required by regulatory authorities in all jurisdictions in which TLB operates, (2) have, at all times, sufficient cash to pay all contractual obligations in a timely manner and (3) have a maximum operating leverage ratio of 20 times. TLIC can terminate this agreement upon thirty days written notice, but not until TLB attains a rating from Standard & Poor’s the same as without the support from this agreement, or the entire book of TLB business is transferred provided that it is transferred to an entity with a rating from S&P that is the same as or better than TLIC’s then current rating or AA, whichever is lower. As of December 31, 2019, there is no payment or performance risk because TLB has adequate tangible net worth, sufficient cash to meet its obligations and an operating leverage ratio not in excess of 20 times as of this date.

The Company is not able to estimate the financial statement impact or the maximum potential amount of future payments it could be required to make under these three guarantees as they are considered to be unlimited under the provisions of SSAP No. 5R.

The Company has provided a guarantee to TLB’s (Singapore Branch) policyholders. If TLB fails to pay a valid claim solely by reason of it becoming insolvent as defined by Bermuda law, then the Company shall pay directly to the policy owner or named beneficiary the amount of the valid claim. At December 31, 2019 and 2018, TLB holds related statutory-basis policy and claim reserves of $2,334,649 and $2,212,527, respectively, which would be the maximum potential amount of future payments the Company could be required to make under this guarantee. In the event the Company is required to make a payment under this guarantee, the payment would be reflected in the Company’s financial statements as an increase to incurred claims. As of December 31, 2019, there is no payment or performance risk because TLB is not insolvent as of this date.

The Company has provided a guarantee to TLB’s (Hong Kong Branch) policyholders. If TLB fails to pay a valid claim solely by reason of it becoming insolvent as defined by Bermuda law, then the Company shall pay directly to the policy owner or named beneficiary the amount of the valid claim. At December 31, 2019 and 2018, TLB policies covered by this guarantee would have resulted in US statutory policy and claim reserves of $3,585,273 and $3,458,012, respectively, which would represent a fair measure of the maximum potential amount of future payments the Company under this guarantee based on the US statutory reserve requirements. TLB is a subsidiary of the Company and TLB has invested assets supporting these policies which mitigates this risk. In the event the Company is required to make a payment under this guarantee, the payment would be reflected in the Company’s financial statements as an increase to incurred claims. As of December 31, 2019, there is no payment or performance risk because TLB is not insolvent as of this date.

97

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company did not recognize a liability for any of the TLB guarantees due to the adoption of SSAP No. 5R, as a liability is not required for guarantees to or on behalf of a wholly-owned subsidiary. Management monitors TLB’s financial condition, and there are no indications that TLB will become insolvent. As such, management feels the risk of payment under these guarantees on behalf of TLB is remote.

The Company is a party to a fee agreement with TLB whereby the Company continues to provide the guarantees with respect to TLB described in the paragraphs above. The Company received $577 and $587 under this agreement in 2019 and 2018, respectively.

The Company has provided guarantees for the obligations of noninsurance affiliates who have accepted assignments of structured settlement payment obligations from other insurers and purchase structured settlement insurance policies from subsidiaries of the Company that match those obligations. The guarantees made by the Company are specific to each structured settlement contract and vary in date and duration of the obligation. These are numerous and are backed by the reserves established by the Company to represent the present value of the future payments for those contracts. The direct statutory reserve established at December 31, 2019 and 2018 for the total payout block is $3,154,349 and $3,235,571, respectively. As this reserve is already recorded on the balance sheets of the Company, there was no additional liability recorded due to the adoption of SSAP No. 5R.

During 2019, the Company entered into an agreement with Aegon USA Realty Advisors, LLC to commit to purchase certain tax credit investments up to a maximum of $100,000. Under the terms of the agreement, the Company provides certain commitments to purchase tax credit investments that are part of tax credit funds in the event certain conditions are met. The Company did not acquire any tax credit investments during 2019 under this agreement. As of December 31, 2019, the commit to purchase amount is $47,890.

The following table provides an aggregate compilation of guarantee obligations as of December 31, 2019 and 2018:

	December 31
	2019		2018
Aggregate maximum potential of future payments of all guarantees (undiscounted)	$	5,919,933	$	5,670,570
Current liability recognized in financial statements:
Noncontingent liabilities		—		—
Contingent liabilities		—		—
Ultimate financial statement impact if action required:
Incurred claims		5,919,922		5,670,539
Other		11		31
Total impact if action required	$	5,919,933	$	5,670,570

98

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company is a member of the FHLB of Des Moines. Through its membership, the Company has conducted business activity (borrowings) with the FHLB. It is part of the Company’s strategy to utilize these funds for asset and liability management and spread lending purposes. The Company has determined the actual/estimated long-term maximum borrowing capacity as $3,472,120. The Company calculated this amount in accordance with the terms and conditions of agreement with FHLB of Des Moines.

At December 31, 2019 and 2018, the Company purchased/owned the following FHLB stock as part of the agreement:

	Year Ended December 31
	2019		2018
Membership Stock:
Class A	$	—	$	—
Class B		10,000		10,000
Activity Stock		32,800		123,400
Excess Stock		—		—
Total	$	42,800	$	133,400

At December 31, 2019 and 2018, Membership Stock (Class A and B) Eligible for Redemption and the anticipated timeframe for redemption was as follows:

	Less Than 6 Months		6 Months to Less Than 1 Year		1 to Less Than 3 Years		3 to 5 Years
December 31, 2019
Membership Stock
Class A	$	—	$	—	$	—	$	—
Class B		—		—		—		10,000
Total	$	—	$	—	$	—	$	10,000

	Less Than 6 Months		6 Months to Less Than 1 Year		1 to Less Than 3 Years		3 to 5 Years
December 31, 2018
Membership Stock
Class A	$	—	$	—	$	—	$	—
Class B		—		—		—		10,000
Total	$	—	$	—	$	—	$	10,000

99

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

At December 31, 2019 and 2018, the amount of collateral pledged and the maximum amount pledged to the FHLB was as follows:

	Fair Value		Carry Value
December 31, 2019
Total Collateral Pledged	$	1,334,507	$	1,259,059
Maximum Collateral Pledged		4,031,902		4,029,873

	Fair Value		Carry Value
December 31, 2018
Total Collateral Pledged	$	4,379,240	$	4,405,503
Maximum Collateral Pledged		5,176,835		5,131,250

At December 31, 2019 and 2018, the borrowings from the FHLB were as follows:

	December 31, 2019				December 31, 2018
	General Account		Funding Agreements Reserves Established		General Account		Funding Agreements Reserves Established
Debt1	$	820,000	$	—	$	2,820,000	$	—
Funding agreements2		—		—		265,000		266,742
Total	$	820,000	$	—	$	3,085,000	$	266,742

¹ The maximum amount of borrowing during 2019 was $2,695,000

² The maximum amount of borrowing during 2019 was $0

As of December 31, 2019, the weighted average interest rate on FHLB advances was 2.183% with a weighted average term of 2.3 years. As of December 31, 2018, the weighted average interest rate on FHLB advances was 2.602% with a weighted average term of 4.3 years.

At December 31, 2019, the borrowings from the FHLB were not subject to prepayment penalties.

The Company has issued synthetic GIC contracts to benefit plan sponsors totaling $1,953,828 and $1,905,244 as of December 31, 2019 and 2018, respectively. A synthetic GIC is an off-balance sheet fee-based product sold primarily to tax qualified plans, where the plan sponsor retains ownership and control of the related plan assets and the Company provides book value benefit responsiveness to qualified participant withdrawals, in the event withdrawals requested exceeds plan cash flows. In certain contracts, the Company agrees to make advances to meet benefit withdrawal needs and earns a market interest rate on these advances. A periodically adjusted contract-crediting rate is a means by which investment and benefit responsiveness experience is passed through to participants. In return for the book value benefit responsiveness guarantee, the Company receives a premium that varies based on such elements as benefit responsiveness exposure and contract size. The Company underwrites the plans for the possibility of having to make benefit payments and also must agree to the investment guidelines ensuring the appropriate credit quality and cash flow. Funding requirements to date have been minimal and management does not anticipate any future material funding requirements to have a material impact on the reported financial results. In compliance with statutory guidelines, no reserves were recorded at December 31, 2019.

100

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company is party to legal proceedings involving a variety of issues incidental to its business, including class action lawsuits. Lawsuits may be brought in any federal or state court in the United States or in an arbitral forum. In addition, there continues to be significant federal and state regulatory activity relating to financial services companies. The Company’s legal proceedings are subject to many variables, and given their complexity and scope, outcomes cannot be predicted with certainty. Although legal proceedings sometimes includes substantial demands for compensatory and punitive damages, and injunctive relief, damages arising from such demands are typically not to be material to the Company’s financial position.

The Company has been named in class actions and individual lawsuits relating to increases in monthly deduction rates (MDR) on universal life products. The Company continues to defend against various lawsuits initiated by opt outs of one federal class action filed in the Central District of California that was settled in 2018 and approved in 2019. While the settlement has been administered for participating class members, the Company continues to hold a provision for opt out policyholder litigation. The Company also continues to defend other class actions and individual actions relating to MDR increases on different blocks of universal life insurance policies.

The Company is subject to insurance guaranty laws in the states in which it writes business. These laws provide for assessments against insurance companies for the benefit of policyholders and claimants in the event of insolvency of other insurance companies. Assessments are charged to operations when received by the Company, except where right of offset against other taxes paid is allowed by law. Amounts available for future offsets are recorded as an asset on the Company’s balance sheets. The future obligation for known insolvencies has been accrued based on the most recent information available from the National Organization of Life and Health Insurance Guaranty Associations. Potential future obligations for unknown insolvencies are not determinable by the Company and are not required to be accrued for financial reporting purposes. The Company has established a reserve of $7,066 and $7,893 and an offsetting premium tax benefit $5,402 and $6,198 at December 31, 2019 and 2018, respectively, for its estimated share of future guaranty fund assessments related to several major insurer insolvencies. The guaranty fund (benefit) expense was $2,296, $400 and $216, for the years ended December 31, 2019, 2018 and 2017, respectively.

15. Sales, Transfer, and Servicing of Financial Assets and Extinguishments of Liabilities

The Company is party to municipal repurchase agreements which were established via bilateral trades and accounted for as secured borrowings. For municipal repurchase agreements, the Company rigorously manages asset/liability risks via an integrated risk management framework. The Company’s liquidity position is monitored constantly, and factors heavily in the management of the asset portfolio. Projections comparing liquidity needs to available resources in both adverse and routine scenarios are refreshed monthly. The results of these projections on time horizons ranging from 16 months to 24 months are the basis for the near-term liquidity planning. This liquidity model excludes new business (non applicable for the spread business), renewals and other sources of cash and assumes all liabilities are paid off on the earliest dates required. Interest rate risk is carefully managed, in part through rigorously defined and monitored derivatives programs.

101

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following tables provide information on the securities sold under the municipal repurchase agreements for four quarters of 2019 and 2018:

December 31, 2019
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Maximum Amount
BACV		XXX		XXX		XXX	$	113,025
Fair Value	$	218,538	$	207,007	$	231,989	$	125,603
Ending Balance
BACV		XXX		XXX		XXX	$	113,025
Fair Value	$	170,891	$	207,007	$	231,989	$	125,603

December 31, 2018
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Maximum Amount
BACV		XXX		XXX		XXX	$	215,269
Fair Value	$	171,138	$	190,768	$	225,811	$	225,409
Ending Balance
BACV		XXX		XXX		XXX	$	205,405
Fair Value	$	171,138	$	188,120	$	225,811	$	217,575

	2019						2018
	NAIC 1		NAIC 2		Total		NAIC 1		NAIC 2		Total
Bonds—BACV	$	111,825	$	1,200	$	113,025	$	193,398	$	12,007	$	205,405
Bonds—FV		124,403		1,200		125,603		205,526		12,049		217,575

These securities have maturity dates that range from 2020 to 2097.

102

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following table provides information on the cash collateral received and liability to return collateral under the municipal repurchase agreements for four quarters of 2019 and 2018:

December 31, 2019
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Maximum Amount
Cash	$	125,952	$	157,496	$	174,120	$	99,794
Ending Balance (1)
Cash	$	125,952	$	154,345	$	78,286	$	97,858

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

December 31, 2018
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Maximum Amount
Cash	$	122,018	$	152,634	$	167,228	$	98,835
Ending Balance
Cash	$	121,892	$	148,082	$	78,013	$	95,515

The Company enters into dollar repurchase agreements in which securities are delivered to the counterparty once adequate collateral has been received. At December 31, 2019 and 2018, the Company had dollar repurchase agreements outstanding in the amount of $450,208 and $215,483, respectively, which is included in borrowed money on the balance sheets. Those amounts include accrued interest of $1,379 and $1,125, at December 31, 2019 and 2018, respectively. At December 31, 2019, securities with a book value of $550,333 and a fair value of $551,504 were subject to dollar repurchase agreements. These securities have maturity dates that range from October 1, 2034 to October 1, 2049. At December 31, 2018, securities with a book value of $371,260 and a fair value of $368,256 were subject to dollar repurchase agreements. The Company does not have the legal right to recall or substitute the underlying assets prior to the transaction’s scheduled termination. Upon scheduled termination, the counterparty is obligated to return substantially similar assets.

The contractual maturities of the dollar repurchase agreement positions are as follows:

	Fair Value
	2019		2018
Open	$	448,829	$	214,357
Total		448,829		214,357
Securities received		—		—
Total collateral received	$	448,829	$	214,357

103

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

In the course of the Company’s asset management, securities are sold and reacquired within 30 days of the sale date to enhance the Company’s yield on its investment portfolio. The details by NAIC designation 3 or below of securities sold during 2019 and reacquired within 30 days of the sale date are:

	Number of Transactions		Book Value of Securities Sold		Cost of Securities Repurchased		Gains (Losses)
Common stocks		6	$	26	$	12	$	17

16. Reconciliation to Statutory Statement

The following is a reconciliation of amounts previously reported to the Iowa Department of Financial Regulation in the 2019 Annual Statement, to those reported in the accompanying statutory-basis financial statements:

	December 31
	2019			2018
Balance Sheets
Total assets as reported in the Company’s Annual Statement	$	130,191,350		$	124,175,952
Increase in other assets		23,416			—
Increase in net deferred income tax asset		8,660			—
Total assets as reported in the accompanying audited statutory basis balance sheet	$	130,223,426		$	124,175,952
Total liabilities as reported in the Company’s Annual Statement	$	123,630,600		$	117,898,517
Increase in other liabilities		23,416			—
Increase in aggregate reserves for policies and contracts		41,240			—
Total liabilities as reported in the accompanying audited statutory basis balance sheet	$	123,695,256		$	117,898,517
Total capital and surplus as reported in the Company’s Annual Statement	$	6,560,750		$	6,277,435
Decrease in premiums		—			(14,950	)
Increase in change in aggregate reserves		(41,240	)		—
Increase in change in net deferred income tax asset		8,660			—
Increase in other changes—net		—			14,950
Total capital and surplus as reported in the accompanying audited statutory basis balance sheet	$	6,528,170		$	6,277,435
Statements of Operations
Statutory net income as reported in the Company’s Annual Statement	$	3,335,262		$	(1,408,868	)
Decrease in premiums and other considerations		(653,203	)		(635,470	)
Decrease in fee revenue and other income		—			(5,700	)
Decrease in surrender benefits		653,203			618,170
Increase in change in aggregate reserves		(41,240	)		—
Increase in federal income tax (benefit) expense		—			(8,050	)
Total net income as reported in the accompanying audited statutory basis statement of operations	$	3,294,022		$	(1,423,818	)

The reconciling differences to the Annual Statement is driven by Management’s decision to revise prior year amounts. Please refer to Revision to Prior Years in Note 3 for further details.

104

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Other adjustments relate to actuarial modeling errors and reclassification errors. The Company considered the impacts of each of these errors to be not material both individually and in the aggregate and concluded that none were significant for individual categorization herein.

17. Subsequent Events

The financial statements are adjusted to reflect events that occurred between the balance sheets date and the date when the financial statements are available to be issued, provided they give evidence of conditions that existed at the balance sheets date (Type I). The Company has not identified any Type I subsequent events for the year ended December 31, 2019 through April 27, 2020.

Events that are indicative of conditions that arose after the balance sheets date are disclosed, but do not result in an adjustment of the financial statements themselves (Type II). The Company has identified Type II subsequent events for the year ended December 31, 2019.

Since January 2020, the Coronavirus disease (COVID-19) outbreak is causing disruption to business, markets, and industry. The Company is continuously monitoring the market, and the economic factors that impact the Company, to proactively manage the associated risks. At this point, management believes that the most significant risks the Company faces are related to financial markets (particularly credit, equity, and interest rates risks), and underwriting risks (particularly related to mortality, morbidity and policyholder behavior). As of the audit report release date, the Company continues to monitor and evaluate the impacts of the COVID-19 crisis on the Company’s 2020 results through the use of sensitivities and stress testing. While it is too early to provide long-term impacts, if any, management has determined the Company remains strongly capitalized with RBC remaining within target limits set by the capital management policy.

The Company is defending a class action lawsuit and individual lawsuits relating to increases in MDR on universal life products. A settlement announced in the class action lawsuit in early April 2020 will result in the establishment of an estimated $94,000 reserve, which will be reflected in the Company’s first quarter of 2020 results. If the settlement is ultimately approved by the court, the Company expects to fund the settlement in third or fourth quarter of 2020.

105

Transamerica Life Insurance Company

Appendix A – Listing of Affiliated Companies

Transamerica Corporation

EIN: 42-1484983

AFFILIATIONS SCHEDULE

YEAR ENDED DECEMBER 31, 2019

Attachment to Note 9

Entity Name	FEIN
Transamerica Corporation		42-1484983
Aegon Asset Management Services Inc		39-1884868
Aegon Direct Marketing Services Inc		42-1470697
Aegon Financial Services Group Inc		41-1479568
Aegon Institutional Markets Inc		61-1085329
Aegon Management Company		35-1113520
Aegon USA Real Estate Services Inc		61-1098396
Aegon USA Realty Advisors of CA		20-5023693
AFSG Securities Corporation		23-2421076
AUSA Properties Inc		27-1275705
Commonwealth General Corporation		51-0108922
Creditor Resources Inc		42-1079584
CRI Solutions Inc		52-1363611
Financial Planning Services Inc		23-2130174
Garnet Assurance Corporation		11-3674132
Garnet Assurance Corporation II		14-1893533
Garnet Assurance Corporation III		01-0947856
Intersecurities Ins Agency		42-1517005
LIICA RE II		20-5927773
Massachusetts Fidelity Trust		42-0947998
MLIC RE I Inc		01-0930908
Money Services Inc		42-1079580
Monumental General Administrators Inc		52-1243288
Pearl Holdings Inc I		20-1063558
Pearl Holdings Inc II		20-1063571
Pine Falls Re Inc		26-1552330
Real Estate Alternatives Portfolio 3A Inc		20-1627078
River Ridge Insurance Company		20-0877184
Short Hills Management		42-1338496
Stonebridge Benefit Services Inc		75-2548428
Stonebridge Reinsurance Company		61-1497252
TCF Asset Management Corp		84-0642550

106

Transamerica Life Insurance Company

Appendix A – Listing of Affiliated Companies (continued)

Transamerica Corporation

EIN: 42-1484983

AFFILIATIONS SCHEDULE

YEAR ENDED DECEMBER 31, 2019

Attachment to Note 9

Entity Name	FEIN
TCFC Air Holdings Inc		32-0092333
TCFC Asset Holdings Inc		32-0092334
TLIC Oakbrook Reinsurance Inc.		47-1026613
TLIC Riverwood Reinsurance Inc		45-3193055
TLIC Watertree Reinsurance, Inc.		81-3715574
Tranasmerica Advisors Life Insurance Company		91-1325756
Transamerica Accounts Holding Corp		36-4162154
Transamerica Affinity Services Inc		42-1523438
Transamerica Affordable Housing Inc		94-3252196
Transamerica Agency Network Inc		61-1513662
Transamerica Asset Management		59-3403585
Transamerica Capital Inc		95-3141953
Transamerica Casualty Insurance Company		31-4423946
Transamerica Commercial Finance Corp I		94-3054228
Transamerica Consumer Finance Holding Company		95-4631538
Transamerica Corporation (OREGON)		98-6021219
Transamerica Distribution Finance Overseas Inc		36-4254366
Transamerica Finance Corporation		95-1077235
Transamerica Financial Advisors		59-2476008
Transamerica Financial Life Insurance Company		36-6071399
Transamerica Fund Services Inc		59-3403587
Transamerica Home Loan		95-4390993
Transamerica International Re (Bermuda) Ltd		98-0199561
Transamerica Investors Securities Corp		13-3696753
Transamerica Leasing Holdings Inc		13-3452993
Transamerica Life Insurance Company		39-0989781
Transamerica Pacific Insurance Co Ltd		94-3304740
Transamerica Premier Life Insurance Company		52-0419790
Transamerica Resources Inc		52-1525601
Transamerica Small Business Capital Inc		36-4251204
Transamerica Stable Value Solutions Inc		27-0648897
Transamerica Vendor Financial Services Corporation		36-4134790

107

Transamerica Life Insurance Company

Appendix A – Listing of Affiliated Companies (continued)

Transamerica Corporation

EIN: 42-1484983

AFFILIATIONS SCHEDULE

YEAR ENDED DECEMBER 31, 2019

Attachment to Note 9

Entity Name	FEIN
United Financial Services Inc		52-1263786
WFG China Holdings Inc		20-2541057
World Fin Group Ins Agency of Massachusetts Inc		04-3182849
World Financial Group Inc		42-1518386
World Financial Group Ins Agency of Hawaii Inc		99-0277127
World Financial Group Insurance Agency of WY Inc		42-1519076
World Financial Group Insurance Agency		95-3809372
Zahorik Company Inc		95-2775959
Zero Beta Fund LLC		26-1298094

108

Statutory-Basis Financial

Statement Schedules

109

Transamerica Life Insurance Company

Summary of Investments – Other Than

Investments in Related Parties

(Dollars in Thousands)

December 31, 2019

SCHEDULE I

Type of Investment	Cost (1)		Fair Value		Amount at Which Shown in the Balance Sheet (2)
Fixed maturities
Bonds:
United States government and government agencies and authorities	$	4,124,054	$	5,081,559	$	4,306,199
States, municipalities and political subdivisions		1,315,704		1,407,331		1,315,705
Foreign governments		349,796		369,821		349,796
Hybrid securities		396,942		440,640		396,942
All other corporate bonds		19,066,967		21,344,844		19,043,825
Preferred stocks		115,659		109,845		111,630
Total fixed maturities		25,369,122		28,754,040		25,524,097
Equity securities
Common stocks:
Industrial, miscellaneous and all other		58,311		80,789		80,789
Total equity securities		58,311		80,789		80,789
Mortgage loans on real estate		5,096,613				5,096,613
Real estate		51,546				51,546
Policy loans		1,099,596				1,099,596
Other long-term investments		1,072,720				1,072,720
Receivable for securities		18,535				18,535
Securities lending		1,246,827				1,246,827
Cash, cash equivalents and short-term investments		1,453,503				1,453,503
Total investments	$	35,466,773			$	35,644,226

(1) Equity securities are reported at original cost. Fixed maturities are reported at original cost reduced by repayments and adjusted for amortization of premiums and accrual of discounts.

(2) United States government and corporate bonds of $19,690 are held at fair value rather than amortized cost due to having an NAIC 6 rating. Two preferred stock securities are held at fair value of $1,037 due to having an NAIC 4 and 5 ratings.

110

Transamerica Life Insurance Company

Supplementary Insurance Information

(Dollars in Thousands)

SCHEDULE III

	Future Policy Benefits and Expenses		Unearned Premiums		Policy and Contract Liabilities		Premium Revenue			Net Investment Income*			Benefits, Claims Losses and Settlement Expenses			Other Operating Expenses*
Year ended December 31, 2019
Individual life	$	10,421,944	$	—	$	341,604	$	1,006,977		$	642,673		$	1,171,877		$	422,774
Individual health		80,537		92,813		27,401		100,145			10,837			55,956			229,548
Group life and health		1,527,571		20,356		76,891		595,324			94,785			202,901			212,660
Annuity		14,094,715		—		33,330		10,443,660			896,030			13,853,202			(2,991,668	)
	$	26,124,767	$	113,169	$	479,226	$	12,146,106		$	1,644,325		$	15,283,936		$	(2,126,686	)
Year ended December 31, 2018
Individual life	$	11,337,912	$	—	$	378,855	$	87,370		$	746,129		$	1,605,665		$	803,671
Individual health		86,822		92,364		30,578		106,230			25,370			65,813			193,680
Group life and health		1,512,345		21,075		81,403		638,938			95,911			306,199			276,705
Annuity		14,244,431		—		37,065		9,980,980			658,084			16,182,017			(3,230,310	)
Other		—		—		—		—			141,678			—			—
	$	27,181,510	$	113,439	$	527,901	$	10,813,518		$	1,667,172		$	18,159,694		$	(1,956,254	)
Year ended December 31, 2017
Individual life	$	10,967,747	$	—	$	279,234	$	(7,804,573	)	$	(1,001,846	)	$	(1,700,459	)	$	519,906
Individual health		100,420		91,784		27,176		(1,489,124	)		1,344,780			(4,084,846	)		(885,516	)
Group life and health		1,528,445		23,229		100,510		508,023			238,217			(36,386	)		186,023
Annuity		14,355,269		—		27,887		5,271,506			1,497,683			9,199,357			(2,544,778	)
Other		—		—		—		—			437,448			—			—
	$	26,951,881	$	115,013	$	434,807	$	(3,514,168	)	$	2,516,282		$	3,377,666		$	(2,724,365	)

* Allocations of net investment income and other operating expenses are based on a number of assumptions and estimates, and the results would change if different methods were applied.

111

Transamerica Life Insurance Company

Reinsurance

(Dollars in Thousands)

SCHEDULE IV

	Gross Amount		Ceded to Other Companies		Assumed From Other Companies		Net Amount			Percentage of Amount Assumed to Net
Year ended December 31, 2019
Life insurance in force	$	503,852,244	$	774,726,771	$	421,298,647	$	150,424,120			280	%
Premiums:
Individual life	$	2,582,854	$	2,821,951	$	1,246,074	$	1,006,977			124	%
Individual health		529,850		432,873		3,168		100,145			3	%
Group life and health		704,156		109,598		766		595,324			0	%
Annuity		10,756,542		394,566		81,684		10,443,660			1	%
	$	14,573,402	$	3,758,988	$	1,331,692	$	12,146,106			11	%
Year ended December 31, 2018
Life insurance in force	$	976,929,481	$	831,268,672	$	1,204	$	145,662,013			0	%
Premiums:
Individual life	$	2,460,547	$	3,668,683	$	1,295,506	$	87,370			1483	%
Individual health		532,131		429,165		3,264		106,230			3	%
Group life and health		753,426		131,816		17,328		638,938			3	%
Annuity		10,102,616		199,520		77,884		9,980,980			1	%
	$	13,848,720	$	4,429,184	$	1,393,982	$	10,813,518			13	%
Year ended December 31, 2017
Life insurance in force	$	537,551,597	$	887,853,357	$	484,570,357	$	134,268,597			361	%
Premiums:
Individual life	$	2,452,523	$	11,837,526	$	1,580,429	$	(7,804,574	)		-20	%
Individual health		530,052		2,022,968		3,792		(1,489,124	)		0	%
Group life and health		802,090		321,533		27,466		508,023			5	%
Annuity		9,424,428		4,218,194		65,273		5,271,507			1	%
	$	13,209,093	$	18,400,221	$	1,676,960	$	(3,514,168	)		-48	%

112

FINANCIAL STATEMENTS

Transamerica Life Insurance Company

Separate Account VA B

Years Ended December 31, 2019 and 2018

Transamerica Life Insurance Company

Separate Account VA B

Financial Statements

Years Ended December 31, 2019 and 2018

Contents

Report of Independent Registered Public Accounting Firm	1
Financial Statements
Statements of Assets and Liabilities	2
Statements of Operations and Changes in Net Assets	7
Notes to Financial Statements	37

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Transamerica Life Insurance Company and the Contract Owners of Separate Account VA B

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Separate Account VA B indicated in the table below as of December 31, 2019, and the related statements of operations and changes in net assets for each of the periods indicated in the table below, 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 Separate Account VA B as of December 31, 2019, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

AB Balanced Wealth Strategy Class B Shares (1)	TA JPMorgan Asset Allocation - Conservative Initial Class (1)
AB Growth and Income Class B Shares (1)	TA JPMorgan Asset Allocation - Conservative Service Class (1)
AB Large Cap Growth Class B Shares (1)	TA JPMorgan Asset Allocation - Growth Initial Class (1)
American Funds - Asset Allocation Class 2 Shares (1)	TA JPMorgan Asset Allocation - Growth Service Class (1)
American Funds - Bond Class 2 Shares (1)	TA JPMorgan Asset Allocation - Moderate Initial Class (1)
American Funds - Growth Class 2 Shares (1)	TA JPMorgan Asset Allocation - Moderate Service Class (1)
American Funds - Growth-Income Class 2 Shares (1)	TA JPMorgan Asset Allocation - Moderate Growth Initial Class (1)
American Funds - International Class 2 Shares (1)	TA JPMorgan Asset Allocation - Moderate Growth Service Class (1)
BlackRock Basic Value V.I. Class I Shares (1)	TA JPMorgan Core Bond Service Class (1)
BlackRock Global Allocation V.I. Class I Shares (1)	TA JPMorgan Enhanced Index Initial Class (1)
BlackRock High Yield V.I. Class I Shares (1)	TA JPMorgan Enhanced Index Service Class (1)
DFA VA Equity Allocation (3)	TA JPMorgan International Moderate Growth Initial Class (1)
DFA VA Global Bond (3)	TA JPMorgan International Moderate Growth Service Class (1)
DFA VA Global Moderate Allocation (3)	TA JPMorgan Mid Cap Value Service Class (1)
DFA VA International Small (3)	TA JPMorgan Tactical Allocation Service Class (1)
DFA VA International Value (3)	TA Legg Mason Dynamic Allocation - Balanced Service Class (1)
DFA VA Short-Term Fixed (3)	TA Legg Mason Dynamic Allocation - Growth Service Class (1)
DFA VA U.S. Large Value (3)	TA Levin Large Cap Value Service Class (2)
DFA VA U.S. Targeted Value (3)	TA Madison Diversified Income Service Class (1)
Fidelity® VIP Balanced Service Class 2 (1)	TA Managed Risk - Balanced ETF Service Class (1)
Fidelity® VIP Contrafund® Initial Class (1)	TA Managed Risk - Conservative ETF Service Class (1)
Fidelity® VIP Contrafund® Service Class 2 (1)	TA Managed Risk - Growth ETF Service Class (1)
Fidelity® VIP Equity-Income Initial Class (1)	TA Market Participation Strategy Service Class (1)
Fidelity® VIP Equity-Income Service Class 2 (1)	TA Morgan Stanley Capital Growth Initial Class (1)
Fidelity® VIP Growth Initial Class (1)	TA Morgan Stanley Capital Growth Service Class (1)
Fidelity® VIP Growth Service Class 2 (1)	TA Multi-Managed Balanced Initial Class (1)
Fidelity® VIP Growth Opportunities Service Class 2 (1)	TA Multi-Managed Balanced Service Class (1)
Fidelity® VIP Mid Cap Initial Class (1)	TA Multi-Manager Alternative Strategies Service Class (1)
Fidelity® VIP Mid Cap Service Class 2 (1)	TA PIMCO Tactical - Balanced Service Class (1)
Fidelity® VIP Value Strategies Initial Class (1)	TA PIMCO Tactical - Conservative Service Class (1)
Fidelity® VIP Value Strategies Service Class 2 (1)	TA PIMCO Tactical - Growth Service Class (1)
Franklin Allocation Class 4 Shares (1)	TA PIMCO Total Return Initial Class (1)
Franklin Income Class 2 Shares (1)	TA PIMCO Total Return Service Class (1)
Franklin Mutual Shares Class 2 Shares (1)	TA PineBridge Inflation Opportunities Service Class (1)
Franklin Templeton Foreign Class 2 Shares (1)	TA ProFunds UltraBear Service Class (OAM) (1)
Invesco V.I. American Franchise Series II Shares (1)	TA QS Investors Active Asset Allocation - Conservative Service Class (1)
Janus Henderson - Enterprise Service Shares (1)	TA QS Investors Active Asset Allocation - Moderate Service Class (1)
Janus Henderson - Global Research Service Shares (1)	TA QS Investors Active Asset Allocation - Moderate Growth Service Class (1)
Janus Henderson - Mid Cap Value Service Shares (1)	TA Small/Mid Cap Value Initial Class (1)
MFS® New Discovery Service Class (1)	TA Small/Mid Cap Value Service Class (1)
MFS® Total Return Service Class (1)	TA T. Rowe Price Small Cap Initial Class (1)
NVIT Emerging Markets Class D Shares (1)	TA T. Rowe Price Small Cap Service Class (1)
Rational Insider Buying VA (1)	TA TS&W International Equity Initial Class (1)
Rational Trend Aggregation VA (1)	TA TS&W International Equity Service Class (1)
State Street Total Return V.I.S. Class 3 Shares (1)	TA U.S. Equity Index Service Class (1)
TA 60/40 Allocation Service Class (2)	TA WMC US Growth Initial Class (1)
TA Aegon High Yield Bond Initial Class (1)	TA WMC US Growth Service Class (1)
TA Aegon High Yield Bond Service Class (1)	Vanguard® - Capital Growth (3)
TA Aegon U.S. Government Securities Initial Class (1)	Vanguard® - Conservative Allocation (3)
TA Aegon U.S. Government Securities Service Class (1)	Vanguard® - Diversified Value (3)
TA American Funds Managed Risk - Balanced Service Class (1)	Vanguard® Balanced (3)
TA Barrow Hanley Dividend Focused Initial Class (1)	Vanguard® Equity Income (3)
TA Barrow Hanley Dividend Focused Service Class (1)	Vanguard® Equity Index (1)
TA BlackRock Global Allocation Service Class (1)	Vanguard® Global Bond Index (3)
TA BlackRock Global Allocation Managed Risk - Balanced Service Class (1)	Vanguard® Growth (3)
TA BlackRock Global Allocation Managed Risk - Growth Service Class (1)	Vanguard® High Yield Bond (3)
TA BlackRock Global Real Estate Securities Initial Class (1)	Vanguard® International (1)
TA BlackRock Global Real Estate Securities Service Class (1)	Vanguard® Mid-Cap Index (1)
TA BlackRock Government Money Market Initial Class (1)	Vanguard® Moderate Allocation (3)
TA BlackRock Government Money Market Service Class (1)	Vanguard® Money Market (3)
TA BlackRock iShares Edge 100 Service Class (1)	Vanguard® Real Estate Index (1)
TA BlackRock iShares Edge 40 Initial Class (1)	Vanguard® Short-Term Investment Grade (1)
TA BlackRock iShares Edge 40 Service Class (1)	Vanguard® Total Bond Market Index (1)
TA BlackRock iShares Edge 50 Service Class (1)	Vanguard® Total International Stock Market Index (3)
TA BlackRock iShares Edge 75 Service Class (1)	Vanguard® Total Stock Market Index (3)
TA BlackRock Tactical Allocation Service Class (1)	Voya Global Perspectives Class S Shares (1)
TA Greystone International Growth Initial Class (1)	Voya Large Cap Value Class S Shares (1)
TA Greystone International Growth Service Class (1)	Voya Strategic Allocation Conservative Class S Shares (1)
TA International Equity Index Service Class (1)	Voya Strategic Allocation Moderate Class S Shares (1)
TA Janus Balanced Service Class (1)	Wanger International (1)
TA Janus Mid-Cap Growth Initial Class (1)	Wanger USA (1)
TA Janus Mid-Cap Growth Service Class (1)

(1) Statements of operations and changes in net assets for the years ended December 31, 2019 and 2018

(2) Statements of operations and changes in net assets for the year ended December 31, 2019 and the period May 1, 2018 (commencement of operations) through December 31, 2018

(3) Statements of operations and changes in net assets for the period December 23, 2019 (commencement of operations) through December 31, 2019

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 Separate Account VA B 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 Separate Account VA B in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2019 by correspondence with the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

April 17, 2020

We have served as the auditor of one or more of the subaccounts of Separate Account VA B since 2014.

1

Transamerica Life Insurance Company

Separate Account VA B

Statements of Assets and Liabilities

December 31, 2019

Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from General Account			Net Assets		Units Outstanding		Range of Unit Values
AB Balanced Wealth Strategy Class B Shares		9,638,959.446	$	104,466,016	$	97,353,490	$	89		$	97,353,579		30,129,720	$	1.538800	$	15.183174
AB Growth and Income Class B Shares		8,399,792.657		248,635,654		249,977,829		(221	)		249,977,608		66,912,738		1.645103		19.679929
AB Large Cap Growth Class B Shares		545,226.496		22,787,754		31,230,574		(184	)		31,230,390		11,372,716		2.439752		17.177241
American Funds - Asset Allocation Class 2 Shares		34,429,316.062		759,903,722		819,073,429		(13	)		819,073,416		194,454,343		1.857285		16.996598
American Funds - Bond Class 2 Shares		20,879,270.187		224,936,278		230,089,557		(174	)		230,089,383		64,327,748		1.077985		11.323489
American Funds - Growth Class 2 Shares		8,435,191.738		614,574,894		679,623,398		231			679,623,629		60,243,138		2.493490		24.274122
American Funds - Growth-Income Class 2 Shares		11,547,324.381		539,908,587		578,290,005		(60	)		578,289,945		55,567,642		2.373180		21.868044
American Funds - International Class 2 Shares		11,960,148.181		233,144,098		248,531,879		7			248,531,886		46,533,316		1.332038		14.760493
BlackRock Basic Value V.I. Class I Shares		1,455,733.209		21,242,688		20,016,332		(95	)		20,016,237		6,249,446		2.327884		11.242195
BlackRock Global Allocation V.I. Class I Shares		625,717.661		10,066,626		10,712,286		-			10,712,286		4,729,879		1.899588		11.464901
BlackRock High Yield V.I. Class I Shares		489,421.952		3,582,718		3,636,405		15,448			3,651,853		1,340,935		2.238958		11.163125
DFA VA Equity Allocation		-		-		-		-			-		-		10.041461		10.042064
DFA VA Global Bond		-		-		-		-			-		-		10.008134		10.008736
DFA VA Global Moderate Allocation		-		-		-		-			-		-		10.028724		10.029328
DFA VA International Small		-		-		-		-			-		-		10.144432		10.145042
DFA VA International Value		-		-		-		-			-		-		10.031312		10.031917
DFA VA Short-Term Fixed		-		-		-		-			-		-		9.998584		9.999186
DFA VA U.S. Large Value		-		-		-		-			-		-		10.027809		10.028414
DFA VA U.S. Targeted Value		-		-		-		-			-		-		9.993026		9.993629
Fidelity® VIP Balanced Service Class 2		24,048,468.796		407,297,859		457,401,876		(154	)		457,401,722		125,709,751		1.746019		17.713821
Fidelity® VIP Contrafund® Initial Class		5,604.854		177,882		208,332		18			208,350		44,170		2.285928		21.135276
Fidelity® VIP Contrafund® Service Class 2		18,597,752.819		608,345,801		671,378,877		87			671,378,964		122,971,431		1.961468		20.738773
Fidelity® VIP Equity-Income Initial Class		1,953.451		39,829		46,434		(3	)		46,431		22,709		1.824600		12.435072
Fidelity® VIP Equity-Income Service Class 2		1,797,130.506		37,135,934		41,513,715		206			41,513,921		18,185,698		1.528339		12.479078
Fidelity® VIP Growth Initial Class		281.934		16,058		22,298		23			22,321		7,797		2.765269		17.388184
Fidelity® VIP Growth Service Class 2		505,016.689		25,244,719		39,103,442		97			39,103,539		14,824,936		2.304858		17.100992
Fidelity® VIP Growth Opportunities Service Class 2		62,524.105		1,814,403		3,004,283		36			3,004,319		862,593		2.648253		20.181601
Fidelity® VIP Mid Cap Initial Class		1,682.117		55,514		55,426		(1	)		55,425		18,009		1.802422		17.954380
Fidelity® VIP Mid Cap Service Class 2		11,168,360.091		358,446,625		354,595,433		(222	)		354,595,211		68,400,272		1.719714		17.617757
Fidelity® VIP Value Strategies Initial Class		25,624.049		336,664		341,056		(3	)		341,053		81,496		1.887089		17.143663
Fidelity® VIP Value Strategies Service Class 2		12,477,084.556		165,107,507		167,567,246		138			167,567,384		41,539,468		0.431267		16.808811

See accompanying notes. 2

Transamerica Life Insurance Company

Separate Account VA B

Statements of Assets and Liabilities

December 31, 2019

Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from General Account			Net Assets		Units Outstanding		Range of Unit Values
Franklin Allocation Class 4 Shares		10,616,351.836	$	75,726,255	$	73,995,972	$	(153	)	$	73,995,819		33,952,154	$	1.488244	$	11.522228
Franklin Income Class 2 Shares		3,633,493.294		54,766,986		57,808,878		(217	)		57,808,661		36,589,063		1.370104		11.723515
Franklin Mutual Shares Class 2 Shares		728,887.681		13,070,300		13,710,377		59			13,710,436		9,029,439		1.331151		11.538677
Franklin Templeton Foreign Class 2 Shares		1,584,134.265		22,053,181		22,066,990		202			22,067,192		21,486,432		0.920506		10.693765
Invesco V.I. American Franchise Series II Shares		106,475.334		5,011,560		6,803,774		93			6,803,867		2,917,087		2.166813		15.806723
Janus Henderson - Enterprise Service Shares		286,101.332		14,662,586		22,868,079		(112	)		22,867,967		7,606,776		1.941520		16.179423
Janus Henderson - Global Research Service Shares		455,212.030		14,576,564		25,159,569		32			25,159,601		16,122,487		1.157908		14.453939
Janus Henderson - Mid Cap Value Service Shares		194,613.216		3,041,365		3,137,165		(22	)		3,137,143		1,112,449		1.874359		12.152028
MFS® New Discovery Service Class		2,480,009.181		40,298,245		44,689,765		92			44,689,857		12,964,008		2.091494		16.693531
MFS® Total Return Service Class		1,702,007.181		34,597,511		41,580,035		91			41,580,126		19,874,828		1.522898		12.155997
NVIT Emerging Markets Class D Shares		1,587.329		16,074		21,048		-			21,048		1,524		13.017488		13.897395
Rational Insider Buying VA		141,339.572		1,808,338		1,681,941		46			1,681,987		885,646		1.693544		12.852108
Rational Trend Aggregation VA		89,621.331		1,095,769		1,003,759		16			1,003,775		728,389		1.227518		9.616188
State Street Total Return V.I.S. Class 3 Shares		3,291,349.675		55,899,840		52,200,806		(15	)		52,200,791		21,706,994		1.416357		14.248531
TA 60/40 Allocation Service Class		2,248,583.504		22,940,372		25,139,164		(3	)		25,139,161		3,823,378		1.121332		11.552036
TA Aegon High Yield Bond Initial Class		9,303,741.049		71,917,649		72,383,105		(58	)		72,383,047		29,667,346		1.308651		13.512196
TA Aegon High Yield Bond Service Class		19,657,031.182		155,697,313		155,487,117		87			155,487,204		31,316,439		1.490983		13.168392
TA Aegon U.S. Government Securities Initial Class		5,771,034.910		64,970,950		63,019,701		159			63,019,860		38,276,111		1.039926		10.629544
TA Aegon U.S. Government Securities Service Class		16,957,939.967		191,898,198		191,285,563		(248	)		191,285,315		70,935,391		1.063947		10.715070
TA American Funds Managed Risk - Balanced Service Class		78,970,761.403		851,645,104		940,541,768		(678	)		940,541,090		76,825,970		11.370637		12.842299
TA Barrow Hanley Dividend Focused Initial Class		14,346,254.284		257,629,082		323,794,959		223			323,795,182		116,924,848		1.403742		18.085286
TA Barrow Hanley Dividend Focused Service Class		7,259,204.100		157,044,415		163,985,421		183			163,985,604		39,289,800		1.481093		17.608666
TA BlackRock Global Allocation Service Class		75,523,449.144		1,014,801,203		1,137,383,144		(51	)		1,137,383,093		409,496,790		1.313989		13.713017
TA BlackRock Global Allocation Managed Risk - Balanced Service Class		27,064,514.897		256,478,369		271,457,084		(16	)		271,457,068		25,329,115		10.115370		11.522436
TA BlackRock Global Allocation Managed Risk - Growth Service Class		19,391,681.739		182,595,346		196,825,570		(149	)		196,825,421		18,027,295		10.331526		12.056512
TA BlackRock Global Real Estate Securities Initial Class		3,140,656.849		38,793,643		42,084,802		131			42,084,933		14,634,220		1.179595		12.822063
TA BlackRock Global Real Estate Securities Service Class		6,106,239.584		79,989,152		86,036,916		(130	)		86,036,786		24,184,329		1.139268		12.491824
TA BlackRock Government Money Market Initial Class		88,720,227.663		88,720,226		88,720,228		(338	)		88,719,890		82,743,032		0.795145		10.003450
TA BlackRock Government Money Market Service Class		348,883,106.762		348,883,104		348,883,107		(1,879	)		348,881,228		155,242,739		0.781551		10.030370
TA BlackRock iShares Edge 100 Service Class		3,471,120.426		43,847,627		49,637,022		(5	)		49,637,017		3,371,713		12.829046		15.243939

See accompanying notes. 3

Transamerica Life Insurance Company

Separate Account VA B

Statements of Assets and Liabilities

December 31, 2019

Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from General Account			Net Assets		Units Outstanding		Range of Unit Values
TA BlackRock iShares Edge 40 Initial Class		1,916,544.436	$	18,086,597	$	17,996,352	$	199		$	17,996,551		9,936,931	$	1.260072	$	11.707637
TA BlackRock iShares Edge 40 Service Class		31,383,362.210		285,965,859		292,492,936		(7	)		292,492,929		115,789,426		1.102629		12.913756
TA BlackRock iShares Edge 50 Service Class		23,763,504.249		277,436,287		301,321,234		(35	)		301,321,199		24,058,879		11.544790		12.969490
TA BlackRock iShares Edge 75 Service Class		8,633,026.407		106,979,138		117,927,141		6			117,927,147		8,767,414		12.175006		13.962134
TA BlackRock Tactical Allocation Service Class		79,047,454.604		1,218,139,766		1,256,854,528		101			1,256,854,629		361,724,078		1.329769		14.348419
TA Greystone International Growth Initial Class		9,964,974.486		82,304,959		82,908,588		(285	)		82,908,303		46,784,649		1.325532		13.829997
TA Greystone International Growth Service Class		12,493,319.025		102,883,962		101,695,617		(274	)		101,695,343		19,878,211		1.195671		13.480466
TA International Equity Index Service Class		3,344,207.775		35,897,954		38,023,642		12			38,023,654		3,400,933		10.797802		11.473030
TA Janus Balanced Service Class		59,380,461.919		833,456,705		998,779,369		(111	)		998,779,258		184,402,723		1.542530		17.294286
TA Janus Mid-Cap Growth Initial Class		2,206,842.298		68,762,464		87,346,818		(168	)		87,346,650		38,655,012		1.795996		19.589675
TA Janus Mid-Cap Growth Service Class		3,895,869.876		122,238,320		146,913,253		103			146,913,356		20,310,940		1.757537		19.079610
TA JPMorgan Asset Allocation - Conservative Initial Class		14,693,708.022		154,014,406		156,634,928		5,869			156,640,797		83,056,161		1.329137		11.807140
TA JPMorgan Asset Allocation - Conservative Service Class		94,676,643.099		979,386,972		995,998,285		(139	)		995,998,146		338,740,194		1.252921		13.167548
TA JPMorgan Asset Allocation - Growth Initial Class		22,041,455.730		233,943,541		276,399,855		28			276,399,883		116,876,305		1.595850		13.498283
TA JPMorgan Asset Allocation - Growth Service Class		17,994,377.428		205,915,440		223,490,168		11			223,490,179		56,218,037		1.387149		16.876109
TA JPMorgan Asset Allocation - Moderate Initial Class		31,221,828.156		345,763,441		374,974,156		(183	)		374,973,973		179,888,900		1.437501		12.275583
TA JPMorgan Asset Allocation - Moderate Service Class		480,266,931.596		5,504,198,596		5,681,557,801		552			5,681,558,353		1,411,687,562		1.336856		14.180773
TA JPMorgan Asset Allocation - Moderate Growth Initial Class		39,789,453.989		459,190,199		494,980,808		(22	)		494,980,786		221,095,017		1.538250		12.821497
TA JPMorgan Asset Allocation - Moderate Growth Service Class		267,546,478.076		3,121,073,335		3,277,444,356		(342	)		3,277,444,014		1,072,176,193		1.361843		15.374127
TA JPMorgan Core Bond Service Class		18,899,128.557		261,993,552		267,800,652		(41	)		267,800,611		63,811,767		1.068445		11.413570
TA JPMorgan Enhanced Index Initial Class		6,152,098.175		116,501,696		135,407,681		(61	)		135,407,620		41,798,145		2.119775		21.859789
TA JPMorgan Enhanced Index Service Class		3,628,558.471		72,128,186		79,574,287		19			79,574,306		9,090,987		2.036622		21.302258
TA JPMorgan International Moderate Growth Initial Class		10,039.520		92,143		100,194		1			100,195		69,370		1.444364		12.088324
TA JPMorgan International Moderate Growth Service Class		56,325,625.470		534,212,222		556,497,180		77			556,497,257		263,802,109		1.033962		12.909243
TA JPMorgan Mid Cap Value Service Class		14,870,175.048		253,320,500		237,476,696		(131	)		237,476,565		41,359,300		1.593432		18.373288
TA JPMorgan Tactical Allocation Service Class		76,863,973.098		1,129,556,229		1,220,599,893		(232	)		1,220,599,661		260,751,494		1.210690		12.911714
TA Legg Mason Dynamic Allocation - Balanced Service Class		80,751,084.556		956,794,307		1,048,149,078		(412	)		1,048,148,666		188,777,088		1.165230		13.295055
TA Legg Mason Dynamic Allocation - Growth Service Class		32,685,101.838		405,925,360		447,785,895		(276	)		447,785,619		87,000,387		1.291710		13.860477
TA Levin Large Cap Value Service Class		1,043,322.122		10,415,834		10,944,449		1			10,944,450		1,468,558		1.023956		10.548792

See accompanying notes. 4

Transamerica Life Insurance Company

Separate Account VA B

Statements of Assets and Liabilities

December 31, 2019

Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from General Account			Net Assets		Units Outstanding		Range of Unit Values
TA Madison Diversified Income Service Class		12,961,524.534	$	160,619,844	$	179,387,500	$	36		$	179,387,536		51,519,543	$	1.413524	$	13.855150
TA Managed Risk - Balanced ETF Service Class		434,141,720.803		5,020,032,773		5,570,038,278		(172	)		5,570,038,106		1,162,728,895		1.182569		13.805374
TA Managed Risk - Conservative ETF Service Class		53,248,249.240		640,150,075		666,135,598		(134	)		666,135,464		210,974,386		1.196153		13.194429
TA Managed Risk - Growth ETF Service Class		228,265,172.100		2,310,932,954		2,476,677,117		70			2,476,677,187		735,600,165		1.329704		14.924205
TA Market Participation Strategy Service Class		33,646,145.780		392,359,418		393,659,906		231			393,660,137		75,395,519		1.363611		14.947930
TA Morgan Stanley Capital Growth Initial Class		20,175,607.072		348,153,401		372,441,707		(54	)		372,441,653		95,615,249		2.888357		17.724522
TA Morgan Stanley Capital Growth Service Class		20,339,644.935		355,524,882		362,045,680		136			362,045,816		31,609,616		2.705198		28.633381
TA Multi-Managed Balanced Initial Class		6,249,859.924		87,793,221		97,122,823		(78	)		97,122,745		34,030,880		1.865642		12.838728
TA Multi-Managed Balanced Service Class		83,115,878.339		1,137,685,002		1,261,699,033		4			1,261,699,037		193,463,242		1.542353		16.935426
TA Multi-Manager Alternative Strategies Service Class		443,839.804		4,436,906		4,522,728		20			4,522,748		443,014		9.827363		10.759892
TA PIMCO Tactical - Balanced Service Class		43,786,414.528		511,401,860		545,140,861		(203	)		545,140,658		133,079,664		1.182091		14.242665
TA PIMCO Tactical - Conservative Service Class		21,162,038.669		240,762,996		257,753,631		(35	)		257,753,596		63,063,445		1.113454		13.812809
TA PIMCO Tactical - Growth Service Class		27,872,645.863		317,809,735		344,227,176		350			344,227,526		67,856,653		1.164471		14.795020
TA PIMCO Total Return Initial Class		13,825,519.653		157,691,120		162,588,111		(4,344	)		162,583,767		97,537,181		1.098172		10.894618
TA PIMCO Total Return Service Class		61,924,133.866		709,625,584		721,416,160		104			721,416,264		289,976,616		1.129466		11.292052
TA PineBridge Inflation Opportunities Service Class		14,127,551.680		145,246,330		148,339,293		(198	)		148,339,095		68,795,573		0.973687		10.721312
TA ProFunds UltraBear Service Class (OAM)		45,108,666.300		20,275,516		12,630,427		157			12,630,584		528,747,957		0.022659		4.277245
TA QS Investors Active Asset Allocation - Conservative Service Class		31,362,754.530		331,690,807		339,345,004		(70	)		339,344,934		121,522,304		1.124829		12.586417
TA QS Investors Active Asset Allocation - Moderate Service Class		115,042,780.141		1,305,409,071		1,331,044,966		100			1,331,045,066		333,714,080		1.182371		12.826137
TA QS Investors Active Asset Allocation - Moderate Growth Service Class		45,590,290.803		506,728,044		522,008,830		304			522,009,134		167,991,889		1.175003		13.178551
TA Small/Mid Cap Value Initial Class		5,880,399.406		114,155,749		114,726,592		(1	)		114,726,591		18,085,702		1.942232		18.992028
TA Small/Mid Cap Value Service Class		7,908,534.013		152,011,138		149,629,464		44			149,629,508		26,380,984		1.900955		18.502409
TA T. Rowe Price Small Cap Initial Class		8,305,717.561		118,224,478		136,379,882		(135	)		136,379,747		39,725,671		2.428118		23.134489
TA T. Rowe Price Small Cap Service Class		20,488,630.326		289,856,030		313,680,930		94			313,681,024		32,292,237		2.376942		22.537792
TA TS&W International Equity Initial Class		5,968,314.763		76,770,672		83,257,991		(91	)		83,257,900		40,250,949		1.148231		13.472175
TA TS&W International Equity Service Class		3,348,090.790		42,601,277		46,304,096		(36	)		46,304,060		10,975,213		1.003110		13.122850
TA U.S. Equity Index Service Class		12,794,704.664		159,008,010		178,742,024		10			178,742,034		13,156,763		13.126540		13.947190
TA WMC US Growth Initial Class		13,404,650.160		378,000,559		460,449,733		(175	)		460,449,558		169,149,426		2.277493		25.976133
TA WMC US Growth Service Class		6,655,482.170		186,840,832		222,359,659		(307	)		222,359,352		29,264,303		2.120650		25.299834
Vanguard® - Capital Growth		-		-		-		-			-		-		9.996130		9.996734

See accompanying notes. 5

Transamerica Life Insurance Company

Separate Account VA B

Statements of Assets and Liabilities

December 31, 2019

Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from General Account			Net Assets		Units Outstanding		Range of Unit Values
Vanguard® - Conservative Allocation		-	$	-	$	-	$	-		$	-		-	$	10.017464	$	10.018067
Vanguard® - Diversified Value		-		-		-		-			-		-		10.029067		10.029672
Vanguard® Balanced		-		-		-		-			-		-		10.018668		10.019273
Vanguard® Equity Income		-		-		-		-			-		-		10.011008		10.011612
Vanguard® Equity Index		106,339.200		3,936,033		5,072,380		-			5,072,380		1,106,204		2.537585		22.233362
Vanguard® Global Bond Index		-		-		-		-			-		-		10.003255		10.003858
Vanguard® Growth		-		-		-		-			-		-		10.020892		10.021498
Vanguard® High Yield Bond		-		-		-		-			-		-		9.998584		9.999187
Vanguard® International		97,619.678		2,304,683		2,830,971		(1	)		2,830,970		570,592		1.634573		17.439617
Vanguard® Mid-Cap Index		95,176.196		2,049,806		2,287,084		(4	)		2,287,080		344,777		2.227928		20.015600
Vanguard® Moderate Allocation		-		-		-		-			-		-		10.025212		10.025816
Vanguard® Money Market		-		-		-		-			-		-		10.002871		10.003474
Vanguard® Real Estate Index		52,695.724		679,927		724,039		13			724,052		164,384		1.854851		15.769934
Vanguard® Short-Term Investment Grade		390,977.714		4,142,924		4,238,198		17			4,238,215		834,530		1.122082		11.056859
Vanguard® Total Bond Market Index		300,688.005		3,542,055		3,671,401		-			3,671,401		550,251		1.208206		11.323946
Vanguard® Total International Stock Market Index		-		-		-		-			-		-		10.064487		10.065095
Vanguard® Total Stock Market Index		-		-		-		-			-		-		10.026688		10.027294
Voya Global Perspectives Class S Shares		1,996.738		20,446		22,324		-			22,324		1,913		11.216562		11.895959
Voya Large Cap Value Class S Shares		100.952		1,109		1,215		1			1,216		93		12.302833		13.010274
Voya Strategic Allocation Conservative Class S Shares		-		-		-		-			-		-		11.168304		11.620652
Voya Strategic Allocation Moderate Class S Shares		-		-		-		-			-		-		11.748723		12.224651
Wanger International		14,225.175		378,706		369,855		(4	)		369,851		58,273		1.574251		14.443439
Wanger USA		-		-		-		-			-		-		2.658889		21.867468

See accompanying notes. 6

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	AB Balanced Wealth Strategy Class B Shares			AB Growth and Income Class B Shares			AB Large Cap Growth Class B Shares			American Funds - Asset Allocation Class 2 Shares			American Funds -Bond Class 2 Shares
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	99,946,976		$	246,477,664		$	32,262,769		$	769,063,617		$	217,547,968
Investment Income:
Reinvested Dividends		1,617,506			1,809,471			-			12,210,863			4,778,399
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,559,063			3,541,890			479,664			12,768,143			3,318,369
Net Investment Income (Loss)		58,443			(1,732,419	)		(479,664	)		(557,280	)		1,460,030
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		7,238,786			27,505,699			3,650,529			32,935,152			270,918
Realized Gain (Loss) on Investments		(1,648,836	)		8,700,569			3,039,944			21,372,558			(2,781,737)
Net Realized Capital Gains (Losses) on Investments		5,589,950			36,206,268			6,690,473			54,307,710			(2,510,819)
Net Change in Unrealized Appreciation (Depreciation)		(13,089,972	)		(51,135,115	)		(5,657,473	)		(99,480,280	)		(4,012,883)
Net Gain (Loss) on Investment		(7,500,022	)		(14,928,847	)		1,033,000			(45,172,570	)		(6,523,702)
Net Increase (Decrease) in Net Assets Resulting from Operations		(7,441,579	)		(16,661,266	)		553,336			(45,729,850	)		(5,063,672)
Increase (Decrease) in Net Assets from Contract Transactions		(7,300,359	)		(17,928,909	)		(5,077,892	)		(45,576,136	)		(15,297,282)
Total Increase (Decrease) in Net Assets		(14,741,938	)		(34,590,175	)		(4,524,556	)		(91,305,986	)		(20,360,954)
Net Assets as of December 31, 2018:	$	85,205,038		$	211,887,489		$	27,738,213		$	677,757,631		$	197,187,014
Investment Income:
Reinvested Dividends		2,197,252			2,424,069			-			14,772,667			5,733,998
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,499,041			3,432,311			451,954			12,642,052			3,500,990
Net Investment Income (Loss)		698,211			(1,008,242	)		(451,954	)		2,130,615			2,233,008
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		11,398,615			25,480,824			3,928,335			38,619,469			-
Realized Gain (Loss) on Investments		(2,877,363	)		2,342,042			2,842,313			13,318,368			(203,801)
Net Realized Capital Gains (Losses) on Investments		8,521,252			27,822,866			6,770,648			51,937,837			(203,801)
Net Change in Unrealized Appreciation (Depreciation)		4,633,018			18,829,483			2,037,962			77,270,939			13,177,362
Net Gain (Loss) on Investment		13,154,270			46,652,349			8,808,610			129,208,776			12,973,561
Net Increase (Decrease) in Net Assets Resulting from Operations		13,852,481			45,644,107			8,356,656			131,339,391			15,206,569
Increase (Decrease) in Net Assets from Contract Transactions		(1,703,940	)		(7,553,988	)		(4,864,479	)		9,976,394			17,695,800
Total Increase (Decrease) in Net Assets		12,148,541			38,090,119			3,492,177			141,315,785			32,902,369
Net Assets as of December 31, 2019:	$	97,353,579		$	249,977,608		$	31,230,390		$	819,073,416		$	230,089,383

See accompanying notes. ⁽¹⁾  See Footnote 1 7

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	American Funds -Growth Class 2 Shares			American Funds -Growth- Income Class 2 Shares			American Funds - International Class 2 Shares			BlackRock Basic Value V.I. Class I Shares			BlackRock Global Allocation V.I. Class I Shares
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	442,900,974		$	420,162,453		$	191,936,131		$	21,702,345		$	13,086,962
Investment Income:
Reinvested Dividends		2,124,919			6,343,618			3,595,577			369,139			108,826
Investment Expense:
Mortality and Expense Risk and Administrative Charges		8,094,717			7,278,774			3,342,873			308,551			181,201
Net Investment Income (Loss)		(5,969,798	)		(935,156	)		252,704			60,588			(72,375)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		48,391,290			30,234,362			9,573,365			2,139,347			425,765
Realized Gain (Loss) on Investments		4,457,417			(704,970	)		3,201,138			678,010			281,818
Net Realized Capital Gains (Losses) on Investments		52,848,707			29,529,392			12,774,503			2,817,357			707,583
Net Change in Unrealized Appreciation (Depreciation)		(56,482,165	)		(43,629,350	)		(43,962,836	)		(4,666,757	)		(1,633,656)
Net Gain (Loss) on Investment		(3,633,458	)		(14,099,958	)		(31,188,333	)		(1,849,400	)		(926,073)
Net Increase (Decrease) in Net Assets Resulting from Operations		(9,603,256	)		(15,035,114	)		(30,935,629	)		(1,788,812	)		(998,448)
Increase (Decrease) in Net Assets from Contract Transactions		9,037,082			4,385,777			25,793,760			(2,063,897	)		(1,678,374)
Total Increase (Decrease) in Net Assets		(566,174	)		(10,649,337	)		(5,141,869	)		(3,852,709	)		(2,676,822)
Net Assets as of December 31, 2018:	$	442,334,800		$	409,513,116		$	186,794,262		$	17,849,636		$	10,410,140
Investment Income:
Reinvested Dividends		4,454,126			8,813,275			3,346,694			459,455			132,353
Investment Expense:
Mortality and Expense Risk and Administrative Charges		9,038,879			7,932,926			3,531,148			294,258			165,744
Net Investment Income (Loss)		(4,584,753	)		880,349			(184,454	)		165,197			(33,391)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		56,711,549			49,216,940			5,420,086			1,618,482			352,740
Realized Gain (Loss) on Investments		5,286,158			(1,716,371	)		843,451			3,117			112,093
Net Realized Capital Gains (Losses) on Investments		61,997,707			47,500,569			6,263,537			1,621,599			464,833
Net Change in Unrealized Appreciation (Depreciation)		80,035,525			55,795,378			34,483,647			2,013,108			1,168,797
Net Gain (Loss) on Investment		142,033,232			103,295,947			40,747,184			3,634,707			1,633,630
Net Increase (Decrease) in Net Assets Resulting from Operations		137,448,479			104,176,296			40,562,730			3,799,904			1,600,239
Increase (Decrease) in Net Assets from Contract Transactions		99,840,350			64,600,533			21,174,894			(1,633,303	)		(1,298,093)
Total Increase (Decrease) in Net Assets		237,288,829			168,776,829			61,737,624			2,166,601			302,146
Net Assets as of December 31, 2019:	$	679,623,629		$	578,289,945		$	248,531,886		$	20,016,237		$	10,712,286

See accompanying notes. ⁽¹⁾  See Footnote 1 8

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	BlackRock High Yield V.I. Class I Shares			DFA VA Equity Allocation		DFA VA Global Bond		DFA VA Global Moderate Allocation		DFA VA International Small
	Subaccount			Subaccount(1)		Subaccount(1)		Subaccount(1)		Subaccount(1)
Net Assets as of December 31, 2017:	$	4,411,875		$	-	$	-	$	-	$	-
Investment Income:
Reinvested Dividends		219,471			-		-		-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		58,048			-		-		-		-
Net Investment Income (Loss)		161,423			-		-		-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-		-		-		-
Realized Gain (Loss) on Investments		(1,123	)		-		-		-		-
Net Realized Capital Gains (Losses) on Investments		(1,123	)		-		-		-		-
Net Change in Unrealized Appreciation (Depreciation)		(313,526	)		-		-		-		-
Net Gain (Loss) on Investment		(314,649	)		-		-		-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		(153,226	)		-		-		-		-
Increase (Decrease) in Net Assets from Contract Transactions		(645,691	)		-		-		-		-
Total Increase (Decrease) in Net Assets		(798,917	)		-		-		-		-
Net Assets as of December 31, 2018:	$	3,612,958		$	-	$	-	$	-	$	-
Investment Income:
Reinvested Dividends		199,545			-		-		-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		54,336			-		-		-		-
Net Investment Income (Loss)		145,209			-		-		-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-		-		-		-
Realized Gain (Loss) on Investments		(15,482	)		-		-		-		-
Net Realized Capital Gains (Losses) on Investments		(15,482	)		-		-		-		-
Net Change in Unrealized Appreciation (Depreciation)		341,344			-		-		-		-
Net Gain (Loss) on Investment		325,862			-		-		-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		471,071			-		-		-		-
Increase (Decrease) in Net Assets from Contract Transactions		(432,176	)		-		-		-		-
Total Increase (Decrease) in Net Assets		38,895			-		-		-		-
Net Assets as of December 31, 2019:	$	3,651,853		$	-	$	-	$	-	$	-

See accompanying notes. ⁽¹⁾  See Footnote 1 9

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	DFA VA International Value		DFA VA Short-Term Fixed		DFA VA U.S. Large Value		DFA VA U.S. Targeted Value		Fidelity® VIP Balanced Service Class 2
	Subaccount(1)		Subaccount(1)		Subaccount(1)		Subaccount(1)		Subaccount
Net Assets as of December 31, 2017:	$	-	$	-	$	-	$	-	$	382,158,570
Investment Income:
Reinvested Dividends		-		-		-		-		5,068,360
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		-		-		-		5,519,528
Net Investment Income (Loss)		-		-		-		-		(451,168)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		-		-		-		19,614,679
Realized Gain (Loss) on Investments		-		-		-		-		6,148,770
Net Realized Capital Gains (Losses) on Investments		-		-		-		-		25,763,449
Net Change in Unrealized Appreciation (Depreciation)		-		-		-		-		(48,459,536)
Net Gain (Loss) on Investment		-		-		-		-		(22,696,087)
Net Increase (Decrease) in Net Assets Resulting from Operations		-		-		-		-		(23,147,255)
Increase (Decrease) in Net Assets from Contract Transactions		-		-		-		-		5,923,849
Total Increase (Decrease) in Net Assets		-		-		-		-		(17,223,406)
Net Assets as of December 31, 2018:	$	-	$	-	$	-	$	-	$	364,935,164
Investment Income:
Reinvested Dividends		-		-		-		-		6,623,149
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		-		-		-		5,855,846
Net Investment Income (Loss)		-		-		-		-		767,303
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		-		-		-		19,237,310
Realized Gain (Loss) on Investments		-		-		-		-		5,136,333
Net Realized Capital Gains (Losses) on Investments		-		-		-		-		24,373,643
Net Change in Unrealized Appreciation (Depreciation)		-		-		-		-		57,610,293
Net Gain (Loss) on Investment		-		-		-		-		81,983,936
Net Increase (Decrease) in Net Assets Resulting from Operations		-		-		-		-		82,751,239
Increase (Decrease) in Net Assets from Contract Transactions		-		-		-		-		9,715,319
Total Increase (Decrease) in Net Assets		-		-		-		-		92,466,558
Net Assets as of December 31, 2019:	$	-	$	-	$	-	$	-	$	457,401,722

See accompanying notes. ⁽¹⁾  See Footnote 1 10

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	Fidelity® VIP Contrafund® Initial Class			Fidelity® VIP Contrafund® Service Class 2			Fidelity® VIP Equity-Income Initial Class			Fidelity® VIP Equity-Income Service Class 2			Fidelity® VIP Growth Initial Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	258,065		$	579,167,529		$	43,356		$	48,184,382		$	18,642
Investment Income:
Reinvested Dividends		1,769			2,494,459			954			879,594			47
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,597			8,300,180			303			666,709			153
Net Investment Income (Loss)		172			(5,805,721	)		651			212,885			(106	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		21,620			51,034,223			1,934			2,172,474			2,671
Realized Gain (Loss) on Investments		2,083			17,151,788			327			1,024,575			258
Net Realized Capital Gains (Losses) on Investments		23,703			68,186,011			2,261			3,197,049			2,929
Net Change in Unrealized Appreciation (Depreciation)		(40,170	)		(105,225,469	)		(6,659	)		(7,643,072	)		(2,912	)
Net Gain (Loss) on Investment		(16,467	)		(37,039,458	)		(4,398	)		(4,446,023	)		17
Net Increase (Decrease) in Net Assets Resulting from Operations		(16,295	)		(42,845,179	)		(3,747	)		(4,233,138	)		(89	)
Increase (Decrease) in Net Assets from Contract Transactions		(20,408	)		(41,551,871	)		(1,576	)		(6,211,153	)		(992	)
Total Increase (Decrease) in Net Assets		(36,703	)		(84,397,050	)		(5,323	)		(10,444,291	)		(1,081	)
Net Assets as of December 31, 2018:	$	221,362		$	494,770,479		$	38,033		$	37,740,091		$	17,561
Investment Income:
Reinvested Dividends		943			1,315,196			864			720,868			53
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,599			8,431,892			306			606,408			158
Net Investment Income (Loss)		(656	)		(7,116,696	)		558			114,460			(105	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		28,268			65,307,186			2,679			2,708,730			1,223
Realized Gain (Loss) on Investments		11,284			4,777,581			247			552,417			245
Net Realized Capital Gains (Losses) on Investments		39,552			70,084,767			2,926			3,261,147			1,468
Net Change in Unrealized Appreciation (Depreciation)		26,129			84,849,473			6,428			5,636,243			4,343
Net Gain (Loss) on Investment		65,681			154,934,240			9,354			8,897,390			5,811
Net Increase (Decrease) in Net Assets Resulting from Operations		65,025			147,817,544			9,912			9,011,850			5,706
Increase (Decrease) in Net Assets from Contract Transactions		(78,037	)		28,790,941			(1,514	)		(5,238,020	)		(946	)
Total Increase (Decrease) in Net Assets		(13,012	)		176,608,485			8,398			3,773,830			4,760
Net Assets as of December 31, 2019:	$	208,350		$	671,378,964		$	46,431		$	41,513,921		$	22,321

See accompanying notes. ⁽¹⁾  See Footnote 1 11

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	Fidelity® VIP Growth Service Class 2			Fidelity® VIP Growth Opportunities Service Class 2			Fidelity® VIP Mid Cap Initial Class			Fidelity® VIP Mid Cap Service Class 2			Fidelity® VIP Value Strategies Initial Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	40,016,140		$	2,711,713		$	108,346		$	374,376,908		$	330,169
Investment Income:
Reinvested Dividends		16,492			2,369			652			1,437,146			2,997
Investment Expense:
Mortality and Expense Risk and Administrative Charges		591,086			39,014			666			5,342,934			2,257
Net Investment Income (Loss)		(574,594	)		(36,645	)		(14	)		(3,905,788	)		740
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		5,700,663			150,648			8,670			32,160,139			14,038
Realized Gain (Loss) on Investments		3,611,091			474,380			654			6,025,991			(5,806	)
Net Realized Capital Gains (Losses) on Investments		9,311,754			625,028			9,324			38,186,130			8,232
Net Change in Unrealized Appreciation (Depreciation)		(8,969,884	)		(304,192	)		(23,703	)		(89,722,843	)		(73,222	)
Net Gain (Loss) on Investment		341,870			320,836			(14,379	)		(51,536,713	)		(64,990	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(232,724	)		284,191			(14,393	)		(55,442,501	)		(64,250	)
Increase (Decrease) in Net Assets from Contract Transactions		(6,087,010	)		(649,439	)		(11,283	)		(30,103,231	)		(10,630	)
Total Increase (Decrease) in Net Assets		(6,319,734	)		(365,248	)		(25,676	)		(85,545,732	)		(74,880	)
Net Assets as of December 31, 2018:	$	33,696,406		$	2,346,465		$	82,670		$	288,831,176		$	255,289
Investment Income:
Reinvested Dividends		20,908			-			514			2,263,157			5,152
Investment Expense:
Mortality and Expense Risk and Administrative Charges		562,709			42,297			391			4,781,255			1,963
Net Investment Income (Loss)		(541,801	)		(42,297	)		123			(2,518,098	)		3,189
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		2,381,287			229,667			9,939			35,860,054			27,000
Realized Gain (Loss) on Investments		2,699,314			148,960			(9,861	)		(3,292,640	)		(21,057	)
Net Realized Capital Gains (Losses) on Investments		5,080,601			378,627			78			32,567,414			5,943
Net Change in Unrealized Appreciation (Depreciation)		5,689,979			537,896			15,696			31,784,357			79,266
Net Gain (Loss) on Investment		10,770,580			916,523			15,774			64,351,771			85,209
Net Increase (Decrease) in Net Assets Resulting from Operations		10,228,779			874,226			15,897			61,833,673			88,398
Increase (Decrease) in Net Assets from Contract Transactions		(4,821,646	)		(216,372	)		(43,142	)		3,930,362			(2,634	)
Total Increase (Decrease) in Net Assets		5,407,133			657,854			(27,245	)		65,764,035			85,764
Net Assets as of December 31, 2019:	$	39,103,539		$	3,004,319		$	55,425		$	354,595,211		$	341,053

See accompanying notes. ⁽¹⁾  See Footnote 1 12

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	Fidelity® VIP Value Strategies Service Class 2			Franklin Allocation Class 4 Shares			Franklin Income Class 2 Shares			Franklin Mutual Shares Class 2 Shares			Franklin Templeton Foreign Class 2 Shares
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	149,707,366		$	104,865,929		$	76,044,090		$	17,081,386		$	32,841,409
Investment Income:
Reinvested Dividends		1,011,720			2,663,278			3,328,980			368,906			777,061
Investment Expense:
Mortality and Expense Risk and Administrative Charges		2,073,720			1,536,772			1,023,792			233,440			441,133
Net Investment Income (Loss)		(1,062,000	)		1,126,506			2,305,188			135,466			335,928
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		6,379,381			2,179,614			-			574,432			-
Realized Gain (Loss) on Investments		3,097,543			(43,118	)		1,036,646			535,517			406,202
Net Realized Capital Gains (Losses) on Investments		9,476,924			2,136,496			1,036,646			1,109,949			406,202
Net Change in Unrealized Appreciation (Depreciation)		(35,838,580	)		(12,814,671	)		(7,030,985	)		(2,802,329	)		(5,652,067	)
Net Gain (Loss) on Investment		(26,361,656	)		(10,678,175	)		(5,994,339	)		(1,692,380	)		(5,245,865	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(27,423,656	)		(9,551,669	)		(3,689,151	)		(1,556,914	)		(4,909,937	)
Increase (Decrease) in Net Assets from Contract Transactions		(5,287,263	)		(20,304,661	)		(12,420,005	)		(2,199,957	)		(4,608,750	)
Total Increase (Decrease) in Net Assets		(32,710,919	)		(29,856,330	)		(16,109,156	)		(3,756,871	)		(9,518,687	)
Net Assets as of December 31, 2018:	$	116,996,447		$	75,009,599		$	59,934,934		$	13,324,515		$	23,322,722
Investment Income:
Reinvested Dividends		2,122,018			2,521,846			3,242,366			243,769			396,020
Investment Expense:
Mortality and Expense Risk and Administrative Charges		2,078,951			1,253,233			888,397			202,021			346,481
Net Investment Income (Loss)		43,067			1,268,613			2,353,969			41,748			49,539
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		12,426,804			4,851,571			979,963			1,303,445			236,381
Realized Gain (Loss) on Investments		(1,185,482	)		(1,012,709	)		682,347			385,893			(95,813	)
Net Realized Capital Gains (Losses) on Investments		11,241,322			3,838,862			1,662,310			1,689,338			140,568
Net Change in Unrealized Appreciation (Depreciation)		27,337,715			7,257,683			4,130,408			852,859			2,141,308
Net Gain (Loss) on Investment		38,579,037			11,096,545			5,792,718			2,542,197			2,281,876
Net Increase (Decrease) in Net Assets Resulting from Operations		38,622,104			12,365,158			8,146,687			2,583,945			2,331,415
Increase (Decrease) in Net Assets from Contract Transactions		11,948,833			(13,378,938	)		(10,272,960	)		(2,198,024	)		(3,586,945	)
Total Increase (Decrease) in Net Assets		50,570,937			(1,013,780	)		(2,126,273	)		385,921			(1,255,530	)
Net Assets as of December 31, 2019:	$	167,567,384		$	73,995,819		$	57,808,661		$	13,710,436		$	22,067,192

See accompanying notes. ⁽¹⁾  See Footnote 1 13

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	Invesco V.I. American Franchise Series II Shares			Janus Henderson - Enterprise Service Shares			Janus Henderson - Global Research Service Shares			Janus Henderson - Mid Cap Value Service Shares			MFS® New Discovery Service Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	7,305,661		$	22,591,758		$	29,147,018		$	3,228,213		$	44,936,194
Investment Income:
Reinvested Dividends		-			30,151			264,104			26,976			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		109,445			336,993			410,761			44,126			682,331
Net Investment Income (Loss)		(109,445	)		(306,842	)		(146,657	)		(17,150	)		(682,331	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		466,002			1,110,104			-			267,993			6,339,944
Realized Gain (Loss) on Investments		540,953			1,657,479			2,273,173			21,836			1,658,627
Net Realized Capital Gains (Losses) on Investments		1,006,955			2,767,583			2,273,173			289,829			7,998,571
Net Change in Unrealized Appreciation (Depreciation)		(1,171,656	)		(2,727,077	)		(4,181,013	)		(738,753	)		(7,955,942	)
Net Gain (Loss) on Investment		(164,701	)		40,506			(1,907,840	)		(448,924	)		42,629
Net Increase (Decrease) in Net Assets Resulting from Operations		(274,146	)		(266,336	)		(2,054,497	)		(466,074	)		(639,702	)
Increase (Decrease) in Net Assets from Contract Transactions		(1,117,449	)		(2,568,178	)		(4,185,499	)		(196,035	)		(6,673,551	)
Total Increase (Decrease) in Net Assets		(1,391,595	)		(2,834,514	)		(6,239,996	)		(662,109	)		(7,313,253	)
Net Assets as of December 31, 2018:	$	5,914,066		$	19,757,244		$	22,907,022		$	2,566,104		$	37,622,941
Investment Income:
Reinvested Dividends		-			11,147			209,044			43,252			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		98,317			335,171			367,067			42,648			649,844
Net Investment Income (Loss)		(98,317	)		(324,024	)		(158,023	)		604			(649,844	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		950,874			1,386,900			1,514,428			220,528			8,415,374
Realized Gain (Loss) on Investments		436,465			1,897,708			1,863,928			(424	)		1,152,956
Net Realized Capital Gains (Losses) on Investments		1,387,339			3,284,608			3,378,356			220,104			9,568,330
Net Change in Unrealized Appreciation (Depreciation)		616,117			3,268,698			2,572,028			490,722			5,011,410
Net Gain (Loss) on Investment		2,003,456			6,553,306			5,950,384			710,826			14,579,740
Net Increase (Decrease) in Net Assets Resulting from Operations		1,905,139			6,229,282			5,792,361			711,430			13,929,896
Increase (Decrease) in Net Assets from Contract Transactions		(1,015,338	)		(3,118,559	)		(3,539,782	)		(140,391	)		(6,862,980	)
Total Increase (Decrease) in Net Assets		889,801			3,110,723			2,252,579			571,039			7,066,916
Net Assets as of December 31, 2019:	$	6,803,867		$	22,867,967		$	25,159,601		$	3,137,143		$	44,689,857

See accompanying notes. ⁽¹⁾  See Footnote 1 14

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	MFS® Total Return Service Class			NVIT Emerging Markets Class D Shares			Rational Insider Buying VA			Rational Trend Aggregation VA			State Street Total Return V.I.S. Class 3 Shares
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	50,663,588		$	21,682		$	2,476,679		$	1,769,682		$	57,477,545
Investment Income:
Reinvested Dividends		901,922			70			15,064			61,560			1,027,740
Investment Expense:
Mortality and Expense Risk and Administrative Charges		684,652			98			32,038			21,256			904,553
Net Investment Income (Loss)		217,270			(28	)		(16,974	)		40,304			123,187
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		2,076,836			-			100,840			-			10,847,520
Realized Gain (Loss) on Investments		1,923,864			82			(245,228	)		(1,146	)		1,253,802
Net Realized Capital Gains (Losses) on Investments		4,000,700			82			(144,388	)		(1,146	)		12,101,322
Net Change in Unrealized Appreciation (Depreciation)		(7,499,871	)		(3,942	)		9,063			(132,851	)		(16,719,837	)
Net Gain (Loss) on Investment		(3,499,171	)		(3,860	)		(135,325	)		(133,997	)		(4,618,515	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,281,901	)		(3,888	)		(152,299	)		(93,693	)		(4,495,328	)
Increase (Decrease) in Net Assets from Contract Transactions		(6,817,023	)		(285	)		(435,979	)		(305,011	)		(4,370,666	)
Total Increase (Decrease) in Net Assets		(10,098,924	)		(4,173	)		(588,278	)		(398,704	)		(8,865,994	)
Net Assets as of December 31, 2018:	$	40,564,664		$	17,509		$	1,888,401		$	1,370,978		$	48,611,551
Investment Income:
Reinvested Dividends		874,270			414			-			28,140			1,070,124
Investment Expense:
Mortality and Expense Risk and Administrative Charges		618,768			93			26,092			16,336			815,848
Net Investment Income (Loss)		255,502			321			(26,092	)		11,804			254,276
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,117,782			-			330,085			-			-
Realized Gain (Loss) on Investments		1,588,777			68			(315,862	)		(42,404	)		(2,003,683	)
Net Realized Capital Gains (Losses) on Investments		2,706,559			68			14,223			(42,404	)		(2,003,683	)
Net Change in Unrealized Appreciation (Depreciation)		4,069,210			3,432			394,113			105,590			8,292,530
Net Gain (Loss) on Investment		6,775,769			3,500			408,336			63,186			6,288,847
Net Increase (Decrease) in Net Assets Resulting from Operations		7,031,271			3,821			382,244			74,990			6,543,123
Increase (Decrease) in Net Assets from Contract Transactions		(6,015,809	)		(282	)		(588,658	)		(442,193	)		(2,953,883	)
Total Increase (Decrease) in Net Assets		1,015,462			3,539			(206,414	)		(367,203	)		3,589,240
Net Assets as of December 31, 2019:	$	41,580,126		$	21,048		$	1,681,987		$	1,003,775		$	52,200,791

See accompanying notes. ⁽¹⁾  See Footnote 1 15

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA 60/40 Allocation Service Class			TA Aegon High Yield Bond Initial Class			TA Aegon High Yield Bond Service Class			TA Aegon U.S. Government Securities Initial Class
	Subaccount(1)			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	-		$	82,935,784		$	157,652,721		$	65,046,767
Investment Income:
Reinvested Dividends		-			4,803,811			9,081,105			1,801,119
Investment Expense:
Mortality and Expense Risk and Administrative Charges		27,257			1,134,796			2,197,967			909,475
Net Investment Income (Loss)		(27,257	)		3,669,015			6,883,138			891,644
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			-			-
Realized Gain (Loss) on Investments		(9,588	)		(662,004	)		(1,048,014	)		(2,543,945	)
Net Realized Capital Gains (Losses) on Investments		(9,588	)		(662,004	)		(1,048,014	)		(2,543,945	)
Net Change in Unrealized Appreciation (Depreciation)		(361,181	)		(5,738,382	)		(11,960,675	)		831,313
Net Gain (Loss) on Investment		(370,769	)		(6,400,386	)		(13,008,689	)		(1,712,632	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(398,026	)		(2,731,371	)		(6,125,551	)		(820,988	)
Increase (Decrease) in Net Assets from Contract Transactions		7,957,827			(12,687,646	)		(14,115,742	)		(2,011,064	)
Total Increase (Decrease) in Net Assets		7,559,801			(15,419,017	)		(20,241,293	)		(2,832,052	)
Net Assets as of December 31, 2018:	$	7,559,801		$	67,516,767		$	137,411,428		$	62,214,715
Investment Income:
Reinvested Dividends		28,333			4,514,414			8,817,946			1,295,320
Investment Expense:
Mortality and Expense Risk and Administrative Charges		197,245			1,067,545			2,076,125			970,239
Net Investment Income (Loss)		(168,912	)		3,446,869			6,741,821			325,081
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		21,063			-			-			-
Realized Gain (Loss) on Investments		109,459			(381,155	)		(298,140	)		(2,216,242	)
Net Realized Capital Gains (Losses) on Investments		130,522			(381,155	)		(298,140	)		(2,216,242	)
Net Change in Unrealized Appreciation (Depreciation)		2,559,973			5,346,463			10,448,923			4,869,715
Net Gain (Loss) on Investment		2,690,495			4,965,308			10,150,783			2,653,473
Net Increase (Decrease) in Net Assets Resulting from Operations		2,521,583			8,412,177			16,892,604			2,978,554
Increase (Decrease) in Net Assets from Contract Transactions		15,057,777			(3,545,897	)		1,183,172			(2,173,409	)
Total Increase (Decrease) in Net Assets		17,579,360			4,866,280			18,075,776			805,145
Net Assets as of December 31, 2019:	$	25,139,161		$	72,383,047		$	155,487,204		$	63,019,860

See accompanying notes. ⁽¹⁾  See Footnote 1 16

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA Aegon U.S. Government Securities Service Class			TA American Funds Managed Risk -Balanced Service Class			TA Barrow Hanley Dividend Focused Initial Class			TA Barrow Hanley Dividend Focused Service Class			TA BlackRock Global Allocation Service Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	198,887,348		$	652,612,767		$	400,085,233		$	184,816,342		$	1,370,732,763
Investment Income:
Reinvested Dividends		4,495,288			6,179,142			7,680,832			3,230,567			14,147,367
Investment Expense:
Mortality and Expense Risk and Administrative Charges		2,637,035			9,593,574			5,359,548			2,467,327			17,717,611
Net Investment Income (Loss)		1,858,253			(3,414,432	)		2,321,284			763,240			(3,570,244	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			23,701,607			-			-			13,664,203
Realized Gain (Loss) on Investments		(11,098,320	)		9,808,407			35,262,540			12,052,134			17,963,660
Net Realized Capital Gains (Losses) on Investments		(11,098,320	)		33,510,014			35,262,540			12,052,134			31,627,863
Net Change in Unrealized Appreciation (Depreciation)		7,982,314			(84,432,499	)		(82,401,218	)		(34,763,229	)		(139,096,319	)
Net Gain (Loss) on Investment		(3,116,006	)		(50,922,485	)		(47,138,678	)		(22,711,095	)		(107,468,456	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,257,753	)		(54,336,917	)		(44,817,394	)		(21,947,855	)		(111,038,700	)
Increase (Decrease) in Net Assets from Contract Transactions		121,067,933			126,039,608			(56,370,913	)		(23,679,473	)		(158,671,215	)
Total Increase (Decrease) in Net Assets		119,810,180			71,702,691			(101,188,307	)		(45,627,328	)		(269,709,915	)
Net Assets as of December 31, 2018:	$	318,697,528		$	724,315,458		$	298,896,926		$	139,189,014		$	1,101,022,848
Investment Income:
Reinvested Dividends		3,749,792			10,357,467			7,809,530			3,412,904			10,556,258
Investment Expense:
Mortality and Expense Risk and Administrative Charges		3,174,920			10,947,262			4,723,485			2,187,316			15,534,231
Net Investment Income (Loss)		574,872			(589,795	)		3,086,045			1,225,588			(4,977,973	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			19,343,664			47,985,181			23,577,688			46,258,602
Realized Gain (Loss) on Investments		(868,591	)		7,909,277			16,832,285			6,478,014			15,236,495
Net Realized Capital Gains (Losses) on Investments		(868,591	)		27,252,941			64,817,466			30,055,702			61,495,097
Net Change in Unrealized Appreciation (Depreciation)		11,436,754			96,675,825			(5,112,750	)		(1,348,904	)		112,916,895
Net Gain (Loss) on Investment		10,568,163			123,928,766			59,704,716			28,706,798			174,411,992
Net Increase (Decrease) in Net Assets Resulting from Operations		11,143,035			123,338,971			62,790,761			29,932,386			169,434,019
Increase (Decrease) in Net Assets from Contract Transactions		(138,555,248	)		92,886,661			(37,892,505	)		(5,135,796	)		(133,073,774	)
Total Increase (Decrease) in Net Assets		(127,412,213	)		216,225,632			24,898,256			24,796,590			36,360,245
Net Assets as of December 31, 2019:	$	191,285,315		$	940,541,090		$	323,795,182		$	163,985,604		$	1,137,383,093

See accompanying notes. ⁽¹⁾  See Footnote 1 17

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA BlackRock Global Allocation Managed Risk - Balanced Service Class			TA BlackRock Global Allocation Managed Risk - Growth Service Class			TA BlackRock Global Real Estate Securities Initial Class			TA BlackRock Global Real Estate Securities Service Class
	Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	198,315,259		$	208,532,393		$	45,370,142		$	87,690,297
Investment Income:
Reinvested Dividends		2,586,089			2,550,098			3,489,249			6,318,328
Investment Expense:
Mortality and Expense Risk and Administrative Charges		2,867,457			2,758,739			611,899			1,140,464
Net Investment Income (Loss)		(281,368	)		(208,641	)		2,877,350			5,177,864
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			1,672,362			-			-
Realized Gain (Loss) on Investments		(1,264,990	)		(1,212,505	)		846,951			67,515
Net Realized Capital Gains (Losses) on Investments		(1,264,990	)		459,857			846,951			67,515
Net Change in Unrealized Appreciation (Depreciation)		(19,185,140	)		(23,964,658	)		(8,522,670	)		(14,750,973	)
Net Gain (Loss) on Investment		(20,450,130	)		(23,504,801	)		(7,675,719	)		(14,683,458	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(20,731,498	)		(23,713,442	)		(4,798,369	)		(9,505,594	)
Increase (Decrease) in Net Assets from Contract Transactions		39,190,066			(5,419,377	)		(4,880,100	)		(9,960,648	)
Total Increase (Decrease) in Net Assets		18,458,568			(29,132,819	)		(9,678,469	)		(19,466,242	)
Net Assets as of December 31, 2018:	$	216,773,827		$	179,399,574		$	35,691,673		$	68,224,055
Investment Income:
Reinvested Dividends		7,293,995			6,251,984			370,613			466,477
Investment Expense:
Mortality and Expense Risk and Administrative Charges		3,172,228			2,536,294			616,460			1,103,251
Net Investment Income (Loss)		4,121,767			3,715,690			(245,847	)		(636,774	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			-			-
Realized Gain (Loss) on Investments		(676,577	)		(805,233	)		580,149			370,381
Net Realized Capital Gains (Losses) on Investments		(676,577	)		(805,233	)		580,149			370,381
Net Change in Unrealized Appreciation (Depreciation)		26,642,324			25,498,256			8,035,199			15,958,137
Net Gain (Loss) on Investment		25,965,747			24,693,023			8,615,348			16,328,518
Net Increase (Decrease) in Net Assets Resulting from Operations		30,087,514			28,408,713			8,369,501			15,691,744
Increase (Decrease) in Net Assets from Contract Transactions		24,595,727			(10,982,866	)		(1,976,241	)		2,120,987
Total Increase (Decrease) in Net Assets		54,683,241			17,425,847			6,393,260			17,812,731
Net Assets as of December 31, 2019:	$	271,457,068		$	196,825,421		$	42,084,933		$	86,036,786

See accompanying notes. ⁽¹⁾  See Footnote 1 18

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA BlackRock Government Money Market Initial Class			TA BlackRock Government Money Market Service Class			TA BlackRock iShares Edge 100 Service Class			TA BlackRock iShares Edge 40 Initial Class			TA BlackRock iShares Edge 40 Service Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	89,165,490		$	296,558,369		$	39,921,039		$	19,894,941		$	324,322,394
Investment Income:
Reinvested Dividends		1,579,630			2,621,215			499,500			351,672			5,013,195
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,363,382			4,237,802			484,094			273,732			4,171,345
Net Investment Income (Loss)		216,248			(1,616,587	)		15,406			77,940			841,850
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			487,976			-			-
Realized Gain (Loss) on Investments		-			-			2,206,755			563,431			6,384,143
Net Realized Capital Gains (Losses) on Investments		-			-			2,694,731			563,431			6,384,143
Net Change in Unrealized Appreciation (Depreciation)		-			-			(5,174,265	)		(1,671,886	)		(24,843,508	)
Net Gain (Loss) on Investment		-			-			(2,479,534	)		(1,108,455	)		(18,459,365	)
Net Increase (Decrease) in Net Assets Resulting from Operations		216,248			(1,616,587	)		(2,464,128	)		(1,030,515	)		(17,617,515	)
Increase (Decrease) in Net Assets from Contract Transactions		3,354,828			44,939,274			(2,536,990	)		(2,026,981	)		(29,431,955	)
Total Increase (Decrease) in Net Assets		3,571,076			43,322,687			(5,001,118	)		(3,057,496	)		(47,049,470	)
Net Assets as of December 31, 2018:	$	92,736,566		$	339,881,056		$	34,919,921		$	16,837,445		$	277,272,924
Investment Income:
Reinvested Dividends		1,686,454			5,653,632			626,168			391,854			5,645,815
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,366,550			4,440,272			473,704			261,366			3,904,379
Net Investment Income (Loss)		319,904			1,213,360			152,464			130,488			1,741,436
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			1,219,459			2,317,945			37,870,056
Realized Gain (Loss) on Investments		-			-			1,898,312			226,711			5,303,499
Net Realized Capital Gains (Losses) on Investments		-			-			3,117,771			2,544,656			43,173,555
Net Change in Unrealized Appreciation (Depreciation)		-			-			5,075,222			(458,790	)		(8,549,938	)
Net Gain (Loss) on Investment		-			-			8,192,993			2,085,866			34,623,617
Net Increase (Decrease) in Net Assets Resulting from Operations		319,904			1,213,360			8,345,457			2,216,354			36,365,053
Increase (Decrease) in Net Assets from Contract Transactions		(4,336,580	)		7,786,812			6,371,639			(1,057,248	)		(21,145,048	)
Total Increase (Decrease) in Net Assets		(4,016,676	)		9,000,172			14,717,096			1,159,106			15,220,005
Net Assets as of December 31, 2019:	$	88,719,890		$	348,881,228		$	49,637,017		$	17,996,551		$	292,492,929

See accompanying notes. ⁽¹⁾  See Footnote 1 19

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA BlackRock iShares Edge 50 Service Class			TA BlackRock iShares Edge 75 Service Class			TA BlackRock Tactical Allocation Service Class			TA Greystone International Growth Initial Class			TA Greystone International Growth Service Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	63,218,179		$	26,367,946		$	1,483,799,252		$	86,501,729		$	116,136,840
Investment Income:
Reinvested Dividends		934,670			366,297			13,538,055			1,034,176			1,010,086
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,192,147			475,470			19,357,222			1,215,170			1,461,482
Net Investment Income (Loss)		(257,477	)		(109,173	)		(5,819,167	)		(180,994	)		(451,396	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		553,348			210,784			61,423,750			439,658			545,933
Realized Gain (Loss) on Investments		1,188,982			815,599			14,676,114			3,167,716			2,772,957
Net Realized Capital Gains (Losses) on Investments		1,742,330			1,026,383			76,099,864			3,607,374			3,318,890
Net Change in Unrealized Appreciation (Depreciation)		(6,443,198	)		(4,774,889	)		(146,301,675	)		(20,077,369	)		(23,762,175	)
Net Gain (Loss) on Investment		(4,700,868	)		(3,748,506	)		(70,201,811	)		(16,469,995	)		(20,443,285	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,958,345	)		(3,857,679	)		(76,020,978	)		(16,650,989	)		(20,894,681	)
Increase (Decrease) in Net Assets from Contract Transactions		78,270,232			37,636,794			(173,996,350	)		731,991			(10,800,517	)
Total Increase (Decrease) in Net Assets		73,311,887			33,779,115			(250,017,328	)		(15,918,998	)		(31,695,198	)
Net Assets as of December 31, 2018:	$	136,530,066		$	60,147,061		$	1,233,781,924		$	70,582,731		$	84,441,642
Investment Income:
Reinvested Dividends		1,969,582			878,838			27,573,072			1,259,165			1,298,907
Investment Expense:
Mortality and Expense Risk and Administrative Charges		2,483,236			1,113,578			17,551,880			1,135,974			1,270,664
Net Investment Income (Loss)		(513,654	)		(234,740	)		10,021,192			123,191			28,243
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		328,264			343,237			58,205,494			12,642,872			15,913,433
Realized Gain (Loss) on Investments		1,523,470			1,664,980			9,408,834			1,389,794			(55,812	)
Net Realized Capital Gains (Losses) on Investments		1,851,734			2,008,217			67,614,328			14,032,666			15,857,621
Net Change in Unrealized Appreciation (Depreciation)		25,003,545			12,561,203			104,577,838			3,340,386			5,485,976
Net Gain (Loss) on Investment		26,855,279			14,569,420			172,192,166			17,373,052			21,343,597
Net Increase (Decrease) in Net Assets Resulting from Operations		26,341,625			14,334,680			182,213,358			17,496,243			21,371,840
Increase (Decrease) in Net Assets from Contract Transactions		138,449,508			43,445,406			(159,140,653	)		(5,170,671	)		(4,118,139	)
Total Increase (Decrease) in Net Assets		164,791,133			57,780,086			23,072,705			12,325,572			17,253,701
Net Assets as of December 31, 2019:	$	301,321,199		$	117,927,147		$	1,256,854,629		$	82,908,303		$	101,695,343

See accompanying notes. ⁽¹⁾  See Footnote 1 20

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA International Equity Index Service Class			TA Janus Balanced Service Class			TA Janus Mid-Cap Growth Initial Class			TA Janus Mid-Cap Growth Service Class			TA JPMorgan Asset Allocation - Conservative Initial Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	6,948,109		$	836,976,066		$	73,761,288		$	83,552,225		$	171,462,292
Investment Income:
Reinvested Dividends		59,350			12,660,967			45,377			-			3,001,075
Investment Expense:
Mortality and Expense Risk and Administrative Charges		183,098			11,792,056			1,155,201			1,297,601			2,489,809
Net Investment Income (Loss)		(123,748	)		868,911			(1,109,824	)		(1,297,601	)		511,266
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		33,317			20,853,678			3,366,181			4,267,026			6,774,998
Realized Gain (Loss) on Investments		(77,179	)		19,406,380			2,475,641			(16,669	)		860,650
Net Realized Capital Gains (Losses) on Investments		(43,862	)		40,260,058			5,841,822			4,250,357			7,635,648
Net Change in Unrealized Appreciation (Depreciation)		(2,630,636	)		(54,836,781	)		(6,344,302	)		(6,211,549	)		(16,899,790	)
Net Gain (Loss) on Investment		(2,674,498	)		(14,576,723	)		(502,480	)		(1,961,192	)		(9,264,142	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,798,246	)		(13,707,812	)		(1,612,304	)		(3,258,793	)		(8,752,876	)
Increase (Decrease) in Net Assets from Contract Transactions		12,117,307			17,648,306			(4,246,526	)		6,073,369			(16,065,938	)
Total Increase (Decrease) in Net Assets		9,319,061			3,940,494			(5,858,830	)		2,814,576			(24,818,814	)
Net Assets as of December 31, 2018:	$	16,267,170		$	840,916,560		$	67,902,458		$	86,366,801		$	146,643,478
Investment Income:
Reinvested Dividends		334,189			12,795,919			59,569			-			4,021,659
Investment Expense:
Mortality and Expense Risk and Administrative Charges		337,267			12,702,405			1,224,394			1,618,318			2,369,211
Net Investment Income (Loss)		(3,078	)		93,514			(1,164,825	)		(1,618,318	)		1,652,448
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			41,824,793			4,349,173			6,837,388			5,700,562
Realized Gain (Loss) on Investments		(135,583	)		20,844,499			1,641,706			1,897,475			(878,145	)
Net Realized Capital Gains (Losses) on Investments		(135,583	)		62,669,292			5,990,879			8,734,863			4,822,417
Net Change in Unrealized Appreciation (Depreciation)		4,464,035			105,890,877			18,470,273			24,665,173			10,925,791
Net Gain (Loss) on Investment		4,328,452			168,560,169			24,461,152			33,400,036			15,748,208
Net Increase (Decrease) in Net Assets Resulting from Operations		4,325,374			168,653,683			23,296,327			31,781,718			17,400,656
Increase (Decrease) in Net Assets from Contract Transactions		17,431,110			(10,790,985	)		(3,852,135	)		28,764,837			(7,403,337	)
Total Increase (Decrease) in Net Assets		21,756,484			157,862,698			19,444,192			60,546,555			9,997,319
Net Assets as of December 31, 2019:	$	38,023,654		$	998,779,258		$	87,346,650		$	146,913,356		$	156,640,797

See Accompanying Notes. ⁽¹⁾  See Footnote 1 21

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA JPMorgan Asset Allocation - Conservative Service Class			TA JPMorgan Asset Allocation - Growth Initial Class			TA JPMorgan Asset Allocation - Growth Service Class			TA JPMorgan Asset Allocation - Moderate Initial Class			TA JPMorgan Asset Allocation - Moderate Service Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	1,060,315,451		$	298,478,723		$	221,484,340		$	416,447,113		$	5,252,747,161
Investment Income:
Reinvested Dividends		15,847,756			5,223,935			3,521,544			6,928,437			81,347,678
Investment Expense:
Mortality and Expense Risk and Administrative Charges		13,742,943			4,305,863			3,002,950			5,997,673			69,686,661
Net Investment Income (Loss)		2,104,813			918,072			518,594			930,764			11,661,017
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		41,677,776			18,191,915			14,076,903			18,845,225			256,019,570
Realized Gain (Loss) on Investments		4,529,697			19,457,960			10,244,804			11,850,980			61,697,605
Net Realized Capital Gains (Losses) on Investments		46,207,473			37,649,875			24,321,707			30,696,205			317,717,175
Net Change in Unrealized Appreciation (Depreciation)		(103,685,355	)		(70,044,986	)		(49,804,894	)		(57,132,801	)		(677,778,857	)
Net Gain (Loss) on Investment		(57,477,882	)		(32,395,111	)		(25,483,187	)		(26,436,596	)		(360,061,682	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(55,373,069	)		(31,477,039	)		(24,964,593	)		(25,505,832	)		(348,400,665	)
Increase (Decrease) in Net Assets from Contract Transactions		(94,266,024	)		(27,107,213	)		(17,341,615	)		(30,993,241	)		14,217,256
Total Increase (Decrease) in Net Assets		(149,639,093	)		(58,584,252	)		(42,306,208	)		(56,499,073	)		(334,183,409	)
Net Assets as of December 31, 2018:	$	910,676,358		$	239,894,471		$	179,178,132		$	359,948,040		$	4,918,563,752
Investment Income:
Reinvested Dividends		21,899,427			4,527,036			3,022,979			7,966,067			103,500,480
Investment Expense:
Mortality and Expense Risk and Administrative Charges		12,634,475			4,008,069			2,792,683			5,593,563			68,505,750
Net Investment Income (Loss)		9,264,952			518,967			230,296			2,372,504			34,994,730
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		34,604,041			23,963,437			18,922,082			20,645,466			302,364,885
Realized Gain (Loss) on Investments		(245,861	)		8,989,542			6,110,169			6,471,186			31,801,302
Net Realized Capital Gains (Losses) on Investments		34,358,180			32,952,979			25,032,251			27,116,652			334,166,187
Net Change in Unrealized Appreciation (Depreciation)		62,790,804			22,457,917			17,953,400			20,801,701			350,549,046
Net Gain (Loss) on Investment		97,148,984			55,410,896			42,985,651			47,918,353			684,715,233
Net Increase (Decrease) in Net Assets Resulting from Operations		106,413,936			55,929,863			43,215,947			50,290,857			719,709,963
Increase (Decrease) in Net Assets from Contract Transactions		(21,092,148	)		(19,424,451	)		1,096,100			(35,264,924	)		43,284,638
Total Increase (Decrease) in Net Assets		85,321,788			36,505,412			44,312,047			15,025,933			762,994,601
Net Assets as of December 31, 2019:	$	995,998,146		$	276,399,883		$	223,490,179		$	374,973,973		$	5,681,558,353

See Accompanying Notes. ⁽¹⁾  See Footnote 1 22

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA JPMorgan Asset Allocation - Moderate Growth Initial Class			TA JPMorgan Asset Allocation - Moderate Growth Service Class			TA JPMorgan Core Bond Service Class			TA JPMorgan Enhanced Index Initial Class			TA JPMorgan Enhanced Index Service Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	524,868,709		$	3,718,610,494		$	234,929,539		$	127,335,985		$	67,683,559
Investment Income:
Reinvested Dividends		9,390,133			58,762,585			6,770,495			1,384,628			572,214
Investment Expense:
Mortality and Expense Risk and Administrative Charges		7,650,250			51,355,778			3,040,880			1,848,269			951,427
Net Investment Income (Loss)		1,739,883			7,406,807			3,729,615			(463,641	)		(379,213	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		26,047,189			187,392,076			-			5,424,515			2,840,685
Realized Gain (Loss) on Investments		14,059,267			69,163,160			(1,159,861	)		10,283,542			2,899,333
Net Realized Capital Gains (Losses) on Investments		40,106,456			256,555,236			(1,159,861	)		15,708,057			5,740,018
Net Change in Unrealized Appreciation (Depreciation)		(83,530,865	)		(562,233,629	)		(5,870,507	)		(24,335,163	)		(10,260,406	)
Net Gain (Loss) on Investment		(43,424,409	)		(305,678,393	)		(7,030,368	)		(8,627,106	)		(4,520,388	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(41,684,526	)		(298,271,586	)		(3,300,753	)		(9,090,747	)		(4,899,601	)
Increase (Decrease) in Net Assets from Contract Transactions		(33,202,167	)		(307,003,337	)		575,578			(7,223,910	)		(5,547,398	)
Total Increase (Decrease) in Net Assets		(74,886,693	)		(605,274,923	)		(2,725,175	)		(16,314,657	)		(10,446,999	)
Net Assets as of December 31, 2018:	$	449,982,016		$	3,113,335,571		$	232,204,364		$	111,021,328		$	57,236,560
Investment Income:
Reinvested Dividends		10,297,797			62,033,956			5,829,954			1,473,131			667,969
Investment Expense:
Mortality and Expense Risk and Administrative Charges		7,203,295			45,805,115			3,207,349			1,867,272			961,506
Net Investment Income (Loss)		3,094,502			16,228,841			2,622,605			(394,141	)		(293,537	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		39,638,519			273,114,762			-			14,476,252			8,244,698
Realized Gain (Loss) on Investments		7,508,112			36,546,559			(7,598	)		3,942,233			2,224,941
Net Realized Capital Gains (Losses) on Investments		47,146,631			309,661,321			(7,598	)		18,418,485			10,469,639
Net Change in Unrealized Appreciation (Depreciation)		28,677,461			207,656,012			13,619,569			13,119,264			6,856,296
Net Gain (Loss) on Investment		75,824,092			517,317,333			13,611,971			31,537,749			17,325,935
Net Increase (Decrease) in Net Assets Resulting from Operations		78,918,594			533,546,174			16,234,576			31,143,608			17,032,398
Increase (Decrease) in Net Assets from Contract Transactions		(33,919,824	)		(369,437,731	)		19,361,671			(6,757,316	)		5,305,348
Total Increase (Decrease) in Net Assets		44,998,770			164,108,443			35,596,247			24,386,292			22,337,746
Net Assets as of December 31, 2019:	$	494,980,786		$	3,277,444,014		$	267,800,611		$	135,407,620		$	79,574,306

See Accompanying Notes. ⁽¹⁾  See Footnote 1 23

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA JPMorgan International Moderate Growth Initial Class			TA JPMorgan International Moderate Growth Service Class			TA JPMorgan Mid Cap Value Service Class			TA JPMorgan Tactical Allocation Service Class			TA Legg Mason Dynamic Allocation - Balanced Service Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	95,215		$	660,356,626		$	234,010,120		$	1,290,836,386		$	1,134,168,274
Investment Income:
Reinvested Dividends		2,233			13,470,218			1,432,946			22,962,363			15,067,413
Investment Expense:
Mortality and Expense Risk and Administrative Charges		419			8,981,260			3,201,315			15,281,519			14,001,932
Net Investment Income (Loss)		1,814			4,488,958			(1,768,369	)		7,680,844			1,065,481
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		939			6,298,142			5,152,137			33,757,295			-
Realized Gain (Loss) on Investments		174			12,472,817			(15,026,561	)		16,392,735			9,338,234
Net Realized Capital Gains (Losses) on Investments		1,113			18,770,959			(9,874,424	)		50,150,030			9,338,234
Net Change in Unrealized Appreciation (Depreciation)		(14,415	)		(107,695,361	)		(17,979,187	)		(112,457,264	)		(58,464,232	)
Net Gain (Loss) on Investment		(13,302	)		(88,924,402	)		(27,853,611	)		(62,307,234	)		(49,125,998	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(11,488	)		(84,435,444	)		(29,621,980	)		(54,626,390	)		(48,060,517	)
Increase (Decrease) in Net Assets from Contract Transactions		760			(38,544,128	)		(18,266,603	)		(84,627,921	)		(98,479,266	)
Total Increase (Decrease) in Net Assets		(10,728	)		(122,979,572	)		(47,888,583	)		(139,254,311	)		(146,539,783	)
Net Assets as of December 31, 2018:	$	84,487		$	537,377,054		$	186,121,537		$	1,151,582,075		$	987,628,491
Investment Income:
Reinvested Dividends		2,172			11,037,318			2,563,789			24,774,954			16,395,325
Investment Expense:
Mortality and Expense Risk and Administrative Charges		412			7,716,048			3,049,410			14,706,061			13,284,556
Net Investment Income (Loss)		1,760			3,321,270			(485,621	)		10,068,893			3,110,769
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		7,630			44,291,180			20,249,433			14,785,175			25,956,607
Realized Gain (Loss) on Investments		39			5,339,556			(9,376,975	)		12,322,780			9,350,639
Net Realized Capital Gains (Losses) on Investments		7,669			49,630,736			10,872,458			27,107,955			35,307,246
Net Change in Unrealized Appreciation (Depreciation)		5,186			27,838,581			35,147,700			81,596,842			100,709,631
Net Gain (Loss) on Investment		12,855			77,469,317			46,020,158			108,704,797			136,016,877
Net Increase (Decrease) in Net Assets Resulting from Operations		14,615			80,790,587			45,534,537			118,773,690			139,127,646
Increase (Decrease) in Net Assets from Contract Transactions		1,093			(61,670,384	)		5,820,491			(49,756,104	)		(78,607,471	)
Total Increase (Decrease) in Net Assets		15,708			19,120,203			51,355,028			69,017,586			60,520,175
Net Assets as of December 31, 2019:	$	100,195		$	556,497,257		$	237,476,565		$	1,220,599,661		$	1,048,148,666

See Accompanying Notes. ⁽¹⁾  See Footnote 1 24

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA Legg Mason Dynamic Allocation - Growth Service Class			TA Levin Large Cap Value Service Class			TA Madison Diversified Income Service Class			TA Managed Risk - Balanced ETF Service Class			TA Managed Risk - Conservative ETF Service Class
	Subaccount			Subaccount(1)			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	502,210,785		$	-		$	130,445,023		$	6,047,882,818		$	771,558,640
Investment Income:
Reinvested Dividends		5,806,082			1,482			1,976,292			97,641,728			13,084,632
Investment Expense:
Mortality and Expense Risk and Administrative Charges		6,449,680			6,380			1,800,864			73,668,583			9,394,838
Net Investment Income (Loss)		(643,598	)		(4,898	)		175,428			23,973,145			3,689,794
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			5,124			2,720,664			-			4,837,108
Realized Gain (Loss) on Investments		3,828,946			(30,272	)		1,968,821			54,494,346			5,410,902
Net Realized Capital Gains (Losses) on Investments		3,828,946			(25,148	)		4,689,485			54,494,346			10,248,010
Net Change in Unrealized Appreciation (Depreciation)		(30,755,065	)		(179,166	)		(7,617,650	)		(404,234,504	)		(48,743,422	)
Net Gain (Loss) on Investment		(26,926,119	)		(204,314	)		(2,928,165	)		(349,740,158	)		(38,495,412	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(27,569,717	)		(209,212	)		(2,752,737	)		(325,767,013	)		(34,805,618	)
Increase (Decrease) in Net Assets from Contract Transactions		(44,624,255	)		2,309,422			8,095,572			(423,881,274	)		(65,065,173	)
Total Increase (Decrease) in Net Assets		(72,193,972	)		2,100,210			5,342,835			(749,648,287	)		(99,870,791	)
Net Assets as of December 31, 2018:	$	430,016,813		$	2,100,210		$	135,787,858		$	5,298,234,531		$	671,687,849
Investment Income:
Reinvested Dividends		6,040,645			16,101			2,462,521			107,283,277			13,679,281
Investment Expense:
Mortality and Expense Risk and Administrative Charges		5,936,951			78,908			2,118,885			68,568,677			8,529,586
Net Investment Income (Loss)		103,694			(62,807	)		343,636			38,714,600			5,149,695
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		15,179,641			20,620			4,200,418			142,916,040			32,802,567
Realized Gain (Loss) on Investments		2,775,208			(3,336	)		3,250,970			45,100,331			5,395,206
Net Realized Capital Gains (Losses) on Investments		17,954,849			17,284			7,451,388			188,016,371			38,197,773
Net Change in Unrealized Appreciation (Depreciation)		44,595,902			707,781			11,824,331			497,514,740			25,540,454
Net Gain (Loss) on Investment		62,550,751			725,065			19,275,719			685,531,111			63,738,227
Net Increase (Decrease) in Net Assets Resulting from Operations		62,654,445			662,258			19,619,355			724,245,711			68,887,922
Increase (Decrease) in Net Assets from Contract Transactions		(44,885,639	)		8,181,982			23,980,323			(452,442,136	)		(74,440,307	)
Total Increase (Decrease) in Net Assets		17,768,806			8,844,240			43,599,678			271,803,575			(5,552,385	)
Net Assets as of December 31, 2019:	$	447,785,619		$	10,944,450		$	179,387,536		$	5,570,038,106		$	666,135,464

See Accompanying Notes. ⁽¹⁾  See Footnote 1 25

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA Managed Risk - Growth ETF Service Class			TA Market Participation Strategy Service Class			TA Morgan Stanley Capital Growth Initial Class			TA Morgan Stanley Capital Growth Service Class			TA Multi-Managed Balanced Initial Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	2,942,924,332		$	434,408,630		$	126,618,578		$	91,705,626		$	91,688,505
Investment Income:
Reinvested Dividends		43,797,138			1,514,085			-			-			1,305,412
Investment Expense:
Mortality and Expense Risk and Administrative Charges		36,526,279			5,722,074			2,191,411			1,627,984			1,343,982
Net Investment Income (Loss)		7,270,859			(4,207,989	)		(2,191,411	)		(1,627,984	)		(38,570	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			22,758,494			25,470,999			20,904,609			3,575,667
Realized Gain (Loss) on Investments		30,891,031			8,288,939			9,831,505			4,864,513			1,675,709
Net Realized Capital Gains (Losses) on Investments		30,891,031			31,047,433			35,302,504			25,769,122			5,251,376
Net Change in Unrealized Appreciation (Depreciation)		(259,742,997	)		(42,625,001	)		(26,946,700	)		(21,201,498	)		(9,700,319	)
Net Gain (Loss) on Investment		(228,851,966	)		(11,577,568	)		8,355,804			4,567,624			(4,448,943	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(221,581,107	)		(15,785,557	)		6,164,393			2,939,640			(4,487,513	)
Increase (Decrease) in Net Assets from Contract Transactions		(336,695,914	)		(36,532,420	)		1,930,545			14,089,524			(3,108,542	)
Total Increase (Decrease) in Net Assets		(558,277,021	)		(52,317,977	)		8,094,938			17,029,164			(7,596,055	)
Net Assets as of December 31, 2018:	$	2,384,647,311		$	382,090,653		$	134,713,516		$	108,734,790		$	84,092,450
Investment Income:
Reinvested Dividends		42,797,231			3,518,646			-			-			1,506,296
Investment Expense:
Mortality and Expense Risk and Administrative Charges		32,281,521			5,336,769			2,887,113			2,548,949			1,351,658
Net Investment Income (Loss)		10,515,710			(1,818,123	)		(2,887,113	)		(2,548,949	)		154,638
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		212,911,928			58,220,832			12,616,763			14,649,508			5,711,081
Realized Gain (Loss) on Investments		18,804,655			4,359,375			12,126,792			5,416,085			996,245
Net Realized Capital Gains (Losses) on Investments		231,716,583			62,580,207			24,743,555			20,065,593			6,707,326
Net Change in Unrealized Appreciation (Depreciation)		160,009,671			621,541			20,999,733			16,433,537			9,445,988
Net Gain (Loss) on Investment		391,726,254			63,201,748			45,743,288			36,499,130			16,153,314
Net Increase (Decrease) in Net Assets Resulting from Operations		402,241,964			61,383,625			42,856,175			33,950,181			16,307,952
Increase (Decrease) in Net Assets from Contract Transactions		(310,212,088	)		(49,814,141	)		194,871,962			219,360,845			(3,277,657	)
Total Increase (Decrease) in Net Assets		92,029,876			11,569,484			237,728,137			253,311,026			13,030,295
Net Assets as of December 31, 2019:	$	2,476,677,187		$	393,660,137		$	372,441,653		$	362,045,816		$	97,122,745

See Accompanying Notes. ⁽¹⁾  See Footnote 1 26

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA Multi-Managed Balanced Service Class			TA Multi-Manager Alternative Strategies Service Class			TA PIMCO Tactical - Balanced Service Class			TA PIMCO Tactical - Conservative Service Class			TA PIMCO Tactical - Growth Service Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	1,284,175,277		$	1,693,399		$	628,788,296		$	282,866,000		$	373,518,260
Investment Income:
Reinvested Dividends		14,847,460			22,797			18,658,999			8,809,747			10,869,857
Investment Expense:
Mortality and Expense Risk and Administrative Charges		16,189,595			28,603			7,944,792			3,617,385			4,918,397
Net Investment Income (Loss)		(1,342,135	)		(5,806	)		10,714,207			5,192,362			5,951,460
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		48,714,193			-			42,700,937			16,690,186			35,212,761
Realized Gain (Loss) on Investments		20,819,384			(23,217	)		4,423,636			778,339			2,226,561
Net Realized Capital Gains (Losses) on Investments		69,533,577			(23,217	)		47,124,573			17,468,525			37,439,322
Net Change in Unrealized Appreciation (Depreciation)		(128,885,983	)		(139,444	)		(104,778,512	)		(39,474,660	)		(74,559,617	)
Net Gain (Loss) on Investment		(59,352,406	)		(162,661	)		(57,653,939	)		(22,006,135	)		(37,120,295	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(60,694,541	)		(168,467	)		(46,939,732	)		(16,813,773	)		(31,168,835	)
Increase (Decrease) in Net Assets from Contract Transactions		(109,676,702	)		1,286,925			(67,325,248	)		(28,255,348	)		(31,289,447	)
Total Increase (Decrease) in Net Assets		(170,371,243	)		1,118,458			(114,264,980	)		(45,069,121	)		(62,458,282	)
Net Assets as of December 31, 2018:	$	1,113,804,034		$	2,811,857		$	514,523,316		$	237,796,879		$	311,059,978
Investment Income:
Reinvested Dividends		17,292,347			26,160			874,129			239,713			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		15,700,112			40,920			7,271,934			3,387,981			4,561,470
Net Investment Income (Loss)		1,592,235			(14,760	)		(6,397,805	)		(3,148,268	)		(4,561,470	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		77,203,898			-			-			-			-
Realized Gain (Loss) on Investments		13,946,970			(14,093	)		1,164,739			33,534			(36,653	)
Net Realized Capital Gains (Losses) on Investments		91,150,868			(14,093	)		1,164,739			33,534			(36,653	)
Net Change in Unrealized Appreciation (Depreciation)		124,185,551			245,520			94,354,402			40,138,371			64,403,621
Net Gain (Loss) on Investment		215,336,419			231,427			95,519,141			40,171,905			64,366,968
Net Increase (Decrease) in Net Assets Resulting from Operations		216,928,654			216,667			89,121,336			37,023,637			59,805,498
Increase (Decrease) in Net Assets from Contract Transactions		(69,033,651	)		1,494,224			(58,503,994	)		(17,066,920	)		(26,637,950	)
Total Increase (Decrease) in Net Assets		147,895,003			1,710,891			30,617,342			19,956,717			33,167,548
Net Assets as of December 31, 2019:	$	1,261,699,037		$	4,522,748		$	545,140,658		$	257,753,596		$	344,227,526

See Accompanying Notes. ⁽¹⁾  See Footnote 1 27

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA PIMCO Total Return Initial Class			TA PIMCO Total Return Service Class			TA PineBridge Inflation Opportunities Service Class			TA ProFunds UltraBear Service Class (OAM)			TA QS Investors Active Asset Allocation - Conservative Service Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	174,652,447		$	803,609,896		$	173,872,830		$	13,176,394		$	413,363,455
Investment Income:
Reinvested Dividends		4,236,479			18,104,995			2,751,819			-			6,104,859
Investment Expense:
Mortality and Expense Risk and Administrative Charges		2,470,480			10,331,170			2,263,201			244,312			4,972,206
Net Investment Income (Loss)		1,765,999			7,773,825			488,618			(244,312	)		1,132,653
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		835,303			3,972,488			-			-			-
Realized Gain (Loss) on Investments		(1,280,843	)		(6,767,030	)		(1,336,184	)		(6,885,074	)		2,479,755
Net Realized Capital Gains (Losses) on Investments		(445,540	)		(2,794,542	)		(1,336,184	)		(6,885,074	)		2,479,755
Net Change in Unrealized Appreciation (Depreciation)		(5,075,373	)		(24,147,025	)		(3,999,746	)		8,531,109			(19,615,118	)
Net Gain (Loss) on Investment		(5,520,913	)		(26,941,567	)		(5,335,930	)		1,646,035			(17,135,363	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,754,914	)		(19,167,742	)		(4,847,312	)		1,401,723			(16,002,710	)
Increase (Decrease) in Net Assets from Contract Transactions		(13,029,812	)		(66,682,839	)		(14,530,388	)		20,446,889			(49,395,080	)
Total Increase (Decrease) in Net Assets		(16,784,726	)		(85,850,581	)		(19,377,700	)		21,848,612			(65,397,790	)
Net Assets as of December 31, 2018:	$	157,867,721		$	717,759,315		$	154,495,130		$	35,025,006		$	347,965,665
Investment Income:
Reinvested Dividends		4,096,823			16,331,128			3,497,099			-			6,782,317
Investment Expense:
Mortality and Expense Risk and Administrative Charges		2,509,833			9,767,345			2,087,831			288,058			4,427,169
Net Investment Income (Loss)		1,586,990			6,563,783			1,409,268			(288,058	)		2,355,148
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			-			-			25,680,357
Realized Gain (Loss) on Investments		(1,944	)		(2,044,052	)		(594,665	)		(6,815,895	)		2,015,097
Net Realized Capital Gains (Losses) on Investments		(1,944	)		(2,044,052	)		(594,665	)		(6,815,895	)		27,695,454
Net Change in Unrealized Appreciation (Depreciation)		8,914,092			42,661,676			9,179,315			(5,687,350	)		2,337,458
Net Gain (Loss) on Investment		8,912,148			40,617,624			8,584,650			(12,503,245	)		30,032,912
Net Increase (Decrease) in Net Assets Resulting from Operations		10,499,138			47,181,407			9,993,918			(12,791,303	)		32,388,060
Increase (Decrease) in Net Assets from Contract Transactions		(5,783,092	)		(43,524,458	)		(16,149,953	)		(9,603,119	)		(41,008,791	)
Total Increase (Decrease) in Net Assets		4,716,046			3,656,949			(6,156,035	)		(22,394,422	)		(8,620,731	)
Net Assets as of December 31, 2019:	$	162,583,767		$	721,416,264		$	148,339,095		$	12,630,584		$	339,344,934

See Accompanying Notes. ⁽¹⁾  See Footnote 1 28

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA QS Investors Active Asset Allocation - Moderate Service Class			TA QS Investors Active Asset Allocation - Moderate Growth Service Class			TA Small/Mid Cap Value Initial Class			TA Small/Mid Cap Value Service Class
	Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	1,515,657,257		$	650,551,880		$	135,391,174		$	129,538,718
Investment Income:
Reinvested Dividends		20,853,705			8,032,569			1,143,025			851,714
Investment Expense:
Mortality and Expense Risk and Administrative Charges		18,953,884			8,258,517			1,844,632			1,795,629
Net Investment Income (Loss)		1,899,821			(225,948	)		(701,607	)		(943,915	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			12,368,132			12,606,664
Realized Gain (Loss) on Investments		12,727,873			5,561,064			3,015,730			(966,116	)
Net Realized Capital Gains (Losses) on Investments		12,727,873			5,561,064			15,383,862			11,640,548
Net Change in Unrealized Appreciation (Depreciation)		(92,827,700	)		(48,910,125	)		(30,008,418	)		(26,513,092	)
Net Gain (Loss) on Investment		(80,099,827	)		(43,349,061	)		(14,624,556	)		(14,872,544	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(78,200,006	)		(43,575,009	)		(15,326,163	)		(15,816,459	)
Increase (Decrease) in Net Assets from Contract Transactions		(104,446,228	)		(66,596,758	)		(14,820,301	)		(8,341,474	)
Total Increase (Decrease) in Net Assets		(182,646,234	)		(110,171,767	)		(30,146,464	)		(24,157,933	)
Net Assets as of December 31, 2018:	$	1,333,011,023		$	540,380,113		$	105,244,710		$	105,380,785
Investment Income:
Reinvested Dividends		24,280,233			8,823,944			1,086,176			981,649
Investment Expense:
Mortality and Expense Risk and Administrative Charges		17,397,965			7,126,303			1,650,832			1,794,343
Net Investment Income (Loss)		6,882,268			1,697,641			(564,656	)		(812,694	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		91,801,781			35,006,466			8,651,799			10,441,789
Realized Gain (Loss) on Investments		6,909,576			1,891,934			697,973			(2,125,789	)
Net Realized Capital Gains (Losses) on Investments		98,711,357			36,898,400			9,349,772			8,316,000
Net Change in Unrealized Appreciation (Depreciation)		18,351,805			11,532,385			14,825,264			18,213,090
Net Gain (Loss) on Investment		117,063,162			48,430,785			24,175,036			26,529,090
Net Increase (Decrease) in Net Assets Resulting from Operations		123,945,430			50,128,426			23,610,380			25,716,396
Increase (Decrease) in Net Assets from Contract Transactions		(125,911,387	)		(68,499,405	)		(14,128,499	)		18,532,327
Total Increase (Decrease) in Net Assets		(1,965,957	)		(18,370,979	)		9,481,881			44,248,723
Net Assets as of December 31, 2019:	$	1,331,045,066		$	522,009,134		$	114,726,591		$	149,629,508

See Accompanying Notes. ⁽¹⁾  See Footnote 1 29

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA T. Rowe Price Small Cap Initial Class			TA T. Rowe Price Small Cap Service Class			TA TS&W International Equity Initial Class			TA TS&W International Equity Service Class			TA U.S. Equity Index Service Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	129,784,292		$	241,993,274		$	85,535,379		$	43,576,774		$	18,585,620
Investment Income:
Reinvested Dividends		-			-			2,061,301			928,154			85,169
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,979,112			3,560,876			1,245,467			602,413			477,235
Net Investment Income (Loss)		(1,979,112	)		(3,560,876	)		815,834			325,741			(392,066	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		6,972,336			13,658,168			-			-			55,027
Realized Gain (Loss) on Investments		8,519,912			7,137,439			2,003,257			615,171			421,454
Net Realized Capital Gains (Losses) on Investments		15,492,248			20,795,607			2,003,257			615,171			476,481
Net Change in Unrealized Appreciation (Depreciation)		(23,943,547	)		(37,549,408	)		(17,678,671	)		(8,331,581	)		(4,011,019	)
Net Gain (Loss) on Investment		(8,451,299	)		(16,753,801	)		(15,675,414	)		(7,716,410	)		(3,534,538	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(10,430,411	)		(20,314,677	)		(14,859,580	)		(7,390,669	)		(3,926,604	)
Increase (Decrease) in Net Assets from Contract Transactions		(5,174,693	)		(11,002,015	)		3,070,398			(202,308	)		32,250,789
Total Increase (Decrease) in Net Assets		(15,605,104	)		(31,316,692	)		(11,789,182	)		(7,592,977	)		28,324,185
Net Assets as of December 31, 2018:	$	114,179,188		$	210,676,582		$	73,746,197		$	35,983,797		$	46,909,805
Investment Income:
Reinvested Dividends		-			-			1,110,047			486,806			515,412
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,927,301			3,699,496			1,163,623			571,529			1,393,588
Net Investment Income (Loss)		(1,927,301	)		(3,699,496	)		(53,576	)		(84,723	)		(878,176	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		13,441,168			30,319,550			1,226,180			657,504			-
Realized Gain (Loss) on Investments		6,005,618			3,394,216			708,350			365,263			2,401,194
Net Realized Capital Gains (Losses) on Investments		19,446,786			33,713,766			1,934,530			1,022,767			2,401,194
Net Change in Unrealized Appreciation (Depreciation)		16,120,170			37,296,641			11,910,780			6,187,515			22,743,215
Net Gain (Loss) on Investment		35,566,956			71,010,407			13,845,310			7,210,282			25,144,409
Net Increase (Decrease) in Net Assets Resulting from Operations		33,639,655			67,310,911			13,791,734			7,125,559			24,266,233
Increase (Decrease) in Net Assets from Contract Transactions		(11,439,096	)		35,693,531			(4,280,031	)		3,194,704			107,565,996
Total Increase (Decrease) in Net Assets		22,200,559			103,004,442			9,511,703			10,320,263			131,832,229
Net Assets as of December 31, 2019:	$	136,379,747		$	313,681,024		$	83,257,900		$	46,304,060		$	178,742,034

See Accompanying Notes. ⁽¹⁾  See Footnote 1 30

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA WMC US Growth Initial Class			TA WMC US Growth Service Class			Vanguard® - Capital Growth		Vanguard® - Conservative Allocation		Vanguard® - Diversified Value
	Subaccount			Subaccount			Subaccount(1)		Subaccount(1)		Subaccount(1)
Net Assets as of December 31, 2017:	$	276,903,733		$	123,555,754		$	-	$	-	$	-
Investment Income:
Reinvested Dividends		1,365,570			352,126			-		-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		4,234,174			1,813,101			-		-		-
Net Investment Income (Loss)		(2,868,604	)		(1,460,975	)		-		-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		23,564,629			10,812,480			-		-		-
Realized Gain (Loss) on Investments		15,423,963			1,503,026			-		-		-
Net Realized Capital Gains (Losses) on Investments		38,988,592			12,315,506			-		-		-
Net Change in Unrealized Appreciation (Depreciation)		(37,477,785	)		(11,992,484	)		-		-		-
Net Gain (Loss) on Investment		1,510,807			323,022			-		-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,357,797	)		(1,137,953	)		-		-		-
Increase (Decrease) in Net Assets from Contract Transactions		(25,977,814	)		(9,326,384	)		-		-		-
Total Increase (Decrease) in Net Assets		(27,335,611	)		(10,464,337	)		-		-		-
Net Assets as of December 31, 2018:	$	249,568,122		$	113,091,417		$	-	$	-	$	-
Investment Income:
Reinvested Dividends		371,499			-			-		-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		4,741,174			2,083,424			-		-		-
Net Investment Income (Loss)		(4,369,675	)		(2,083,424	)		-		-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		24,192,674			12,787,344			-		-		-
Realized Gain (Loss) on Investments		10,842,221			5,458,155			-		-		-
Net Realized Capital Gains (Losses) on Investments		35,034,895			18,245,499			-		-		-
Net Change in Unrealized Appreciation (Depreciation)		69,445,269			31,106,036			-		-		-
Net Gain (Loss) on Investment		104,480,164			49,351,535			-		-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		100,110,489			47,268,111			-		-		-
Increase (Decrease) in Net Assets from Contract Transactions		110,770,947			61,999,824			-		-		-
Total Increase (Decrease) in Net Assets		210,881,436			109,267,935			-		-		-
Net Assets as of December 31, 2019:	$	460,449,558		$	222,359,352		$	-	$	-	$	-

See Accompanying Notes. ⁽¹⁾  See Footnote 1 31

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	Vanguard® Balanced		Vanguard® Equity Income		Vanguard® Equity Index			Vanguard® Global Bond Index		Vanguard® Growth
	Subaccount(1)		Subaccount(1)		Subaccount			Subaccount(1)		Subaccount(1)
Net Assets as of December 31, 2017:	$	-	$	-	$	3,788,631		$	-	$	-
Investment Income:
Reinvested Dividends		-		-		63,247			-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		-		31,467			-		-
Net Investment Income (Loss)		-		-		31,780			-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		-		61,565			-		-
Realized Gain (Loss) on Investments		-		-		96,540			-		-
Net Realized Capital Gains (Losses) on Investments		-		-		158,105			-		-
Net Change in Unrealized Appreciation (Depreciation)		-		-		(443,988	)		-		-
Net Gain (Loss) on Investment		-		-		(285,883	)		-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		-		-		(254,103	)		-		-
Increase (Decrease) in Net Assets from Contract Transactions		-		-		540,770			-		-
Total Increase (Decrease) in Net Assets		-		-		286,667			-		-
Net Assets as of December 31, 2018:	$	-	$	-	$	4,075,298		$	-	$	-
Investment Income:
Reinvested Dividends		-		-		88,937			-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		-		38,875			-		-
Net Investment Income (Loss)		-		-		50,062			-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		-		116,449			-		-
Realized Gain (Loss) on Investments		-		-		85,070			-		-
Net Realized Capital Gains (Losses) on Investments		-		-		201,519			-		-
Net Change in Unrealized Appreciation (Depreciation)		-		-		965,398			-		-
Net Gain (Loss) on Investment		-		-		1,166,917			-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		-		-		1,216,979			-		-
Increase (Decrease) in Net Assets from Contract Transactions		-		-		(219,897	)		-		-
Total Increase (Decrease) in Net Assets		-		-		997,082			-		-
Net Assets as of December 31, 2019:	$	-	$	-	$	5,072,380		$	-	$	-

See Accompanying Notes. ⁽¹⁾  See Footnote 1 32

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	Vanguard® High Yield Bond		Vanguard® International			Vanguard® Mid-Cap Index			Vanguard® Moderate Allocation		Vanguard® Money Market
	Subaccount(1)		Subaccount			Subaccount			Subaccount(1)		Subaccount(1)
Net Assets as of December 31, 2017:	$	-	$	2,310,758		$	1,395,425		$	-	$	-
Investment Income:
Reinvested Dividends		-		18,303			17,685			-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		17,470			11,604			-		-
Net Investment Income (Loss)		-		833			6,081			-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		61,255			71,906			-		-
Realized Gain (Loss) on Investments		-		131,519			52,890			-		-
Net Realized Capital Gains (Losses) on Investments		-		192,774			124,796			-		-
Net Change in Unrealized Appreciation (Depreciation)		-		(449,020	)		(281,070	)		-		-
Net Gain (Loss) on Investment		-		(256,246	)		(156,274	)		-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		-		(255,413	)		(150,193	)		-		-
Increase (Decrease) in Net Assets from Contract Transactions		-		(195,856	)		111,492			-		-
Total Increase (Decrease) in Net Assets		-		(451,269	)		(38,701	)		-		-
Net Assets as of December 31, 2018:	$	-	$	1,859,489		$	1,356,724		$	-	$	-
Investment Income:
Reinvested Dividends		-		30,117			24,716			-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		17,901			15,862			-		-
Net Investment Income (Loss)		-		12,216			8,854			-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		65,677			127,406			-		-
Realized Gain (Loss) on Investments		-		54,065			4,642			-		-
Net Realized Capital Gains (Losses) on Investments		-		119,742			132,048			-		-
Net Change in Unrealized Appreciation (Depreciation)		-		476,067			302,317			-		-
Net Gain (Loss) on Investment		-		595,809			434,365			-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		-		608,025			443,219			-		-
Increase (Decrease) in Net Assets from Contract Transactions		-		363,456			487,137			-		-
Total Increase (Decrease) in Net Assets		-		971,481			930,356			-		-
Net Assets as of December 31, 2019:	$	-	$	2,830,970		$	2,287,080		$	-	$	-

See Accompanying Notes. ⁽¹⁾  See Footnote 1 33

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	Vanguard® Real Estate Index			Vanguard® Short-Term Investment Grade			Vanguard® Total Bond Market Index			Vanguard® Total International Stock Market Index		Vanguard® Total Stock Market Index
	Subaccount			Subaccount			Subaccount			Subaccount(1)		Subaccount(1)
Net Assets as of December 31, 2017:	$	459,283		$	2,959,813		$	2,099,639		$	-	$	-
Investment Income:
Reinvested Dividends		13,743			51,894			50,257			-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		3,357			20,334			15,774			-		-
Net Investment Income (Loss)		10,386			31,560			34,483			-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		16,852			-			4,254			-		-
Realized Gain (Loss) on Investments		(3,052	)		(6,334	)		(8,784	)		-		-
Net Realized Capital Gains (Losses) on Investments		13,800			(6,334	)		(4,530	)		-		-
Net Change in Unrealized Appreciation (Depreciation)		(53,918	)		(13,811	)		(46,544	)		-		-
Net Gain (Loss) on Investment		(40,118	)		(20,145	)		(51,074	)		-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		(29,732	)		11,415			(16,591	)		-		-
Increase (Decrease) in Net Assets from Contract Transactions		22,913			57,039			115,275			-		-
Total Increase (Decrease) in Net Assets		(6,819	)		68,454			98,684			-		-
Net Assets as of December 31, 2018:	$	452,464		$	3,028,267		$	2,198,323		$	-	$	-
Investment Income:
Reinvested Dividends		14,364			88,869			65,013			-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		4,436			26,164			22,592			-		-
Net Investment Income (Loss)		9,928			62,705			42,421			-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		25,960			-			-			-		-
Realized Gain (Loss) on Investments		2,015			6,591			1,324			-		-
Net Realized Capital Gains (Losses) on Investments		27,975			6,591			1,324			-		-
Net Change in Unrealized Appreciation (Depreciation)		92,650			103,276			168,929			-		-
Net Gain (Loss) on Investment		120,625			109,867			170,253			-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		130,553			172,572			212,674			-		-
Increase (Decrease) in Net Assets from Contract Transactions		141,035			1,037,376			1,260,404			-		-
Total Increase (Decrease) in Net Assets		271,588			1,209,948			1,473,078			-		-
Net Assets as of December 31, 2019:	$	724,052		$	4,238,215		$	3,671,401		$	-	$	-

See Accompanying Notes. ⁽¹⁾  See Footnote 1 34

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	Voya Global Perspectives Class S Shares			Voya Large Cap Value Class S Shares			Voya Strategic Allocation Conservative Class S Shares		Voya Strategic Allocation Moderate Class S Shares		Wanger International
	Subaccount			Subaccount			Subaccount		Subaccount		Subaccount
Net Assets as of December 31, 2017:	$	19,638		$	1,094		$	-	$	-	$	370,644
Investment Income:
Reinvested Dividends		519			20			-		-		7,207
Investment Expense:
Mortality and Expense Risk and Administrative Charges		255			14			-		-		1,713
Net Investment Income (Loss)		264			6			-		-		5,494
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		229			121			-		-		40,485
Realized Gain (Loss) on Investments		30			6			-		-		(14,884	)
Net Realized Capital Gains (Losses) on Investments		259			127			-		-		25,601
Net Change in Unrealized Appreciation (Depreciation)		(2,311	)		(233	)		-		-		(95,017	)
Net Gain (Loss) on Investment		(2,052	)		(106	)		-		-		(69,416	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,788	)		(100	)		-		-		(63,922	)
Increase (Decrease) in Net Assets from Contract Transactions		1,367			14			-		-		(44,107	)
Total Increase (Decrease) in Net Assets		(421	)		(86	)		-		-		(108,029	)
Net Assets as of December 31, 2018:	$	19,217		$	1,008		$	-	$	-	$	262,615
Investment Income:
Reinvested Dividends		700			22			-		-		2,806
Investment Expense:
Mortality and Expense Risk and Administrative Charges		271			15			-		-		1,626
Net Investment Income (Loss)		429			7			-		-		1,180
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		868			79			-		-		32,091
Realized Gain (Loss) on Investments		57			5			-		-		(2,530	)
Net Realized Capital Gains (Losses) on Investments		925			84			-		-		29,561
Net Change in Unrealized Appreciation (Depreciation)		1,814			140			-		-		52,854
Net Gain (Loss) on Investment		2,739			224			-		-		82,415
Net Increase (Decrease) in Net Assets Resulting from Operations		3,168			231			-		-		83,595
Increase (Decrease) in Net Assets from Contract Transactions		(61	)		(23	)		-		-		23,641
Total Increase (Decrease) in Net Assets		3,107			208			-		-		107,236
Net Assets as of December 31, 2019:	$	22,324		$	1,216		$	-	$	-	$	369,851

See Accompanying Notes. ⁽¹⁾  See Footnote 1 35

Transamerica Life Insurance Company

Separate Account VA B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	Wanger USA
	Subaccount
Net Assets as of December 31, 2017:	$	-
Investment Income:
Reinvested Dividends		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-
Net Investment Income (Loss)		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-
Realized Gain (Loss) on Investments		-
Net Realized Capital Gains (Losses) on Investments		-
Net Change in Unrealized Appreciation (Depreciation)		-
Net Gain (Loss) on Investment		-
Net Increase (Decrease) in Net Assets Resulting from Operations		-
Increase (Decrease) in Net Assets from Contract Transactions		-
Total Increase (Decrease) in Net Assets		-
Net Assets as of December 31, 2018:	$	-
Investment Income:
Reinvested Dividends		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-
Net Investment Income (Loss)		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-
Realized Gain (Loss) on Investments		-
Net Realized Capital Gains (Losses) on Investments		-
Net Change in Unrealized Appreciation (Depreciation)		-
Net Gain (Loss) on Investment		-
Net Increase (Decrease) in Net Assets Resulting from Operations		-
Increase (Decrease) in Net Assets from Contract Transactions		-
Total Increase (Decrease) in Net Assets		-
Net Assets as of December 31, 2019:	$	-

See Accompanying Notes. ⁽¹⁾  See Footnote 1 36

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

1. Organization

Separate Account VA B (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 Transamerica Variable Annuity Series, MEMBERS^® Variable Annuity Series, Partners Variable Annuity Series, Transamerica Landmark^SM Variable Annuity, MEMBERS^® Landmark^SM Variable Annuity, Transamerica Freedom^SM Variable Annuity, MEMBERS^® Freedom^SM Variable Annuity, Transamerica Advisor Elite II, Transamerica Income Elite^SM II, Transamerica Axiom^SM II, Transamerica Principium^SM III, Transamerica Retirement Income Plus, Transamerica Variable Annuity O-Share, Transamerica ABC Variable Annuity Series, Transamerica 123 Variable Annuity, Transamerica Extra^SM Variable Annuity, MEMBERS^® Extra^SM Variable Annuity, Transamerica LibertyS^SM Variable Annuity, MEMBERS^® Liberty^SM Variable Annuity, Transamerica Advisor Elite^SM Variable Annuity, Income Elite^SM Variable Annuity, Transamerica Axiom^SM Variable Annuity, Transamerica Principium^SM II Variable Annuity, Transamerica I-Share Variable Annuity, Transamerica Inspire^SM Variable Annuity, and Transamerica Advisory Annuity.

The TA ProFunds UltraBear Service Class (OAM) is included in the subaccount listing only to facilitate a contract owner purchase option.

Subaccount Investment by Mutual Fund:

Subaccount	Mutual Fund
AB Variable Products Series Fund, Inc.	AB Variable Products Series Fund, Inc.
AB Balanced Wealth Strategy Class B Shares	AB Balanced Wealth Strategy Portfolio Class B Shares
AB Growth and Income Class B Shares	AB Growth and Income Portfolio Class B Shares
AB Large Cap Growth Class B Shares	AB Large Cap Growth Portfolio Class B Shares
American Funds Insurance Series®	American Funds Insurance Series®
American Funds - Asset Allocation Class 2 Shares	American Funds - Asset Allocation Fund Class 2 Shares
American Funds - Bond Class 2 Shares	American Funds - Bond Fund Class 2 Shares
American Funds - Growth Class 2 Shares	American Funds - Growth Fund Class 2 Shares
American Funds - Growth-Income Class 2 Shares	American Funds - Growth-Income Fund Class 2 Shares
American Funds - International Class 2 Shares	American Funds - International Fund Class 2 Shares
BlackRock Variable Series Funds, Inc.	BlackRock Variable Series Funds, Inc.
BlackRock Basic Value V.I. Class I Shares	BlackRock Basic Value V.I. Fund Class I Shares
BlackRock Global Allocation V.I. Class I Shares	BlackRock Global Allocation V.I. Fund Class I Shares
BlackRock High Yield V.I. Class I Shares	BlackRock High Yield V.I. Fund Class I Shares
DFA Investment Dimensions Group Inc.	DFA Investment Dimensions Group Inc.
DFA VA Equity Allocation	DFA VA Equity Allocation Portfolio
DFA VA Global Bond	DFA VA Global Bond Portfolio
DFA VA Global Moderate Allocation	DFA VA Global Moderate Allocation Portfolio
DFA VA International Small	DFA VA International Small Portfolio
DFA VA International Value	DFA VA International Value Portfolio
DFA VA Short-Term Fixed	DFA VA Short-Term Fixed Portfolio
DFA VA U.S. Large Value	DFA VA U.S. Large Value Portfolio

37

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

1.  Organization (continued)

Subaccount Investment by Mutual Fund:
Subaccount	Mutual Fund
DFA Investment Dimensions Group Inc.	DFA Investment Dimensions Group Inc.
DFA VA U.S. Targeted Value	DFA VA U.S. Targeted Value Portfolio
Fidelity® Variable Insurance Products Fund	Fidelity® Variable Insurance Products Fund
Fidelity® VIP Balanced Service Class 2	Fidelity® VIP Balanced Service Portfolio Class 2
Fidelity® VIP Contrafund® Initial Class	Fidelity® VIP Contrafund® Portfolio Initial Class
Fidelity® VIP Contrafund® Service Class 2	Fidelity® VIP Contrafund® Portfolio Service Class 2
Fidelity® VIP Equity-Income Initial Class	Fidelity® VIP Equity-Income Portfolio Initial Class
Fidelity® VIP Equity-Income Service Class 2	Fidelity® VIP Equity-Income Portfolio Service Class 2
Fidelity® VIP Growth Initial Class	Fidelity® VIP Growth Portfolio Initial Class
Fidelity® VIP Growth Service Class 2	Fidelity® VIP Growth Portfolio Service Class 2
Fidelity® VIP Growth Opportunities Service Class 2	Fidelity® VIP Growth Opportunities Portfolio Service Class 2
Fidelity® VIP Mid Cap Initial Class	Fidelity® VIP Mid Cap Portfolio Initial Class
Fidelity® VIP Mid Cap Service Class 2	Fidelity® VIP Mid Cap Portfolio Service Class 2
Fidelity® VIP Value Strategies Initial Class	Fidelity® VIP Value Strategies Portfolio Initial Class
Fidelity® VIP Value Strategies Service Class 2	Fidelity® VIP Value Strategies 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
Franklin Income Class 2 Shares	Franklin Income Class Fund 2 Shares
Franklin Mutual Shares Class 2 Shares	Franklin Mutual Shares Fund Class 2 Shares
Franklin Templeton Foreign Class 2 Shares	Franklin Templeton Foreign Fund Class 2 Shares
AIM Variable Insurance Funds (Invesco Variable Insurance Funds)	AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
Invesco V.I. American Franchise Series II Shares	Invesco V.I. American Franchise Fund Series II Shares
Janus Aspen Series	Janus Aspen Series
Janus Henderson - Enterprise Service Shares	Janus Henderson - Enterprise Portfolio Service Shares
Janus Henderson - Global Research Service Shares	Janus Henderson - Global Research Portfolio Service Shares
Janus Henderson - Mid Cap Value Service Shares	Janus Henderson - Mid Cap Value Portfolio Service Shares
MFS® Variable Insurance Trust	MFS® Variable Insurance Trust
MFS® New Discovery Service Class	MFS® New Discovery Series Service Class
MFS® Total Return Service Class	MFS® Total Return Series Service Class
Nationwide Variable Insurance Trust	Nationwide Variable Insurance Trust
NVIT Emerging Markets Class D Shares	NVIT Emerging Markets Fund Class D Shares
Mutual Fund and Variable Insurance Trust	Mutual Fund and Variable Insurance Trust
Rational Insider Buying VA	Rational Insider Buying VA Fund
Rational Trend Aggregation VA	Rational Trend Aggregation VA Fund
State Street Variable Insurance Series Funds, Inc.	State Street Variable Insurance Series Funds, Inc.
State Street Total Return V.I.S. Class 3 Shares	State Street Total Return V.I.S. Fund Class 3 Shares
Transamerica Series Trust	Transamerica Series Trust
TA 60/40 Allocation Service Class	Transamerica 60/40 Allocation VP Service Class
TA Aegon High Yield Bond Initial Class	Transamerica Aegon High Yield Bond VP Initial Class
TA Aegon High Yield Bond Service Class	Transamerica Aegon High Yield Bond VP Service Class
TA Aegon U.S. Government Securities Initial Class	Transamerica Aegon U.S. Government Securities VP Initial Class
TA Aegon U.S. Government Securities Service Class	Transamerica Aegon U.S. Government Securities VP Service Class
TA American Funds Managed Risk - Balanced Service Class	Transamerica American Funds Managed Risk - Balanced VP Service Class

38

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

1.  Organization (continued)

Subaccount Investment by Mutual Fund:
Subaccount	Mutual Fund
Transamerica Series Trust	Transamerica Series Trust
TA Barrow Hanley Dividend Focused Initial Class	Transamerica Barrow Hanley Dividend Focused VP Initial Class
TA Barrow Hanley Dividend Focused Service Class	Transamerica Barrow Hanley Dividend Focused VP Service Class
TA BlackRock Equity Smart Beta 100 Service Class	Transamerica BlackRock Equity Smart Beta 100 VP Service Class
TA BlackRock Global Allocation Service Class	Transamerica BlackRock Global Allocation VP Service Class
TA BlackRock Global Allocation Managed Risk - Balanced Service Class	Transamerica BlackRock Global Allocation Managed Risk - Balanced VP Service Class
TA BlackRock Global Allocation Managed Risk - Growth Service Class	Transamerica BlackRock Global Allocation Managed Risk - Growth VP Service Class
TA BlackRock Global Real Estate Securities Initial Class	Transamerica BlackRock Global Real Estate Securities VP Initial Class
TA BlackRock Global Real Estate Securities Service Class	Transamerica BlackRock Global Real Estate Securities VP Service Class
TA BlackRock Government Money Market Initial Class	Transamerica BlackRock Government Money Market VP Initial Class
TA BlackRock Government Money Market Service Class	Transamerica BlackRock Government Money Market VP Service Class
TA BlackRock Smart Beta 40 Initial Class	Transamerica BlackRock Smart Beta 40 VP Initial Class
TA BlackRock Smart Beta 40 Service Class	Transamerica BlackRock Smart Beta 40 VP Service Class
TA BlackRock Smart Beta 50 Service Class	Transamerica BlackRock Smart Beta 50 VP Service Class
TA BlackRock Smart Beta 75 Service Class	Transamerica BlackRock Smart Beta 75 VP Service Class
TA BlackRock Tactical Allocation Service Class	Transamerica BlackRock Tactical Allocation VP Service Class
TA Greystone International Growth Initial Class	Transamerica Greystone International Growth VP Initial Class
TA Greystone International Growth Service Class	Transamerica Greystone International Growth VP Service Class
TA International Equity Index Service Class	Transamerica International Equity Index VP Service Class
TA Janus Balanced Service Class	Transamerica Janus Balanced VP Service Class
TA Janus Mid-Cap Growth Initial Class	Transamerica Janus Mid-Cap Growth VP Initial Class
TA Janus Mid-Cap Growth Service Class	Transamerica Janus Mid-Cap Growth VP Service Class
TA JPMorgan Asset Allocation - Conservative Initial Class	Transamerica JPMorgan Asset Allocation - Conservative VP Initial Class
TA JPMorgan Asset Allocation - Conservative Service Class	Transamerica JPMorgan Asset Allocation - Conservative VP Service Class
TA JPMorgan Asset Allocation - Growth Initial Class	Transamerica JPMorgan Asset Allocation - Growth VP Initial Class
TA JPMorgan Asset Allocation - Growth Service Class	Transamerica JPMorgan Asset Allocation - Growth VP Service Class
TA JPMorgan Asset Allocation - Moderate Initial Class	Transamerica JPMorgan Asset Allocation - Moderate VP Initial Class
TA JPMorgan Asset Allocation - Moderate Service Class	Transamerica JPMorgan Asset Allocation - Moderate VP Service Class
TA JPMorgan Asset Allocation - Moderate Growth Initial Class	Transamerica JPMorgan Asset Allocation - Moderate Growth VP Initial Class
TA JPMorgan Asset Allocation - Moderate Growth Service Class	Transamerica JPMorgan Asset Allocation - Moderate Growth VP Service Class
TA JPMorgan Core Bond Service Class	Transamerica JPMorgan Core Bond VP Service Class
TA JPMorgan Enhanced Index Initial Class	Transamerica JPMorgan Enhanced Index VP Initial Class
TA JPMorgan Enhanced Index Service Class	Transamerica JPMorgan Enhanced Index VP Service Class
TA JPMorgan International Moderate Growth Initial Class	Transamerica JPMorgan International Moderate Growth VP Initial Class

39

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

1.  Organization (continued)

Subaccount Investment by Mutual Fund:
Subaccount	Mutual Fund
Transamerica Series Trust	Transamerica Series Trust
TA JPMorgan International Moderate Growth Service Class	Transamerica JPMorgan International Moderate Growth VP Service Class
TA JPMorgan Mid Cap Value Service Class	Transamerica JPMorgan Mid Cap Value VP Service Class
TA JPMorgan Tactical Allocation Service Class	Transamerica JPMorgan Tactical Allocation VP Service Class
TA Legg Mason Dynamic Allocation - Balanced Service Class	Transamerica Legg Mason Dynamic Allocation - Balanced VP Service Class
TA Legg Mason Dynamic Allocation - Growth Service Class	Transamerica Legg Mason Dynamic Allocation - Growth VP Service Class
TA Levin Large Cap Value Service Class	Transamerica Levin Large Cap Value VP Service Class
TA Madison Diversified Income Service Class	Transamerica Madison Diversified Income VP Service Class
TA Managed Risk - Balanced ETF Service Class	Transamerica Managed Risk - Balanced ETF VP Service Class
TA Managed Risk - Conservative ETF Service Class	Transamerica Managed Risk - Conservative ETF VP Service Class
TA Managed Risk - Growth ETF Service Class	Transamerica Managed Risk - Growth ETF VP Service Class
TA Market Participation Strategy Service Class	Transamerica Market Participation Strategy VP Service Class
TA Morgan Stanley Capital Growth Initial Class	Transamerica Morgan Stanley Capital Growth VP Initial Class
TA Morgan Stanley Capital Growth Service Class	Transamerica Morgan Stanley Capital Growth VP Service Class
TA Multi-Managed Balanced Initial Class	Transamerica Multi-Managed Balanced VP Initial Class
TA Multi-Managed Balanced Service Class	Transamerica Multi-Managed Balanced VP Service Class
TA Multi-Manager Alternative Strategies Service Class	Transamerica Multi-Manager Alternative Strategies VP Service Class
TA PIMCO Tactical - Balanced Service Class	Transamerica PIMCO Tactical - Balanced VP Service Class
TA PIMCO Tactical - Conservative Service Class	Transamerica PIMCO Tactical - Conservative VP Service Class
TA PIMCO Tactical - Growth Service Class	Transamerica PIMCO Tactical - Growth VP Service Class
TA PIMCO Total Return Initial Class	Transamerica PIMCO Total Return VP Initial Class
TA PIMCO Total Return Service Class	Transamerica PIMCO Total Return VP Service Class
TA PineBridge Inflation Opportunities Service Class	Transamerica PineBridge Inflation Opportunities VP Service Class
TA ProFunds UltraBear Service Class (OAM)	Transamerica ProFunds UltraBear VP Service Class (OAM)
TA QS Investors Active Asset Allocation - Conservative Service Class	Transamerica QS Investors Active Asset Allocation - Conservative VP Service Class
TA QS Investors Active Asset Allocation - Moderate Service Class	Transamerica QS Investors Active Asset Allocation - Moderate VP Service Class
TA QS Investors Active Asset Allocation - Moderate Growth Service Class	Transamerica QS Investors Active Asset Allocation - Moderate Growth VP Service Class
TA Small/Mid Cap Value Initial Class	Transamerica Small/Mid Cap Value VP Initial Class
TA Small/Mid Cap Value Service Class	Transamerica Small/Mid Cap Value VP Service Class
TA T. Rowe Price Small Cap Initial Class	Transamerica T. Rowe Price Small Cap VP Initial Class
TA T. Rowe Price Small Cap Service Class	Transamerica T. Rowe Price Small Cap VP Service Class
TA TS&W International Equity Initial Class	Transamerica TS&W International Equity VP Initial Class
TA TS&W International Equity Service Class	Transamerica TS&W International Equity VP Service Class
TA U.S. Equity Index Service Class	Transamerica U.S. Equity Index VP Service Class
TA WMC US Growth Initial Class	Transamerica WMC US Growth VP Initial Class
TA WMC US Growth Service Class	Transamerica WMC US Growth VP Service Class

40

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

1.  Organization (continued)

Subaccount Investment by Mutual Fund:
Subaccount	Mutual Fund
Vanguard® Variable Insurance Fund	Vanguard® Variable Insurance Fund
Vanguard® - Capital Growth	Vanguard® - Capital Growth Portfolio
Vanguard® - Conservative Allocation	Vanguard® - Conservative Allocation Portfolio
Vanguard® - Diversified Value	Vanguard® - Diversified Value Portfolio
Vanguard® Balanced	Vanguard® Balanced Portfolio
Vanguard® Equity Income	Vanguard® Equity Income Portfolio
Vanguard® Equity Index	Vanguard® Equity Index Portfolio
Vanguard® Global Bond Index	Vanguard® Global Bond Index Portfolio
Vanguard® Growth	Vanguard® Growth Portfolio
Vanguard® High Yield Bond	Vanguard® High Yield Bond Portfolio
Vanguard® International	Vanguard® International Portfolio
Vanguard® Mid-Cap Index	Vanguard® Mid-Cap Index Portfolio
Vanguard® Moderate Allocation	Vanguard® Moderate Allocation Portfolio
Vanguard® Money Market	Vanguard® Money Market Portfolio
Vanguard® Real Estate Index	Vanguard® Real Estate Index Portfolio
Vanguard® Short-Term Investment Grade	Vanguard® Short-Term Investment Grade Portfolio
Vanguard® Total Bond Market Index	Vanguard® Total Bond Market Index Portfolio
Vanguard® Total International Stock Market Index	Vanguard® Total International Stock Market Index Portfolio
Vanguard® Total Stock Market Index	Vanguard® Total Stock Market Index Portfolio
Voya Investors Trust	Voya Investors Trust
Voya Global Perspectives Class S Shares	Voya Global Perspectives Portfolio Class S Shares
Voya Large Cap Value Class S Shares	Voya Large Cap Value Portfolio Class S Shares
Voya Strategic Allocation Portfolios, Inc.	Voya Strategic Allocation Portfolios, Inc.
Voya Strategic Allocation Conservative Class S Shares	Voya Strategic Allocation Conservative Portfolio Class S Shares
Voya Strategic Allocation Moderate Class S Shares	Voya Strategic Allocation Moderate Portfolio Class S Shares
Wanger Advisors Trust	Wanger Advisors Trust
Wanger International	Wanger International
Wanger USA	Wanger USA
Each period reported on reflects a full twelve month period except as follows:
Subaccount	Inception Date
DFA VA Equity Allocation	December 23, 2019
DFA VA Global Bond	December 23, 2019
DFA VA Global Moderate Allocation	December 23, 2019
DFA VA International Small	December 23, 2019
DFA VA International Value	December 23, 2019
DFA VA Short-Term Fixed	December 23, 2019
DFA VA U.S. Large Value	December 23, 2019
DFA VA U.S. Targeted Value	December 23, 2019
Vanguard® - Capital Growth	December 23, 2019
Vanguard® - Conservative Allocation	December 23, 2019
Vanguard® - Diversified Value	December 23, 2019

41

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

1.  Organization (continued)

Each period reported on reflects a full twelve month period except as follows:

Subaccount	Inception Date
Vanguard® Balanced	December 23, 2019
Vanguard® Equity Income	December 23, 2019
Vanguard® Global Bond Index	December 23, 2019
Vanguard® Growth	December 23, 2019
Vanguard® High Yield Bond	December 23, 2019
Vanguard® Moderate Allocation	December 23, 2019
Vanguard® Money Market	December 23, 2019
Vanguard® Total International Stock Market Index	December 23, 2019
Vanguard® Total Stock Market Index	December 23, 2019
TA 60/40 Allocation Service Class	May 1, 2018
TA Levin Large Cap Value Service Class	May 1, 2018
TA International Equity Index Service Class	May 1, 2017
TA U.S. Equity Index Service Class	May 1, 2017
NVIT Emerging Markets Class D Shares	August 4, 2016
TA BlackRock Equity Smart Beta 100 Service Class	March 21, 2016
TA BlackRock Smart Beta 50 Service Class	March 21, 2016
TA BlackRock Smart Beta 75 Service Class	March 21, 2016
TA American Funds Managed Risk - Balanced Service Class	May 1, 2015
Voya Global Perspectives Class S Shares	May 1, 2015
Voya Large Cap Value Class S Shares	May 1, 2015
Voya Strategic Allocation Conservative Class S Shares	May 1, 2015
Voya Strategic Allocation Moderate Class S Shares	May 1, 2015
The following subaccount name changes were made effective during the fiscal year ended December 31, 2019:
Subaccount	Formerly
Franklin Allocation Class 4 Shares	Franklin Founding Funds Allocation Class 4 Shares
TA BlackRock iShares Edge 100 Service Class	TA BlackRock Equity Smart Beta 100 Service Class
TA BlackRock iShares Edge 40 Initial Class	TA BlackRock Smart Beta 40 Initial Class
TA BlackRock iShares Edge 40 Service Class	TA BlackRock Smart Beta 40 Service Class
TA BlackRock iShares Edge 50 Service Class	TA BlackRock Smart Beta 50 Service Class
TA BlackRock iShares Edge 75 Service Class	TA BlackRock Smart Beta 75 Service Class
During the current year the following subaccounts were liquidated and subsequently reinvested:
Reinvested Subaccount	Liquidated Subaccount
TA JPMorgan Asset Allocation - Moderate Service Class	TA Madison Balanced Allocation Service Class
TA JPMorgan Asset Allocation - Conservative Service Class	TA Madison Conservative Allocation Service Class
TA Morgan Stanley Capital Growth Initial Class	TA Jennison Growth Initial Class
TA Morgan Stanley Capital Growth Service Class	TA Jennison Growth Service Class
TA WMC US Growth Initial Class	TA Torray Concentrated Growth Initial Class
TA WMC US Growth Service Class	TA Torray Concentrated Growth Service Class

42

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

2. Summary of Significant Accounting Policies

The financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for variable annuity separate accounts registered as unit investment trusts. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions regarding matters that affect the reported amount of assets and liabilities. Actual results could differ from those estimates.

Investments

Net purchase payments received by the Separate Account are invested in the portfolios of the Mutual Funds as selected by the contract owner. Investments are stated at the closing net asset values per share on December 31, 2019.

Realized capital gains and losses from sales of shares in the Separate Account are determined on the first-in, first-out basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend income is recorded on the ex-dividend date. Unrealized gains or losses from investments in the Mutual Funds are included in the Statements of Operations and Changes in Net Assets.

Dividend Income

Dividends received from the Mutual Fund investments are reinvested to purchase additional mutual fund shares.

Fair Value Measurements and Fair Value Hierarchy

The Accounting Standards Codification^™ (ASC) 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the nature of inputs used to measure fair value and enhances disclosure requirements for fair value measurements.

The Separate Account has categorized its financial instruments into a three level hierarchy which is based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

Financial assets and liabilities recorded at fair value on the Statements of Assets and Liabilities are categorized as follows:

Level 1. Unadjusted quoted prices for identical assets or liabilities in an active market.

Level 2. Quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

a) Quoted prices for similar assets or liabilities in active markets

b) Quoted prices for identical or similar assets or liabilities in non-active markets

c) Inputs other than quoted market prices that are observable

d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means.

Level 3. Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. They reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.

All investments in the Mutual Funds included in the Statements of Assets and Liabilities are stated at fair value and are based upon published closing NAV per share and therefore are considered Level 1.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2019.

43

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

3. Investments

The aggregate cost of purchases and proceeds from sales of investments for the period ended December 31, 2019 were as follows:

Subaccount	Purchases		Sales
AB Balanced Wealth Strategy Class B Shares	$	31,952,148	$	21,559,345
AB Growth and Income Class B Shares		54,487,153		37,568,713
AB Large Cap Growth Class B Shares		4,065,747		5,453,813
American Funds - Asset Allocation Class 2 Shares		167,695,449		116,969,084
American Funds - Bond Class 2 Shares		64,918,041		44,989,178
American Funds - Growth Class 2 Shares		224,604,695		72,637,482
American Funds - Growth-Income Class 2 Shares		172,285,406		57,587,421
American Funds - International Class 2 Shares		65,921,186		39,510,665
BlackRock Basic Value V.I. Class I Shares		2,366,669		2,216,294
BlackRock Global Allocation V.I. Class I Shares		497,036		1,475,785
BlackRock High Yield V.I. Class I Shares		353,073		639,608
DFA VA Equity Allocation		100		100
DFA VA Global Bond		100		100
DFA VA Global Moderate Allocation		100		100
DFA VA International Small		101		101
DFA VA International Value		100		100
DFA VA Short-Term Fixed		100		100
DFA VA U.S. Large Value		100		100
DFA VA U.S. Targeted Value		100		100
Fidelity® VIP Balanced Service Class 2		90,971,644		61,251,483
Fidelity® VIP Contrafund® Initial Class		57,770		108,203
Fidelity® VIP Contrafund® Service Class 2		164,261,021		77,279,362
Fidelity® VIP Equity-Income Initial Class		3,544		1,820
Fidelity® VIP Equity-Income Service Class 2		3,735,121		6,150,000
Fidelity® VIP Growth Initial Class		1,276		1,109
Fidelity® VIP Growth Service Class 2		2,580,256		5,562,347
Fidelity® VIP Growth Opportunities Service Class 2		247,135		276,144
Fidelity® VIP Mid Cap Initial Class		14,407		47,488
Fidelity® VIP Mid Cap Service Class 2		82,666,387		45,394,008
Fidelity® VIP Value Strategies Initial Class		124,511		96,955
Fidelity® VIP Value Strategies Service Class 2		45,067,155		20,648,563
Franklin Allocation Class 4 Shares		7,615,325		14,874,029
Franklin Income Class 2 Shares		4,364,442		11,303,187
Franklin Mutual Shares Class 2 Shares		1,583,378		2,436,217
Franklin Templeton Foreign Class 2 Shares		683,072		3,984,103
Invesco V.I. American Franchise Series II Shares		971,309		1,134,124

44

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

3. Investments (continued)

Subaccount	Purchases		Sales
Janus Henderson - Enterprise Service Shares	$	1,580,593	$	3,636,331
Janus Henderson - Global Research Service Shares		1,882,660		4,066,076
Janus Henderson - Mid Cap Value Service Shares		287,667		206,920
MFS® New Discovery Service Class		8,444,348		7,541,866
MFS® Total Return Service Class		2,097,354		6,739,881
NVIT Emerging Markets Class D Shares		414		376
Rational Insider Buying VA		373,348		658,031
Rational Trend Aggregation VA		74,779		505,166
State Street Total Return V.I.S. Class 3 Shares		9,008,401		11,708,029
TA 60/40 Allocation Service Class		17,881,581		2,971,651
TA Aegon High Yield Bond Initial Class		10,903,449		11,002,442
TA Aegon High Yield Bond Service Class		36,550,773		28,625,785
TA Aegon U.S. Government Securities Initial Class		16,732,214		18,578,349
TA Aegon U.S. Government Securities Service Class		82,247,168		220,227,416
TA American Funds Managed Risk - Balanced Service Class		180,194,335		68,553,530
TA Barrow Hanley Dividend Focused Initial Class		56,858,257		43,679,567
TA Barrow Hanley Dividend Focused Service Class		48,736,957		29,069,500
TA BlackRock Global Allocation Service Class		82,228,633		174,021,908
TA BlackRock Global Allocation Managed Risk - Balanced Service Class		50,977,089		22,259,589
TA BlackRock Global Allocation Managed Risk - Growth Service Class		15,842,543		23,109,666
TA BlackRock Global Real Estate Securities Initial Class		4,090,552		6,312,638
TA BlackRock Global Real Estate Securities Service Class		16,079,249		14,594,955
TA BlackRock Government Money Market Initial Class		38,441,068		42,457,624
TA BlackRock Government Money Market Service Class		330,065,214		321,064,236
TA BlackRock iShares Edge 100 Service Class		17,989,722		10,246,153
TA BlackRock iShares Edge 40 Initial Class		3,673,231		2,282,073
TA BlackRock iShares Edge 40 Service Class		63,881,547		45,415,231
TA BlackRock iShares Edge 50 Service Class		150,150,828		11,886,671
TA BlackRock iShares Edge 75 Service Class		55,918,187		12,364,292
TA BlackRock Tactical Allocation Service Class		104,235,044		195,148,621
TA Greystone International Growth Initial Class		18,249,334		10,653,941
TA Greystone International Growth Service Class		27,501,346		15,677,708
TA International Equity Index Service Class		27,139,318		9,711,291
TA Janus Balanced Service Class		138,259,211		107,131,758
TA Janus Mid-Cap Growth Initial Class		10,406,336		11,074,141
TA Janus Mid-Cap Growth Service Class		52,557,504		18,573,667

45

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

3. Investments (continued)

Subaccount	Purchases		Sales
TA JPMorgan Asset Allocation - Conservative Initial Class	$	26,121,650	$	26,177,799
TA JPMorgan Asset Allocation - Conservative Service Class		172,391,286		149,614,429
TA JPMorgan Asset Allocation - Growth Initial Class		38,180,370		33,122,248
TA JPMorgan Asset Allocation - Growth Service Class		51,864,454		31,616,020
TA JPMorgan Asset Allocation - Moderate Initial Class		38,786,895		51,034,046
TA JPMorgan Asset Allocation - Moderate Service Class		909,359,981		528,716,588
TA JPMorgan Asset Allocation - Moderate Growth Initial Class		63,657,743		54,844,736
TA JPMorgan Asset Allocation - Moderate Growth Service Class		385,305,406		465,399,581
TA JPMorgan Core Bond Service Class		58,534,339		36,549,970
TA JPMorgan Enhanced Index Initial Class		26,286,717		18,961,883
TA JPMorgan Enhanced Index Service Class		27,535,645		14,279,141
TA JPMorgan International Moderate Growth Initial Class		11,660		1,177
TA JPMorgan International Moderate Growth Service Class		66,357,384		80,415,706
TA JPMorgan Mid Cap Value Service Class		56,987,525		31,403,137
TA JPMorgan Tactical Allocation Service Class		95,607,689		120,509,288
TA Legg Mason Dynamic Allocation - Balanced Service Class		67,128,769		116,668,661
TA Legg Mason Dynamic Allocation - Growth Service Class		29,838,948		59,441,150
TA Levin Large Cap Value Service Class		8,832,985		693,191
TA Madison Diversified Income Service Class		50,131,186		21,606,801
TA Managed Risk - Balanced ETF Service Class		339,163,975		609,975,662
TA Managed Risk - Conservative ETF Service Class		81,525,064		118,012,828
TA Managed Risk - Growth ETF Service Class		299,714,056		386,499,016
TA Market Participation Strategy Service Class		67,796,537		61,208,149
TA Morgan Stanley Capital Growth Initial Class		242,322,196		37,720,512
TA Morgan Stanley Capital Growth Service Class		268,192,152		36,730,866
TA Multi-Managed Balanced Initial Class		15,062,016		12,473,944
TA Multi-Managed Balanced Service Class		144,601,198		134,838,470
TA Multi-Manager Alternative Strategies Service Class		2,154,547		675,083
TA PIMCO Tactical - Balanced Service Class		12,205,271		77,106,805
TA PIMCO Tactical - Conservative Service Class		19,926,860		40,142,104
TA PIMCO Tactical - Growth Service Class		10,058,166		41,257,840
TA PIMCO Total Return Initial Class		21,302,255		25,493,843
TA PIMCO Total Return Service Class		79,420,730		116,381,179
TA PineBridge Inflation Opportunities Service Class		12,457,825		27,198,306
TA ProFunds UltraBear Service Class (OAM)		3,952,803		13,844,136
TA QS Investors Active Asset Allocation - Conservative Service Class		42,491,449		55,464,875

46

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

3. Investments (continued)

Subaccount	Purchases		Sales
TA QS Investors Active Asset Allocation - Moderate Service Class	$	146,029,159	$	173,256,705
TA QS Investors Active Asset Allocation - Moderate Growth Service Class		54,570,443		86,365,703
TA Small/Mid Cap Value Initial Class		10,860,220		16,901,557
TA Small/Mid Cap Value Service Class		47,677,255		19,515,808
TA T. Rowe Price Small Cap Initial Class		20,376,325		20,301,436
TA T. Rowe Price Small Cap Service Class		99,452,191		37,138,651
TA TS&W International Equity Initial Class		7,475,980		10,583,392
TA TS&W International Equity Service Class		11,112,816		7,345,273
TA U.S. Equity Index Service Class		131,000,921		24,313,113
TA WMC US Growth Initial Class		180,239,270		49,644,906
TA WMC US Growth Service Class		99,173,936		26,470,061
Vanguard® - Capital Growth		100		100
Vanguard® - Conservative Allocation		100		100
Vanguard® - Diversified Value		100		100
Vanguard® Balanced		101		101
Vanguard® Equity Income		100		100
Vanguard® Equity Index		354,666		408,050
Vanguard® Global Bond Index		100		100
Vanguard® Growth		101		101
Vanguard® High Yield Bond		100		100
Vanguard® International		753,852		312,504
Vanguard® Mid-Cap Index		886,165		262,765
Vanguard® Moderate Allocation		100		100
Vanguard® Money Market		100		100
Vanguard® Real Estate Index		272,256		95,336
Vanguard® Short-Term Investment Grade		1,855,032		754,949
Vanguard® Total Bond Market Index		1,446,679		143,853
Vanguard® Total International Stock Market Index		101		101
Vanguard® Total Stock Market Index		100		100
Voya Global Perspectives Class S Shares		1,800		565
Voya Large Cap Value Class S Shares		102		38
Voya Strategic Allocation Conservative Class S Shares		-		-
Voya Strategic Allocation Moderate Class S Shares		-		-
Wanger International		91,620		34,704
Wanger USA		-		-

47

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

4. Change in Units

The change in units outstanding were as follows:

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)
AB Balanced Wealth Strategy Class B Shares		2,959,076		(6,440,582	)		(3,481,506	)		1,523,685		(6,437,660	)		(4,913,975	)
AB Growth and Income Class B Shares		5,551,354		(10,807,465	)		(5,256,111	)		9,595,504		(15,344,653	)		(5,749,149	)
AB Large Cap Growth Class B Shares		57,187		(2,046,034	)		(1,988,847	)		138,842		(2,286,335	)		(2,147,493	)
American Funds - Asset Allocation Class 2 Shares		15,423,351		(33,800,670	)		(18,377,319	)		13,571,099		(46,829,771	)		(33,258,672	)
American Funds - Bond Class 2 Shares		11,266,535		(12,890,890	)		(1,624,355	)		8,426,991		(16,200,396	)		(7,773,405	)
American Funds - Growth Class 2 Shares		9,734,417		(11,227,793	)		(1,493,376	)		7,066,954		(12,783,085	)		(5,716,131	)
American Funds - Growth-Income Class 2 Shares		7,710,257		(8,182,891	)		(472,634	)		4,675,592		(8,885,565	)		(4,209,973	)
American Funds - International Class 2 Shares		6,507,223		(9,429,935	)		(2,922,712	)		9,557,859		(11,556,136	)		(1,998,277	)
BlackRock Basic Value V.I. Class I Shares		106,420		(670,597	)		(564,177	)		685,055		(1,248,500	)		(563,445	)
BlackRock Global Allocation V.I. Class I Shares		4,526		(569,915	)		(565,389	)		252,934		(1,092,678	)		(839,744	)
BlackRock High Yield V.I. Class I Shares		57,510		(224,475	)		(166,965	)		109,957		(364,534	)		(254,577	)
DFA VA Equity Allocation		-		-			-			-		-			-
DFA VA Global Bond		-		-			-			-		-			-
DFA VA Global Moderate Allocation		-		-			-			-		-			-
DFA VA International Small		-		-			-			-		-			-
DFA VA International Value		-		-			-			-		-			-
DFA VA Short-Term Fixed		-		-			-			-		-			-
DFA VA U.S. Large Value		-		-			-			-		-			-
DFA VA U.S. Targeted Value		-		-			-			-		-			-
Fidelity® VIP Balanced Service Class 2		9,152,604		(21,146,988	)		(11,994,384	)		12,989,014		(23,270,282	)		(10,281,268	)
Fidelity® VIP Contrafund® Initial Class		13,009		(41,036	)		(28,027	)		21		(7,630	)		(7,609	)
Fidelity® VIP Contrafund® Service Class 2		10,752,191		(17,951,593	)		(7,199,402	)		11,614,079		(29,537,801	)		(17,923,722	)
Fidelity® VIP Equity-Income Initial Class		-		(818	)		(818	)		-		(879	)		(879	)
Fidelity® VIP Equity-Income Service Class 2		165,667		(2,692,956	)		(2,527,289	)		352,664		(3,484,818	)		(3,132,154	)
Fidelity® VIP Growth Initial Class		-		(377	)		(377	)		-		(420	)		(420	)
Fidelity® VIP Growth Service Class 2		67,416		(2,053,022	)		(1,985,606	)		330,483		(3,073,544	)		(2,743,061	)
Fidelity® VIP Growth Opportunities Service Class 2		5,581		(72,763	)		(67,182	)		55,567		(332,995	)		(277,428	)

48

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

4. Change in Units (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)
Fidelity® VIP Mid Cap Initial Class		1,164		(21,936	)		(20,772	)		123		(3,264	)		(3,141	)
Fidelity® VIP Mid Cap Service Class 2		4,586,758		(10,366,617	)		(5,779,859	)		5,940,899		(15,765,820	)		(9,824,921	)
Fidelity® VIP Value Strategies Initial Class		49,452		(48,955	)		497			50,773		(56,594	)		(5,821	)
Fidelity® VIP Value Strategies Service Class 2		4,870,722		(6,013,131	)		(1,142,409	)		6,742,126		(9,055,247	)		(2,313,121	)
Franklin Allocation Class 4 Shares		120,905		(6,642,960	)		(6,522,055	)		109,929		(9,949,405	)		(9,839,476	)
Franklin Income Class 2 Shares		96,229		(6,874,721	)		(6,778,492	)		413,996		(8,916,743	)		(8,502,747	)
Franklin Mutual Shares Class 2 Shares		25,787		(1,579,670	)		(1,553,883	)		36,490		(1,629,644	)		(1,593,154	)
Franklin Templeton Foreign Class 2 Shares		53,187		(3,702,269	)		(3,649,082	)		364,020		(4,737,630	)		(4,373,610	)
Invesco V.I. American Franchise Series II Shares		10,382		(498,444	)		(488,062	)		42,437		(615,822	)		(573,385	)
Janus Henderson - Enterprise Service Shares		54,574		(1,061,913	)		(1,007,339	)		151,583		(1,239,729	)		(1,088,146	)
Janus Henderson - Global Research Service Shares		103,747		(2,487,736	)		(2,383,989	)		258,591		(3,326,563	)		(3,067,972	)
Janus Henderson - Mid Cap Value Service Shares		9,383		(66,963	)		(57,580	)		50,595		(120,053	)		(69,458	)
MFS® New Discovery Service Class		9,963		(2,196,116	)		(2,186,153	)		235,719		(2,656,779	)		(2,421,060	)
MFS® Total Return Service Class		55,332		(3,162,264	)		(3,106,932	)		332,481		(3,975,697	)		(3,643,216	)
NVIT Emerging Markets Class D Shares		-		(23	)		(23	)		-		(21	)		(21	)
Rational Insider Buying VA		25,246		(357,937	)		(332,691	)		4,310		(248,152	)		(243,842	)
Rational Trend Aggregation VA		34,940		(361,051	)		(326,111	)		10,794		(236,985	)		(226,191	)
State Street Total Return V.I.S. Class 3 Shares		1,814,251		(5,101,432	)		(3,287,181	)		1,312,073		(6,050,485	)		(4,738,412	)
TA 60/40 Allocation Service Class		2,877,786		(560,589	)		2,317,197			1,559,228		(53,047	)		1,506,181
TA Aegon High Yield Bond Initial Class		2,775,485		(4,292,963	)		(1,517,478	)		2,752,719		(8,261,448	)		(5,508,729	)
TA Aegon High Yield Bond Service Class		5,006,264		(8,929,785	)		(3,923,521	)		6,331,640		(11,686,304	)		(5,354,664	)
TA Aegon U.S. Government Securities Initial Class		9,091,779		(10,638,198	)		(1,546,419	)		8,207,217		(8,956,243	)		(749,026	)
TA Aegon U.S. Government Securities Service Class		17,722,565		(51,730,315	)		(34,007,750	)		41,550,404		(26,832,098	)		14,718,306
TA American Funds Managed Risk - Balanced Service Class		13,541,776		(5,548,248	)		7,993,528			17,252,554		(6,072,206	)		11,180,348
TA Barrow Hanley Dividend Focused Initial Class		446,142		(15,372,107	)		(14,925,965	)		6,945,777		(28,480,423	)		(21,534,646	)
TA Barrow Hanley Dividend Focused Service Class		2,431,483		(8,116,194	)		(5,684,711	)		2,153,579		(11,318,867	)		(9,165,288	)
TA BlackRock Global Allocation Service Class		5,371,319		(70,755,429	)		(65,384,110	)		7,432,004		(91,646,552	)		(84,214,548	)

49

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

4. Change in Units (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)
TA BlackRock Global Allocation Managed Risk - Balanced Service Class		4,450,228		(2,037,017	)		2,413,211			6,005,589		(2,185,490	)		3,820,099
TA BlackRock Global Allocation Managed Risk - Growth Service Class		992,981		(2,085,690	)		(1,092,709	)		2,277,060		(2,855,018	)		(577,958	)
TA BlackRock Global Real Estate Securities Initial Class		1,460,964		(2,144,808	)		(683,844	)		1,751,297		(3,650,757	)		(1,899,460	)
TA BlackRock Global Real Estate Securities Service Class		2,007,415		(4,838,500	)		(2,831,085	)		1,010,839		(6,083,144	)		(5,072,305	)
TA BlackRock Government Money Market Initial Class		34,812,338		(39,796,431	)		(4,984,093	)		48,955,024		(42,840,185	)		6,114,839
TA BlackRock Government Money Market Service Class		124,881,214		(139,462,284	)		(14,581,070	)		141,518,817		(138,789,554	)		2,729,263
TA BlackRock iShares Edge 100 Service Class		1,189,812		(734,756	)		455,056			786,162		(990,943	)		(204,781	)
TA BlackRock iShares Edge 40 Initial Class		635,383		(1,185,264	)		(549,881	)		1,080,267		(2,176,973	)		(1,096,706	)
TA BlackRock iShares Edge 40 Service Class		3,930,888		(20,689,387	)		(16,758,499	)		2,426,732		(23,652,010	)		(21,225,278	)
TA BlackRock iShares Edge 50 Service Class		12,473,514		(923,467	)		11,550,047			8,030,843		(1,102,263	)		6,928,580
TA BlackRock iShares Edge 75 Service Class		4,377,493		(917,116	)		3,460,377			3,715,143		(614,179	)		3,100,964
TA BlackRock Tactical Allocation Service Class		6,996,787		(65,363,645	)		(58,366,858	)		9,017,567		(77,470,941	)		(68,453,374	)
TA Greystone International Growth Initial Class		2,839,751		(5,777,099	)		(2,937,348	)		8,368,569		(8,423,131	)		(54,562	)
TA Greystone International Growth Service Class		1,594,604		(4,521,677	)		(2,927,073	)		2,002,016		(8,795,897	)		(6,793,881	)
TA International Equity Index Service Class		2,575,195		(912,819	)		1,662,376			1,265,869		(156,076	)		1,109,793
TA Janus Balanced Service Class		16,170,243		(26,515,812	)		(10,345,569	)		28,380,728		(27,666,375	)		714,353
TA Janus Mid-Cap Growth Initial Class		3,055,666		(4,906,212	)		(1,850,546	)		5,436,682		(7,947,017	)		(2,510,335	)
TA Janus Mid-Cap Growth Service Class		3,776,702		(3,829,576	)		(52,874	)		3,407,078		(4,261,244	)		(854,166	)
TA JPMorgan Asset Allocation - Conservative Initial Class		9,375,062		(13,551,832	)		(4,176,770	)		13,288,452		(21,972,962	)		(8,684,510	)
TA JPMorgan Asset Allocation - Conservative Service Class		27,499,368		(61,255,789	)		(33,756,421	)		13,255,351		(72,889,257	)		(59,633,906	)
TA JPMorgan Asset Allocation - Growth Initial Class		4,686,071		(13,777,368	)		(9,091,297	)		11,030,046		(23,778,026	)		(12,747,980	)
TA JPMorgan Asset Allocation - Growth Service Class		4,116,256		(9,940,906	)		(5,824,650	)		3,726,737		(13,398,852	)		(9,672,115	)
TA JPMorgan Asset Allocation - Moderate Initial Class		5,523,501		(23,433,552	)		(17,910,051	)		14,962,063		(31,379,825	)		(16,417,762	)
TA JPMorgan Asset Allocation - Moderate Service Class		61,615,370		(197,714,701	)		(136,099,331	)		54,819,320		(228,773,202	)		(173,953,882	)
TA JPMorgan Asset Allocation - Moderate Growth Initial Class		6,727,727		(23,315,094	)		(16,587,367	)		14,295,189		(30,175,990	)		(15,880,801	)
TA JPMorgan Asset Allocation - Moderate Growth Service Class		8,734,830		(169,977,528	)		(161,242,698	)		21,958,093		(180,994,364	)		(159,036,271	)
TA JPMorgan Core Bond Service Class		11,518,710		(13,691,980	)		(2,173,270	)		7,316,173		(14,093,712	)		(6,777,539	)

50

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

4. Change in Units (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)
TA JPMorgan Enhanced Index Initial Class		3,763,394		(6,254,819	)		(2,491,425	)		7,004,207		(9,654,472	)		(2,650,265	)
TA JPMorgan Enhanced Index Service Class		1,656,099		(2,746,771	)		(1,090,672	)		1,349,663		(3,661,708	)		(2,312,045	)
TA JPMorgan International Moderate Growth Initial Class		1,372		(583	)		789			1,110		(556	)		554
TA JPMorgan International Moderate Growth Service Class		3,854,899		(41,005,935	)		(37,151,036	)		12,495,447		(45,652,434	)		(33,156,987	)
TA JPMorgan Mid Cap Value Service Class		4,076,947		(6,772,416	)		(2,695,469	)		4,061,822		(9,956,648	)		(5,894,826	)
TA JPMorgan Tactical Allocation Service Class		7,255,078		(37,268,135	)		(30,013,057	)		5,691,744		(51,865,484	)		(46,173,740	)
TA Legg Mason Dynamic Allocation - Balanced Service Class		4,351,016		(26,879,312	)		(22,528,296	)		4,698,058		(34,119,438	)		(29,421,380	)
TA Legg Mason Dynamic Allocation - Growth Service Class		2,183,486		(14,448,434	)		(12,264,948	)		6,477,706		(18,452,494	)		(11,974,788	)
TA Levin Large Cap Value Service Class		1,446,415		(301,246	)		1,145,169			379,919		(56,530	)		323,389
TA Madison Diversified Income Service Class		9,674,645		(9,018,765	)		655,880			3,604,623		(6,721,983	)		(3,117,360	)
TA Managed Risk - Balanced ETF Service Class		13,516,679		(160,478,245	)		(146,961,566	)		23,961,838		(188,072,355	)		(164,110,517	)
TA Managed Risk - Conservative ETF Service Class		7,741,347		(42,636,379	)		(34,895,032	)		12,593,909		(47,438,094	)		(34,844,185	)
TA Managed Risk - Growth ETF Service Class		9,279,418		(131,613,254	)		(122,333,836	)		15,365,231		(158,078,377	)		(142,713,146	)
TA Market Participation Strategy Service Class		1,450,212		(13,273,808	)		(11,823,596	)		7,901,328		(14,376,033	)		(6,474,705	)
TA Morgan Stanley Capital Growth Initial Class		62,202,553		(9,266,560	)		52,935,993			6,891,310		(6,340,702	)		550,608
TA Morgan Stanley Capital Growth Service Class		21,936,652		(4,946,429	)		16,990,223			4,449,254		(4,357,928	)		91,326
TA Multi-Managed Balanced Initial Class		3,016,812		(4,322,359	)		(1,305,547	)		4,368,453		(5,441,241	)		(1,072,788	)
TA Multi-Managed Balanced Service Class		7,774,819		(27,365,259	)		(19,590,440	)		7,920,741		(40,603,827	)		(32,683,086	)
TA Multi-Manager Alternative Strategies Service Class		213,154		(64,411	)		148,743			196,375		(68,671	)		127,704
TA PIMCO Tactical - Balanced Service Class		4,001,397		(23,032,095	)		(19,030,698	)		4,705,473		(25,247,915	)		(20,542,442	)
TA PIMCO Tactical - Conservative Service Class		6,162,221		(13,041,798	)		(6,879,577	)		5,725,827		(14,844,962	)		(9,119,135	)
TA PIMCO Tactical - Growth Service Class		2,778,267		(12,324,844	)		(9,546,577	)		3,306,016		(15,327,665	)		(12,021,649	)
TA PIMCO Total Return Initial Class		10,834,099		(13,912,677	)		(3,078,578	)		13,017,182		(20,926,712	)		(7,909,530	)
TA PIMCO Total Return Service Class		11,475,171		(53,261,535	)		(41,786,364	)		12,286,984		(61,609,367	)		(49,322,383	)
TA PineBridge Inflation Opportunities Service Class		2,081,570		(13,686,945	)		(11,605,375	)		4,631,467		(15,046,728	)		(10,415,261	)
TA ProFunds UltraBear Service Class (OAM)		127,036,956		(423,206,798	)		(296,169,842	)		671,427,493		(172,407,006	)		499,020,487
TA QS Investors Active Asset Allocation - Conservative Service Class		2,176,086		(22,407,879	)		(20,231,793	)		3,269,843		(28,804,012	)		(25,534,169	)

51

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

4. Change in Units (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)
TA QS Investors Active Asset Allocation - Moderate Service Class		4,287,547		(52,803,624	)		(48,516,077	)		9,738,675		(60,541,321	)		(50,802,646	)
TA QS Investors Active Asset Allocation - Moderate Growth Service Class		3,302,463		(30,669,669	)		(27,367,206	)		7,075,120		(36,789,361	)		(29,714,241	)
TA Small/Mid Cap Value Initial Class		256,137		(2,746,483	)		(2,490,346	)		1,249,255		(3,474,380	)		(2,225,125	)
TA Small/Mid Cap Value Service Class		3,137,027		(4,908,697	)		(1,771,670	)		1,550,851		(6,540,776	)		(4,989,925	)
TA T. Rowe Price Small Cap Initial Class		2,221,290		(5,983,450	)		(3,762,160	)		5,300,315		(7,321,903	)		(2,021,588	)
TA T. Rowe Price Small Cap Service Class		4,475,218		(5,518,113	)		(1,042,895	)		2,886,418		(7,336,983	)		(4,450,565	)
TA TS&W International Equity Initial Class		2,815,743		(5,303,945	)		(2,488,202	)		8,543,976		(6,780,649	)		1,763,327
TA TS&W International Equity Service Class		1,263,310		(2,579,274	)		(1,315,964	)		1,200,237		(2,728,634	)		(1,528,397	)
TA U.S. Equity Index Service Class		10,608,519		(1,912,189	)		8,696,330			3,233,373		(429,665	)		2,803,708
TA WMC US Growth Initial Class		61,933,873		(18,628,698	)		43,305,175			13,389,315		(27,098,607	)		(13,709,292	)
TA WMC US Growth Service Class		10,259,246		(5,227,520	)		5,031,726			1,721,219		(5,631,616	)		(3,910,397	)
Vanguard® - Capital Growth		-		-			-			-		-			-
Vanguard® - Conservative Allocation		-		-			-			-		-			-
Vanguard® - Diversified Value		-		-			-			-		-			-
Vanguard® Balanced		-		-			-			-		-			-
Vanguard® Equity Income		-		-			-			-		-			-
Vanguard® Equity Index		63,628		(141,356	)		(77,728	)		486,258		(116,070	)		370,188
Vanguard® Global Bond Index		-		-			-			-		-			-
Vanguard® Growth		-		-			-			-		-			-
Vanguard® High Yield Bond		-		-			-			-		-			-
Vanguard® International		67,867		(64,938	)		2,929			176,491		(376,350	)		(199,859	)
Vanguard® Mid-Cap Index		40,875		(28,213	)		12,662			39,172		(96,381	)		(57,209	)
Vanguard® Moderate Allocation		-		-			-			-		-			-
Vanguard® Money Market		-		-			-			-		-			-
Vanguard® Real Estate Index		54,861		(33,936	)		20,925			10,232		(16,395	)		(6,163	)
Vanguard® Short-Term Investment Grade		398,473		(392,730	)		5,743			43,180		(92,627	)		(49,447	)

52

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

4. Change in Units (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)
Vanguard® Total Bond Market Index		209,472		(18,717	)		190,755			37,172		(80,312	)		(43,140	)
Vanguard® Total International Stock Market Index		-		-			-			-		-			-
Vanguard® Total Stock Market Index		-		-			-			-		-			-
Voya Global Perspectives Class S Shares		21		(27	)		(6	)		129		(1	)		128
Voya Large Cap Value Class S Shares		-		(2	)		(2	)		2		(1	)		1
Voya Strategic Allocation Conservative Class S Shares		-		-			-			-		-			-
Voya Strategic Allocation Moderate Class S Shares		-		-			-			-		-			-
Wanger International		5,559		(18,149	)		(12,590	)		3,274		(40,859	)		(37,585	)
Wanger USA		-		-			-			-		-			-

53

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

4. Change in Units (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)
AB Balanced Wealth Strategy Class B Shares	$	18,495,036	$	(20,198,976	)	$	(1,703,940	)	$	10,528,416	$	(17,828,775	)	$	(7,300,359	)
AB Growth and Income Class B Shares		27,237,830		(34,791,818	)		(7,553,988	)		28,852,871		(46,781,780	)		(17,928,909	)
AB Large Cap Growth Class B Shares		139,023		(5,003,502	)		(4,864,479	)		329,434		(5,407,326	)		(5,077,892	)
American Funds - Asset Allocation Class 2 Shares		117,675,182		(107,698,788	)		9,976,394			97,895,872		(143,472,008	)		(45,576,136	)
American Funds - Bond Class 2 Shares		60,356,238		(42,660,438	)		17,695,800			41,396,975		(56,694,257	)		(15,297,282	)
American Funds - Growth Class 2 Shares		168,037,679		(68,197,329	)		99,840,350			91,048,392		(82,011,310	)		9,037,082
American Funds - Growth-Income Class 2 Shares		118,068,090		(53,467,557	)		64,600,533			61,056,938		(56,671,161	)		4,385,777
American Funds - International Class 2 Shares		58,814,627		(37,639,733	)		21,174,894			64,333,811		(38,540,051	)		25,793,760
BlackRock Basic Value V.I. Class I Shares		303,180		(1,936,483	)		(1,633,303	)		1,790,580		(3,854,477	)		(2,063,897	)
BlackRock Global Allocation V.I. Class I Shares		12,776		(1,310,869	)		(1,298,093	)		677,567		(2,355,941	)		(1,678,374	)
BlackRock High Yield V.I. Class I Shares		154,156		(586,332	)		(432,176	)		265,390		(911,081	)		(645,691	)
DFA VA Equity Allocation		-		-			-			-		-			-
DFA VA Global Bond		-		-			-			-		-			-
DFA VA Global Moderate Allocation		-		-			-			-		-			-
DFA VA International Small		-		-			-			-		-			-
DFA VA International Value		-		-			-			-		-			-
DFA VA Short-Term Fixed		-		-			-			-		-			-
DFA VA U.S. Large Value		-		-			-			-		-			-
DFA VA U.S. Targeted Value		-		-			-			-		-			-
Fidelity® VIP Balanced Service Class 2		66,550,149		(56,834,830	)		9,715,319			60,541,254		(54,617,405	)		5,923,849
Fidelity® VIP Contrafund® Initial Class		28,594		(106,631	)		(78,037	)		277		(20,685	)		(20,408	)
Fidelity® VIP Contrafund® Service Class 2		100,206,606		(71,415,665	)		28,790,941			61,504,641		(103,056,512	)		(41,551,871	)
Fidelity® VIP Equity-Income Initial Class		-		(1,514	)		(1,514	)		-		(1,576	)		(1,576	)
Fidelity® VIP Equity-Income Service Class 2		307,577		(5,545,597	)		(5,238,020	)		710,627		(6,921,780	)		(6,211,153	)
Fidelity® VIP Growth Initial Class		-		(946	)		(946	)		-		(992	)		(992	)
Fidelity® VIP Growth Service Class 2		182,185		(5,003,831	)		(4,821,646	)		779,126		(6,866,136	)		(6,087,010	)
Fidelity® VIP Growth Opportunities Service Class 2		17,551		(233,923	)		(216,372	)		186,612		(836,051	)		(649,439	)

54

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

4. Change in Units (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)
Fidelity® VIP Mid Cap Initial Class	$	3,974	$	(47,116	)	$	(43,142	)	$	1,701	$	(12,984	)	$	(11,283	)
Fidelity® VIP Mid Cap Service Class 2		45,923,986		(41,993,624	)		3,930,362			36,147,721		(66,250,952	)		(30,103,231	)
Fidelity® VIP Value Strategies Initial Class		92,424		(95,058	)		(2,634	)		91,176		(101,806	)		(10,630	)
Fidelity® VIP Value Strategies Service Class 2		30,998,254		(19,049,421	)		11,948,833			22,162,373		(27,449,636	)		(5,287,263	)
Franklin Allocation Class 4 Shares		247,538		(13,626,476	)		(13,378,938	)		224,968		(20,529,629	)		(20,304,661	)
Franklin Income Class 2 Shares		146,509		(10,419,469	)		(10,272,960	)		589,292		(13,009,297	)		(12,420,005	)
Franklin Mutual Shares Class 2 Shares		36,389		(2,234,413	)		(2,198,024	)		61,058		(2,261,015	)		(2,199,957	)
Franklin Templeton Foreign Class 2 Shares		52,169		(3,639,114	)		(3,586,945	)		424,348		(5,033,098	)		(4,608,750	)
Invesco V.I. American Franchise Series II Shares		20,588		(1,035,926	)		(1,015,338	)		83,045		(1,200,494	)		(1,117,449	)
Janus Henderson - Enterprise Service Shares		184,775		(3,303,334	)		(3,118,559	)		470,269		(3,038,447	)		(2,568,178	)
Janus Henderson - Global Research Service Shares		160,341		(3,700,123	)		(3,539,782	)		401,892		(4,587,391	)		(4,185,499	)
Janus Henderson - Mid Cap Value Service Shares		24,027		(164,418	)		(140,391	)		101,993		(298,028	)		(196,035	)
MFS® New Discovery Service Class		31,193		(6,894,173	)		(6,862,980	)		703,286		(7,376,837	)		(6,673,551	)
MFS® Total Return Service Class		107,615		(6,123,424	)		(6,015,809	)		603,679		(7,420,702	)		(6,817,023	)
NVIT Emerging Markets Class D Shares		-		(282	)		(282	)		-		(285	)		(285	)
Rational Insider Buying VA		44,759		(633,417	)		(588,658	)		7,491		(443,470	)		(435,979	)
Rational Trend Aggregation VA		47,964		(490,157	)		(442,193	)		14,688		(319,699	)		(305,011	)
State Street Total Return V.I.S. Class 3 Shares		8,008,791		(10,962,674	)		(2,953,883	)		6,909,713		(11,280,379	)		(4,370,666	)
TA 60/40 Allocation Service Class		17,861,669		(2,803,892	)		15,057,777			8,347,672		(389,845	)		7,957,827
TA Aegon High Yield Bond Initial Class		6,484,677		(10,030,574	)		(3,545,897	)		6,089,778		(18,777,424	)		(12,687,646	)
TA Aegon High Yield Bond Service Class		28,256,301		(27,073,129	)		1,183,172			24,778,333		(38,894,075	)		(14,115,742	)
TA Aegon U.S. Government Securities Initial Class		15,537,270		(17,710,679	)		(2,173,409	)		11,437,735		(13,448,799	)		(2,011,064	)
TA Aegon U.S. Government Securities Service Class		78,903,574		(217,458,822	)		(138,555,248	)		195,994,882		(74,926,949	)		121,067,933
TA American Funds Managed Risk - Balanced Service Class		155,708,206		(62,821,545	)		92,886,661			193,622,020		(67,582,412	)		126,039,608
TA Barrow Hanley Dividend Focused Initial Class		1,117,365		(39,009,870	)		(37,892,505	)		16,572,835		(72,943,748	)		(56,370,913	)
TA Barrow Hanley Dividend Focused Service Class		22,204,280		(27,340,076	)		(5,135,796	)		16,309,883		(39,989,356	)		(23,679,473	)
TA BlackRock Global Allocation Service Class		27,173,604		(160,247,378	)		(133,073,774	)		37,386,024		(196,057,239	)		(158,671,215	)

55

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

4. Change in Units (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)
TA BlackRock Global Allocation Managed Risk - Balanced Service Class	$	45,020,312	$		(20,424,585)	$	24,595,727		$	61,084,279	$	(21,894,213	)	$	39,190,066
TA BlackRock Global Allocation Managed Risk - Growth Service Class		10,005,044		(20,987,910	)		(10,982,866	)		23,620,686		(29,040,063	)		(5,419,377	)
TA BlackRock Global Real Estate Securities Initial Class		3,773,482		(5,749,723	)		(1,976,241	)		4,119,396		(8,999,496	)		(4,880,100	)
TA BlackRock Global Real Estate Securities Service Class		15,864,348		(13,743,361	)		2,120,987			5,223,424		(15,184,072	)		(9,960,648	)
TA BlackRock Government Money Market Initial Class		36,942,078		(41,278,658	)		(4,336,580	)		49,426,332		(46,071,504	)		3,354,828
TA BlackRock Government Money Market Service Class		325,515,918		(317,729,106	)		7,786,812			327,154,039		(282,214,765	)		44,939,274
TA BlackRock iShares Edge 100 Service Class		16,228,540		(9,856,901	)		6,371,639			10,126,502		(12,663,492	)		(2,536,990	)
TA BlackRock iShares Edge 40 Initial Class		976,405		(2,033,653	)		(1,057,248	)		1,685,158		(3,712,139	)		(2,026,981	)
TA BlackRock iShares Edge 40 Service Class		20,748,200		(41,893,248	)		(21,145,048	)		14,726,471		(44,158,426	)		(29,431,955	)
TA BlackRock iShares Edge 50 Service Class		149,360,955		(10,911,447	)		138,449,508			90,642,563		(12,372,331	)		78,270,232
TA BlackRock iShares Edge 75 Service Class		54,977,244		(11,531,838	)		43,445,406			44,905,465		(7,268,671	)		37,636,794
TA BlackRock Tactical Allocation Service Class		19,692,693		(178,833,346	)		(159,140,653	)		30,957,682		(204,954,032	)		(173,996,350	)
TA Greystone International Growth Initial Class		4,533,599		(9,704,270	)		(5,170,671	)		14,150,131		(13,418,140	)		731,991
TA Greystone International Growth Service Class		10,588,816		(14,706,955	)		(4,118,139	)		13,200,659		(24,001,176	)		(10,800,517	)
TA International Equity Index Service Class		26,945,213		(9,514,103	)		17,431,110			13,671,483		(1,554,176	)		12,117,307
TA Janus Balanced Service Class		86,923,063		(97,714,048	)		(10,790,985	)		113,404,035		(95,755,729	)		17,648,306
TA Janus Mid-Cap Growth Initial Class		6,128,410		(9,980,545	)		(3,852,135	)		10,494,234		(14,740,760	)		(4,246,526	)
TA Janus Mid-Cap Growth Service Class		46,310,712		(17,545,875	)		28,764,837			22,352,176		(16,278,807	)		6,073,369
TA JPMorgan Asset Allocation - Conservative Initial Class		16,521,273		(23,924,610	)		(7,403,337	)		22,711,065		(38,777,003	)		(16,065,938	)
TA JPMorgan Asset Allocation - Conservative Service Class		117,426,583		(138,518,731	)		(21,092,148	)		57,882,553		(152,148,577	)		(94,266,024	)
TA JPMorgan Asset Allocation - Growth Initial Class		9,931,272		(29,355,723	)		(19,424,451	)		24,276,165		(51,383,378	)		(27,107,213	)
TA JPMorgan Asset Allocation - Growth Service Class		30,431,694		(29,335,594	)		1,096,100			18,893,652		(36,235,267	)		(17,341,615	)
TA JPMorgan Asset Allocation - Moderate Initial Class		10,429,790		(45,694,714	)		(35,264,924	)		28,966,094		(59,959,335	)		(30,993,241	)
TA JPMorgan Asset Allocation - Moderate Service Class		524,626,480		(481,341,842	)		43,284,638			538,331,283		(524,114,027	)		14,217,256
TA JPMorgan Asset Allocation - Moderate Growth Initial Class		14,168,632		(48,088,456	)		(33,919,824	)		29,168,116		(62,370,283	)		(33,202,167	)

56

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

4. Change in Units (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)
TA JPMorgan Asset Allocation - Moderate Growth Service Class	$	53,722,050	$	(423,159,781	)	$	(369,437,731	)	$	140,818,240	$	(447,821,577	)	$	(307,003,337	)
TA JPMorgan Core Bond Service Class		53,927,843		(34,566,172	)		19,361,671			33,770,866		(33,195,288	)		575,578
TA JPMorgan Enhanced Index Initial Class		10,513,423		(17,270,739	)		(6,757,316	)		17,725,180		(24,949,090	)		(7,223,910	)
TA JPMorgan Enhanced Index Service Class		18,868,754		(13,563,406	)		5,305,348			11,923,720		(17,471,118	)		(5,547,398	)
TA JPMorgan International Moderate Growth Initial Class		1,858		(765	)		1,093			1,522		(762	)		760
TA JPMorgan International Moderate Growth Service Class		11,967,799		(73,638,183	)		(61,670,384	)		44,322,654		(82,866,782	)		(38,544,128	)
TA JPMorgan Mid Cap Value Service Class		35,129,532		(29,309,041	)		5,820,491			24,992,139		(43,258,742	)		(18,266,603	)
TA JPMorgan Tactical Allocation Service Class		59,952,197		(109,708,301	)		(49,756,104	)		50,537,559		(135,165,480	)		(84,627,921	)
TA Legg Mason Dynamic Allocation - Balanced Service Class		26,394,536		(105,002,007	)		(78,607,471	)		25,932,187		(124,411,453	)		(98,479,266	)
TA Legg Mason Dynamic Allocation - Growth Service Class		9,189,757		(54,075,396	)		(44,885,639	)		20,075,603		(64,699,858	)		(44,624,255	)
TA Levin Large Cap Value Service Class		8,817,694		(635,712	)		8,181,982			2,642,746		(333,324	)		2,309,422
TA Madison Diversified Income Service Class		43,739,712		(19,759,389	)		23,980,323			24,927,200		(16,831,628	)		8,095,572
TA Managed Risk - Balanced ETF Service Class		96,933,586		(549,375,722	)		(452,442,136	)		130,035,759		(553,917,033	)		(423,881,274	)
TA Managed Risk - Conservative ETF Service Class		35,955,216		(110,395,523	)		(74,440,307	)		50,778,006		(115,843,179	)		(65,065,173	)
TA Managed Risk - Growth ETF Service Class		46,788,926		(357,001,014	)		(310,212,088	)		63,826,107		(400,522,021	)		(336,695,914	)
TA Market Participation Strategy Service Class		6,358,630		(56,172,771	)		(49,814,141	)		21,622,306		(58,154,726	)		(36,532,420	)
TA Morgan Stanley Capital Growth Initial Class		230,022,471		(35,150,509	)		194,871,962			24,106,297		(22,175,752	)		1,930,545
TA Morgan Stanley Capital Growth Service Class		254,675,647		(35,314,802	)		219,360,845			45,375,591		(31,286,067	)		14,089,524
TA Multi-Managed Balanced Initial Class		7,956,194		(11,233,851	)		(3,277,657	)		10,398,376		(13,506,918	)		(3,108,542	)
TA Multi-Managed Balanced Service Class		52,458,662		(121,492,313	)		(69,033,651	)		54,954,937		(164,631,639	)		(109,676,702	)
TA Multi-Manager Alternative Strategies Service Class		2,137,933		(643,709	)		1,494,224			1,966,039		(679,114	)		1,286,925
TA PIMCO Tactical - Balanced Service Class		11,873,957		(70,377,951	)		(58,503,994	)		11,922,315		(79,247,563	)		(67,325,248	)
TA PIMCO Tactical - Conservative Service Class		20,167,516		(37,234,436	)		(17,066,920	)		17,788,673		(46,044,021	)		(28,255,348	)
TA PIMCO Tactical - Growth Service Class		10,596,569		(37,234,519	)		(26,637,950	)		12,814,094		(44,103,541	)		(31,289,447	)
TA PIMCO Total Return Initial Class		17,552,882		(23,335,974	)		(5,783,092	)		19,791,265		(32,821,077	)		(13,029,812	)
TA PIMCO Total Return Service Class		65,032,013		(108,556,471	)		(43,524,458	)		53,033,488		(119,716,327	)		(66,682,839	)

57

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

4. Change in Units (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)
TA PineBridge Inflation Opportunities Service Class	$	9,312,653	$	(25,462,606	)	$	(16,149,953	)	$	14,831,713	$	(29,362,101	)	$	(14,530,388	)
TA ProFunds UltraBear Service Class (OAM)		4,004,863		(13,607,982	)		(9,603,119	)		26,986,533		(6,539,644	)		20,446,889
TA QS Investors Active Asset Allocation - Conservative Service Class		10,386,947		(51,395,738	)		(41,008,791	)		12,448,724		(61,843,804	)		(49,395,080	)
TA QS Investors Active Asset Allocation - Moderate Service Class		31,854,197		(157,765,584	)		(125,911,387	)		67,067,063		(171,513,291	)		(104,446,228	)
TA QS Investors Active Asset Allocation - Moderate Growth Service Class		11,549,965		(80,049,370	)		(68,499,405	)		25,265,880		(91,862,638	)		(66,596,758	)
TA Small/Mid Cap Value Initial Class		1,165,147		(15,293,646	)		(14,128,499	)		5,918,923		(20,739,224	)		(14,820,301	)
TA Small/Mid Cap Value Service Class		36,945,752		(18,413,425	)		18,532,327			15,694,097		(24,035,571	)		(8,341,474	)
TA T. Rowe Price Small Cap Initial Class		7,198,698		(18,637,794	)		(11,439,096	)		17,150,745		(22,325,438	)		(5,174,693	)
TA T. Rowe Price Small Cap Service Class		70,601,308		(34,907,777	)		35,693,531			33,503,886		(44,505,901	)		(11,002,015	)
TA TS&W International Equity Initial Class		5,343,959		(9,623,990	)		(4,280,031	)		16,098,869		(13,028,471	)		3,070,398
TA TS&W International Equity Service Class		10,139,801		(6,945,097	)		3,194,704			6,837,113		(7,039,421	)		(202,308	)
TA U.S. Equity Index Service Class		131,202,601		(23,636,605	)		107,565,996			37,075,308		(4,824,519	)		32,250,789
TA WMC US Growth Initial Class		156,017,750		(45,246,803	)		110,770,947			33,935,385		(59,913,199	)		(25,977,814	)
TA WMC US Growth Service Class		87,071,310		(25,071,486	)		61,999,824			16,520,794		(25,847,178	)		(9,326,384	)
Vanguard® - Capital Growth		-		-			-			-		-			-
Vanguard® - Conservative Allocation		-		-			-			-		-			-
Vanguard® - Diversified Value		-		-			-			-		-			-
Vanguard® Balanced		-		-			-			-		-			-
Vanguard® Equity Income		-		-			-			-		-			-
Vanguard® Equity Index		149,317		(369,214	)		(219,897	)		1,048,327		(507,557	)		540,770
Vanguard® Global Bond Index		-		-			-			-		-			-
Vanguard® Growth		-		-			-			-		-			-
Vanguard® High Yield Bond		-		-			-			-		-			-
Vanguard® International		658,728		(295,272	)		363,456			521,283		(717,139	)		(195,856	)
Vanguard® Mid-Cap Index		734,561		(247,424	)		487,137			387,983		(276,491	)		111,492

58

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

4. Change in Units (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)
Vanguard® Moderate Allocation	$	-	$	-		$	-		$	-	$	-		$	-
Vanguard® Money Market		-		-			-			-		-			-
Vanguard® Real Estate Index		232,059		(91,024	)		141,035			63,092		(40,179	)		22,913
Vanguard® Short-Term Investment Grade		1,767,559		(730,183	)		1,037,376			310,589		(253,550	)		57,039
Vanguard® Total Bond Market Index		1,383,198		(122,794	)		1,260,404			318,064		(202,789	)		115,275
Vanguard® Total International Stock Market Index		-		-			-			-		-			-
Vanguard® Total Stock Market Index		-		-			-			-		-			-
Voya Global Perspectives Class S Shares		238		(299	)		(61	)		1,375		(8	)		1,367
Voya Large Cap Value Class S Shares		-		(23	)		(23	)		25		(11	)		14
Voya Strategic Allocation Conservative Class S Shares		-		-			-			-		-			-
Voya Strategic Allocation Moderate Class S Shares		-		-			-			-		-			-
Wanger International		56,770		(33,129	)		23,641			20,357		(64,464	)		(44,107	)
Wanger USA		-		-			-			-		-			-

59

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights

The Separate Account offers various death benefit options, which have differing fees that are charged against the contract owner’s account balance. These charges are discussed in more detail in the individual’s policy. Differences in the fee structures for these units result in different unit values, expense ratios, and total returns.

	At December 31									For the Year Ended December 31
Subaccount	Units		Unit Fair Value Corresponding to Lowest to Highest Expense  Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
AB Balanced Wealth Strategy Class B Shares
12/31/2019		30,129,720	$	15.18	to	$	11.74	$	97,353,579		2.34	%		0.40	%	to	2.85	%		17.73	%	to	14.93	%
12/31/2018		33,611,226		12.90	to		10.21		85,205,038		1.69			0.40		to	2.85			(6.79	)	to	(9.02	)
12/31/2017		38,525,201		13.84	to		11.22		99,946,976		1.81			0.40		to	2.85			14.88		to	12.43
12/31/2016		44,034,478		12.01	to		1.63		94,083,857		1.82			0.65		to	2.65			3.77		to	1.75
12/31/2015		47,328,479		11.58	to		1.60		95,500,596		2.02			0.65		to	2.65			0.64		to	(1.32	)
AB Growth and Income Class B Shares
12/31/2019		66,912,738		2.76	to		12.57		249,977,608		1.03			0.30		to	2.80			23.24		to	20.24
12/31/2018		72,168,849		2.24	to		10.45		211,887,489		0.75			0.30		to	2.80			(6.13	)	to	(8.42	)
12/31/2017		77,917,998		2.38	to		11.42		246,477,664		1.27			0.30		to	2.80			18.24		to	15.38
12/31/2016		86,181,039		2.02	to		1.37		220,284,665		0.84			0.30		to	2.30			10.74		to	8.58
12/31/2015		86,893,047		1.82	to		1.26		194,307,335		1.19			0.30		to	2.30			1.12		to	(0.85	)
AB Large Cap Growth Class B Shares
12/31/2019		11,372,716		3.81	to		16.41		31,230,390		-			0.30		to	2.80			33.96		to	30.70
12/31/2018		13,361,563		2.84	to		12.55		27,738,213		-			0.30		to	2.80			2.02		to	(0.48	)
12/31/2017		15,509,056		2.79	to		12.61		32,262,769		-			0.30		to	2.80			31.28		to	28.10
12/31/2016		17,594,877		2.12	to		1.57		28,324,370		-			0.30		to	2.30			2.05		to	0.06
12/31/2015		19,226,523		2.08	to		1.57		30,693,993		-			0.30		to	2.30			10.52		to	8.36
American Funds - Asset Allocation Class 2 Shares
12/31/2019		194,454,343		17.00	to		12.24		819,073,416		1.95			0.60		to	2.95			20.51		to	17.76
12/31/2018		212,831,662		14.10	to		10.39		677,757,631		1.62			0.60		to	2.95			(5.18	)	to	(7.35	)
12/31/2017		246,090,334		14.87	to		11.22		769,063,617		1.56			0.60		to	2.95			15.37		to	12.91
12/31/2016		250,143,519		12.88	to		1.60		634,039,608		1.74			0.75		to	2.75			8.60		to	6.49
12/31/2015		229,793,901		11.86	to		1.50		511,723,809		1.70			0.75		to	2.75			0.64		to	(1.31	)
American Funds - Bond Class 2 Shares
12/31/2019		64,327,748		11.32	to		10.37		230,089,383		2.69			0.60		to	2.95			8.70		to	6.22
12/31/2018		65,952,103		10.42	to		9.76		197,187,014		2.40			0.60		to	2.95			(1.31	)	to	(3.57	)
12/31/2017		73,725,508		10.56	to		10.12		217,547,968		2.00			0.60		to	2.95			2.89		to	0.70
12/31/2016		86,249,797		10.24	to		1.04		202,687,185		1.75			0.75		to	2.75			2.18		to	0.20
12/31/2015		83,923,617		10.03	to		1.04		168,449,072		1.79			0.75		to	2.75			(0.47	)	to	(2.41	)
American Funds - Growth Class 2 Shares
12/31/2019		60,243,138		24.27	to		15.13		679,623,629		0.80			0.60		to	2.95			29.99		to	27.03
12/31/2018		61,736,514		18.67	to		11.91		442,334,800		0.44			0.60		to	2.95			(0.85	)	to	(3.12	)
12/31/2017		67,452,645		18.83	to		12.29		442,900,974		0.53			0.60		to	2.95			27.34		to	24.63
12/31/2016		68,512,929		14.77	to		1.85		301,070,692		0.84			0.75		to	2.60			8.67		to	6.72
12/31/2015		69,343,957		13.59	to		1.74		241,712,021		0.67			0.75		to	2.60			6.06		to	4.15
American Funds - Growth-Income Class 2 Shares
12/31/2019		55,567,642		21.87	to		13.74		578,289,945		1.79			0.60		to	2.95			25.38		to	22.52
12/31/2018		56,040,276		17.44	to		11.22		409,513,116		1.43			0.60		to	2.95			(2.38	)	to	(4.62	)
12/31/2017		60,250,249		17.87	to		11.76		420,162,453		1.48			0.60		to	2.95			21.47		to	18.89
12/31/2016		60,127,114		14.69	to		1.81		308,892,051		1.61			0.75		to	2.60			10.69		to	8.70
12/31/2015		56,995,196		13.27	to		1.66		236,097,115		1.44			0.75		to	2.60			0.70		to	(1.12	)
American Funds - International Class 2 Shares
12/31/2019		46,533,316		14.76	to		12.92		248,531,886		1.55			0.60		to	2.95			22.15		to	19.36
12/31/2018		49,456,028		12.08	to		10.83		186,794,262		1.80			0.60		to	2.95			(13.66	)	to	(15.64	)
12/31/2017		51,454,305		14.00	to		12.84		191,936,131		1.34			0.60		to	2.95			31.16		to	28.37
12/31/2016		49,934,063		10.66	to		1.04		129,648,359		1.48			0.75		to	2.60			2.76		to	0.92
12/31/2015		54,330,699		10.37	to		1.03		114,935,590		1.62			0.75		to	2.60			(5.24	)	to	(6.95	)

60

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

	At December 31									For the Year Ended December 31
Subaccount	Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
BlackRock Basic Value V.I. Class I Shares
12/31/2019		6,249,446	$	2.63	to	$	11.24	$	20,016,237		2.39	%		1.25	%	to	2.65	%		22.38	%	to	20.71	%
12/31/2018		6,813,623		2.15	to		9.31		17,849,636		1.79			1.25		to	2.65			(8.99	)	to	(10.24	)
12/31/2017		7,377,068		2.36	to		10.38		21,702,345		1.54			1.25		to	2.65			6.91		to	5.45
12/31/2016		8,011,814		2.21	to		2.40		22,069,925		1.52			1.25		to	2.30			16.73		to	15.54
12/31/2015		8,817,241		1.89	to		2.07		20,857,527		1.42			1.25		to	2.30			(7.11	)	to	(8.07	)
BlackRock Global Allocation V.I. Class I Shares
12/31/2019		4,729,879		3.19	to		11.46		10,712,286		1.24			1.25		to	2.65			16.53		to	14.94
12/31/2018		5,295,268		2.73	to		9.97		10,410,140		0.92			1.25		to	2.65			(8.49	)	to	(9.74	)
12/31/2017		6,135,012		2.99	to		11.05		13,086,962		1.26			1.25		to	2.65			12.46		to	10.93
12/31/2016		7,054,931		2.66	to		2.61		13,393,563		1.25			1.25		to	2.30			2.83		to	1.78
12/31/2015		7,842,563		2.58	to		2.57		14,520,562		1.04			1.25		to	2.30			(1.94	)	to	(2.94	)
BlackRock High Yield V.I. Class I Shares
12/31/2019		1,340,935		2.83	to		11.16		3,651,853		5.40			1.25		to	2.65			13.87		to	12.31
12/31/2018		1,507,900		2.49	to		9.94		3,612,958		5.48			1.25		to	2.65			(3.86	)	to	(5.18	)
12/31/2017		1,762,477		2.59	to		10.48		4,411,875		5.18			1.25		to	2.65			6.00		to	4.56
12/31/2016		2,044,390		2.44	to		1.99		4,838,768		5.46			1.25		to	2.30			11.52		to	10.38
12/31/2015		2,441,830		2.19	to		1.80		5,188,905		5.10			1.25		to	2.30			(4.77	)	to	(5.74	)
DFA VA Equity Allocation
12/31/2019(1)		-		10.04	to		10.04		-		-			0.27		to	0.47			-		to	-
DFA VA Global Bond
12/31/2019(1)		-		10.01	to		10.01		-		-			0.27		to	0.47			-		to	-
DFA VA Global Moderate Allocation
12/31/2019(1)		-		10.03	to		10.03		-		-			0.27		to	0.47			-		to	-
DFA VA International Small
12/31/2019(1)		-		10.15	to		10.14		-		-			0.27		to	0.47			-		to	-
DFA VA International Value
12/31/2019(1)		-		10.03	to		10.03		-		-			0.27		to	0.47			-		to	-
DFA VA Short-Term Fixed
12/31/2019(1)		-		10.00	to		10.00		-		-			0.27		to	0.47			-		to	-
DFA VA U.S. Large Value
12/31/2019(1)		-		10.03	to		10.03		-		-			0.27		to	0.47			-		to	-
DFA VA U.S. Targeted Value
12/31/2019(1)		-		9.99	to		9.99		-		-			0.27		to	0.47			-		to	-
Fidelity® VIP Balanced Service Class 2
12/31/2019		125,709,751		2.27	to		12.65		457,401,722		1.58			0.30		to	2.65			23.74		to	20.91
12/31/2018		137,704,135		1.83	to		10.47		364,935,164		1.31			0.30		to	2.65			(4.73	)	to	(6.92	)
12/31/2017		147,985,403		1.92	to		11.24		382,158,570		1.28			0.30		to	2.65			15.77		to	13.13
12/31/2016		161,273,927		1.66	to		1.38		336,960,896		1.26			0.30		to	2.45			6.66		to	4.43
12/31/2015		159,318,959		1.56	to		1.32		299,484,731		1.43			0.30		to	2.45			0.06		to	(2.04	)
Fidelity® VIP Contrafund® Initial Class
12/31/2019		44,170		2.68	to		13.61		208,350		0.37			0.30		to	2.70			31.18		to	28.12
12/31/2018		72,197		2.04	to		10.63		221,362		0.71			0.30		to	2.70			(6.66	)	to	(8.85	)
12/31/2017		79,806		2.19	to		11.66		258,065		0.91			0.30		to	2.70			21.51		to	20.67
12/31/2016		113,495		1.80	to		1.57		431,681		0.73			0.30		to	1.00			7.68		to	6.93
12/31/2015		201,666		1.67	to		1.47		716,924		1.05			0.30		to	1.00			0.37		to	(0.33	)
Fidelity® VIP Contrafund® Service Class 2
12/31/2019		122,971,431		3.20	to		13.54		671,378,964		0.22			0.30		to	2.80			30.88		to	27.70
12/31/2018		130,170,833		2.44	to		10.61		494,770,479		0.43			0.30		to	2.80			(6.92	)	to	(9.20	)
12/31/2017		148,094,555		2.62	to		11.68		579,167,529		0.78			0.30		to	2.80			21.22		to	18.29
12/31/2016		158,259,292		2.16	to		1.41		476,359,703		0.64			0.30		to	2.30			7.41		to	5.31
12/31/2015		172,144,924		2.01	to		1.34		449,859,068		0.80			0.30		to	2.30			0.11		to	(1.84	)

61

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

	At December 31									For the Year Ended December 31
Subaccount	Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
Fidelity® VIP Equity-Income Initial Class
12/31/2019		22,709	$	1.95	to	$	11.99	$	46,431		2.02	%		0.30	%	to	2.70	%		27.06	%	to	24.09	%
12/31/2018		23,527		1.54	to		9.66		38,033		2.27			0.30		to	2.70			(8.57	)	to	(10.72	)
12/31/2017		24,406		1.68	to		10.82		43,356		1.50			0.30		to	2.70			12.56		to	11.78
12/31/2016		38,845		1.49	to		1.61		61,069		2.28			0.30		to	1.00			17.67		to	16.85
12/31/2015		52,261		1.27	to		1.38		70,747		3.01			0.30		to	1.00			(4.25	)	to	(4.92	)
Fidelity® VIP Equity-Income Service Class 2
12/31/2019		18,185,698		2.46	to		11.92		41,513,921		1.78			0.30		to	2.80			26.73		to	23.65
12/31/2018		20,712,987		1.95	to		9.64		37,740,091		1.98			0.30		to	2.80			(8.81	)	to	(11.04	)
12/31/2017		23,845,141		2.13	to		10.84		48,184,382		1.46			0.30		to	2.80			12.31		to	9.59
12/31/2016		27,073,880		1.90	to		1.25		49,230,256		2.09			0.30		to	2.30			17.36		to	15.07
12/31/2015		30,565,159		1.62	to		1.09		47,923,174		2.74			0.30		to	2.30			(4.52	)	to	(6.39	)
Fidelity® VIP Growth Initial Class
12/31/2019		7,797		3.32	to		16.40		22,321		0.26			0.30		to	2.70			33.91		to	30.78
12/31/2018		8,174		2.48	to		12.54		17,561		0.24			0.30		to	2.70			(0.47	)	to	(2.81	)
12/31/2017		8,594		2.49	to		12.90		18,642		0.23			0.30		to	2.70			34.73		to	33.80
12/31/2016		12,155		1.85	to		1.61		19,555		0.03			0.30		to	1.00			0.50		to	(0.19	)
12/31/2015		25,199		1.84	to		1.61		40,557		0.26			0.30		to	1.00			6.85		to	6.11
Fidelity® VIP Growth Service Class 2
12/31/2019		14,824,936		3.70	to		16.33		39,103,539		0.06			0.30		to	2.80			33.58		to	30.33
12/31/2018		16,810,542		2.77	to		12.53		33,696,406		0.04			0.30		to	2.80			(0.73	)	to	(3.16	)
12/31/2017		19,553,603		2.79	to		12.94		40,016,140		0.08			0.30		to	2.80			34.41		to	31.16
12/31/2016		22,172,573		2.08	to		1.37		34,319,380		-			0.30		to	2.30			0.25		to	(1.71	)
12/31/2015		25,975,749		2.07	to		1.40		40,617,613		0.03			0.30		to	2.30			6.58		to	4.50
Fidelity® VIP Growth Opportunities Service Class 2
12/31/2019		862,593		20.18	to		19.27		3,004,319		-			1.25		to	2.80			38.76		to	36.67
12/31/2018		929,775		14.54	to		14.10		2,346,465		0.09			1.25		to	2.80			10.82		to	9.14
12/31/2017		1,207,203		13.12	to		12.92		2,711,713		0.11			1.25		to	2.80			32.53		to	30.53
12/31/2016		1,186,013		1.83	to		1.32		1,992,681		0.05			1.25		to	1.75			(1.17	)	to	(1.65	)
12/31/2015		1,281,973		1.85	to		1.34		2,179,017		0.00			1.25		to	1.75			4.04		to	3.53
Fidelity® VIP Mid Cap Initial Class
12/31/2019		18,009		2.37	to		11.50		55,425		0.86			0.30		to	2.70			23.08		to	20.20
12/31/2018		38,781		1.93	to		9.57		82,670		0.64			0.30		to	2.70			(14.80	)	to	(16.80	)
12/31/2017		41,922		2.26	to		11.50		108,346		0.70			0.30		to	2.70			20.45		to	19.61
12/31/2016		21,135		1.88	to		1.46		52,280		0.50			0.30		to	1.00			11.90		to	11.12
12/31/2015		24,745		1.68	to		1.31		51,157		0.42			0.30		to	1.00			(1.68	)	to	(2.37	)
Fidelity® VIP Mid Cap Service Class 2
12/31/2019		68,400,272		2.91	to		11.50		354,595,211		0.69			0.30		to	2.80			22.80		to	19.82
12/31/2018		74,180,131		2.37	to		9.59		288,831,176		0.39			0.30		to	2.80			(15.03	)	to	(17.11	)
12/31/2017		84,005,052		2.79	to		11.57		374,376,908		0.49			0.30		to	2.80			20.18		to	17.26
12/31/2016		89,788,590		2.32	to		1.48		316,226,522		0.32			0.30		to	2.30			11.59		to	9.41
12/31/2015		98,025,909		2.08	to		1.35		298,255,903		0.24			0.30		to	2.30			(1.92	)	to	(3.84	)
Fidelity® VIP Value Strategies Initial Class
12/31/2019		81,496		2.01	to		12.03		341,053		1.69			0.30		to	2.50			34.12		to	31.25
12/31/2018		80,999		1.50	to		9.16		255,289		0.89			0.30		to	2.50			(17.57	)	to	(19.35	)
12/31/2017		86,820		1.82	to		11.36		330,169		1.51			0.30		to	2.50			19.00		to	18.17
12/31/2016		45,032		1.53	to		1.48		187,030		1.43			0.30		to	1.00			9.30		to	8.54
12/31/2015		47,767		1.40	to		1.37		89,494		1.13			0.30		to	1.00			(3.28	)	to	(3.95	)
Fidelity® VIP Value Strategies Service Class 2
12/31/2019		41,539,468		2.63	to		11.98		167,567,384		1.47			0.30		to	2.80			33.70		to	30.45
12/31/2018		42,681,877		1.97	to		9.19		116,996,447		0.71			0.30		to	2.80			(17.75	)	to	(19.76	)
12/31/2017		44,994,998		2.39	to		11.45		149,707,366		1.23			0.30		to	2.80			18.73		to	15.85
12/31/2016		48,667,743		2.02	to		1.31		128,230,984		0.93			0.30		to	2.30			8.95		to	6.82
12/31/2015		53,699,682		1.85	to		1.23		124,591,778		0.85			0.30		to	2.30			(3.48	)	to	(5.37	)

62

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

	At December 31									For the Year Ended December 31
Subaccount	Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
Franklin Allocation Class 4 Shares
12/31/2019		33,952,154	$	1.60	to	$	11.05	$	73,995,819		3.32	%		0.60	%	to	2.80	%		18.85	%	to	16.31	%
12/31/2018		40,474,209		1.35	to		9.50		75,009,599		2.88			0.60		to	2.80			(10.12	)	to	(12.06	)
12/31/2017		50,313,685		1.50	to		10.81		104,865,929		2.55			0.60		to	2.80			11.12		to	8.74
12/31/2016		59,149,514		1.35	to		1.76		112,099,678		3.70			0.60		to	2.60			12.25		to	10.07
12/31/2015		67,682,365		1.20	to		1.60		115,509,798		2.72			0.60		to	2.60			(6.80	)	to	(8.62	)
Franklin Income Class 2 Shares
12/31/2019		36,589,063		1.65	to		11.20		57,808,661		5.39			1.00		to	2.80			14.91		to	12.90
12/31/2018		43,367,555		1.43	to		9.92		59,934,934		4.80			1.00		to	2.80			(5.26	)	to	(6.93	)
12/31/2017		51,870,302		1.51	to		10.66		76,044,090		4.16			1.00		to	2.80			8.59		to	6.69
12/31/2016		61,395,564		1.39	to		1.23		83,312,836		5.07			1.00		to	2.30			12.90		to	11.47
12/31/2015		74,138,690		1.23	to		1.10		89,472,772		4.62			1.00		to	2.30			(7.97	)	to	(9.14	)
Franklin Mutual Shares Class 2 Shares
12/31/2019		9,029,439		1.57	to		11.02		13,710,436		1.79			1.00		to	2.80			21.36		to	19.23
12/31/2018		10,583,322		1.29	to		9.24		13,324,515		2.34			1.00		to	2.80			(9.97	)	to	(11.56	)
12/31/2017		12,176,476		1.43	to		10.45		17,081,386		2.20			1.00		to	2.80			7.28		to	5.40
12/31/2016		13,977,761		1.34	to		1.18		18,358,702		1.99			1.00		to	2.30			14.91		to	13.46
12/31/2015		15,954,729		1.16	to		1.04		18,306,795		2.83			1.00		to	2.30			(5.88	)	to	(7.07	)
Franklin Templeton Foreign Class 2 Shares
12/31/2019		21,486,432		1.08	to		10.21		22,067,192		1.74			1.00		to	2.80			11.42		to	9.46
12/31/2018		25,135,514		0.97	to		9.33		23,322,722		2.68			1.00		to	2.80			(16.28	)	to	(17.76	)
12/31/2017		29,509,124		1.16	to		11.34		32,841,409		2.59			1.00		to	2.80			15.54		to	13.52
12/31/2016		33,720,848		1.00	to		0.89		32,654,219		1.95			1.00		to	2.30			6.12		to	4.77
12/31/2015		38,972,850		0.95	to		0.85		35,741,459		3.22			1.00		to	2.30			(7.42	)	to	(8.60	)
Invesco V.I. American Franchise Series II Shares
12/31/2019		2,917,087		2.56	to		15.10		6,803,867		-			0.30		to	2.80			36.02		to	32.71
12/31/2018		3,405,149		1.88	to		11.38		5,914,066		-			0.30		to	2.80			(4.18	)	to	(6.52	)
12/31/2017		3,978,534		1.96	to		12.17		7,305,661		-			0.30		to	2.80			26.65		to	23.58
12/31/2016		4,459,627		1.55	to		1.41		6,543,470		-			0.30		to	2.30			1.71		to	(0.27	)
12/31/2015		5,078,250		1.52	to		1.42		7,414,245		-			0.30		to	2.30			4.44		to	2.39
Janus Henderson - Enterprise Service Shares
12/31/2019		7,606,776		4.76	to		15.45		22,867,967		0.05			0.30		to	2.80			34.75		to	31.48
12/31/2018		8,614,115		3.53	to		11.75		19,757,244		0.13			0.30		to	2.80			(0.96	)	to	(3.39	)
12/31/2017		9,702,261		3.57	to		12.16		22,591,758		0.54			0.30		to	2.80			26.71		to	23.64
12/31/2016		10,584,742		2.82	to		1.78		19,751,582		0.71			0.30		to	2.30			11.77		to	9.59
12/31/2015		11,696,584		2.52	to		1.62		19,764,226		0.74			0.30		to	2.30			3.46		to	1.43
Janus Henderson - Global Research Service Shares
12/31/2019		16,122,487		2.38	to		13.80		25,159,601		0.85			0.30		to	2.80			28.33		to	25.21
12/31/2018		18,506,476		1.86	to		11.02		22,907,022		0.96			0.30		to	2.80			(7.36	)	to	(9.63	)
12/31/2017		21,574,448		2.01	to		12.20		29,147,018		0.68			0.30		to	2.80			26.30		to	23.24
12/31/2016		23,820,520		1.59	to		1.00		25,804,944		0.94			0.30		to	2.30			1.51		to	(0.47	)
12/31/2015		27,624,966		1.56	to		1.01		29,897,411		0.50			0.30		to	2.30			(2.82	)	to	(4.72	)
Janus Henderson - Mid Cap Value Service Shares
12/31/2019		1,112,449		12.15	to		11.61		3,137,143		1.47			1.25		to	2.80			28.44		to	26.51
12/31/2018		1,170,029		9.46	to		9.17		2,566,104		0.89			1.25		to	2.80			(14.89	)	to	(16.18	)
12/31/2017		1,239,487		11.12	to		10.95		3,228,213		0.64			1.25		to	2.80			12.23		to	10.55
12/31/2016		1,278,394		2.41	to		2.22		2,972,307		0.90			1.25		to	1.75			17.30		to	16.73
12/31/2015		1,382,062		2.06	to		1.90		2,735,038		1.00			1.25		to	1.75			(4.88	)	to	(5.35	)
MFS® New Discovery Service Class
12/31/2019		12,964,008		3.96	to		15.94		44,689,857		-			0.30		to	2.80			40.85		to	37.43
12/31/2018		15,150,161		2.81	to		11.60		37,622,941		-			0.30		to	2.80			(2.01	)	to	(4.41	)
12/31/2017		17,571,221		2.87	to		12.14		44,936,194		-			0.30		to	2.80			25.95		to	22.90
12/31/2016		20,116,052		2.28	to		1.60		41,335,561		-			0.30		to	2.30			8.47		to	6.36
12/31/2015		23,490,980		2.10	to		1.50		45,033,655		-			0.30		to	2.30			(2.44	)	to	(4.35	)

63

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

	At December 31									For the Year Ended December 31
Subaccount	Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
MFS® Total Return Service Class
12/31/2019		19,874,828	$	2.21	to	$	11.61	$	41,580,126		2.09	%		0.30	%	to	2.80	%		19.76	%	to	16.85	%
12/31/2018		22,981,760		1.85	to		9.94		40,564,664		1.95			0.30		to	2.80			(6.15	)	to	(8.45	)
12/31/2017		26,624,976		1.97	to		10.85		50,663,588		2.15			0.30		to	2.80			11.69		to	8.98
12/31/2016		30,104,493		1.76	to		1.29		51,932,163		2.65			0.30		to	2.30			8.49		to	6.38
12/31/2015		34,352,892		1.62	to		1.21		55,241,989		2.24			0.30		to	2.30			(0.88	)	to	(2.82	)
NVIT Emerging Markets Class D Shares
12/31/2019		1,524		13.90	to		13.02		21,048		2.16			0.30		to	2.50			22.21		to	19.59
12/31/2018		1,547		11.37	to		10.88		17,509		0.35			0.30		to	2.50			(17.96	)	to	(19.73	)
12/31/2017		1,568		13.86	to		13.56		21,682		0.91			0.30		to	2.50			40.67		to	39.98
12/31/2016(1)		1,907		9.85	to		9.83		18,774		0.83			0.30		to	0.80			-		to	-
Rational Trend Aggregation VA
12/31/2019		728,389		9.62	to		9.27		1,003,775		2.32			1.25		to	2.50			5.97		to	4.68
12/31/2018		1,054,500		9.07	to		8.86		1,370,978		3.91			1.25		to	2.50			(5.75	)	to	(6.91	)
12/31/2017		1,280,691		9.63	to		9.51		1,769,682		3.17			1.25		to	2.50			(2.85	)	to	(3.80	)
12/31/2016		1,558,996		1.43	to		1.30		2,218,052		4.61			1.30		to	2.30			5.60		to	4.57
12/31/2015		1,735,947		1.35	to		1.25		2,340,269		4.11			1.30		to	2.30			(4.30	)	to	(5.24	)
Rational Insider Buying VA
12/31/2019		885,646		12.85	to		12.39		1,681,987		-			1.25		to	2.50			22.47		to	20.98
12/31/2018		1,218,337		10.49	to		10.24		1,888,401		0.64			1.25		to	2.50			(8.33	)	to	(9.46	)
12/31/2017		1,462,179		11.45	to		11.31		2,476,679		0.54			1.25		to	2.50			16.01		to	14.88
12/31/2016		1,753,688		1.47	to		1.34		2,561,942		0.64			1.30		to	2.30			9.58		to	8.52
12/31/2015		1,940,602		1.34	to		1.24		2,588,982		0.51			1.30		to	2.30			(8.36	)	to	(9.25	)
State Street Total Return V.I.S. Class 3 Shares
12/31/2019		21,706,994		14.25	to		11.42		52,200,791		2.08			0.40		to	2.85			15.11		to	12.37
12/31/2018		24,994,175		12.38	to		10.16		48,611,551		1.84			0.40		to	2.85			(6.98	)	to	(9.21	)
12/31/2017		29,732,587		13.31	to		11.19		57,477,545		1.77			0.40		to	2.85			14.52		to	12.08
12/31/2016		34,109,465		11.59	to		1.25		54,132,289		1.59			0.65		to	2.65			5.40		to	3.35
12/31/2015		37,260,511		11.00	to		1.21		55,077,363		1.49			0.65		to	2.65			(1.98	)	to	(3.89	)
TA 60/40 Allocation Service Class
12/31/2019		3,823,378		11.55	to		11.12		25,139,161		0.17			0.20		to	2.50			19.89		to	17.20
12/31/2018(1)		1,506,181		9.64	to		9.49		7,559,801		-			0.20		to	2.50			-		to	-
TA Aegon High Yield Bond Initial Class
12/31/2019		29,667,346		2.41	to		11.08		72,383,047		6.26			0.30		to	2.80			13.87		to	11.10
12/31/2018		31,184,824		2.12	to		9.97		67,516,767		6.24			0.30		to	2.80			(2.64	)	to	(5.03	)
12/31/2017		36,693,553		2.18	to		10.50		82,935,784		5.86			0.30		to	2.80			7.12		to	4.52
12/31/2016		40,104,822		2.03	to		2.05		85,399,506		6.01			0.30		to	2.05			15.00		to	13.03
12/31/2015		42,484,816		1.77	to		1.82		79,539,458		5.83			0.30		to	2.05			(4.51	)	to	(6.15	)
TA Aegon High Yield Bond Service Class
12/31/2019		31,316,439		13.17	to		11.04		155,487,204		5.97			0.20		to	2.65			13.74		to	11.03
12/31/2018		35,239,960		11.58	to		9.94		137,411,428		5.95			0.20		to	2.65			(2.90	)	to	(5.23	)
12/31/2017		40,594,624		11.92	to		10.49		157,652,721		5.44			0.20		to	2.65			6.25		to	4.45
12/31/2016		44,271,533		11.15	to		1.49		155,587,458		5.98			0.90		to	2.30			13.97		to	12.42
12/31/2015		46,396,791		9.78	to		1.33		137,023,573		5.96			0.90		to	2.30			(5.16	)	to	(6.45	)
TA Aegon U.S. Government Securities Initial Class
12/31/2019		38,276,111		1.57	to		10.15		63,019,860		2.05			0.30		to	2.80			6.28		to	3.70
12/31/2018		39,822,530		1.48	to		9.79		62,214,715		2.99			0.30		to	2.80			(0.04	)	to	(2.49	)
12/31/2017		40,571,556		1.48	to		10.04		65,046,767		3.69			0.30		to	2.80			2.35		to	(0.13	)
12/31/2016		46,351,895		1.44	to		1.27		73,562,770		0.65			0.30		to	2.05			0.00		to	(1.71	)
12/31/2015		44,340,913		1.44	to		1.29		71,113,835		2.10			0.30		to	2.05			(0.20	)	to	(1.91	)

64

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

	At December 31									For the Year Ended December 31
Subaccount	Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
TA Aegon U.S. Government Securities Service Class
12/31/2019		70,935,391	$	10.72	to	$	10.08	$	191,285,315		1.62	%		0.20	%	to	2.80	%		6.14	%	to	3.45	%
12/31/2018		104,943,141		10.10	to		9.74		318,697,528		2.37			0.20		to	2.80			(0.19	)	to	(2.73	)
12/31/2017		90,224,835		10.11	to		10.02		198,887,348		2.79			0.20		to	2.80			2.05		to	(0.42	)
12/31/2016		139,466,169		1.27	to		1.05		384,537,007		0.43			0.30		to	2.45			(0.16	)	to	(2.25	)
12/31/2015		139,372,246		1.27	to		1.08		349,864,588		1.40			0.30		to	2.45			(0.47	)	to	(2.56	)
TA American Funds Managed Risk - Balanced Service Class
12/31/2019		76,825,970		12.84	to		11.37		940,541,090		1.25			0.20		to	2.50			17.57		to	14.93
12/31/2018		68,832,442		10.92	to		9.89		724,315,458		0.87			0.20		to	2.50			(6.01	)	to	(8.13	)
12/31/2017		57,652,094		11.62	to		10.77		652,612,767		0.63			0.20		to	2.50			14.11		to	11.84
12/31/2016		36,223,701		10.16	to		9.83		362,577,579		0.63			0.45		to	2.45			5.94		to	3.87
12/31/2015(1)		12,571,779		9.59	to		9.46		119,855,246		-			0.45		to	2.45			-		to	-
TA Barrow Hanley Dividend Focused Initial Class
12/31/2019		116,924,848		2.36	to		11.63		323,795,182		2.47			0.30		to	2.80			23.54		to	20.53
12/31/2018		131,850,813		1.91	to		9.65		298,896,926		2.12			0.30		to	2.80			(11.77	)	to	(13.93	)
12/31/2017		153,385,459		2.17	to		11.21		400,085,233		2.31			0.30		to	2.80			16.08		to	13.27
12/31/2016		160,020,752		1.87	to		2.04		363,999,021		2.15			0.30		to	2.05			14.57		to	12.61
12/31/2015		174,466,564		1.63	to		1.81		349,809,796		1.81			0.30		to	2.05			(3.88	)	to	(5.53	)
TA Barrow Hanley Dividend Focused Service Class
12/31/2019		39,289,800		17.61	to		11.60		163,985,604		2.21			0.20		to	2.65			23.33		to	20.38
12/31/2018		44,974,511		14.28	to		9.63		139,189,014		1.89			0.20		to	2.65			(11.86	)	to	(13.98	)
12/31/2017		54,139,799		16.20	to		11.20		184,816,342		2.18			0.20		to	2.65			15.09		to	13.14
12/31/2016		60,943,596		13.98	to		1.25		168,373,821		1.97			0.90		to	2.30			13.57		to	12.02
12/31/2015		63,543,533		12.31	to		1.12		145,023,856		1.69			0.90		to	2.30			(4.69	)	to	(5.99	)
TA BlackRock Global Allocation Service Class
12/31/2019		409,496,790		13.71	to		11.38		1,137,383,093		0.94			0.20		to	2.65			17.61		to	14.81
12/31/2018		474,880,900		11.66	to		9.91		1,101,022,848		1.11			0.20		to	2.65			(7.81	)	to	(10.02	)
12/31/2017		559,095,448		12.65	to		11.02		1,370,732,763		1.08			0.20		to	2.65			12.99		to	10.57
12/31/2016		629,799,019		11.17	to		1.42		1,268,057,537		0.38			0.45		to	2.30			4.09		to	2.22
12/31/2015		685,402,691		10.73	to		1.39		1,178,176,425		1.68			0.45		to	2.30			(1.67	)	to	(3.45	)
TA BlackRock Global Allocation Managed Risk - Balanced Service Class
12/31/2019		25,329,115		11.28	to		10.72		271,457,068		2.99			0.20		to	2.50			14.48		to	11.91
12/31/2018		22,915,904		9.85	to		9.58		216,773,827		1.20			0.20		to	2.50			(7.95	)	to	(10.03	)
12/31/2017		19,095,805		10.70	to		10.64		198,315,259		0.68			0.20		to	2.50			12.00		to	9.77
12/31/2016		17,333,758		9.53	to		9.14		162,138,960		2.00			0.45		to	2.45			(0.08	)	to	(2.02	)
12/31/2015		13,579,678		9.54	to		9.33		128,198,295		-			0.45		to	2.45			(3.86	)	to	(5.73	)
TA BlackRock Global Allocation Managed Risk - Growth Service Class
12/31/2019		18,027,295		11.52	to		11.13		196,825,421		3.33			0.20		to	2.50			17.69		to	15.05
12/31/2018		19,120,004		9.79	to		9.68		179,399,574		1.26			0.20		to	2.50			(10.34	)	to	(12.37	)
12/31/2017		19,697,962		10.92	to		11.04		208,532,393		0.65			0.20		to	2.50			17.34		to	15.00
12/31/2016		18,505,605		9.28	to		8.90		168,412,121		2.10			0.45		to	2.45			(0.63	)	to	(2.57	)
12/31/2015		16,301,610		9.34	to		9.13		150,650,346		-			0.45		to	2.45			(5.48	)	to	(7.33	)
TA BlackRock Global Real Estate Securities Initial Class
12/31/2019		14,634,220		2.04	to		11.70		42,084,933		0.90			0.30		to	2.80			24.82		to	21.78
12/31/2018		15,318,064		1.64	to		9.60		35,691,673		8.46			0.30		to	2.80			(10.36	)	to	(12.55	)
12/31/2017		17,217,524		1.82	to		10.98		45,370,142		3.62			0.30		to	2.80			10.99		to	8.30
12/31/2016		18,463,874		1.64	to		2.35		44,536,161		1.76			0.30		to	2.05			0.32		to	(1.39	)
12/31/2015		20,659,242		1.64	to		2.38		50,028,208		4.17			0.30		to	2.05			(0.90	)	to	(2.60	)
TA BlackRock Global Real Estate Securities Service Class
12/31/2019		24,184,329		12.49	to		11.67		86,036,786		0.60			0.20		to	2.65			24.64		to	21.66
12/31/2018		27,015,414		10.02	to		9.59		68,224,055		7.97			0.20		to	2.65			(10.51	)	to	(12.65	)
12/31/2017		32,087,719		11.20	to		10.98		87,690,297		3.23			0.20		to	2.65			10.02		to	8.16
12/31/2016		36,306,707		10.11	to		0.98		84,311,623		1.41			0.90		to	2.30			(0.48	)	to	(1.83	)
12/31/2015		42,323,555		10.16	to		1.00		89,462,036		4.08			0.90		to	2.30			(1.76	)	to	(3.10	)

65

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

	At December 31									For the Year Ended December 31
Subaccount	Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
TA BlackRock Government Money Market Initial Class
12/31/2019		82,743,032	$	1.13	to	$	9.55	$	88,719,890		1.96	%		0.30	%	to	2.80	%		1.67	%	to	(0.81	)  %
12/31/2018		87,727,125		1.12	to		9.63		92,736,566		1.79			0.30		to	2.80			1.50		to	(0.98	)
12/31/2017		81,612,286		1.10	to		9.72		89,165,490		0.01			0.30		to	2.80			(0.30	)	to	(2.71	)
12/31/2016		98,022,427		1.10	to		0.88		109,373,936		0.01			0.30		to	2.05			(0.30	)	to	(2.00	)
12/31/2015		104,356,069		1.11	to		0.90		118,060,897		0.01			0.30		to	2.05			(0.30	)	to	(2.00	)
TA BlackRock Government Money Market Service Class
12/31/2019		155,242,739		10.03	to		9.48		348,881,228		1.70			0.20		to	2.65			1.51		to	(0.91	)
12/31/2018		169,823,809		9.88	to		9.56		339,881,056		0.85			0.20		to	2.65			0.64		to	(1.78	)
12/31/2017		167,094,546		9.82	to		9.74		296,558,369		0.01			0.20		to	2.65			(0.44	)	to	(2.57	)
12/31/2016		218,009,250		9.84	to		0.82		383,959,184		0.01			0.45		to	2.45			(0.44	)	to	(2.38	)
12/31/2015		239,832,076		9.88	to		0.84		383,764,535		0.01			0.45		to	2.45			(0.44	)	to	(2.39	)
TA BlackRock iShares Edge 100 Service Class
12/31/2019		3,371,713		15.24	to		12.83		49,637,017		1.54			0.20		to	2.50			24.33		to	21.54
12/31/2018		2,916,657		12.26	to		10.56		34,919,921		1.17			0.20		to	2.50			(5.52	)	to	(7.65	)
12/31/2017		3,121,438		12.98	to		11.43		39,921,039		0.54			0.20		to	2.50			22.68		to	20.23
12/31/2016(1)		2,202,649		10.55	to		10.39		23,122,979		-			0.45		to	2.45			-		to	-
TA BlackRock iShares Edge 40 Initial Class
12/31/2019		9,936,931		1.77	to		11.18		17,996,551		2.24			0.30		to	2.80			14.96		to	12.17
12/31/2018		10,486,812		1.54	to		9.97		16,837,445		1.90			0.30		to	2.80			(4.43	)	to	(6.76	)
12/31/2017		11,583,518		1.61	to		10.69		19,894,941		1.73			0.30		to	2.80			9.42		to	6.76
12/31/2016		13,620,346		1.48	to		1.50		21,495,544		1.45			0.30		to	2.05			1.92		to	0.18
12/31/2015		14,928,873		1.45	to		1.49		23,447,568		1.24			0.30		to	2.05			(0.37	)	to	(2.08	)
TA BlackRock iShares Edge 40 Service Class
12/31/2019		115,789,426		12.91	to		11.15		292,492,929		1.96			0.20		to	2.65			14.87		to	12.13
12/31/2018		132,547,925		11.24	to		9.95		277,272,924		1.65			0.20		to	2.65			(4.62	)	to	(6.91	)
12/31/2017		153,773,203		11.79	to		10.69		324,322,394		1.49			0.20		to	2.65			9.19		to	6.70
12/31/2016		181,601,690		1.27	to		1.11		339,898,668		1.25			0.30		to	2.45			1.69		to	(0.44	)
12/31/2015		200,324,935		1.25	to		1.12		346,241,255		1.06			0.30		to	2.45			(0.72	)	to	(2.80	)
TA BlackRock iShares Edge 50 Service Class
12/31/2019		24,058,879		12.97	to		11.54		301,321,199		0.94			0.20		to	2.50			15.80		to	13.21
12/31/2018		12,508,832		11.20	to		10.20		136,530,066		0.96			0.20		to	2.50			(2.82	)	to	(5.01	)
12/31/2017		5,580,252		11.52	to		10.74		63,218,179		0.74			0.20		to	2.50			12.34		to	10.10
12/31/2016(1)		4,130,044		10.23	to		10.08		41,974,799		-			0.45		to	2.45			-		to	-
TA BlackRock iShares Edge 75 Service Class
12/31/2019		8,767,414		13.96	to		12.18		117,927,147		0.97			0.20		to	2.50			20.04		to	17.34
12/31/2018		5,307,037		11.63	to		10.38		60,147,061		0.91			0.20		to	2.50			(4.10	)	to	(6.27	)
12/31/2017		2,206,073		12.13	to		11.07		26,367,946		0.46			0.20		to	2.50			17.44		to	15.10
12/31/2016(1)		1,123,248		10.30	to		10.15		11,506,416		-			0.45		to	2.45			-		to	-
TA BlackRock Tactical Allocation Service Class
12/31/2019		361,724,078		14.35	to		11.49		1,256,854,629		2.17			0.20		to	2.80			16.82		to	13.86
12/31/2018		420,090,936		12.28	to		10.09		1,233,781,924		0.97			0.20		to	2.80			(4.61	)	to	(7.03	)
12/31/2017		488,544,310		12.88	to		10.86		1,483,799,252		1.46			0.20		to	2.80			11.18		to	8.65
12/31/2016		544,782,967		11.55	to		1.34		1,444,210,976		2.31			0.45		to	2.30			4.44		to	2.56
12/31/2015		592,846,759		11.06	to		1.31		1,402,475,363		1.75			0.45		to	2.30			(0.57	)	to	(2.37	)
TA Greystone International Growth Initial Class
12/31/2019		46,784,649		2.13	to		12.36		82,908,303		1.64			0.30		to	2.80			27.30		to	24.20
12/31/2018		49,721,997		1.67	to		9.95		70,582,731		1.25			0.30		to	2.80			(17.95	)	to	(19.96	)
12/31/2017		49,776,559		2.04	to		12.43		86,501,729		1.33			0.30		to	2.80			26.87		to	23.79
12/31/2016		47,110,409		1.61	to		1.51		65,293,820		1.51			0.30		to	2.05			(0.22	)	to	(1.93	)
12/31/2015		51,016,252		1.61	to		1.54		71,124,446		1.55			0.30		to	2.05			(0.22	)	to	(1.93	)

66

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

	At December 31									For the Year Ended December 31
Subaccount	Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
TA Greystone International Growth Service Class
12/31/2019		19,878,211	$	13.48	to	$	12.31	$	101,695,343		1.37	%		0.20	%	to	2.65	%		27.15	%	to	24.11	%
12/31/2018		22,805,284		10.60	to		9.92		84,441,642		0.95			0.20		to	2.65			(18.11	)	to	(20.08	)
12/31/2017		29,599,165		12.95	to		12.41		116,136,840		1.17			0.20		to	2.65			25.85		to	23.72
12/31/2016		29,624,976		10.22	to		0.96		84,422,845		1.35			0.90		to	2.30			(1.03	)	to	(2.37	)
12/31/2015		32,894,815		10.33	to		0.99		82,697,711		1.54			0.90		to	2.30			(1.14	)	to	(2.49	)
TA International Equity Index Service Class
12/31/2019		3,400,933		11.47	to		10.80		38,023,654		1.30			0.35		to	2.65			20.68		to	17.97
12/31/2018		1,738,557		9.51	to		9.15		16,267,170		0.43			0.35		to	2.65			(14.53	)	to	(16.46	)
12/31/2017(1)		628,764		11.12	to		10.96		6,948,109		-			0.35		to	2.65			-		to	-
TA Janus Balanced Service Class
12/31/2019		184,402,723		17.29	to		13.04		998,779,258		1.37			0.20		to	2.65			21.53		to	18.63
12/31/2018		194,748,292		14.23	to		10.99		840,916,560		1.48			0.20		to	2.65			(0.27	)	to	(2.66	)
12/31/2017		194,033,939		14.27	to		11.29		836,976,066		1.32			0.20		to	2.65			16.21		to	13.73
12/31/2016		197,498,662		12.25	to		1.16		687,948,240		1.09			0.45		to	2.30			3.65		to	1.78
12/31/2015		192,034,411		11.82	to		1.14		562,408,813		0.84			0.45		to	2.30			(0.33	)	to	(2.13	)
TA Janus Mid-Cap Growth Initial Class
12/31/2019		38,655,012		3.52	to		15.79		87,346,650		0.07			0.30		to	2.80			36.30		to	32.99
12/31/2018		40,505,558		2.58	to		11.87		67,902,458		0.06			0.30		to	2.80			(1.51	)	to	(3.92	)
12/31/2017		43,015,893		2.62	to		12.36		73,761,288		0.10			0.30		to	2.80			28.62		to	25.51
12/31/2016		44,776,658		2.04	to		1.64		60,228,303		-			0.30		to	2.05			(2.34	)	to	(4.01	)
12/31/2015		49,518,695		2.09	to		1.71		69,124,473		-			0.30		to	2.05			(5.32	)	to	(6.94	)
TA Janus Mid-Cap Growth Service Class
12/31/2019		20,310,940		19.08	to		15.74		146,913,356		-			0.20		to	2.65			36.06		to	32.81
12/31/2018		20,363,814		14.02	to		11.85		86,366,801		-			0.20		to	2.65			(1.65	)	to	(4.02	)
12/31/2017		21,217,980		14.26	to		12.35		83,552,225		-			0.20		to	2.65			27.59		to	25.42
12/31/2016		22,970,554		11.10	to		1.32		63,321,902		-			0.90		to	2.30			(3.18	)	to	(4.49	)
12/31/2015		27,213,018		11.47	to		1.38		68,159,564		-			0.90		to	2.30			(6.11	)	to	(7.39	)
TA JPMorgan Asset Allocation - Conservative Initial Class
12/31/2019		83,056,161		1.91	to		11.36		156,640,797		2.64			0.30		to	2.80			13.56		to	10.80
12/31/2018		87,232,931		1.68	to		10.25		146,643,478		1.84			0.30		to	2.80			(4.27	)	to	(6.61	)
12/31/2017		95,917,441		1.75	to		10.98		171,462,292		2.09			0.30		to	2.80			12.47		to	9.75
12/31/2016		110,451,298		1.56	to		1.51		176,881,894		2.02			0.30		to	2.05			4.31		to	2.53
12/31/2015		121,976,152		1.49	to		1.47		189,750,194		2.14			0.30		to	2.05			(2.25	)	to	(3.93	)
TA JPMorgan Asset Allocation - Conservative Service Class
12/31/2019		338,740,194		13.17	to		11.31		995,998,146		2.23			0.20		to	2.65			13.32		to	10.62
12/31/2018		372,496,615		11.62	to		10.23		910,676,358		1.58			0.20		to	2.65			(4.47	)	to	(6.77	)
12/31/2017		432,130,521		12.16	to		10.97		1,060,315,451		1.88			0.20		to	2.65			12.06		to	9.67
12/31/2016		491,730,606		10.83	to		1.10		1,021,657,645		1.80			0.45		to	2.45			3.84		to	1.82
12/31/2015		549,794,223		10.43	to		1.08		1,039,218,010		1.98			0.45		to	2.45			(2.58	)	to	(4.49	)
TA JPMorgan Asset Allocation - Growth Initial Class
12/31/2019		116,876,305		2.28	to		12.89		276,399,883		1.73			0.30		to	2.80			25.67		to	22.62
12/31/2018		125,967,602		1.82	to		10.51		239,894,471		1.83			0.30		to	2.80			(10.66	)	to	(12.85	)
12/31/2017		138,715,582		2.03	to		12.06		298,478,723		1.44			0.30		to	2.80			24.26		to	21.25
12/31/2016		145,360,910		1.64	to		1.64		254,491,186		2.18			0.30		to	2.05			5.76		to	3.95
12/31/2015		163,079,906		1.55	to		1.58		273,043,029		1.55			0.30		to	2.05			(2.22	)	to	(3.90	)
TA JPMorgan Asset Allocation - Growth Service Class
12/31/2019		56,218,037		16.88	to		12.86		223,490,179		1.49			0.20		to	2.65			25.61		to	22.61
12/31/2018		62,042,687		13.44	to		10.49		179,178,132		1.64			0.20		to	2.65			(10.88	)	to	(13.02	)
12/31/2017		71,714,802		15.08	to		12.06		221,484,340		1.24			0.20		to	2.65			23.82		to	21.17
12/31/2016		80,740,471		12.15	to		1.06		184,665,448		1.91			0.45		to	2.30			5.35		to	3.45
12/31/2015		96,248,215		11.53	to		1.03		197,157,455		1.43			0.45		to	2.30			(2.55	)	to	(4.32	)

67

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

	At December 31									For the Year Ended December 31
Subaccount	Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
TA JPMorgan Asset Allocation - Moderate Initial Class
12/31/2019		179,888,900	$	2.09	to	$	11.81	$	374,973,973		2.17	%		0.30	%	to	2.80	%		16.07	%	to	13.25	%
12/31/2018		197,798,951		1.80	to		10.43		359,948,040		1.74			0.30		to	2.80			(5.41	)	to	(7.73	)
12/31/2017		214,216,713		1.90	to		11.30		416,447,113		1.86			0.30		to	2.80			16.12		to	13.30
12/31/2016		237,955,333		1.64	to		1.60		403,302,456		2.19			0.30		to	2.05			5.25		to	3.45
12/31/2015		257,314,477		1.56	to		1.55		418,714,217		1.92			0.30		to	2.05			(2.52	)	to	(4.19	)
TA JPMorgan Asset Allocation - Moderate Service Class
12/31/2019		1,411,687,562		14.18	to		11.78		5,681,558,353		1.94			0.20		to	2.65			15.95		to	13.18
12/31/2018		1,547,786,893		12.23	to		10.40		4,918,563,752		1.56			0.20		to	2.65			(5.54	)	to	(7.81	)
12/31/2017		1,721,740,775		12.95	to		11.29		5,252,747,161		1.65			0.20		to	2.65			15.60		to	13.13
12/31/2016		1,901,152,605		11.17	to		1.14		4,884,558,926		1.96			0.45		to	2.45			4.78		to	2.74
12/31/2015		2,105,107,064		10.66	to		1.11		5,033,408,915		1.84			0.45		to	2.45			(2.91	)	to	(4.81	)
TA JPMorgan Asset Allocation - Moderate Growth Initial Class
12/31/2019		221,095,017		2.19	to		12.25		494,980,786		2.18			0.30		to	2.80			19.65		to	16.74
12/31/2018		237,682,384		1.83	to		10.49		449,982,016		1.86			0.30		to	2.80			(7.35	)	to	(9.62	)
12/31/2017		253,563,185		1.98	to		11.60		524,868,709		1.71			0.30		to	2.80			19.42		to	16.52
12/31/2016		272,203,035		1.65	to		1.65		477,491,105		2.03			0.30		to	2.05			6.23		to	4.41
12/31/2015		299,130,616		1.56	to		1.58		499,970,785		2.09			0.30		to	2.05			(2.53	)	to	(4.20	)
TA JPMorgan Asset Allocation - Moderate Growth Service Class
12/31/2019		1,072,176,193		15.37	to		12.21		3,277,444,014		1.93			0.20		to	2.65			19.55		to	16.70
12/31/2018		1,233,418,891		12.86	to		10.47		3,113,335,571		1.65			0.20		to	2.65			(7.51	)	to	(9.73	)
12/31/2017		1,392,455,162		13.90	to		11.59		3,718,610,494		1.52			0.20		to	2.65			18.96		to	16.42
12/31/2016		1,528,662,864		11.66	to		1.15		3,249,120,855		1.78			0.45		to	2.45			5.78		to	3.72
12/31/2015		1,697,285,643		11.02	to		1.11		3,272,645,909		1.98			0.45		to	2.45			(2.96	)	to	(4.85	)
TA JPMorgan Core Bond Service Class
12/31/2019		63,811,767		11.41	to		10.39		267,800,611		2.33			0.20		to	2.65			8.04		to	5.46
12/31/2018		65,985,037		10.56	to		9.85		232,204,364		2.91			0.20		to	2.65			(0.29	)	to	(2.68	)
12/31/2017		72,762,576		10.60	to		10.12		234,929,539		2.56			0.20		to	2.65			2.96		to	0.76
12/31/2016		84,929,968		10.27	to		1.02		225,404,212		1.90			0.45		to	2.30			1.60		to	(0.23	)
12/31/2015		80,427,225		10.10	to		1.03		173,901,984		1.82			0.45		to	2.30			(0.11	)	to	(1.92	)
TA JPMorgan Enhanced Index Initial Class
12/31/2019		41,798,145		3.22	to		13.56		135,407,620		1.19			0.30		to	2.80			30.64		to	27.47
12/31/2018		44,289,570		2.46	to		10.64		111,021,328		1.10			0.30		to	2.80			(6.29	)	to	(8.59	)
12/31/2017		46,939,835		2.63	to		11.64		127,335,985		0.56			0.30		to	2.80			20.79		to	17.86
12/31/2016		46,917,262		2.18	to		1.98		106,614,195		0.41			0.30		to	2.05			11.02		to	9.12
12/31/2015		49,201,659		1.96	to		1.82		101,285,585		0.93			0.30		to	2.05			(0.37	)	to	(2.08	)
TA JPMorgan Enhanced Index Service Class
12/31/2019		9,090,987		21.30	to		13.51		79,574,306		0.97			0.20		to	2.65			30.43		to	27.31
12/31/2018		10,181,659		16.33	to		10.61		57,236,560		0.87			0.20		to	2.65			(6.43	)	to	(8.68	)
12/31/2017		12,493,704		17.46	to		11.62		67,683,559		0.41			0.20		to	2.65			19.74		to	17.71
12/31/2016		13,075,401		14.48	to		1.47		51,966,255		0.18			0.90		to	2.30			10.13		to	8.63
12/31/2015		12,638,230		13.15	to		1.36		39,714,319		0.85			0.90		to	2.30			(1.25	)	to	(2.60	)
TA JPMorgan International Moderate Growth Initial Class
12/31/2019		69,370		1.47	to		11.65		100,195		2.36			0.30		to	2.50			17.42		to	14.90
12/31/2018		68,581		1.26	to		10.14		84,487		2.40			0.30		to	2.50			(11.85	)	to	(13.75	)
12/31/2017		68,027		1.42	to		11.76		95,215		1.82			0.30		to	2.50			21.42		to	21.24
12/31/2016		69,400		1.17	to		1.15		80,122		2.15			0.30		to	0.45			0.92		to	0.77
12/31/2015		68,181		1.16	to		1.15		78,116		1.96			0.30		to	0.45			(1.93	)	to	(2.08	)
TA JPMorgan International Moderate Growth Service Class
12/31/2019		263,802,109		12.91	to		11.61		556,497,257		2.03			0.20		to	2.80			17.37		to	14.41
12/31/2018		300,953,145		11.00	to		10.15		537,377,054		2.15			0.20		to	2.80			(12.09	)	to	(14.32	)
12/31/2017		334,110,132		12.51	to		11.85		660,356,626		1.62			0.20		to	2.80			20.93		to	18.17
12/31/2016		358,429,603		10.32	to		0.92		551,114,925		1.85			0.45		to	2.45			0.62		to	(1.33	)
12/31/2015		406,136,679		10.26	to		0.93		595,453,089		1.79			0.45		to	2.45			(2.32	)	to	(4.23	)

68

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

	At December 31									For the Year Ended December 31
Subaccount	Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
TA JPMorgan Mid Cap Value Service Class
12/31/2019		41,359,300	$	18.37	to	$	11.38	$	237,476,565		1.17	%		0.20	%	to	2.80	%		25.74	%	to	22.56	%
12/31/2018		44,054,769		14.61	to		9.29		186,121,537		0.64			0.20		to	2.80			(12.27	)	to	(14.50	)
12/31/2017		49,949,595		16.66	to		10.86		234,010,120		0.60			0.20		to	2.80			12.68		to	10.11
12/31/2016		52,307,287		14.75	to		2.21		198,647,207		1.97			0.45		to	2.30			13.77		to	11.71
12/31/2015		49,562,775		12.96	to		1.98		157,156,789		0.75			0.45		to	2.30			(3.37	)	to	(5.12	)
TA JPMorgan Tactical Allocation Service Class
12/31/2019		260,751,494		12.91	to		10.87		1,220,599,661		2.08			0.20		to	2.65			11.69		to	9.02
12/31/2018		290,764,551		11.56	to		9.97		1,151,582,075		1.88			0.20		to	2.65			(3.38	)	to	(5.70	)
12/31/2017		336,938,291		11.96	to		10.57		1,290,836,386		1.59			0.20		to	2.65			8.02		to	5.71
12/31/2016		379,479,465		11.05	to		1.10		1,253,888,489		1.15			0.45		to	2.30			3.73		to	1.86
12/31/2015		388,440,348		10.65	to		1.08		1,097,074,756		1.14			0.45		to	2.30			(0.85	)	to	(2.64	)
TA Legg Mason Dynamic Allocation - Balanced Service Class
12/31/2019		188,777,088		13.30	to		1.17		1,048,148,666		1.59			0.20		to	2.50			15.83		to	13.20
12/31/2018		211,305,384		11.48	to		1.03		987,628,491		1.40			0.20		to	2.50			(3.51	)	to	(5.72	)
12/31/2017		240,726,764		11.90	to		1.09		1,134,168,274		1.13			0.20		to	2.50			9.97		to	7.78
12/31/2016		290,004,410		10.79	to		1.07		1,174,416,752		1.09			0.45		to	2.05			(1.11	)	to	(2.66	)
12/31/2015		303,800,980		10.91	to		1.10		1,125,801,306		0.92			0.45		to	2.05			(2.51	)	to	(4.04	)
TA Legg Mason Dynamic Allocation - Growth Service Class
12/31/2019		87,000,387		13.86	to		1.29		447,785,619		1.37			0.20		to	2.50			16.59		to	13.94
12/31/2018		99,265,335		11.89	to		1.13		430,016,813		1.22			0.20		to	2.50			(4.92	)	to	(7.10	)
12/31/2017		111,240,123		12.50	to		1.22		502,210,785		0.98			0.20		to	2.50			12.70		to	10.45
12/31/2016		132,145,826		11.07	to		1.11		513,884,084		1.03			0.45		to	2.05			(1.43	)	to	(2.97	)
12/31/2015		149,681,980		11.23	to		1.14		528,608,149		0.69			0.45		to	2.05			(3.38	)	to	(4.90	)
TA Levin Large Cap Value Service Class
12/31/2019		1,468,558		10.55	to		10.16		10,944,450		0.27			0.20		to	2.50			16.76		to	14.14
12/31/2018(1)		323,389		9.03	to		8.90		2,100,210		0.19			0.20		to	2.50			-		to	-
TA Madison Diversified Income Service Class
12/31/2019		51,519,543		13.86	to		11.41		179,387,536		1.53			0.20		to	2.50			14.71		to	12.14
12/31/2018		50,863,663		12.08	to		10.18		135,787,858		1.47			0.20		to	2.50			(0.95	)	to	(3.19	)
12/31/2017		53,981,023		12.19	to		10.51		130,445,023		1.60			0.20		to	2.50			8.28		to	6.86
12/31/2016		55,129,242		11.20	to		1.20		115,967,502		1.32			1.15		to	1.90			5.62		to	4.83
12/31/2015		57,334,171		10.60	to		1.14		109,758,408		1.03			1.15		to	1.90			(1.00	)	to	(1.74	)
TA Managed Risk - Balanced ETF Service Class
12/31/2019		1,162,728,895		13.81	to		11.51		5,570,038,106		1.96			0.20		to	2.80			15.42		to	12.50
12/31/2018		1,309,690,461		11.96	to		10.23		5,298,234,531		1.68			0.20		to	2.80			(4.74	)	to	(7.16	)
12/31/2017		1,473,800,978		12.56	to		11.02		6,047,882,818		1.68			0.20		to	2.80			13.10		to	10.36
12/31/2016		1,640,125,949		1.36	to		1.13		5,673,175,806		1.65			0.30		to	2.45			3.44		to	1.28
12/31/2015		1,749,801,079		1.31	to		1.11		5,493,942,298		1.28			0.30		to	2.45			(2.06	)	to	(4.12	)
TA Managed Risk - Conservative ETF Service Class
12/31/2019		210,974,386		13.19	to		11.06		666,135,464		2.04			0.20		to	2.80			11.97		to	9.14
12/31/2018		245,869,418		11.78	to		10.14		671,687,849		1.79			0.20		to	2.80			(3.79	)	to	(6.24	)
12/31/2017		280,713,603		12.25	to		10.81		771,558,640		1.82			0.20		to	2.80			10.54		to	8.02
12/31/2016		324,381,240		11.05	to		1.18		777,003,480		1.61			0.45		to	2.45			3.61		to	1.59
12/31/2015		344,902,729		10.67	to		1.17		734,076,985		1.52			0.45		to	2.45			(1.13	)	to	(3.06	)

69

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

	At December 31									For the Year Ended December 31
Subaccount	Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
TA Managed Risk - Growth ETF Service Class
12/31/2019		735,600,165	$	14.92	to	$	12.03	$	2,476,677,187		1.74	%		0.20	%	to	2.80	%		19.17	%	to	16.16	%
12/31/2018		857,934,001		12.52	to		10.36		2,384,647,311		1.59			0.20		to	2.80			(7.34	)	to	(9.70	)
12/31/2017		1,000,647,147		13.52	to		11.47		2,942,924,332		1.61			0.20		to	2.80			18.12		to	15.25
12/31/2016		1,128,966,441		1.36	to		1.13		2,699,674,301		1.61			0.30		to	2.45			4.36		to	2.17
12/31/2015		1,301,705,474		1.30	to		1.11		2,828,869,757		1.46			0.30		to	2.45			(3.80	)	to	(5.82	)
TA Market Participation Strategy Service Class
12/31/2019		75,395,519		14.95	to		11.76		393,660,137		0.90			0.20		to	2.50			18.34		to	15.69
12/31/2018		87,219,115		12.63	to		10.16		382,090,653		0.36			0.20		to	2.50			(2.92	)	to	(5.12	)
12/31/2017		93,693,820		13.01	to		10.71		434,408,630		0.31			0.20		to	2.50			10.30		to	8.10
12/31/2016		112,269,327		11.77	to		1.13		453,011,302		0.16			0.45		to	2.05			3.70		to	2.07
12/31/2015		117,968,861		11.35	to		1.11		452,767,371		-			0.45		to	2.05			(3.68	)	to	(5.19	)
TA Morgan Stanley Capital Growth Initial Class
12/31/2019		95,615,249		4.27	to		17.14		372,441,653		-			0.30		to	2.80			23.37		to	20.37
12/31/2018		42,679,256		3.46	to		14.24		134,713,516		-			0.30		to	2.80			6.36		to	3.76
12/31/2017		42,128,648		3.26	to		13.73		126,618,578		-			0.30		to	2.80			43.17		to	39.70
12/31/2016		43,698,169		2.27	to		2.05		92,915,246		-			0.30		to	2.05			(2.56	)	to	(4.22	)
12/31/2015		47,282,114		2.33	to		2.14		104,267,818		-			0.30		to	2.05			11.45		to	9.54
TA Morgan Stanley Capital Growth Service Class
12/31/2019		31,609,616		28.63	to		17.10		362,045,816		-			0.20		to	2.65			23.22		to	20.28
12/31/2018		14,619,393		23.24	to		14.21		108,734,790		-			0.20		to	2.65			6.22		to	3.67
12/31/2017		14,528,067		21.88	to		13.71		91,705,626		-			0.20		to	2.65			41.99		to	39.58
12/31/2016		13,431,257		15.30	to		1.54		53,195,806		-			0.90		to	2.30			(3.37	)	to	(4.69	)
12/31/2015		15,649,714		15.84	to		1.61		53,335,138		-			0.90		to	2.30			10.45		to	8.95
TA Multi-Managed Balanced Initial Class
12/31/2019		34,030,880		2.87	to		12.26		97,122,745		1.66			0.30		to	2.80			21.40		to	18.45
12/31/2018		35,336,427		2.36	to		10.35		84,092,450		1.44			0.30		to	2.80			(3.95	)	to	(6.30	)
12/31/2017		36,409,215		2.46	to		11.05		91,688,505		0.86			0.30		to	2.80			13.80		to	11.04
12/31/2016		35,420,588		2.16	to		2.08		79,027,923		0.97			0.30		to	2.50			7.55		to	5.25
12/31/2015		34,089,325		2.01	to		1.98		71,558,086		1.35			0.30		to	2.50			(0.09	)	to	(1.80	)
TA Multi-Managed Balanced Service Class
12/31/2019		193,463,242		16.94	to		12.22		1,261,699,037		1.43			0.20		to	2.65			21.25		to	18.36
12/31/2018		213,053,682		13.97	to		10.33		1,113,804,034		1.21			0.20		to	2.65			(4.10	)	to	(6.40	)
12/31/2017		245,736,768		14.56	to		11.03		1,284,175,277		0.79			0.20		to	2.65			13.48		to	10.89
12/31/2016		219,709,404		1.82	to		1.53		904,843,654		0.93			0.30		to	2.45			7.32		to	5.07
12/31/2015		143,153,566		1.70	to		1.46		347,407,856		1.16			0.30		to	2.45			(0.36	)	to	(2.45	)
TA Multi-Manager Alternative Strategies Service Class
12/31/2019		443,014		10.76	to		9.99		4,522,748		0.76			0.20		to	2.50			8.05		to	5.59
12/31/2018		294,271		9.96	to		9.46		2,811,857		0.89			0.20		to	2.50			(4.82	)	to	(7.00	)
12/31/2017		166,567		10.46	to		10.17		1,693,399		1.28			0.20		to	2.50			4.29		to	3.05
12/31/2016		163,253		10.01	to		9.64		1,601,107		2.52			0.45		to	1.65			1.56		to	0.35
12/31/2015		181,063		9.85	to		9.60		1,760,776		0.36			0.45		to	1.65			(6.03	)	to	(7.15	)
TA PIMCO Tactical - Balanced Service Class
12/31/2019		133,079,664		14.24	to		11.54		545,140,658		0.16			0.20		to	2.65			19.44		to	16.59
12/31/2018		152,110,362		11.92	to		9.90		514,523,316		3.19			0.20		to	2.65			(7.12	)	to	(9.35	)
12/31/2017		172,652,804		12.84	to		10.92		628,788,296		0.30			0.20		to	2.65			11.54		to	9.15
12/31/2016		192,663,294		11.48	to		1.01		610,151,653		0.29			0.45		to	2.30			4.91		to	3.02
12/31/2015		194,833,059		10.95	to		0.98		571,936,975		-			0.45		to	2.30			(2.98	)	to	(4.74	)
TA PIMCO Tactical - Conservative Service Class
12/31/2019		63,063,445		13.81	to		11.38		257,753,596		0.10			0.20		to	2.65			17.33		to	14.53
12/31/2018		69,943,022		11.77	to		9.94		237,796,879		3.31			0.20		to	2.65			(5.34	)	to	(7.61	)
12/31/2017		79,062,157		12.44	to		10.76		282,866,000		1.29			0.20		to	2.65			9.90		to	7.55
12/31/2016		87,765,386		11.29	to		0.97		273,382,211		0.41			0.45		to	2.30			4.51		to	2.62
12/31/2015		84,100,322		10.80	to		0.94		223,359,365		0.30			0.45		to	2.30			(2.52	)	to	(4.28	)

70

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

	At December 31									For the Year Ended December 31
Subaccount	Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
TA PIMCO Tactical - Growth Service Class
12/31/2019		67,856,653	$	14.80	to	$	11.87	$	344,227,526		-	%		0.20	%	to	2.65	%		21.31	%	to	18.42	%
12/31/2018		77,403,230		12.20	to		10.03		311,059,978		3.06			0.20		to	2.65			(7.87	)	to	(10.08	)
12/31/2017		89,424,879		13.24	to		11.15		373,518,260		0.40			0.20		to	2.65			14.31		to	11.87
12/31/2016		97,932,555		11.55	to		0.97		334,243,979		-			0.45		to	2.30			4.40		to	2.52
12/31/2015		99,906,894		11.07	to		0.94		288,604,027		-			0.45		to	2.30			(3.89	)	to	(5.63	)
TA PIMCO Total Return Initial Class
12/31/2019		97,537,181		1.78	to		10.48		162,583,767		2.53			0.30		to	2.80			8.09		to	5.46
12/31/2018		100,615,759		1.65	to		9.94		157,867,721		2.61			0.30		to	2.80			(0.95	)	to	(3.38	)
12/31/2017		108,525,289		1.67	to		10.29		174,652,447		-			0.30		to	2.80			4.57		to	2.04
12/31/2016		116,273,391		1.59	to		1.46		181,319,170		2.37			0.30		to	2.05			2.41		to	0.65
12/31/2015		125,233,326		1.56	to		1.45		192,941,918		2.51			0.30		to	2.05			0.39		to	(1.33	)
TA PIMCO Total Return Service Class
12/31/2019		289,976,616		11.29	to		10.46		721,416,264		2.26			0.20		to	2.65			8.00		to	5.42
12/31/2018		331,762,980		10.46	to		9.92		717,759,315		2.40			0.20		to	2.65			(1.22	)	to	(3.59	)
12/31/2017		381,085,363		10.58	to		10.29		803,609,896		-			0.20		to	2.65			4.33		to	1.95
12/31/2016		432,200,049		1.34	to		1.11		826,905,164		2.20			0.30		to	2.45			2.17		to	0.03
12/31/2015		475,137,309		1.31	to		1.11		833,576,453		2.54			0.30		to	2.45			0.22		to	(1.89	)
TA PineBridge Inflation Opportunities Service Class
12/31/2019		68,795,573		10.06	to		10.23		148,339,095		2.30			0.20		to	2.65			7.99		to	5.41
12/31/2018		80,400,948		9.31	to		9.71		154,495,130		1.69			0.20		to	2.65			(1.74	)	to	(4.10	)
12/31/2017		90,816,209		9.48	to		10.12		173,872,830		0.23			0.20		to	2.65			2.67		to	0.48
12/31/2016		101,867,579		9.21	to		0.95		175,347,485		0.58			0.45		to	2.30			3.34		to	1.47
12/31/2015		110,195,164		8.91	to		0.94		178,257,154		1.24			0.45		to	2.30			(3.30	)	to	(5.05	)
TA ProFunds UltraBear Service Class (OAM)
12/31/2019		528,747,957		0.08	to		3.92		12,630,584		-			0.45		to	2.65			(43.10	)	to	(44.33	)
12/31/2018		824,917,799		0.14	to		7.04		35,025,006		-			0.45		to	2.65			6.06		to	3.76
12/31/2017		325,897,312		0.13	to		6.79		13,176,394		-			0.45		to	2.65			(32.66	)	to	(34.10	)
12/31/2016		557,626,487		0.19	to		0.06		33,857,197		-			0.45		to	2.00			(23.94	)	to	(25.08	)
12/31/2015		406,801,801		0.25	to		0.08		32,809,667		-			0.45		to	2.00			(7.71	)	to	(9.10	)
TA QS Investors Active Asset Allocation - Conservative Service Class
12/31/2019		121,522,304		12.59	to		11.15		339,344,934		1.97			0.20		to	2.65			11.01		to	8.36
12/31/2018		141,754,097		11.34	to		10.29		347,965,665		1.59			0.20		to	2.65			(3.08	)	to	(5.41	)
12/31/2017		167,288,266		11.70	to		10.88		413,363,455		1.72			0.20		to	2.65			11.20		to	8.82
12/31/2016		201,671,367		10.50	to		1.06		425,136,568		1.26			0.45		to	2.45			2.19		to	0.20
12/31/2015		225,250,178		10.27	to		1.05		432,962,686		1.01			0.45		to	2.45			(2.80	)	to	(4.70	)
TA QS Investors Active Asset Allocation - Moderate Service Class
12/31/2019		333,714,080		12.83	to		11.35		1,331,045,066		1.81			0.20		to	2.65			10.91		to	8.26
12/31/2018		382,230,157		11.56	to		10.48		1,333,011,023		1.44			0.20		to	2.65			(4.36	)	to	(6.66	)
12/31/2017		433,032,803		12.09	to		11.23		1,515,657,257		1.55			0.20		to	2.65			14.93		to	12.47
12/31/2016		492,652,371		10.50	to		1.04		1,448,789,251		1.23			0.45		to	2.50			1.73		to	(0.30	)
12/31/2015		545,348,810		10.32	to		1.04		1,537,126,518		0.97			0.45		to	2.50			(4.71	)	to	(6.61	)
TA QS Investors Active Asset Allocation - Moderate Growth Service Class
12/31/2019		167,991,889		13.18	to		11.59		522,009,134		1.66			0.20		to	2.65			11.13		to	8.48
12/31/2018		195,359,095		11.86	to		10.69		540,380,113		1.31			0.20		to	2.65			(6.14	)	to	(8.39	)
12/31/2017		225,073,336		12.63	to		11.67		650,551,880		1.28			0.20		to	2.65			19.77		to	17.21
12/31/2016		254,015,317		10.52	to		1.04		591,439,085		1.07			0.45		to	2.30			1.51		to	(0.32	)
12/31/2015		297,221,724		10.37	to		1.04		646,874,469		1.01			0.45		to	2.30			(6.95	)	to	(8.64	)
TA Small/Mid Cap Value Initial Class
12/31/2019		18,085,702		2.98	to		11.62		114,726,591		0.96			0.30		to	2.80			24.90		to	21.87
12/31/2018		20,576,048		2.39	to		9.53		105,244,710		0.89			0.30		to	2.80			(11.72	)	to	(13.88	)
12/31/2017		22,801,173		2.71	to		11.07		135,391,174		1.13			0.30		to	2.80			15.21		to	12.42
12/31/2016		24,866,417		2.35	to		3.68		129,843,084		0.78			0.30		to	2.05			20.76		to	18.70
12/31/2015		28,487,599		1.94	to		3.10		123,688,215		0.98			0.30		to	2.05			(2.80	)	to	(4.47	)

71

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

	At December 31									For the Year Ended December 31
Subaccount	Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
TA Small/Mid Cap Value Service Class
12/31/2019		26,380,984	$	18.50	to	$	11.58	$	149,629,508		0.76	%		0.20	%	to	2.65	%		24.69	%	to	21.72	%
12/31/2018		28,152,654		14.84	to		9.51		105,380,785		0.68			0.20		to	2.65			(11.81	)	to	(13.93	)
12/31/2017		33,142,579		16.83	to		11.05		129,538,718		0.97			0.20		to	2.65			14.23		to	12.29
12/31/2016		37,602,330		14.63	to		1.92		111,710,832		0.54			0.90		to	2.30			19.73		to	18.10
12/31/2015		37,708,384		12.22	to		1.63		88,569,777		0.81			0.90		to	2.30			(3.60	)	to	(4.92	)
TA T. Rowe Price Small Cap Initial Class
12/31/2019		39,725,671		4.16	to		13.72		136,379,747		-			0.30		to	2.80			32.37		to	29.15
12/31/2018		43,487,831		3.14	to		10.62		114,179,188		-			0.30		to	2.80			(7.36	)	to	(9.63	)
12/31/2017		45,509,419		3.39	to		11.75		129,784,292		-			0.30		to	2.80			22.02		to	19.07
12/31/2016		47,515,529		2.78	to		2.65		112,290,331		-			0.30		to	2.05			10.89		to	8.99
12/31/2015		50,302,232		2.51	to		2.43		108,382,266		-			0.30		to	2.05			2.13		to	0.38
TA T. Rowe Price Small Cap Service Class
12/31/2019		32,292,237		22.54	to		13.67		313,681,024		-			0.20		to	2.65			32.12		to	28.97
12/31/2018		33,335,132		17.06	to		10.60		210,676,582		-			0.20		to	2.65			(7.47	)	to	(9.69	)
12/31/2017		37,785,697		18.43	to		11.74		241,993,274		-			0.20		to	2.65			20.93		to	18.88
12/31/2016		40,379,882		15.14	to		1.97		191,512,774		-			0.90		to	2.30			10.01		to	8.51
12/31/2015		42,516,500		13.76	to		1.82		166,716,242		-			0.90		to	2.30			1.24		to	(0.14	)
TA TS&W International Equity Initial Class
12/31/2019		40,250,949		1.86	to		11.59		83,257,900		1.42			0.30		to	2.80			20.70		to	17.77
12/31/2018		42,739,151		1.54	to		9.84		73,746,197		2.44			0.30		to	2.80			(15.78	)	to	(17.84	)
12/31/2017		40,975,824		1.83	to		11.98		85,535,379		2.19			0.30		to	2.80			22.54		to	19.57
12/31/2016		41,696,215		1.49	to		1.56		71,904,972		2.76			0.30		to	2.05			0.78		to	(0.95	)
12/31/2015		44,322,070		1.48	to		1.57		76,568,954		2.98			0.30		to	2.05			1.01		to	(0.72	)
TA TS&W International Equity Service Class
12/31/2019		10,975,213		13.12	to		11.55		46,304,060		1.19			0.20		to	2.65			20.49		to	17.62
12/31/2018		12,291,177		10.89	to		9.82		35,983,797		2.20			0.20		to	2.65			(15.87	)	to	(17.89	)
12/31/2017		13,819,574		12.94	to		11.96		43,576,774		2.01			0.20		to	2.65			21.56		to	19.50
12/31/2016		13,541,992		10.58	to		0.86		34,110,738		2.57			0.90		to	2.30			(0.13	)	to	(1.49	)
12/31/2015		16,788,573		10.59	to		0.87		36,053,774		2.99			0.90		to	2.30			0.13		to	(1.23	)
TA U.S. Equity Index Service Class
12/31/2019		13,156,763		13.95	to		13.13		178,742,034		0.49			0.35		to	2.65			30.44		to	27.52
12/31/2018		4,460,433		10.69	to		10.29		46,909,805		0.24			0.35		to	2.65			(5.32	)	to	(7.46	)
12/31/2017(1)		1,656,725		11.29	to		11.12		18,585,620		-			0.35		to	2.65			-		to	-
TA WMC US Growth Initial Class
12/31/2019		169,149,426		3.40	to		16.40		460,449,558		0.12			0.30		to	2.80			39.63		to	36.23
12/31/2018		125,844,251		2.43	to		12.04		249,568,122		0.48			0.30		to	2.80			(0.09	)	to	(2.53	)
12/31/2017		139,553,543		2.44	to		12.35		276,903,733		0.42			0.30		to	2.80			28.81		to	25.69
12/31/2016		152,376,830		1.89	to		1.36		236,978,354		0.40			0.30		to	2.30			2.50		to	0.50
12/31/2015		168,111,201		1.85	to		1.35		257,886,335		0.70			0.30		to	2.30			6.53		to	4.45
TA WMC US Growth Service Class
12/31/2019		29,264,303		25.30	to		16.35		222,359,352		-			0.20		to	2.65			39.40		to	36.07
12/31/2018		24,232,577		18.15	to		12.02		113,091,417		0.28			0.20		to	2.65			(0.23	)	to	(2.63	)
12/31/2017		28,142,974		18.19	to		12.34		123,555,754		0.21			0.20		to	2.65			27.71		to	25.55
12/31/2016		31,337,681		14.15	to		1.26		98,349,420		0.18			0.90		to	2.30			1.62		to	0.24
12/31/2015		33,875,319		13.92	to		1.26		96,971,678		0.54			0.90		to	2.30			5.66		to	4.21
Vanguard® - Capital Growth
12/31/2019(1)		-		10.00	to		10.00		-		-			0.27		to	0.47			-		to	-
Vanguard® - Conservative Allocation
12/31/2019(1)		-		10.02	to		10.02		-		-			0.27		to	0.47			-		to	-
Vanguard® - Diversified Value
12/31/2019(1)		-		10.03	to		10.03		-		-			0.27		to	0.47			-		to	-
Vanguard® Balanced
12/31/2019(1)		-		10.02	to		10.02		-		-			0.27		to	0.47			-		to	-

72

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

	At December 31									For the Year Ended December 31
Subaccount	Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
Vanguard® Equity Income
12/31/2019(1)		-	$	10.01	to	$	10.01	$	-		-	%		0.27	%	to	0.47	%		-	%	to	-	%
Vanguard® Equity Index
12/31/2019		1,106,204		22.23	to		13.96		5,072,380		1.90			0.27		to	2.50			30.91		to	28.10
12/31/2018		1,183,932		2.06	to		10.90		4,075,298		1.62			0.30		to	2.50			(4.79	)	to	(6.85	)
12/31/2017		813,744		2.17	to		11.70		3,788,631		1.63			0.30		to	2.50			21.29		to	20.45
12/31/2016		411,968		1.79	to		1.74		1,920,746		2.45			0.30		to	1.00			11.48		to	10.70
12/31/2015		462,855		1.60	to		1.57		1,852,623		1.41			0.30		to	1.00			0.96		to	0.26
Vanguard® Global Bond Index
12/31/2019(1)		-		10.00	to		10.00		-		-			0.27		to	0.47			-		to	-
Vanguard® Growth
12/31/2019(1)		-		10.02	to		10.02		-		-			0.27		to	0.47			-		to	-
Vanguard® High Yield Bond
12/31/2019(1)		-		10.00	to		10.00		-		-			0.27		to	0.47			-		to	-
Vanguard® International
12/31/2019		570,592		17.44	to		14.86		2,830,970		1.30			0.27		to	2.70			30.82		to	27.77
12/31/2018		567,663		1.45	to		11.63		1,859,489		0.82			0.30		to	2.70			(12.88	)	to	(14.93	)
12/31/2017		767,522		1.66	to		13.67		2,310,758		0.93			0.30		to	2.70			42.25		to	41.26
12/31/2016		441,335		1.17	to		1.05		1,229,545		1.47			0.30		to	1.00			1.57		to	0.87
12/31/2015		426,145		1.15	to		1.04		1,169,229		1.30			0.30		to	1.00			(1.06	)	to	(1.76	)
Vanguard® Mid-Cap Index
12/31/2019		344,777		20.02	to		12.78		2,287,080		1.30			0.27		to	2.70			30.48		to	27.43
12/31/2018		332,115		1.99	to		10.03		1,356,724		1.21			0.30		to	2.70			(9.60	)	to	(11.73	)
12/31/2017		389,324		2.20	to		11.36		1,395,425		1.05			0.30		to	2.70			18.72		to	17.90
12/31/2016		243,199		1.85	to		1.62		845,838		1.52			0.30		to	1.00			10.78		to	10.01
12/31/2015		316,319		1.67	to		1.48		888,668		0.88			0.30		to	1.00			(1.73	)	to	(2.42	)
Vanguard® Moderate Allocation
12/31/2019(1)		-		10.03	to		10.03		-		-			0.27		to	0.47			-		to	-
Vanguard® Money Market
12/31/2019(1)		-		10.00	to		10.00		-		0.07			0.27		to	0.47			-		to	-
Vanguard® Real Estate Index
12/31/2019		164,384		15.77	to		11.64		724,052		2.47			0.27		to	2.50			28.42		to	25.67
12/31/2018		143,459		1.52	to		9.26		452,464		3.03			0.30		to	2.50			(5.64	)	to	(7.67	)
12/31/2017		149,622		1.61	to		10.03		459,283		2.34			0.30		to	2.50			4.46		to	3.74
12/31/2016		136,899		1.54	to		1.58		358,742		2.67			0.30		to	1.00			8.03		to	7.28
12/31/2015		150,260		1.43	to		1.47		350,033		1.66			0.30		to	1.00			1.92		to	1.21
Vanguard® Short-Term Investment Grade
12/31/2019		834,530		11.06	to		10.06		4,238,215		2.42			0.27		to	2.70			5.38		to	2.92
12/31/2018		828,787		1.36	to		9.77		3,028,267		1.75			0.30		to	2.70			0.74		to	(1.63	)
12/31/2017		878,234		1.35	to		9.94		2,959,813		1.95			0.30		to	2.70			1.79		to	1.08
12/31/2016		1,010,860		1.33	to		1.06		2,717,920		1.92			0.30		to	1.00			2.41		to	1.70
12/31/2015		1,147,149		1.30	to		1.04		2,902,363		1.62			0.30		to	1.00			0.82		to	0.12
Vanguard® Total Bond Market Index
12/31/2019		550,251		11.32	to		10.36		3,671,401		2.17			0.27		to	2.70			8.35		to	5.82
12/31/2018		359,496		1.48	to		9.79		2,198,323		2.35			0.30		to	2.70			(0.43	)	to	(2.77	)
12/31/2017		402,636		1.49	to		10.07		2,099,639		2.30			0.30		to	2.70			3.17		to	2.45
12/31/2016		445,728		1.44	to		1.11		1,483,525		2.33			0.30		to	1.00			2.16		to	1.45
12/31/2015		544,334		1.41	to		1.09		1,627,599		1.97			0.30		to	1.00			0.03		to	(0.66	)
Vanguard® Total International Stock Market Index
12/31/2019(1)		-		10.07	to		10.06		-		-			0.27		to	0.47			-		to	-
Vanguard® Total Stock Market Index
12/31/2019(1)		-		10.03	to		10.03		-		-			0.27		to	0.47			-		to	-

73

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

			At December 31									For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment   Income   Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
Voya Global Perspectives Class S Shares
	12/31/2019			1,913	$	11.67	to	$	11.22	$	22,324		3.33	%		1.29	%	to	2.14	%		16.56	%	to	15.58	%
	12/31/2018			1,919		10.01	to		9.70		19,217		2.65			1.29		to	2.14			(8.66	)	to	(9.44	)
	12/31/2017			1,791		10.96	to		10.72		19,638		2.66			1.29		to	2.14			13.25		to	12.29
	12/31/2016			1,665		9.68	to		9.54		16,121		2.60			1.29		to	2.14			5.19		to	4.30
	12/31/2015	(1)		1,633		9.20	to		9.15		15,028		-			1.29		to	2.14			-		to	-
Voya Large Cap Value Class S Shares
	12/31/2019			93		13.01	to		12.50		1,216		1.92			1.29		to	2.14			23.18		to	22.14
	12/31/2018			95		10.56	to		10.24		1,008		1.83			1.29		to	2.14			(9.19	)	to	(9.96	)
	12/31/2017			94		11.63	to		11.37		1,094		2.26			1.29		to	2.14			11.78		to	10.84
	12/31/2016			97		10.40	to		10.26		1,006		3.01			1.29		to	2.14			12.13		to	11.18
Voya Strategic Allocation Conservative Class S Shares
	12/31/2019			-		11.62	to		11.17		-		-			1.29		to	2.14			13.01		to	12.05
	12/31/2018			-		10.28	to		9.97		-		-			1.29		to	2.14			(5.49	)	to	(6.29	)
	12/31/2017			-		10.88	to		10.64		-		-			1.29		to	2.14			8.77		to	7.86
	12/31/2016			-		10.00	to		9.86		-		-			1.29		to	2.14			4.12		to	3.25
	12/31/2015	(1)		-		9.61	to		9.55		-		-			1.29		to	2.14			-		to	-
Voya Strategic Allocation Moderate Class S Shares
	12/31/2019			-		12.22	to		11.75		-		-			1.29		to	2.14			17.42		to	16.42
	12/31/2018			-		10.41	to		10.09		-		-			1.29		to	2.14			(7.52	)	to	(8.31	)
	12/31/2017			-		11.26	to		11.01		-		-			1.29		to	2.14			12.83		to	11.88
	12/31/2016			-		9.98	to		9.84		-		-			1.29		to	2.14			4.96		to	4.07
	12/31/2015	(1)		-		9.51	to		9.45		-		-			1.29		to	2.14			-		to	-
Wanger International
	12/31/2019			58,273		1.78	to		13.08		369,851		0.84			0.30		to	2.50			29.60		to	26.82
	12/31/2018			70,863		1.37	to		10.31		262,615		2.05			0.30		to	2.50			(17.95	)	to	(19.72	)
	12/31/2017			108,448		1.67	to		12.85		370,644		1.23			0.30		to	2.50			32.52		to	31.86
	12/31/2016			141,836		1.26	to		1.13		308,283		1.18			0.30		to	0.80			(1.70	)	to	(2.19	)
	12/31/2015			160,087		1.29	to		1.16		318,081		1.51			0.30		to	0.80			(0.20	)	to	(0.70	)
Wanger USA
	12/31/2019			-		2.84	to		14.09		-		-			0.30		to	2.50			30.71		to	27.91
	12/31/2018			-		2.17	to		11.02		-		-			0.30		to	2.50			(1.76	)	to	(3.88	)
	12/31/2017			-		2.21	to		11.46		-		-			0.30		to	2.50			19.22		to	18.63
	12/31/2016			67,832		1.85	to		1.82		177,312		-			0.30		to	0.80			13.35		to	12.78
	12/31/2015			133,870		1.64	to		1.62		274,445		-			0.30		to	0.80			(0.91	)	to	(1.40	)

⁽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.

74

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

*** These amounts represent the total return for the periods indicated, including changes in the value of the Mutual Fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. Total returns reflect a full twelve month period and total returns for subaccounts opened during the year have not been disclosed as they may not be indicative of a full year return. Expense ratios not in effect for the full twelve months are not reflected in the total return as they may not be indicative of a full year return.

75

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

6. Administrative and Mortality and Expense Risk Charges

TLIC deducts a daily administrative charge equal to an annual rate of 0.15% of the daily net assets value of each subaccount for administrative expenses. TLIC also deducts an annual charge during the accumulation phase, not to exceed $50, proportionately from the subaccounts’ unit values. An annual charge ranging from 0.05% to 2.65% is deducted (based on the death benefit selected) from the unit values of the subaccounts of the Separate Account for TLIC’s assumption of certain mortality and expense risks incurred in connection with the contract. The charge is assessed daily based on the net asset value of the Mutual Fund. Charges for administrative and mortality and expense risk are an expense of the subaccount. 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.

In addition to M&E, the following subaccounts are assessed a daily charge for fund facilitation fees that is based on their actual policy:

	Additional Fund
Subaccount	Facilitation Fee Assessed
AB Balanced Wealth Strategy Class B Shares	0.20%
AB Growth and Income Class B Shares	0.20%
American Funds - Asset Allocation Class 2 Shares	0.30% - 0.40%
American Funds - Bond Class 2 Shares	0.30% - 0.40%
American Funds - Growth Class 2 Shares	0.30% - 0.40%
American Funds - Growth-Income Class 2 Shares	0.30% - 0.40%
American Funds - International Class 2 Shares	0.30% - 0.40%
Fidelity® VIP Balanced Service Class 2	0.20%
Fidelity® VIP Contrafund® Initial Class	0.20%
Fidelity® VIP Contrafund® Service Class 2	0.20%
Fidelity® VIP Equity-Income Initial Class	0.20%
Fidelity® VIP Growth Initial Class	0.20%
Fidelity® VIP Mid Cap Initial Class	0.20%
Fidelity® VIP Mid Cap Service Class 2	0.20%
Fidelity® VIP Value Strategies Initial Class	0.20%
Fidelity® VIP Value Strategies Service Class 2	0.20%
Franklin Allocation Class 4 Shares	0.15%
State Street Total Return V.I.S. Class 3 Shares	0.20%
TA International Equity Index Service Class	0.15%
TA U.S. Equity Index Service Class	0.15%
Vanguard® Equity Index	0.20% - 0.60%
Vanguard® International	0.20% - 0.60%
Vanguard® Mid-Cap Index	0.20% - 0.60%
Vanguard® Real Estate Index	0.20% - 0.60%
Vanguard® Short-Term Investment Grade	0.20% - 0.60%
Vanguard® Total Bond Market Index	0.20% - 0.60%
Voya Global Perspectives Class S Shares	0.14%
Voya Large Cap Value Class S Shares	0.14%
Voya Strategic Allocation Conservative Class S Shares	0.14%
Voya Strategic Allocation Moderate Class S Shares	0.14%
Wanger International	0.30%
Wanger USA	0.30%

76

Transamerica Life Insurance Company

Separate Account VA B

Notes to Financial Statements

December 31, 2019

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 annuity contracts.

8. Subsequent Events

The Separate Account has evaluated the financial statements for subsequent events through the date which the financial statements were issued. During this period, there were no subsequent events requiring recognition in the financial statements.

Events that are indicative of conditions that arose after the balance sheet date are disclosed, but do not result in an adjustment of the financial statements themselves. Since January 2020, the Coronavirus disease (COVID-19) pandemic and economic uncertainties have arisen which have impacted the Separate Account’s net assets. The extent to which the COVID-19 pandemic will continue to impact the net assets will depend on future developments, which are highly uncertain and cannot be estimated, including the scope and duration of the pandemic and actions taken by governmental authorities and other third parties in response to the pandemic.

9. Related Parties

Transamerica Capital, Inc. (TCI), a wholesaling broker-dealer, is an affiliated entity of 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.

77

FINANCIAL STATEMENTS – STATUTORY BASIS

AND SUPPLEMENTARY INFORMATION

Transamerica Financial Life Insurance Company

Years Ended December 31, 2019, 2018 and 2017

Transamerica Financial Life Insurance Company

Financial Statements – Statutory Basis

and Supplementary Information

Years Ended December 31, 2019, 2018, and 2017

Contents

Report of Independent Auditors	1
Audited Financial Statements
Balance Sheets – Statutory Basis	3
Statements of Operations – Statutory Basis	4
Statements of Changes in Capital and Surplus – Statutory Basis	5
Statements of Cash Flow – Statutory Basis	7
Notes to Financial Statements – Statutory Basis
1. Organization and Nature of Business	9
2. Basis of Presentation and Summary of Significant Accounting Policies	9
3. Accounting Changes	21
4. Fair Values of Financial Instruments	25
5. Investments	33
6. Premium and Annuity Considerations Deferred and Uncollected	48
7. Policy and Contract Attributes	48
8. Reinsurance	61
9. Income Taxes	63
10. Capital and Surplus	70
11. Securities Lending	71
12. Retirement and Compensation Plans	73
13. Related Party Transactions	74
14. Managing General Agents	78
15. Commitments and Contingencies	78
16. Sales, Transfer and Servicing of Financial Assets and Extinguishments of Liabilities	80
17. Reconciliation to Statutory Statement	81
18. Subsequent Events	82
Appendix A – Listing of Affiliated Companies	83
Statutory – Basis Financial Statement Schedules
Summary of Investments – Other Than Investments in Related Parties	87
Supplementary Insurance Information	88
Reinsurance	89

Report of Independent Auditors

To the Board of Directors of

Transamerica Financial Life Insurance Company

We have audited the accompanying statutory-basis financial statements of Transamerica Financial Life Insurance Company (the “Company”), which comprise the balance sheets – statutory basis as of December 31, 2019 and 2018, and the related statements of operations – statutory basis, of changes in capital and surplus – statutory basis, and of cash flow – statutory basis for each of the three years in the period ended December 31, 2019, including the related notes and schedules of supplementary insurance information and reinsurance as of December 31, 2019, 2018 and for each of the three years in the period ended December 31, 2019 and summary of investments—other than investments in related parties as of December 31, 2019 listed in the accompanying index (collectively referred to as the “financial statements”).

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the New York Department of Financial Services. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 2 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the New York Department of Financial Services, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

The effects on the financial statements of the variances between the statutory basis of accounting described in Note 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

PricewaterhouseCoopers LLP, 1 N Upper Wacker Drive, Chicago, IL 60606

T: 312-298-2000, F: , www.pwc.com

1

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the “Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles” paragraph, the financial statements referred to above do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2019 and 2018 or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2019.

Opinion on Statutory Basis of Accounting

In our opinion, the financial statements referred to above present fairly, in all material respects, the admitted assets, liabilities and surplus of the Company as of December 31, 2019 and 2018 and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2019, in accordance with the accounting practices prescribed or permitted by the New York Department of Financial Services described in Note 2.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

April 27, 2020

PricewaterhouseCoopers LLP, 1 N Upper Wacker Drive, Chicago, IL 60606

T: 312-298-2000, F: , www.pwc.com

2

Transamerica Financial Life Insurance Company

Balance Sheets—Statutory Basis

(Dollars in Thousands)

	December 31 2019			December 31 2018
Admitted assets
Cash, cash equivalents and short-term investments	$	439,852		$	330,590
Bonds		5,332,758			5,648,863
Preferred stocks		4,552			4,552
Common stocks		6,036			5,046
Mortgage loans on real estate		1,546,510			1,480,920
Policy loans		130,787			130,605
Securities lending reinvested collateral assets		311,367			319,971
Derivatives		113,954			106,371
Other invested assets		369,406			253,098
Total cash and invested assets		8,255,222			8,280,016
Accrued investment income		69,431			74,495
Premiums deferred and uncollected		10,821			10,995
Net deferred income tax asset		28,050			27,355
Other assets		20,033			28,841
Separate account assets		23,523,988			21,069,870
Total admitted assets	$	31,907,545		$	29,491,572
Liabilities and capital and surplus
Aggregate reserves for policies and contracts	$	6,493,362		$	6,639,574
Policy and contract claim reserves		29,249			41,237
Liability for deposit-type contracts		29,577			29,504
Transfers from separate accounts due or accrued		(194,971	)		(181,916	)
Asset valuation reserve		133,205			120,543
Interest maintenance reserve		21,139			23,034
Derivatives		102,041			64,073
Payable for collateral under securities loaned and other transactions		371,405			381,115
Borrowed money		66,348			—
Other liabilities		307,705			214,030
Separate account liabilities		23,523,985			21,069,868
Total liabilities		30,883,045			28,401,062
Total capital and surplus		1,024,500			1,090,510
Total liabilities and capital and surplus	$	31,907,545		$	29,491,572

See accompanying notes.

3

Transamerica Financial Life Insurance Company

Statements of Operations—Statutory Basis

(Dollars in Thousands)

	Year Ended December 31
	2019			2018			2017
Revenues
Premiums and annuity considerations	$	5,305,953		$	5,202,469		$	4,733,929
Net investment income		344,337			347,235			371,734
Fee revenue and other income		533,267			323,923			354,087
Total revenue		6,183,557			5,873,627			5,459,750
Benefits and expenses
Death benefits		69,241			69,827			69,232
Annuity benefits		117,349			107,592			108,660
Accident and health benefits		44,907			61,299			67,199
Surrender benefits		6,667,014			8,149,104			5,504,367
Other benefits		9,373			8,613			8,243
Net increase (decrease) in reserves		(139,807	)		(127,988	)		(371,102	)
Commissions		132,253			146,319			150,601
Net transfers to (from) separate accounts		(1,200,910	)		(2,891,935	)		(423,849	)
General insurance expenses and other		122,195			107,491			89,830
Total benefits and expenses		5,821,615			5,630,322			5,203,181
Gain (loss) from operations before federal income taxes		361,942			243,305			256,569
Federal income tax (benefit) expense		21,455			11,019			26,972
Net gain (loss) from operations		340,487			232,286			229,597
Net realized capital gains (losses), after tax and amounts transferred to interest maintenance reserve		17,195			(30,176	)		(70,939	)
Net income (loss)	$	357,682		$	202,110		$	158,658

See accompanying notes.

4

Transamerica Financial Life Insurance Company

Statements of Changes in Capital and

Surplus – Statutory Basis

(Dollars in Thousands)

	Common Stock		Preferred Stock			Paid-in Surplus			Special Surplus Funds			Unassigned Surplus			Total Capital and Surplus
Balance at January 1, 2017	$	2,143	$	460		$	933,659		$	9,509		$	146,534		$	1,092,305
Net income (loss)		—		—			—			1,717			156,941			158,658
Change in net unrealized capital gains (losses), net of taxes		—		—			—			—			44,050			44,050
Change in net deferred income tax asset		—		—			—			—			(32,885	)		(32,885	)
Change in nonadmitted assets		—		—			—			—			13,385			13,385
Change in asset valuation reserve		—		—			—			—			4,317			4,317
Change in surplus as a result of reinsurance		—		—			—			—			(71,196	)		(71,196	)
Dividends to stockholders		—		—			—			—			(160,000	)		(160,000	)
Other changes—net		—		—			1,784			(40	)		8			1,752
Balance at December 31, 2017		2,143		460			935,443			11,186			101,154			1,050,386
Net income (loss)		—		—			—			(479	)		202,589			202,110
Change in net unrealized capital gains (losses), net of taxes		—		—			—			—			13,389			13,389
Change in net deferred income tax asset		—		—			—			—			(3,459	)		(3,459	)
Change in nonadmitted assets		—		—			—			—			7,341			7,341
Change in asset valuation reserve		—		—			—			—			(161	)		(161	)
Change in surplus as a result of reinsurance		—		—			—			—			(20,172	)		(20,172	)
Return of capital		—		—			(56,381	)		—			—			(56,381	)
Dividends to stockholders		—		—			—			—			(103,410	)		(103,410	)
Other changes—net		—		(460	)		272			74			981			867
Balance at December 31, 2018	$	2,143	$	—		$	879,334		$	10,781		$	198,252		$	1,090,510

Continued on next page.

5

Transamerica Financial Life Insurance Company

Statements of Changes in Capital and Surplus – Statutory Basis (continued)

(Dollars in Thousands)

	Common Stock			Preferred Stock		Paid-in Surplus			Special Surplus Funds			Unassigned Surplus			Total Capital and Surplus
Balance at December 31, 2018	$	2,143		$	—	$	879,334		$	10,781		$	198,252		$	1,090,510
Net income (loss)		—			—		—			2,239			355,443			357,682
Change in net unrealized capital gains/losses, net of tax		—			—		—			—			(19,374	)		(19,374	)
Change in net deferred income tax asset		—			—		—			—			18,785			18,785
Change in nonadmitted assets		—			—		—			—			(14,055	)		(14,055	)
Change in asset valuation reserve		—			—		—			—			(12,662	)		(12,662	)
Change in surplus as a result of reinsurance		—			—		—			—			(225,323	)		(225,323	)
Return of capital		—			—		(99,879	)		—			—			(99,879	)
Dividends to stockholders		—			—		—			—			(75,000	)		(75,000	)
Other changes—net		(103	)		—		(179	)		(92	)		4,190			3,816
Balance at December 31, 2019	$	2,040		$	—	$	779,276		$	12,928		$	230,256		$	1,024,500

See accompanying notes.

6

Transamerica Financial Life Insurance Company

Statements of Cash Flow – Statutory Basis

(Dollars in Thousands)

	Year Ended December 31
	2019			2018			2017
Operating activities
Premiums and annuity considerations	$	5,306,408		$	5,203,738		$	5,068,249
Net investment income		355,231			359,398			376,164
Other income		306,588			302,160			305,794
Benefit and loss related payments		(6,919,166	)		(8,383,355	)		(5,769,148	)
Net transfers from separate accounts		1,187,843			2,911,354			586,484
Commissions and operating expenses		(249,367	)		(261,138	)		(271,415	)
Federal income taxes (paid) received		(8,151	)		(23,519	)		13,923
Net cash provided by (used in) operating activities		(20,614	)		108,638			310,051
Investing activities
Proceeds from investments sold, matured or repaid		2,125,769			1,564,464			1,450,534
Costs of investments acquired		(1,943,403	)		(1,357,882	)		(1,642,388	)
Net change in policy loans		(182	)		(4,738	)		(3,842	)
Net cash provided by (used in) investing activities		182,184			201,844			(195,696	)
Financing and miscellaneous activities
Capital and paid in surplus (returned) received		(100,161	)		(56,569	)		1,784
Net deposits (withdrawals) on deposit-type contracts		(604	)		(4,826	)		(4,319	)
Net change in borrowed money		66,176			(204,340	)		184,385
Net change in payable for collateral under securities lending and other transactions		1,303			(106,951	)		115,782
Other cash (applied) provided		55,978			(38,284	)		(138,414	)
Dividends to stockholders		(75,000	)		(103,410	)		(160,000	)
Net cash used in financing and miscellaneous activities		(52,308	)		(514,380	)		(782	)
Net increase (decrease) in cash, cash equivalents and short-term investments		109,262			(203,898	)		113,573
Cash, cash equivalents and short-term investments:
Beginning of year		330,590			534,488			420,915
End of year	$	439,852		$	330,590		$	534,488

See accompanying notes.

7

Transamerica Financial Life Insurance Company

Statements of Cash Flow (supplemental) – Statutory Basis

(Dollars in Thousands)

	Year Ended December 31
	2019		2018		2017
Supplemental disclosures of cash flow information
Significant non-cash activities during the year not included in the Statutory Statements of Cash Flow
Transfer of bonds and mortgage loans related to reinsurance agreement with third party	$	—	$	—	$	379,177

8

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands)

December 31, 2019

1. Organization and Nature of Business

Transamerica Financial Life Insurance Company (the Company) is a stock life insurance company and is majority owned by Transamerica Corporation (TA Corp) (92.3% of shares) and minority owned by Transamerica Life Insurance Company (TLIC) (7.7% of shares). Both TA Corp and TLIC are indirect, wholly-owned subsidiaries of Aegon N.V., a holding company organized under the laws of The Netherlands.

Nature of Business

The Company sells fixed annuity, variable life and annuity products, group life coverages, life insurance, index universal life, and guaranteed investment contracts. The Company is licensed in 50 states and the District of Columbia. Sales of the Company’s products are primarily through brokers.

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 New York Department of Financial Services (NYDFS), which differ from accounting principles generally accepted in the United States of America (GAAP).

The NYDFS recognizes only statutory accounting practices prescribed or permitted by the State of New York for determining and reporting the financial condition and results of operations of an insurance company, and for determining its solvency under the New York Insurance Law.

The State of New York has adopted a prescribed accounting practice that differs from that found in the National Association of Insurance Commissioners (NAIC) Accounting Practices and Procedures Manual (NAIC SAP) related to the reported value of the assets supporting the Company’s guaranteed separate accounts. As prescribed by Section 1414 of the New York Insurance Law, 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 Statement of Statutory Accounting Principle (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.

9

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

Use of Estimates

The preparation of financial statements of insurance companies requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

The 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.

10

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

The Company closely monitors below investment grade holdings and investment grade issuers where the Company has concerns to determine if an other-than-temporary impairment (OTTI) has occurred. The Company also regularly monitors industry sectors. The Company considers relevant facts and circumstances in evaluating whether the impairment is other-than-temporary including: (1) the probability of the Company collecting all amounts due according to the contractual terms of the security in effect at the date of acquisition; (2) the Company’s decision to sell a security prior to its maturity at an amount below its carrying amount; and (3) the Company’s ability to hold a structured security for a period of time to allow for recovery of the value to its carrying amount. Additionally, financial condition, near term prospects of the issuer and nationally recognized credit rating changes are monitored. Non-structured securities in unrealized loss positions that are considered other-than-temporary are written down to fair value. The Company will record a charge to the statements of operations for the amount of the impairment.

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 unaffiliated preferred stocks in good standing (those with NAIC designations RP1 to RP3 and P1 to P3), are reported at cost or amortized cost, depending on the characteristics of the securities. Investments in preferred stocks not in good standing (those with NAIC designations RP4 to RP6 and P4 to P6), are reported at the lower of cost, amortized cost, or fair value, depending on the characteristics of the securities. The related net unrealized capital gains and losses for all NAIC designations are reported in changes in capital and surplus.

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.

11

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

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.

Real estate the Company classifies as investment properties is measured at lower of carrying amount or fair value less cost to sell. Investments in real estate are reported net of related obligations rather than on a gross basis as for GAAP. 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 audited GAAP equity of the investee.

For a decline in the fair value of an investment in a joint venture or limited partnership which is determined to be other-than- temporary, the Company writes it down to fair value as the new cost basis and the amount of the write down is accounted for as a realized loss in the statements of operations. The Company considers an impairment to have occurred if it is probable that the Company will be unable to recover the carrying amount of the investment or if there is evidence indicating inability of the investee to sustain earnings which would justify the carrying amount of the investment.

12

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

Investments in Low Income Housing Tax Credit (LIHTC) properties are valued at amortized cost. Tax credits are recognized in operations in the tax reporting year in which the tax credit is utilized by the Company. The carrying value is amortized over the life of the investment. Amortization is calculated as a ratio of the current year tax credits and tax benefits compared to the total expected tax credits and tax benefits over the life of the investment.

Cash equivalents are short-term highly liquid investments with original maturities of three months or less (principally stated at amortized cost) or money market mutual funds which are reported at fair value.

Short-term investments include investments with remaining maturities of one year or less at the time of acquisition and are principally stated at amortized cost.

Policy loans are reported at unpaid principal balances.

Realized capital gains and losses are determined using the specific identification method and are recorded net of related federal income taxes. Changes in admitted asset carrying amounts of bonds, mortgage loans, common and preferred stocks are credited or charged directly to unassigned surplus.

Interest income is recognized on an accrual basis. The Company does not accrue income on bonds in default, mortgage loans on real estate in default and/or foreclosure or which are delinquent more than twelve months, or real estate where rent is in arrears for more than three months. Income is also not accrued when collection is uncertain. Due and accrued amounts determined to be uncollectible are written off through the statements of operations.

Valuation Reserves

Under a formula prescribed by the NAIC, the Company defers the portion of realized capital gains and losses on sales of fixed income investments, primarily bonds and mortgage loans, attributable to changes in the general level of interest rates and amortizes those deferrals into net investment income over the remaining period to maturity of the bond or mortgage loan based on groupings of individual securities sold in five year bands. The net deferral is reported as the 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 RBC (Risk Based Capital) 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 $13,541. The changes were recorded to the change in asset valuation reserve line of the statement of changes in capital and surplus.

13

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

Derivative Instruments

Overview: The Company uses various derivative instruments (swaps and futures) to manage risks related to its ongoing business operations. On the transaction date of the derivative instrument, the Company designates the derivative as either (A) hedging (fair value, foreign currency fair value, cash flow, foreign currency cash flow, forecasted transactions, or net investment in a foreign operation), (B) replication, (C) income generation, or (D) held for other investment/risk management activities, which do not qualify for hedge accounting under SSAP No. 86, Derivatives.

(A) Derivative instruments used in hedging transactions that meet the criteria of an effective hedge are valued and reported in a manner that is consistent with the hedged asset or liability (amortized cost or fair value). Embedded derivatives are not accounted for separately from the host contract. Derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge are accounted for at fair value, and the changes in the fair value are recorded in unassigned surplus as unrealized gains 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 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.

14

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

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, in the financial statements. If the swap is terminated prior to maturity, proceeds are exchanged equal to the fair value of the contract. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment. Swaps not meeting hedge accounting rules are carried at fair value with fair value adjustments recorded in unassigned surplus.

Cross currency swaps are utilized to mitigate risks when the Company holds foreign denominated assets or liabilities; therefore, converting the asset or liability to a U.S. dollar denominated security. These cross currency swap agreements involve the exchange of two principal amounts in two different currencies at the prevailing currency rate at contract inception. During the life of the swap, the counterparties exchange fixed or floating rate interest payments in the swapped currencies. At maturity, the principal amounts are again swapped at a pre-determined rate of exchange. Each asset or liability is hedged individually where the terms of the swap must meet the terms of the hedged instrument. For swaps qualifying for hedge accounting, the premium or discount is amortized into income over the life of the contract and the foreign currency translation adjustment is recorded as unrealized gain/loss in capital and surplus. Swaps not meeting hedge accounting rules are carried at fair value with fair value adjustments recorded in capital and surplus. If a swap is terminated prior to maturity, proceeds are exchanged equal to the fair value of the contract. These gains and losses may be included in IMR or AVR if the hedged instrument receives that treatment.

15

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

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.

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 replicates investment grade corporate bonds or sovereign debt by combining a highly rated security as a cash component with a written credit default swap which, in effect, converts the high quality asset into an investment grade corporate asset or a sovereign debt. The benefits of using the swap market to replicate credit include possible enhanced relative values as well as ease of executing larger transactions in a shortened time frame. Generally, a premium is received by the Company on a periodic basis and recognized in investment income. In the event the representative issuer defaults on its debt obligation referenced in the contract, a payment equal to the notional amount of the contract will be made by the Company and recognized as a capital loss.

Securities Lending Assets and Liabilities

The Company loans securities to third parties under agent-managed securities lending programs, accounted for as secured borrowings. Cash collateral received which may be sold or repledged by the Company is reflected as a one-line entry on the balance sheet (securities lending reinvested collateral assets) and a corresponding liability is established to record the obligation to return the cash collateral. Non-cash collateral received which may not be sold or repledged is not recorded on the Company’s balance sheet. Under GAAP, the reinvested collateral is included within invested assets (i.e. it is not one-line reported).

16

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

Repurchase Agreements

For dollar repurchase agreements accounted for as secured borrowings, the Company receives cash collateral in an amount at least equal to the fair value of the securities transferred by the Company in the transaction as of the transaction date. The securities transferred are not removed from the balance sheet, and the cash received as collateral is invested as needed or used for general corporate purposes of the Company. A liability is established to record the obligation to return the cash collateral and included in Borrowed Money on the Balance Sheets.

Other Assets and Other Liabilities

Other assets consist primarily of reinsurance receivables, accounts receivable and general insurance receivables. Other “admitted assets” are valued principally at cost, as required or permitted by New York Insurance Laws.

Other liabilities consist primarily of remittances, amounts withheld by the Company, commissions payable, and accrued expenses.

Separate Accounts

The majority of separate accounts held by the Company represent funds which are administered for pension plans. The assets in the managed separate accounts consist of common stock, long-term bonds, real estate and short-term investments. The non-managed separate accounts are invested by the Company in a corresponding portfolio of Diversified Investors Portfolios. The portfolios are registered under the Investment Company Act of 1940, as amended, as open-ended, diversified, management investment companies.

Except for some guaranteed separate accounts, which are carried at amortized cost, the assets are carried at fair value, and the investment risks associated with fair value changes are borne entirely by the policyholder. Some of the guaranteed separate accounts provide a guarantee of principal and some include an interest guarantee of 4% or less, so long as the contract is in effect. Separate account asset performance less than guaranteed requirements is transferred from the general account and reported in the statements of operations.

Assets held in trust for purchases of separate account contracts and the Company’s corresponding obligation to the contract owners are shown separately in the balance sheets. Income and gains and losses with respect to these assets 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 account are borne entirely by the contract owners 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 Company’s statements of operations as a component of net transfers from separate accounts.

17

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

Separate account assets and liabilities reported in the accompanying financial statements consist of two types: non-indexed guaranteed and nonguaranteed. Non-indexed guaranteed separate accounts represent funds invested by the Company for the benefit of 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 amortized cost.

The non-guaranteed separate account assets and liabilities represent group annuity funds segregated by the Company for the benefit of contract owners. The assets and liabilities of the nonguaranteed separate accounts are carried at fair value.

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.

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.

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.

For GAAP, policy reserves are calculated based on estimated expected experience or actual account balances.

Policy and Contract Claim Reserves

Claim reserves represent the estimated accrued liability for claims reported to the Company and claims incurred but not yet reported through the balance sheet date. These reserves are estimated using either individual case-basis valuations or statistical analysis techniques. These estimates are subject to the effects of trends in claim severity and frequency. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes available.

18

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

Deposit-Type Contracts

Deposit- type contracts do not incorporate risk from the death or disability of policyholders. These types of contracts may include guaranteed investment contracts (GICs), funding agreements and other annuity contracts. Deposits and withdrawals on these contracts are recorded as a direct increase or decrease, respectively, to the liability balance and are not reported as premiums, benefits or changes in reserves in the statements of operations. Interest on these policies is reflected in other benefits.

Premiums and Annuity Considerations

Revenues for life and annuity policies with mortality or morbidity risk (including annuities with purchase rate guarantees) consist of the entire premium received. Benefits incurred represent surrenders and death benefits paid and the change in policy reserves. Under GAAP, for universal life policies, premiums received in excess of policy charges would not be recognized as premium revenue and benefits would represent interest credited to the account values and the excess of benefits paid over the policy account value. Under GAAP, for all annuity policies without significant mortality risk, premiums received and benefits paid would be recorded directly to the reserve liability using deposit accounting.

Policyholder Dividends

Policyholder dividends are recognized when declared rather than over the term of the related policies as would be required under GAAP.

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.

19

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

Commissions allowed by reinsurers on business ceded are reported as income when incurred rather than being deferred and amortized with deferred policy acquisition costs as required under GAAP.

Under GAAP, for certain reinsurance agreements whereby assets are retained by the ceding insurer (such as funds withheld or modified coinsurance) and a return is paid based on the performance of underlying investments, the assets and liabilities for these reinsurance arrangements must be adjusted to reflect the fair value of the invested assets. The NAIC SAP does not contain a similar requirement.

Deferred Income Taxes

The Company computes deferred income taxes in accordance with SSAP No. 101, Income Taxes. Unlike GAAP, SSAP No. 101 does not consider state income taxes in the measurement of deferred taxes. SSAP No. 101 also requires additional testing to measure gross deferred tax assets. The additional testing limits gross deferred tax asset admission to 1) the amount of federal income taxes paid in prior years recoverable through hypothetical loss carrybacks of existing temporary differences expected to reverse during a timeframe corresponding with the Internal Revenue Service tax loss carryback provisions, not to exceed three years, plus 2) the amount of remaining gross deferred tax assets expected to be realized within three years limited to an amount that is no greater than 15% of current period’s adjusted statutory capital and surplus, plus 3) the amount of remaining gross deferred tax assets that can be offset against existing gross deferred tax liabilities after considering character (i.e. ordinary versus capital) and reversal patterns. The Company’s reported net deferred tax asset or liability is the sum of gross deferred tax assets admitted through this three part test plus the sum of all deferred tax liabilities.

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 charges, 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.

20

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

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).

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 sheet 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

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

Recent Accounting Pronouncements

Effective January 1, 2019, the NAIC adopted revisions to SSAP No. 30, Unaffiliated Common Stock, which updated the definition of common stock to include Securities and Exchange Commission (SEC) registered closed -end funds and unit investment trusts. The adoption of this guidance did not impact the financial position or results of operations of the Company.

21

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

Revision to Prior Years

During 2019, the Company identified errors in prior year financial statements for which the Company has determined it appropriate to revise. The Company assessed the materiality of these revisions and concluded these revisions are not material to the December 31, 2018 and 2017 financial statements as a whole. The following tables show the impact of the revision:

	Year Ended December 31, 2018
	As Reported			Adjustment			As Revised
Balance Sheets
Securities lending reinvested collateral assets	$	308,971		$	11,000		$	319,971
Total cash and invested assets	$	8,269,016		$	11,000		$	8,280,016
Total admitted assets	$	29,480,572		$	11,000		$	29,491,572
Payable for collateral under securities loaned and other transactions	$	370,115		$	11,000		$	381,115
Total liabilities	$	28,390,062		$	11,000		$	28,401,062
Total liabilities and capital and surplus	$	29,480,572		$	11,000		$	29,491,572
Statements of Operations
Revenues
Premiums and other considerations	$	5,753,819		$	(551,350	)	$	5,202,469
Net investment income		350,635			(3,400	)		347,235
Fee revenue and other income		313,223			10,700			323,923
Total revenue	$	6,417,677		$	(544,050	)	$	5,873,627
Benefits and expenses
Surrender benefits	$	8,728,023		$	(578,919	)	$	8,149,104
Net transfers to (from) separate accounts		(2,925,304	)		33,369			(2,891,935	)
Total benefits and expenses	$	6,175,872		$	(545,550	)	$	5,630,322
Gain (loss) from operations before dividends and federal income taxes		241,805			1,500			243,305
Federal income tax expense		9,990			1,029			11,019
Net gain (loss) from operations		231,815			471			232,286
Net realized capital gains (losses), after tax and amounts transferred to interest maintenance reserve		(31,376	)		1,200			(30,176	)
Net income (loss)	$	200,439		$	1,671		$	202,110
Statements of Changes in Capital and Surplus
Net income (loss)	$	200,439		$	1,671		$	202,110
Other changes—net	$	2,538		$	(1,671	)	$	867
Balance at December 31, 2018	$	1,090,510		$	—		$	1,090,510

22

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

Statements of Cash Flows
Operating activities
Premiums and annuity considerations	$	5,755,088		$	(551,350	)	$	5,203,738
Other income		296,360			5,800			302,160
Benefit and loss related payments		(8,962,274	)		578,919			(8,383,355	)
Net transfers from separate accounts		2,944,723			(33,369	)		2,911,354
Net cash provided by (used in) operating activities	$	108,638		$	—		$	108,638
Investing activities
Costs of investments acquired	$	(1,368,882	)	$	11,000		$	(1,357,882	)
Net cash provided by (used in) investing activities	$	190,844		$	11,000		$	201,844
Financing activities
Net change in payable for collateral under securities lending and other transactions	$	(95,951	)	$	(11,000	)	$	(106,951	)
Net cash provided by (used in) financing activities	$	(503,380	)	$	(11,000	)	$	(514,380	)
Net increase (decrease) in cash, cash equivalents and short-term investments		(203,898	)		—			(203,898	)
Cash, cash equivalents and short-term investments:
Beginning of year		534,488			—			534,488
End of year	$	330,590		$	—		$	330,590

23

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

	Year Ended December 31, 2017
	As Reported			Adjustment			As Revised
Statements of Operations
Revenues
Premiums and other considerations	$	5,158,586		$	(424,657	)	$	4,733,929
Fee revenue and other income		353,437			650			354,087
Total revenue	$	5,883,757		$	(424,007	)	$	5,459,750
Benefits and expenses
Surrender benefits	$	5,956,797		$	(452,430	)	$	5,504,367
Net transfers to (from) separate accounts		(452,272	)		28,423			(423,849	)
Total benefits and expenses	$	5,627,188		$	(424,007	)	$	5,203,181
Gain (loss) from operations before dividends and federal income taxes		256,569			—			256,569
Net gain (loss) from operations		229,597			—			229,597
Net income (loss)	$	158,658		$	—		$	158,658
Statements of Cash Flows
Operating activities
Premiums and annuity considerations	$	5,492,906		$	(424,657	)	$	5,068,249
Other income		305,144			650			305,794
Benefit and loss related payments		(6,221,578	)		452,430			(5,769,148	)
Net transfers from separate accounts		614,907			(28,423	)		586,484
Net cash provided by (used in) operating activities	$	310,051		$	—		$	310,051
Net increase (decrease) in cash, cash equivalents and short-term investments		113,573			—			113,573
Cash, cash equivalents and short-term investments:
Beginning of year		420,915			—			420,915
End of year	$	534,488		$	—		$	534,488

Management has determined that the amounts primarily relate to misclassifications of balances within the statements of operations and cash flows for the years ended December 31, 2018 and 2017 related to accounting for retirement plan cash flows and other cash flow presentation reclassifications. This error resulted in offsetting misstatements to premiums and other considerations, fee revenue and other income, net transfers to (from) separate accounts and surrender benefits and corresponding offsetting misstatements within the cash provided by (used in) operating activities and cash provided by (used in) financing and miscellaneous activities. The retirement plan misclassifications had no impact to the Company’s net income or capital and surplus in the prior years.

In addition, Management reclassified certain prior year out of period adjustments from net income to capital and surplus per SSAP No. 03, Accounting changes and corrections of errors.

Reclassifications

Certain amounts in prior year financial statement balances and footnote disclosures have been reclassified to conform to the current year presentation.

24

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

4. Fair Values of Financial Instruments

The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Determination of fair value

The fair values of financial instruments are determined by management after taking into consideration several sources of data. When available, the Company uses quoted market prices in active markets to determine the fair value of its investments. The Company’s valuation policy utilizes a pricing hierarchy which dictates that publicly available prices are initially sought from indices and third-party pricing services. In the event that pricing is not available from these sources, those securities are submitted to brokers to obtain quotes. Lastly, securities are priced using internal cash flow modeling techniques. These valuation methodologies commonly use reported trades, bids, offers, issuer spreads, benchmark yields, estimated prepayment speeds, and/or estimated cash flows.

To understand the valuation methodologies used by third-party pricing services, the Company reviews and monitors their applicable methodology documents. Any changes to their methodologies are noted and reviewed for reasonableness. In addition, the Company performs in-depth reviews of prices received from third-party pricing services on a sample basis. The objective for such reviews is to demonstrate the Company can corroborate detailed information such as assumptions, inputs and methodologies used in pricing individual securities against documented pricing methodologies. Only third-party pricing services and brokers with a substantial presence in the market and with appropriate experience and expertise are used.

Each month, the Company performs an analysis of the information obtained from indices, third-party services, and brokers to ensure the information is reasonable and produces a reasonable estimate of fair value. The Company considers both qualitative and quantitative factors as part of this analysis, including but not limited to, recent transactional activity for similar securities, review of pricing statistics and trends, and consideration of recent relevant market events. Other controls and procedures over pricing received from indices, third -party pricing services, or brokers include validation checks such as exception reports which highlight significant price changes, stale prices or un-priced securities.

25

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

Fair value hierarchy

The Company’s financial assets and liabilities carried at fair value are classified, for disclosure purposes, based on a hierarchy defined by SSAP No. 100R, Fair Value. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets and liabilities (Level 1), and the lowest ranking to fair values determined using methodologies and models with unobservable inputs (Level 3). An asset’s or a liability’s classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows:

Level 1 -	Unadjusted quoted prices for identical assets or liabilities in active markets accessible at the measurement date.
Level 2 -	Quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

a) Quoted prices for similar assets or liabilities in active markets

b) Quoted prices for identical or similar assets or liabilities in non-active markets

c) Inputs other than quoted market prices that are observable

d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means

Level 3 - Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. They reflect the Company’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.

The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments:

Cash Equivalents and Short-Term Investments: The carrying amounts reported in the accompanying balance sheets for these financial instruments is either reported at fair value or amortized cost (which approximates fair value). Cash is not included in the below tables.

Short-Term Notes Receivable from Affiliates: The carrying amounts reported in the accompanying balance sheets for these financial instruments approximate their fair value.

Bonds and Stocks: The NAIC allows insurance companies to report the fair value determined by the SVO or to determine the fair value by using a permitted valuation method. The fair values of bonds and stocks are reported or determined using the following pricing sources: indices, third-party pricing services, brokers, external fund managers and internal models.

26

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

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 sheet date. The estimated fair values of equity and interest rate options (calls, puts, caps) are based upon the latest quoted market price at the balance sheet date. The estimated fair values of swaps, including interest rate and currency swaps are based on pricing models or formulas using current assumptions. The estimated fair value of credit default swaps are based upon active market data, including interest rate quotes, credit spreads, and recovery rates, which are then used to calculate probabilities of default for the fair value calculation. The Company accounts for derivatives that receive and pass hedge accounting in the same manner as the underlying hedged instrument. If that instrument is held at amortized cost, then the derivative is also held at amortized cost.

Policy Loans: The book value of policy loans is considered to approximate the fair value of the loan, which is stated at unpaid principal balance.

Securities Lending Reinvested Collateral: The cash collateral from securities lending is reinvested in various short -term and long-term debt instruments. The fair values of these investments are determined using the methods described above under Cash Equivalents and Short-Term Investments and Bonds and Stocks.

27

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

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 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.

28

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

The following tables set forth a comparison of the estimated fair values and carrying amounts of the Company’s financial instruments, including those not measured at fair value in the balance sheets, as of December 31, 2019 and 2018, respectively:

	December 31, 2019
	Aggregate Fair Value			Admitted Value		(Level 1)		(Level 2)			(Level 3)		Net Asset Value (NAV)
Admitted assets
Cash equivalents and short-term investments, other than affiliates	$	364,399		$	364,385	$	229,488	$	134,911		$	—	$	—
Bonds		5,827,509			5,332,758		612,518		5,127,658			87,333		—
Preferred stocks, other than affiliates		4,759			4,552		—		4,759			—		—
Common stocks, other than affiliates		3,763			3,763		1,209		—			2,554		—
Mortgage loans on real estate		1,615,808			1,546,510		—		—			1,615,808		—
Other invested assets		25,776			22,768		—		25,743			33		—
Derivative assets:
Interest rate swaps		108,339			108,339		—		108,339			—		—
Currency swaps		2,883			1,615		—		2,883			—		—
Credit default swaps		7,469			3,751		—		7,469			—		—
Equity swaps		69			69		—		69			—		—
Equity futures		180			180		180		—			—		—
Derivative assets total		118,940			113,954		180		118,760			—		—
Policy loans		130,787			130,787		—		130,787			—		—
Securities lending reinvested collateral		241,364			241,365		5,000		236,364			—		—
Separate account assets		23,535,229			23,516,864		21,367,757		2,167,472			—		—
Liabilities
Investment contract liabilities		4,910,510			4,406,231		—		916			4,909,594		—
Derivative liabilities:
Interest rate swaps		75,773			79,526		—		75,773			—		—
Currency swaps		1,037			2,228		—		1,037			—		—
Credit default swaps		(2,673	)		1,315		—		(2,673	)		—		—
Equity swaps		14,576			14,576		—		14,576			—		—
Interest rate futures		4,135			4,135		4,135		—			—		—
Equity futures		261			261		261		—			—		—
Derivative liabilities total		93,109			102,041		4,396		88,713			—		—
Dollar repurchase agreements		66,176			66,176		—		66,176			—		—
Payable for securities lending		311,367			311,367		—		311,367			—		—
Payable for derivative cash collateral		60,038			60,038		—		60,038			—		—
Separate account annuity liabilities		23,059,251			23,058,706		—		21,520,881			1,538,370		—

29

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

	December 31, 2018
	Aggregate Fair Value			Admitted Value		(Level 1)		(Level 2)			(Level 3)		Net Asset Value (NAV)
Admitted assets
Cash equivalents and short-term investments,other than affiliates	$	224,732		$	224,732	$	203,002	$	21,730		$	—	$	—
Short-term notes receivable from affiliates		50,000			50,000		—		50,000			—		—
Bonds		5,711,928			5,648,863		543,674		5,057,778			110,476		—
Preferred stocks, other than affiliates		4,291			4,552		—		4,291			—		—
Common stocks, other than affiliates		1,115			1,115		—		—			1,115		—
Mortgage loans on real estate		1,475,938			1,480,920		—		—			1,475,938		—
Other invested assets		21,679			19,230		—		21,580			99		—
Derivative assets:
Interest rate swaps		79,466			79,466		—		79,466			—		—
Currency swaps		4,009			3,425		—		4,009			—		—
Credit default swaps		6,361			5,174		—		6,361			—		—
Equity swaps		15,770			15,770		—		15,770			—		—
Interest rate futures		2,368			2,368		2,368		—			—		—
Equity futures		168			168		168		—			—		—
Derivative assets total		108,142			106,371		2,536		105,606			—		—
Policy loans		130,605			130,605		—		130,605			—		—
Securities lending reinvested collateral		283,720			283,721		—		283,720			—		—
Separate account assets		21,012,397			21,063,892		17,984,612		3,027,785			—		—
Liabilities
Investment contract liabilities		4,752,848			4,701,794		—		3,494			4,749,354		—
Derivative liabilities:
Interest rate swaps		49,615			58,897		—		49,615			—		—
Currency swaps		2,391			1,545		—		2,391			—		—
Credit default swaps		(340	)		2,622		—		(340	)		—		—
Equity swaps		410			410		—		410			—		—
Interest rate futures		141			141		141		—			—		—
Equity futures		458			458		458		—			—		—
Derivative liabilities total		52,675			64,073		599		52,076			—		—
Payable for securities lending		319,971			319,971		—		319,971			—
Payable for derivative cash collateral		61,144			61,144		—		61,144			—		—
Separate account annuity liabilities		20,647,404			20,651,888		—		18,109,336			2,538,068		—

30

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

The following tables provides information about the Company’s financial assets and liabilities measured at fair value as of December 31, 2019 and 2018:

	2019
	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets:
Bonds
Industrial and miscellaneous	$	—	$	2,415	$	1,089	$	—	$	3,504
Total bonds		—		2,415		1,089		—		3,504
Common stock
Industrial and miscellaneous	$	1,209	$	—	$	2,554	$	—	$	3,763
Total common stock		1,209		—		2,554		—		3,763
Cash equivalents and short-term
Money market mutual funds	$	229,488	$	—	$	—	$	—	$	229,488
Total short-term investments		229,488		—		—		—		229,488
Securities lending reinvested collateral		5,000		—		—		—		5,000
Derivative assets		180		108,408		—		—		108,588
Separate account assets		21,367,757		511,156		—		—		21,878,913
Total assets	$	21,603,634	$	621,979	$	3,643	$	—	$	22,229,256
Liabilities:
Derivative liabilities	$	4,395	$	80,968	$	—	$	—	$	85,363
Total liabilities	$	4,395	$	80,968	$	—	$	—	$	85,363
	2018
	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets:
Bonds
Industrial and miscellaneous	$	—	$	3,886	$	1,060	$	—	$	4,946
Total bonds		—		3,886		1,060		—		4,946
Common stock
Industrial and miscellaneous		—		—		1,115		—		1,115
Total common stock		—		—		1,115		—		1,115
Cash equivalents and short-term
Money market mutual funds		203,002		—		—		—		203,002
Total short-term investments		203,002		—		—		—		203,002
Securities lending reinvested collateral		—		—		—		—		—
Derivative assets		2,536		95,237		—		—		97,773
Separate account assets		17,984,612		448,016		—		—		18,432,628
Total assets	$	18,190,150	$	547,139	$	2,175	$	—	$	18,739,464
Liabilities:
Derivative liabilities	$	599	$	48,476	$	—	$	—	$	49,075
Total liabilities	$	599	$	48,476	$	—	$	—	$	49,075

31

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

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.

Common stocks classified as Level 3 are comprised primarily of shares in the FHLB of New York, which are valued at par as a proxy for fair value as a result of restrictions that allow redemptions only by FHLB.

The following tables summarize the changes in assets classified as Level 3 for 2019 and 2018:

	Beginning Balance at January 1, 2019		Transfers in (Level 3)		Transfers out (Level 3)		Total Gains (Losses) Included in Net income (a)			Total Gains (Losses) Included in Surplus (b)
Bonds
Other	$	1,060	$	1,958	$	1,902	$	4		$	132
Common stock		1,115		—		1,216		(217	)		12
Total	$	2,175	$	1,958	$	3,118	$	(213	)	$	144

	Purchases		Issuances		Sales		Settlements		Ending Balance at December 31, 2019
Bonds
Other	$	38	$	—	$	—	$	201	$	1,089
Common stock		1,877		983		—		—		2,554
Total	$	1,915	$	983	$	—	$	201	$	3,643

(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, 2018		Transfers in (Level 3)		Transfers out (Level 3)		Total Gains (Losses) Included in Net income (a)			Total Gains (Losses) Included in Surplus (b)
Bonds
Other	$	1,302	$	1,885	$	1,891	$	6		$	(47	)
Common stock		—		—		—		—			—
Derivatives		1,364		—		—		(20,149	)		(1,364	)
Total	$	2,666	$	1,885	$	1,891	$	(20,143	)	$	(1,411	)

	Purchases		Issuances		Sales			Settlements			Ending Balance at December 31, 2018
Bonds
Other	$	—	$	—	$	—		$	195		$	1,060
Common stock		1,115		—		—			—			1,115
Derivatives		—		—		(2,004	)		(18,145	)		—
Total	$	1,115	$	—	$	(2,004	)	$	(17,950	)	$	2,175

(a) Recorded as a component of Net Realized Capital Gains (Losses) on Investments in the Statements of Operations

(b) Recorded as a component of Change in Net Unrealized Capital Gains (Losses) in the Statements of Changes in Capital and Surplus

Nonrecurring fair value measurements

As of December 31, 2019 and 2018, the Company held no property as held for sale.

32

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

5. Investments

The carrying amounts and estimated fair value of investments in bonds and stocks are as follows:

	Book Adjusted Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
December 31, 2019
Bonds
United States Government and agencies	$	474,098	$	122,202	$	91	$	596,209
State, municipal and other government		96,650		14,187		236		110,601
Hybrid securities		89,504		4,007		5,282		88,229
Industrial and miscellaneous		3,649,543		322,781		23,417		3,948,907
Mortgage and other asset-backed securities		1,022,963		62,037		1,437		1,083,563
Total unaffiliated bonds		5,332,758		525,214		30,463		5,827,509
Unaffiliated preferred stocks		4,552		221		14		4,759
	$	5,337,310	$	525,435	$	30,477	$	5,832,268
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Unaffiliated common stocks	$	3,758	$	37	$	32	$	3,763
	Book Adjusted Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
December 31, 2018
Bonds
United States Government and agencies	$	468,344	$	66,434	$	5,251	$	529,527
State, municipal and other government		107,295		7,308		2,112		112,491
Hybrid securities		78,621		1,197		10,624		69,194
Industrial and miscellaneous		3,985,382		97,188		121,758		3,960,812
Mortgage and other asset-backed securities		1,009,221		41,273		10,590		1,039,904
Total unaffiliated bonds		5,648,863		213,400		150,335		5,711,928
Unaffiliated preferred stocks		4,552		45		306		4,291
	$	5,653,415	$	213,445	$	150,641	$	5,716,219
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Unaffiliated common stocks	$	1,115	$	—	$	—	$	1,115

33

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

The carrying amount and estimated fair value of bonds at December 31, 2019, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

	2019
December 31:	Carrying Value		Fair Value
Due in one year or less	$	276,952	$	278,962
Due after one year through five years		1,379,971		1,443,349
Due after five years through ten years		840,362		909,109
Due after ten years		1,812,510		2,112,526
		4,309,795		4,743,946
Mortgage and other asset-backed securities		1,022,963		1,083,563
Total	$	5,332,758	$	5,827,509

The estimated fair value of bonds, preferred stocks and common stocks with gross unrealized losses at December 31, 2019 and 2018 is as follows:

	2019
	Equal to or Greater than 12 Months				Less than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
United States Government and agencies	$	235	$	2	$	1,149	$	89
State, municipal and other government		665		236		—		—
Hybrid securities		45,378		5,282		—		—
Industrial and miscellaneous		153,661		18,928		151,220		4,490
Mortgage and other asset-backed securities		18,936		468		89,503		969
Total bonds		218,875		24,916		241,872		5,548
Preferred stocks-unaffiliated		—		—		2,010		14
Common stocks-unaffiliated		—		—		406		32
	$	218,875	$	24,916	$	244,288	$	5,594

	2018
	Equal to or Greater than 12 Months				Less than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
United States Government and agencies	$	14,262	$	1,143	$	72,486	$	4,108
State, municipal and other government		4,121		513		24,210		1,599
Hybrid securities		14,836		3,374		42,248		7,250
Industrial and miscellaneous		369,353		46,104		1,718,951		75,654
Mortgage and other asset-backed securities		140,189		4,803		291,096		5,787
Total bonds		542,761		55,937		2,148,991		94,398
Preferred stocks-unaffiliated		1,800		224		1,200		82
	$	544,561	$	56,161	$	2,150,191	$	94,480

34

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

There were $2,799 loan- backed or structured securities with a recognized OTTI due to intent to sell or lack of intent and ability to hold during the years ended December 31, 2019. During 2018 and 2017, there were no loan-backed or structured securities with a recognized OTTI due to intent to sell or lack of intent and ability to hold.

For loan-backed and structured securities with a recognized OTTI due to the Company’s cash flow analysis, in which the security is written down to estimated future cash flows discounted at the security’s effective yield, in 2019, 2018 and 2017 the Company recognized OTTI of $209, $485 and $57, respectively.

The following loan-backed and structured securities were held at December 31, 2019, for which an OTTI was recognized during the current reporting period:

CUSIP	Amortized Cost Before Current Period OTTI		Present Value of Projected Cash Flows		Recognized OTTI		Amortized Cost After OTTI		Fair Value at Time of OTTI		Date of Financial Statement Where Reported
14984WAA8	$	2,799	$	2,591	$	208	$	2,591	$	2,591		6/30/2019
81744FFD4		1		—		1		—		0		6/30/2019
					$	209

The unrealized losses of loan-backed and structured securities where fair value is less than cost or amortized cost for which an OTTI has not been recognized in earnings as of December 31, 2019 and 2018 is as follows:

	2019				2018
	Losses 12 Months or More		Losses Less Than 12 Months		Losses 12 Months or More		Losses Less Than 12 Months
Year ended December 31:
The aggregate amount of unrealized losses	$	468	$	1,089	$	4,803	$	6,066
The aggregate related fair value of securities with unrealized losses	$	18,936		90,592		140,189		295,276

At December 31, 2019 and 2018, respectively, for bonds and preferred stocks that have been in a continuous loss position for greater than or equal to twelve months, the Company held 55 and 138 securities with a carrying amount of $243,791 and $600,722 and an unrealized loss of $24,916 and $56,160. Of this portfolio, 61.2% and 83.0% were investment grade with associated unrealized losses of $9,288 and $38,408, respectively.

At December 31, 2019 and 2018, respectively, for bonds and preferred stocks that have been in a continuous loss position for less than twelve months, the Company held 64 and 643 securities with a carrying amount of $249,444 and $ 2,244,673 and an unrealized loss of $5,562 and $94,480. Of this portfolio, 87.7% and 85.1% were investment grade with associated unrealized losses of $3,622 and $68,171, respectively.

35

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

At December 31, 2019 and 2018, the Company did not hold any common stocks that have been in a continuous loss position for greater than or equal to twelve months.

At December 31, 2019 for common stocks that have been in a continuous loss position for less than twelve months, the Company held 1 security with a carrying amount of $438 and an unrealized loss of $32. At December 31, 2018, the Company did not hold any common stocks that have been in a continuous loss position for less than twelve months.

The following table provides the number of 5GI securities, aggregate book adjusted carrying value and aggregate fair value by investment type:

	Number of 5GI Securities		Book /Adjusted Carrying Value		Fair Value
December 31, 2019
Bond, amortized cost		2	$	3,736	$	3,364
Loan-backed and structured securities, amortized cost		2		4,296		4,296
Total		4	$	8,032	$	7,660
December 31, 2018
Bond, amortized cost		3	$	7,782	$	8,181
Loan-backed and structured securities, amortized cost		1		2,398		2,398
Total		4	$	10,180	$	10,579

During 2019 and 2018, the Company sold, redeemed or otherwise disposed of 71 and 64 securities as a result of a callable feature which generated investment income of $4,159 and $4,910 as a result of a prepayment penalty and/or acceleration fee.

Proceeds from sales and other disposals of bonds and preferred stock and related gross realized capital gains and losses are reflected in the following table. The amounts exclude maturities and include transfers associated with reinsurance agreements.

	Year Ended December 31
	2019			2018			2017
Proceeds	$	1,575,257		$	1,047,071		$	1,397,425
Gross realized gains	$	10,130		$	2,342		$	44,204
Gross realized losses		(5,942	)		(26,053	)		(6,295	)
Net realized capital gains (losses)	$	4,188		$	(23,711	)	$	37,909

The Company had gross realized losses, which relate to losses recognized on other-than-temporary declines in the fair value of bonds and preferred stocks, for the years ended December 31, 2019, 2018 and 2017 of $10,744, $1,038, and $2,840 respectively.

36

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

At December 31, 2019 and 2018, the Company had no recorded investment in restructured securities. There were no capital gains (losses) taken as a direct result of restructures in 2019, 2018 and 2017.

Mortgage Loans

The credit quality of mortgage loans by type of property for the years ended December 31, 2019 and 2018 was as follows:

December 31, 2019

	Farm		Commercial		Total
AAA - AA	$	—	$	847,516	$	847,516
A		9,890		642,006		651,896
BBB		—		43,190		43,190
BB		—		3,908		3,908
	$	9,890	$	1,536,620	$	1,546,510

December 31, 2018

	Farm		Commercial		Total
AAA - AA	$	—	$	742,293	$	742,293
A		10,000		675,425		685,425
BBB		—		49,256		49,256
BB		—		3,946		3,946
	$10,000		$1,470,920		$1,480,920

The credit quality for commercial and farm mortgage loans was determined based on an internal credit rating model which assigns a letter rating to each mortgage loan in the portfolio as an indicator of the credit quality of the mortgage loan. The internal credit rating model was designed based on rating agency methodology, then modified for credit risk associated with the Company’s mortgage lending process, taking into account such factors as projected future cash flows, net operating income, and collateral value. The model produces a credit rating score and an associated letter rating which is intended to align with S&P ratings as closely as possible. Information supporting the credit risk rating process is updated at least annually.

During 2019 the Company issued mortgage loans with a maximum interest rate of 5.35% and a minimum interest rate of 3.50% for commercial loans. The maximum percentage of any one mortgage loan to the value of the underlying real estate originated or acquired during the year ending December 31, 2019 at the time of origination or acquisitions was 70%. During 2018 the Company issued mortgage loans with a maximum interest rate of 5.54%, and a minimum interest rate of 4.02% for commercial loans. The maximum percentage of any one mortgage loan to the value of the underlying real estate originated during the year ending December 31, 2018 at the time of origination was 74%.

37

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

During 2019 and 2018, the Company did not reduce the interest rate on any outstanding mortgage loan. During 2019 and 2018, the Company issued no farm 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, 2019 and 2018.

			Commercial
December 31, 2019	Farm		Insured		All Other		Total
Recorded Investment (All)
(a) Current	$	9,890	$	—	$	1,536,620	$	1,546,510
(b) 30-59 Days Past Due		—		—		—		—
(c) 60-89 Days Past Due		—		—		—		—
(d) 90-179 Days Past Due		—		—		—		—
(e) 180+ Days Past Due		—		—		—		—
Participant or Co-lender in Mortgage Loan Agreement
(a) Recorded Investment	$	9,890	$	—	$	617,094	$	626,984

			Commercial
December 31, 2018	Farm		Insured		All Other		Total
Recorded Investment (All)
(a) Current	$	10,000	$	—	$	1,470,920	$	1,480,920
(b) 30-59 Days Past Due		—		—		—		—
(c) 60-89 Days Past Due		—		—		—		—
(d) 90-179 Days Past Due		—		—		—		—
(e) 180+ Days Past Due		—		—		—		—
Participant or Co-lender in Mortgage Loan Agreement
(a) Recorded Investment	$	10,000	$	—	$	590,536	$	600,536

There were no impaired mortgage loans held without an allowance for credit losses as of December 31, 2019 and 2018, respectively, that were subject to participant or co-lender mortgage loan agreement for which the Company is restricted from unilaterally foreclosing on the mortgage loans.

The Company accrues interest income on impaired loans to the extent deemed collectible (delinquent less than 91 days) and the loan continues to perform under its original or restructured contractual terms. Interest income on nonperforming loans generally is recognized on a cash basis.

No mortgage loan foreclosures occurred during 2019, 2018 and 2017. At December 31, 2019 and 2018, the Company held a mortgage loan loss reserve in the AVR of $16,524 and $14,587, respectively.

38

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

The Company’s mortgage loan portfolio is diversified by geographic region and specific collateral property type as follows:

Geographic Distribution							Property Type Distribution
	December 31							December 31
	2019			2018				2019			2018
South Atlantic		26	%		26	%	Apartment		49	%		53	%
Pacific		25			24		Retail		18			16
Middle Atlantic		14			12		Industrial		15			14
Mountain		9			10		Office		11			10
E. North Central		8			8		Other		3			3
W. South Central		7			8		Medical		3			3
W. North Central		6			7		Agricultural		1			1
E. South Central		4			4
New England		1			1

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.

During 2019, no properties were disposed of and there were no impairment losses recorded.

An impairment loss of $2,426 was taken on a property during the third quarter of 2018 to write the book value down to the current fair value. This impairment loss was included in net realized capital gains (losses) within the summary of operations. The Company subsequently disposed of the property during the fourth quarter of 2018, resulting in a realized loss of $1,205.

During 2017, no properties were disposed of and there were no impairment losses recorded.

Other Invested Assets

During 2019, 2018 and 2017, the Company recognized no impairment write downs for its investments in joint ventures and limited partnerships.

Tax Credits

At December 31, 2019, the Company had ownership interest in nine LIHTC investments with a carrying value of $85,230. The remaining years of unexpired tax credits ranged from five to ten and the properties were not subject to regulatory review. The length of time remaining for the holding periods ranged from one to fifteen years. The amount of contingent equity commitments expected to be paid during the years 2020 to 2022 is $104,437. Tax credits recognized in 2019 were $ 25,461, and other tax benefits recognized in 2019 were $5,256. There were no impairment losses, write-downs or reclassifications during the year related to any of these credits.

39

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

At December 31, 2018, the Company had ownership interest in ten LIHTC investments with a carrying value of $ 63,256. The remaining years of unexpired tax credits ranged from six to eleven and the properties were not subject to regulatory review. The length of time remaining for the holding periods ranged from one to sixteen years. The amount of contingent equity commitments expected to be paid during the years 2019 to 2023 is $149,810. Tax credits recognized in 2018 were $ 16,993, and other tax benefits recognized in 2018 were $5,163. There were no impairment losses, write-downs or reclassifications during the year related to any of these credits.

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

The Company has entered into collateral agreements with certain counterparties wherein the counterparty is required to post assets (cash or securities) on the Company’s behalf in an amount equal to the difference between the net positive fair value of the contracts and an agreed upon threshold based on the credit rating of the counterparty. If the net fair value of all contracts with this counterparty is negative, then the Company is required to post similar assets (cash or securities). Fair value of derivative contracts, aggregated at a counterparty level at December 31, 2019 and 2018 was as follows:

	2019			2018
Fair value—positive	$	121,858		$	110,369
Fair value—negative		(96,025	)		(54,903	)

For the years ended December 31, 2019, 2018 and 2017, the Company recorded unrealized gains (losses) of $23,225, $48,698 and $29,880, respectively, for the component of derivative instruments utilized for hedging purposes that did not qualify for hedge accounting. This has been recorded directly to unassigned surplus as an unrealized gain (loss). The Company did not recognize any unrealized gains or losses during 2019, 2018 or 2017 that represented the component of derivative instruments gain or loss that was excluded from the assessment of hedge effectiveness.

Summary of realized gains (losses) by derivative type for the years ended December 31, 2019, 2018 and 2017:

	2019			2018			2017
Swaps:
Interest rate	$	316		$	(25,855	)	$	(15,334	)
Credit		(321	)		(1,240	)		—
Total return		(42,233	)		(6,871	)		(70,474	)
Total swaps	$	(42,238	)	$	(33,966	)	$	(85,808	)
Futures—net positions		66,497			(3,690	)		13,675
Lehman settlements		13			47			104
Total realized gains (losses)	$	24,272		$	(37,609	)	$	(72,029	)

40

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

The average estimated fair value of derivatives held for other than hedging purposes is presented in the following table for the years ended December 31, 2019 and 2018:

	Asset(1)				Liability(1)
	2019		2018		2019			2018
Derivative component of RSATs
Credit default swaps	$	7,281	$	7,726	$	(2,122	)	$	(1,590	)
Interest rate swaps		—		—		—			—

⁽¹⁾  Asset and liability classification is based on the positive (asset) or negative (liability) book/adjusted carrying value of each derivative.

The estimated fair value of derivatives held for other than hedging purposes is presented in the following table for the years ended December 31, 2019 and 2018:

	Asset(1)				Liability(1)
	2019		2018		2019			2018
Derivative component of RSATs
Credit default swaps	$	7,469	$	6,361	$	(2,673	)	$	(340	)
Interest rate swaps		—		—		—			—
Total	$	7,469	$	6,361	$	(2,673	)	$	(340	)

⁽¹⁾  Asset and liability classification is based on the positive (asset) or negative (liability) book/adjusted carrying value of each derivative.

The net realized gains (losses) on the derivatives held for other than hedging purposes is presented in the following table for the years ended December 31, 2019, 2018 and 2017:

	2019			2018			2017
Derivative component of RSATs
Credit default swaps	$	(321	)	$	(1,240	)	$	—
Interest rate swaps		—			—			—
Total	$	(321	)	$	(1,240	)	$	—

As stated in Note 1, the Company replicates investment grade corporate bonds and sovereign debt by writing credit default swaps. As a writer of credit swaps, the Company actively monitors the underlying asset, being careful to note any events (default or similar credit event) that would require the Company to perform on the credit swap. If such events would take place, a payment equal to the notional amount of the contract, less any potential recoveries as determined by the underlying agreement, will be made by the Company to the counterparty to the swap.

41

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

The following tables present the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at December 31, 2019 and 2018:

		2019
Rating Agency Designation of Referenced Credit Obligations (1)	NAIC Designation	Estimated Fair Value of Credit Default Swaps			Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
AAA/AA/A	1
Single name credit default swaps (3)		$	1,560		$	114,800		1.5
Credit default swaps referencing indices			13			20,000		41.7
Subtotal			1,573			134,800		7.5
BBB	2
Single name credit default swaps (3)			5,869			244,105		2.1
Credit default swaps referencing indices			2,707			124,500		3.3
Subtotal			8,576			368,605		2.5
BB	3
Single name credit default swaps (3)			(6	)		6,650		0.7
Subtotal			(6	)		6,650		0.7
Total		$	10,143		$	510,055		3.8

(1) The rating agency designations are based on availablity 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 governement and state entities.

42

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

		2018
Rating Agency Designation of Referenced Credit Obligations (1)	NAIC Designation	Estimated Fair Value of Credit Default Swaps			Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
AAA/AA/A	1
Single name credit default swaps (3)		$	1,849		$	121,465		2.5
Subtotal			1,849			121,465		2.5
BBB	2
Single name credit default swaps (3)			4,555			272,440		2.9
Credit default swaps referencing indices			811			99,000		3.5
Subtotal			5,366			371,440		3.0
BB	3
Single name credit default swaps (3)			(28	)		13,050		1.2
Subtotal			(28	)		13,050		1.2
B	4
Single name credit default swaps (3)			(487	)		2,500		3.5
Subtotal			(487	)		2,500		3.5
Total		$	6,700		$	508,455		2.9

(1) The rating agency designations are based on availablity 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 governement and state entities.

The Company may enter into credit default swaps to purchase credit protection on certain of the referenced credit obligations in the table above. At December 31, 2019, the maximum amounts of potential future recoveries available to offset the $510,055 from the table above was $0.

43

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

At December 31, 2019 and 2018, the Company’s outstanding derivative instruments, shown in notional or contract amounts and fair value, are summarized as follows:

	Contract or Notional Amount*				Fair Value
	2019		2018		2019			2018
Derivative assets:
Credit default swaps	$	261,500	$	271,000	$	7,469		$	6,361
Currency swaps		19,757		46,958		2,883			4,009
Equity futures		—		—		180			168
Equity swaps		2,593		259,244		69			15,770
Interest rate futures		—		4		—			2,368
Interest rate swaps		2,100,050		1,735,499		108,340			79,466
Derivative liabilities:
Credit default swaps		248,555		237,455		(2,673	)		(340	)
Currency swaps		68,247		31,607		1,037			2,391
Equity futures		—		—		261			458
Equity swaps		329,736		4,229		14,576			410
Interest rate futures		7		—		4,135			141
Interest rate swaps		1,402,069		1,463,319		75,773			49,615

* Futures are presented in contract format. Swaps and options are presented in notional format.

Restricted Assets

The following tables show the pledged or restricted assets as of December 31, 2019 and 2018, respectively:

	Gross Restricted (Admitted & Nonadmitted) 2019
Restricted Asset Category	Total General Account (G/A)		G/A Supporting Separate Account (S/A) Activity		Total S/A Restricted Assets		S/A Assets Supporting G/A Activity		Total
Collateral held under security lending agreements	$	311,367	$	—	$	—	$	—	$	311,367
Subject to dollar repurchase agreements		66,227		—		—		—		66,227
FHLB capital stock		2,554		—		—		—		2,554
On deposit with states		2,854		—		—		—		2,854
Pledged as collateral not captured in other categories		58,995		—		—		—		58,995
Total Restricted Assets	$	441,997	$	—	$	—	$	—	$	441,997

	Gross (Admitted & Nonadmitted) Restricted									Percentage
Restricted Asset Category	Total From Prior Year (2018)		Increase/ (Decrease)			Total Nonadmitted Restricted		Total Admitted Restricted		Gross (Admitted & Nonadmitted) Restricted to Total Assets			Admitted Restricted to Total Admitted Assets
Collateral held under security lending agreements	$	319,246	$	(7,879	)	$	—	$	311,367		0.97	%		0.98	%
Subject to dollar repurchase agreements		—		66,227			—		66,227		0.21	%		0.21	%
FHLB capital stock		1,115		1,439			—		2,554		0.01	%		0.01	%
On deposit with states		2,910		(56	)		—		2,854		0.01	%		0.01	%
Pledged as collateral not captured in other categories		59,054		(59	)		—		58,995		0.18	%		0.18	%
Total Restricted Assets	$	382,325	$	59,672		$	—	$	441,997		1.38	%		1.39	%

44

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

The following table shows the pledged or restricted assets in other categories as of December 31, 2019 and 2018, respectively:

	Gross (Admitted & Nonadmitted) Restricted 2019
Description of Assets	Total General Account (G/A)		G/A Supporting S/A Activity		Total Separate Account (S/A) Restricted Assets		S/A Assets Supporting G/A Activity		Total
Derivatives	$	58,995	$	—	$	—	$	—	$	58,995
Total	$	58,995	$	—	$	—	$	—	$	58,995

	Gross (Admitted & Nonadmitted) Restricted							Percentage
Description of Assets	Total From Prior Year (2018)		Increase/ (Decrease)			Total Current Year Admitted Restricted		Gross (Admitted & Nonadmitted) Restricted to Total Assets			Admitted Restricted to Total Admitted Assets
Derivatives	$	59,054	$	(59	)	$	58,995		0.18	%		0.18	%
Total	$	59,054	$	(59	)	$	58,995		0.18	%		0.18	%

The following tables show the collateral received and reflected as assets within the financial statements as of December 31, 2019 and 2018:

December 31, 2019

Collateral Assets	Carrying Value		Fair Value		% of CV to Total Assets (Admitted and Nonadmitted)			% of CV to Total Admitted Assets
Cash	$	124,968	$	124,968		1.48	%		1.49	%
Securities lending collateral assets		311,367		311,367		3.69			3.71
Other		1,246		1,246		0.01			0.01
Total collateral assets	$	437,581	$	437,581		5.18	%		5.21	%

	Amount	% of Liability to Total Liabilities
	$437,753		5.95	%
Recognized Obligation to return collateral asset

45

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

December 31, 2018

Collateral Assets	Carrying Value		Fair Value		% of CV to Total Assets (Admitted and Nonadmitted)			% of CV to Total Admitted Assets
Cash	$	60,144	$	60,144		0.71	%		0.71
Securities lending collateral assets		319,971		319,971		3.78			3.80
Other		1,000		1,000		0.01			0.01
Total	$	381,115	$	381,115		4.50	%		4.53

	Amount		% of Liability to Total Liabilities
Recognized Obligation to return collateral asset	$	381,115		5.21	%

Net Investment Income

Detail of net investment income is presented below:

	Year Ended December 31
	2019			2018			2017
Income:
Bonds	$	258,609		$	269,581		$	289,465
Preferred stocks		274			243			200
Common stocks		102			—			—
Mortgage loans on real estate		66,761			58,296			56,300
Policy loans		7,708			7,631			6,910
Cash, cash equivalents and short-term investments		7,289			5,267			4,581
Derivatives		23,152			23,075			22,232
Other invested assets		(4,446	)		(5,079	)		4,140
Gross investment income		359,449			359,014			383,828
Less: investment expenses		19,742			19,356			23,021
Net investment income before amortization of IMR		339,707			339,658			360,807
Amortization of IMR		4,630			7,577			10,927
Net investment income	$	344,337		$	347,235		$	371,734

46

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

Realized Capital Gains (Losses)

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

	Realized Year Ended December 31
	2019			2018			2017
Bonds	$	(6,556	)	$	(21,349	)	$	35,069
Common stocks		(216	)		—			(63	)
Mortgage loans on real estate		—			(54	)		968
Real estate		—			(3,631	)		—
Cash, cash equivalents and short-term investments		8			(18	)		(12	)
Derivatives		24,259			(37,656	)		(72,133	)
Other invested assets		4,207			8,386			6,744
Change in realized capital gains (losses), before taxes		21,702			(54,322	)		(29,427	)
Federal income tax effect		(1,772	)		7,004			(13,315	)
Transfer from (to) interest maintenance reserve		(2,735	)		17,142			(28,197	)
Net realized capital gains (losses) on investments	$	17,195		$	(30,176	)	$	(70,939	)

Unrealized Capital Gains (Losses)

The changes in net unrealized capital gains and losses on investments, including the changes in net unrealized foreign capital gains and losses were as follows:

	Change in Unrealized
	Year Ended December 31
	2019			2018			2017
Bonds	$	6,029		$	(3,714	)	$	7,788
Common stocks		5			—			—
Affiliated entities		(92	)		634			(182	)
Cash equivalents and short-term investments		8			14			(11	)
Derivatives		(30,264	)		20,814			33,650
Other invested assets		5,453			(4,918	)		5,015
Change in unrealized capital gains (losses), before taxes		(18,861	)		12,830			46,260
Taxes on unrealized capital gains (losses)		(513	)		559			(2,210	)
Change in unrealized capital gains (losses), net of tax	$	(19,374	)	$	13,389		$	44,050

47

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

6. Premium and Annuity Considerations Deferred and Uncollected

Deferred and uncollected life premium and annuity considerations, net of reinsurance, at December 31, 2019 and 2018 were as follows:

	2019				2018
	Gross		Net of Loading		Gross		Net of Loading
Life and annuity:
Ordinary first-year business	$	162	$	22	$	116	$	20
Ordinary renewal business		4,670		3,906		4,710		3,898
Group life direct business		213		152		235		170
Credit direct business		8		8		20		20
	$	5,053	$	4,088	$	5,081	$	4,108

7. Policy and Contract Attributes

Insurance Liabilities

Policy reserves, deposit-type contracts and policy claims at December 31, 2019 and 2018 were as follows:

	Year Ended December 31
	2019		2018
Life insurance reserves	$	1,307,541	$	1,195,740
Annuity reserves and supplementary contracts with life contingencies		4,924,134		5,236,604
Accident and health reserves (including long term care)		261,687		207,230
Total policy reserves	$	6,493,362	$	6,639,574
Deposit-type contracts		29,577		29,504
Policy claims		29,249		41,237
Total policy reserves, deposit-type contracts and claim liabilities	$	6,552,188	$	6,710,315

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 reserves are calculated using interest rates ranging from 2.00 to 7.25 percent and are computed principally on the Net Level Premium Valuation and the Commissioner’s Reserve Valuation Method. Reserves for universal life policies are based on account balances adjusted for the Commissioner’s Reserve Valuation Method.

Tabular interest, tabular less actual reserves released and tabular cost have been determined by formula.

The Company waives deduction of deferred fractional premiums upon death of the insured and returns any portion of the final premium for periods beyond the date of death.

48

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

Additional premiums are charged or additional mortality charges are assessed for policies issued on substandard lives according to underwriting classification. Generally, mean reserves are determined by computing the regular mean reserve for the plan at the true age and holding, in addition, one-half (1/2) of the extra premium charge for the year. For certain flexible premium and fixed premium universal life insurance products, reserves are calculated utilizing the Commissioner’s Reserve Valuation Method for universal life policies and recognizing any substandard ratings.

As of December 31, 2019 and 2018, the Company had insurance in force aggregating $7,461,830 and $6,838,334, respectively, in which the gross premiums are less than the net premiums required by the valuation standards established by the NYDFS. The Company established policy reserves of $1,049,584 and $1,758,084 to cover these deficiencies as of December 31, 2019 and 2018, respectively.

The Company does not issue participating life insurance policies.

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 2.50 to 11.00 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 a 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 Actuarial Guideline XLIII (AG 43). AG 43 specifies statutory reserve requirements for variable annuity contracts with benefit guarantees (VACARVM) and without benefit guarantees and related products. The AG 43 reserve calculation includes variable annuity products issued after January 1, 1981. 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 AG 43 is equal to the conditional tail expectation (CTE) amount, but not less than the standard scenario amount (SSA).

49

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

To determine the CTE amount, the Company used 1,000 of the pre-packaged scenarios developed by the American Academy of Actuaries (AAA) and the Society of Actuaries and prudent estimate assumptions based on Company experience. The SSA was determined using the assumptions and methodology prescribed in AG 43 for determining the SSA.

Accident and Health Liabilities

Accident and health policy reserves are equal to the greater of the gross unearned premiums or any required mid-terminal reserves plus net unearned premiums and the present value of amounts not yet due on both reported and unreported claims.

At December 31, 2019 and 2018, the Company had no premium deficiency reserve related to accident and health policies.

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.

Activity in the liability for unpaid claims and related processing costs net of reinsurance is summarized as follows:

	Unpaid Claims Liability Beginning of Year		Claims Incurred			Claims Paid		Unpaid Claims Liability End of Year
Year ended December 31, 2019
2019	$	—	$	48,863		$	33,089		15,774
2018 and prior		31,676		(7,829	)		19,549		4,298
		31,676	$	41,034		$	52,638		20,072
Active life reserve	$	196,895						$	255,224
Total accident and health reserves	$	228,571						$	275,296

	Unpaid Claims Liability Beginning of Year		Claims Incurred			Claims Paid		Unpaid Claims Liability End of Year
Year ended December 31, 2018
2018	$	—	$	63,281		$	37,443	$	25,838
2017 and prior		33,072		(4,909	)		22,325		5,838
		33,072	$	58,372		$	59,768		31,676
Active life reserve	$	196,199						$	196,895
Total accident and health reserves	$	229,271						$	228,571

50

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

The Company’s unpaid claims reserve was decreased by $7,829 and $4,909 for the years ended December 31, 2019 and 2018, respectively, for health claims that were incurred prior to those balance sheet dates. The change in 2019 and 2018 resulted primarily from variances in the estimated frequency of claims and claim severity.

Activity in the liability for unpaid claims adjustment expense is summarized as follows:

	Liability Beginning of Year		Incurred			Paid		Liability End of Year
Year ended December 31, 2019
2019	$	—	$	510		$	356	$	154
2018 and prior		647		(318	)		287		42
	$	647	$	192		$	643	$	196
Year ended December 31, 2018
2018	$	—	$	818		$	290	$	528
2017 and prior		629		(262	)		248		119
	$	629	$	556		$	538	$	647

The Company did not increase or decrease the claim adjustment expense provision for insured events of prior years during 2019.

Deposit-type Contracts

Tabular interest on funds not involving life contingencies has been determined primarily by formula.

51

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

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 these products, by withdrawal characteristics, is summarized as follows:

	December 31 2019
Individual Annuities:	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	—	$	23,111	$	—	$	23,111		1	%
At book value less surrender charge of 5% or more		20,692		—		—		20,692		1
At fair value		14,840		—		4,807,481		4,822,321		82
Total with adjustment or at fair value		35,532		23,111		4,807,481		4,866,124		84
At book value without adjustment (minimal or no charge or adjustment)		796,656		—		—		796,656		14
Not subject to discretionary withdrawal provision		128,893		—		5,493		134,386		2
Total individual annuity reserves		961,081		23,111		4,812,974		5,797,166		100	%
Less reinsurance ceded		146		—		—		146
Net individual annuity reserves	$	960,935	$	23,111	$	4,812,974	$	5,797,020
Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date		—		—		—		—

	December 31 2019
Group Annuities:	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	695,382	$	26,578	$	—	$	721,960		3	%
At book value less surrender charge of 5% or more		676,550		—		—		676,550		3
At fair value		3		346,312		15,569,485		15,915,800		72
Total with adjustment or at fair value		1,371,935		372,890		15,569,485		17,314,310		78
At book value without adjustment (minimal or no charge or adjustment)		2,053,227		66,718		—		2,119,945		10
Not subject to discretionary withdrawal provision		528,414		1,098,217		1,115,244		2,741,875		12
Total group annuity reserves		3,953,576		1,537,825		16,684,729		22,176,130		100	%
Less reinsurance ceded		38		—		—		38
Net group annuity reserves	$	3,953,538	$	1,537,825	$	16,684,729	$	22,176,092
Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date		—		—		—		—

52

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

	December 31 2019
Deposit-type contracts (no life contingencies):	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	—	$	—	$	—	$	—		0	%
At book value less surrender charge of 5% or more		—		—		—		—		0
At fair value		—		—		—		—		0
Total with adjustment or at fair value		—		—		—		—		0
At book value without adjustment (minimal or no charge or adjustment)		—		—		—		—		0
Not subject to discretionary withdrawal provision		26,318		—		67		26,385		100
Total deposit-type contracts		26,318		—		67		26,385		100	%
Less reinsurance ceded		—		—		—		—
Net deposit-type contracts	$	26,318	$	—	$	67	$	26,385
Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date		—		—		—		—

Reconcililation to the Annual Statement:	Amount
Life & Accident & Health Annual Statement:
Exhibit 5, Annuities section, total (net)	$	4,866,303
Exhibit 5, Supp contracts with life contingencies section, total (net)		44,911
Exhibit 7, Deposit-type contracts, net balance at the end of the current year after reinsurance		29,577
Subtotal		4,940,791
Separate Accounts Annual Statement:
Exhibit 3, Annuities section, total		23,052,159
Exhibit 3, Supp contracts with life contingencies section, total		6,480
Policyholder dividend and coupon accumulations		—
Policyholder premiums		—
Guaranteed interest contracts		—
Other contract deposit funds		67
Subtotal		23,058,706
Combined total	$	27,999,497

53

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

	December 31 2018
Individual Annuities:	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	—	$	25,101	$	—	$	25,101		1	%
At book value less surrender charge of 5% or more		9,932		—		—		9,932		1
At fair value		21,020		—		4,153,346		4,174,366		80
Total with adjustment or at fair value		30,952		25,101		4,153,346		4,209,399		82
At book value without adjustment (minimal or no charge or adjustment)		884,224		—		—		884,224		16
Not subject to discretionary withdrawal provision		84,389		—		4,423		88,812		2
Total individual annuity reserves		999,565		25,101		4,157,769		5,182,435		100	%
Less reinsurance ceded		271		—		—		271
Net individual annuity reserves	$	999,294	$	25,101	$	4,157,769	$	5,182,164
Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date		—		—		—		—

	December 31 2018
Group Annuities:	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	688,335	$	50,908	$	—	$	739,243		4	%
At book value less surrender charge of 5% or more		777,508		31,986		—		809,494		4
At fair value		2		380,808		12,811,582		13,192,392		63
Total with adjustment or at fair value		1,465,845		463,702		12,811,582		14,741,129		71
At book value without adjustment (minimal or no charge or adjustment)		2,207,009		44,431		—		2,251,440		11
Not subject to discretionary withdrawal provision		552,779		2,034,396		1,114,874		3,702,049		18
Total group annuity reserves		4,225,633		2,542,529		13,926,456		20,694,618		100	%
Less reinsurance ceded		85		—		—		85
Net group annuity reserves	$	4,225,548	$	2,542,529	$	13,926,456	$	20,694,533
Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date		—		—		—		—

54

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

	December 31 2018
	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Deposit-type contracts (no life contingencies):
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	—	$	—	$	—	$	—		0	%
At book value less surrender charge of 5% or more		—		—		—		—		0
At fair value		—		—		—		—		0
Total with adjustment or at fair value		—		—		—		—		0
At book value without adjustment (minimal or no charge or adjustment)		—		—		—		—		0
Not subject to discretionary withdrawal provision		23,571		—		33		23,604		100
Total deposit-type contracts		23,571		—		33		23,604		100	%
Less reinsurance ceded		—		—		—		—
Net deposit-type contracts	$	23,571	$	—	$	33	$	23,604
Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date		—		—		—		—

	Amount
Reconcililation to the Annual Statement:
Life & Accident & Health Annual Statement:
Exhibit 5, Annuities section, total (net)	$	5,179,432
Exhibit 5, Supp contracts with life contingencies section, total (net)		39,172
Exhibit 7, Deposit-type contracts, net balance at the end of the current year after reinsurance		29,504
Subtotal		5,248,108
Separate Accounts Annual Statement:
Exhibit 3, Annuities section, total		20,647,130
Exhibit 3, Supp contracts with life contingencies section, total		5,030
Policyholder dividend and coupon accumulations		—
Policyholder premiums		—
Guaranteed interest contracts		—
Other contract deposit funds		33
Subtotal		20,652,193
Combined total	$	25,900,301

55

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

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

	December 31 2019
	General Account						Separate Account - Guaranteed and Nonguaranteed
	Account Value		Cash Value		Reserve		Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term Policies with Cash Value	$	416	$	879	$	1,932	$	—	$	—	$	—
Universal Life		601,932		558,768		626,439		—		—		—
Universal Life with Secondary Guarantees		42,675		44,427		115,118		—		—		—
Indexed Universal Life with Secondary guarantees		284,726		205,484		265,375		—		—		—
Other Permanent Cash Value Life		25,460		64,803		81,816		—		—		—
insurance
Variable Universal Life		20,066		19,320		62,774		126,374		124,008		270,165
Not Subject to discretionary withdrawal or no cash values
Term Policies without Cash Value		—		—		255,648		—		—		—
Accidental Death Benefits		—		—		697		—		—		—
Disability—Active Lives		—		—		1,414		—		—		—
Disability—Disabled Lives		—		—		3,377		—		—		—
Miscellaneous Reserves		—		—		92,678		—		—		—
Total (gross)		975,275		893,681		1,507,268		126,374		124,008		270,165
Reinsurance Ceded		163,531		163,531		199,727		—		—		—
Total (net)	$	811,744	$	730,150	$	1,307,541	$	126,374	$	124,008	$	270,165

	Amount
Reconciliation to the Annual Statement:
Life & Accident & Health Annual Statement:
Exhibit 5, Life insurance section, total (net)	$	1,209,682
Exhibit 5, Accidental death benefits section total (net)		697
Exhibit 5, Disability—active lives section, total (net)		1,370
Exhibit 5, Disability—disabled lives section, total (net)		3,114
Exhibit 5, Miscellaneous reserves section, total (net)		105,598
Subtotal		1,320,461
Separate Accounts Annual Statement:
Exhibit 3, Life insurance section, total		270,165
Subtotal		270,165
Combined total	$	1,590,626

56

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

	December 31 2018
	General Account						Separate Account - Guaranteed and Nonguaranteed
	Account Value		Cash Value		Reserve		Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term Policies with Cash Value	$	—	$	506	$	1,265	$	—	$	—	$	—
Universal Life		587,001		542,521		601,476		—		—		—
Universal Life with Secondary Guarantees		45,671		45,191		114,460		—		—		—
Indexed Universal Life with Secondary guarantees		239,279		164,683		217,485		—		—		—
Other Permanent Cash Value Life insurance		23,478		65,125		84,040		—		—		—
Variable Universal Life		19,197		18,290		66,095		103,915		100,823		229,388
Not Subject to discretionary withdrawal or no cash values
Term Policies without Cash Value		—		—		239,716		—		—		—
Accidental Death Benefits		—		—		764		—		—		—
Disability—Active Lives		—		—		1,273		—		—		—
Disability—Disabled Lives		—		—		3,371		—		—		—
Miscellaneous Reserves		—		—		61,939		—		—		—
Total (gross)		914,626		836,316		1,391,884		103,915		100,823		229,388
Reinsurance Ceded		160,123		160,123		196,448		—		—		—
Total (net)	$	754,503	$	676,193	$	1,195,436	$	103,915	$	100,823	$	229,388

	Amount
Reconciliation to the Annual Statement:
Life & Accident & Health Annual Statement:
Exhibit 5, Life insurance section, total (net)	$	1,128,443
Exhibit 5, Accidental death benefits section total (net)		764
Exhibit 5, Disability—active lives section, total (net)		1,230
Exhibit 5, Disability—disabled lives section, total (net)		3,106
Exhibit 5, Miscellaneous reserves section, total (net)		80,197
Subtotal		1,213,740
Separate Accounts Annual Statement:
Exhibit 3, Life insurance section, total		229,388
Subtotal		229,388
Combined total	$	1,443,128

57

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

Separate Accounts

Separate account assets held by the Company represent contracts where the benefit is determined by the performance of the investments held in the separate account. Information regarding the separate accounts of the Company as of and for the years ended December 31, 2019, 2018 and 2017 is as follows:

	Nonindexed Guarantee Less Than or Equal to 4%		Nonguaranteed Separate Accounts		Total
Premiums, deposits and other considerations for the year ended December 31, 2019		$419,863		$3,964,987	$	4,384,850
Reserves for separate acccounts as of December 31, 2019 with assets at:
Fair Value	$	—	$	21,767,934	$	21,767,934
Amortized Cost		1,560,936		—		1,560,936
Total as of December 31, 2019	$	1,560,936	$	21,767,934	$	23,328,870
Reserves for separate accounts by withdrawal characteristics as of December 31, 2019:
With MV adjustment	$	49,689	$	—	$	49,689
At book value without fair value adjustment and with current surrender charge of 5% or more
At fair value		346,312		20,647,131		20,993,443
At book value without fair value adjustment and with current surrender charge of less than 5%		66,718		—		66,718
Subtotal		462,719		20,647,131		21,109,850
Not subject to discretionary withdrawal		1,098,217		1,120,803		2,219,020
Total separate account reserves at December 31, 2019	$	1,560,936		21,767,934	$	23,328,870

58

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

	Nonindexed Guarantee Less Than or Equal to 4%		Nonguaranteed Separate Accounts		Total
Premiums, deposits and other considerations for the year ended December 31, 2018	$	811,589	$	3,513,409	$	4,324,998
Reserves for separate acccounts as of December 31, 2018 with assets at:
Fair value	$	—	$	18,313,645	$	18,313,645
Amortized cost		2,567,630		—		2,567,630
Total as of December 31, 2018	$	2,567,630	$	18,313,645	$	20,881,275
Reserves for separate accounts by withdrawal characteristics as of December 31, 2018:
With MV adjustment	$	76,009	$	—	$	76,009
At book value without fair value adjustment and with current surrender charge of 5% or more		31,986		—		31,986
At fair value		380,808		17,194,315		17,575,123
At book value without fair value adjustment and with current surrender charge of less than 5%		44,431		—		44,431
Subtotal		533,234		17,194,315		17,727,549
Not subject to discretionary withdrawal		2,034,396		1,119,330		3,153,726
Total separate account reserves at December 31, 2018	$	2,567,630	$	18,313,645	$	20,881,275

	Nonindexed Guarantee Less Than or Equal to 4%		Nonguaranteed Separate Accounts		Total
Premiums, deposits and other considerations for the year ended December 31, 2017	$	1,110,527	$	3,207,407	$	4,317,934
Reserves for separate acccounts as of December 31, 2017 with assets at:
Fair value	$	—	$	20,362,611	$	20,362,611
Amortized cost		4,716,009		—		4,716,009
Total as of December 31, 2017	$	4,716,009	$	20,362,611	$	25,078,620
Reserves for separate accounts by withdrawal characteristics as of December 31, 2017:
With MV adjustment	$	80,616	$	—	$	80,616
At book value without fair value adjustment and with current surrender charge of 5% or more		33,559		—		33,559
At fair value		366,460		19,160,356		19,526,816
At book value without fair value adjustment and with current surrender charge of less than 5%		46,613		—		46,613
Subtotal		527,248		19,160,356		19,687,604
Not subject to discretionary withdrawal		4,188,761		1,202,255		5,391,016
Total separate account reserves at December 31, 2017	$	4,716,009	$	20,362,611	$	25,078,620

59

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

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

	Year Ended December 31
	2019			2018			2017
Transfer as reported in the summary of operations of the separate accounts statement:
Transfers to separate accounts	$	4,584,792		$	4,533,285		$	4,478,824
Transfers from separate accounts		(5,789,391	)		(7,439,380	)		(4,912,589	)
Net transfers to separate accounts		(1,204,599	)		(2,906,095	)		(433,765	)
Miscellaneous reconciling adjustments		3,689			14,160			9,916
Net transfers as reported in the summary of operations of the life, accident and health annual statement	$	(1,200,910	)	$	(2,891,935	)	$	(423,849	)

The legal insulation of separate account assets prevents such assets from being generally available to satisfy claims resulting from the general account. The separate account assets legally insulated from general account claims at December 31, 2019 and 2018 are attributed to the following products:

	2019		2018
Variable life	$	147,403	$	234,854
Variable universal life		126,374		—
Variable annuities		5,167,668		4,486,780
Group annuities		13,336,993		10,821,405
Registered market value separate accounts		755,366		669,531
Non-registered market value separate accounts		900,551		778,969
Par annuities		1,442,972		1,440,469
Registered market value annuity product—SPL		2,499		2,032
Book value separate accounts		1,620,081		2,609,935
Total separate account assets	$	23,499,907	$	21,043,975

At December 31, 2019 and 2018, the Company held separate account assets not legally insulated from the general account in the amount of $24,081 and $25,895, 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 $50,669, $50,888, $48,314, $46,668, and $42,677 to the general account in 2019, 2018, 2017, 2016, and 2015, respectively. During the years ended December 31, 2019, 2018, 2017, 2016, and 2015 the general account of the Company had paid $827, $615, $1,009, $1,627, and $1,671 respectively, toward separate account guarantees.

60

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

At December 31, 2019 and 2018, the Company reported guaranteed separate account assets at amortized cost in the amount of $1,620,081 and $2,609,935, respectively, based upon the prescribed practice granted by the State of New York as described in Note 2. These assets had a fair value of $1,633,649 and $2,558,199 at December 31, 2019 and 2018, respectively, which would have resulted in an unrealized gain/(loss) of $13,568 and ($51,735), respectively, had these assets been reported at fair value.

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

8. Reinsurance

Certain premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The Company reinsures portions of the risk on certain insurance policies which exceed its established limits, thereby providing a greater diversification of risk and minimizing exposure on larger risks. The Company remains contingently liable with respect to any insurance ceded, and this would become an actual liability in the event that the assuming insurance company became unable to meet its obligation under the reinsurance treaty.

Premiums and annuity considerations include the following reinsurance amounts:

	Year Ended December 31
	2019			2018			2017
Direct premiums	$	5,332,515		$	5,218,708		$	5,079,996
Reinsurance assumed—non affiliates		362,489			446,450			520,633
Reinsurance assumed—affiliates		17			18			34
Reinsurance ceded—non affiliates		(243,336	)		(300,323	)		(668,328	)
Reinsurance ceded—affiliates		(145,732	)		(162,384	)		(198,406	)
Net premiums earned	$	5,305,953		$	5,202,469		$	4,733,929

61

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

The Company received reinsurance recoveries in the amounts of $418,025, $390,435 and $491,641 during 2019, 2018 and 2017, respectively. At December 31, 2019 and 2018, estimated amounts recoverable from reinsurers that have been deducted from policy and contract claim reserves totaled $185,454 and $209,583, respectively. The aggregate reserves for policies and contracts were reduced for reserve credits for reinsurance ceded at December 31, 2019 and 2018 of $3,088,694 and $4,117,520, respectively, of which $1,767,518 and $1,830,363 were ceded to affiliates.

Effective June 29, 2018, the Company and Wilton Re U. S. Holdings, Inc. (Wilton Re) entered into an agreement as to the “Final Net Settlement Statements and Other Matters” (NSS) associated with the reinsurance agreement between the two companies that was effective April 1, 2017. This agreement related to the reinsurance of the payout annuity and Bank Owned Life Insurance/ Corporate Owned Life Insurance business (BOLI/COLI) to Wilton Re. As a result of the mutual concessions between the parties, the Company paid Wilton Re $599. In addition, the Company released a reinsurance receivable in the amount of $23 related to the initial proposed NSS used for closing. The net pretax impact to capital and surplus of these adjustments was $576.

On June 28, 2017, Transamerica completed a transaction to reinsure its payout annuity business and BOLI/COLI. Under the terms of the Master Agreement, the Company entered into a 90% coinsurance reinsurance agreement with Wilton Reassurance Company, with an effective date of April 1, 2017. The Company transferred assets in the amount of $386,087 which included a ceding commission of $26,368, and released policy and deposit- type reserves of $315,651. As a part of the transaction, the Company realized net gains on the assets that were transferred of $39,030. The IMR deferral of the transaction was $25,813. The IMR liability was simultaneously released along with historical deferrals associated with the blocks of business in the amount of $29,374, resulting in a pretax loss of $27,845, which has been included in the statements of operations.

During 2019, 2018 and 2017, amortization of deferred gains associated with previously transacted reinsurance agreements was released into income in the amount of $346,651 ($225,323 after tax), $31,034 ($20,172 after tax) and $109,532 ($71,196 after tax), respectively.

62

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

9. Income Taxes

The net deferred income tax asset at December 31, 2019 and 2018 and the change from the prior year are comprised of the following components:

	December 31, 2019
	Ordinary		Capital			Total
Gross Deferred Tax Assets	$	96,746	$	9,833		$	106,579
Statutory Valuation Allowance Adjustment		—		—			—
Adjusted Gross Deferred Tax Assets		96,746		9,833			106,579
Deferred Tax Assets Nonadmitted		45,104		—			45,104
Subtotal (Net Deferred Tax Assets)		51,642		9,833			61,475
Deferred Tax Liabilities		20,380		13,045			33,425
Net Admitted Deferred Tax Assets	$	31,262	$	(3,212	)	$	28,050

	December 31, 2018
	Ordinary		Capital		Total
Gross Deferred Tax Assets	$	81,661	$	10,046	$	91,707
Statutory Valuation Allowance Adjustment		—		—		—
Adjusted Gross Deferred Tax Assets		81,661		10,046		91,707
Deferred Tax Assets Nonadmitted		30,871		—		30,871
Subtotal (Net Deferred Tax Assets)		50,790		10,046		60,836
Deferred Tax Liabilities		24,060		9,421		33,481
Net Admitted Deferred Tax Assets	$	26,730	$	625	$	27,355

	Change
	Ordinary			Capital			Total
Gross Deferred Tax Assets	$	15,085		$	(213	)	$	14,872
Statutory Valuation Allowance Adjustment		—			—			—
Adjusted Gross Deferred Tax Assets		15,085			(213	)		14,872
Deferred Tax Assets Nonadmitted		14,233			—			14,233
Subtotal (Net Deferred Tax Assets)		852			(213	)		639
Deferred Tax Liabilities		(3,680	)		3,624			(56	)
Net Admitted Deferred Tax Assets	$	4,532		$	(3,837	)	$	695

63

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

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

	Year Ended December 31
	2019		2018		Change
Deferred Tax Assets:
Ordinary
Policyholder reserves	$	69,535	$	56,673	$	12,862
Investments		1,065		1,355		(290	)
Deferred acquisition costs		21,330		18,825		2,505
Compensation and benefits accrual		693		832		(139	)
Receivables—nonadmitted		1,247		1,199		48
Other (including items <5% of total ordinary tax assets)		2,876		2,777		99
Subtotal		96,746		81,661		15,085
Nonadmitted		45,104		30,871		14,233
Admitted ordinary deferred tax assets		51,642		50,790		852
Capital:
Investments		9,833		10,046		(213	)
Admitted deferred tax assets	$	61,475	$	60,836	$	639
Deferred Tax Liabilities:
Ordinary
Investments	$	556	$	432	$	124
Policyholder reserves		15,942		19,305		(3,363	)
Capitalized Ceding Commissions		3,621		4,323		(702	)
Other		261		—		261
Subtotal		20,380		24,060		(3,680	)
Capital
Investments		13,045		9,421		3,624
Deferred tax liabilities		33,425		33,481		(56	)
Net deferred tax assets/liabilities	$	28,050	$	27,355	$	695

As a result of the 2017 Tax Cuts and Jobs Act (TCJA), the Company’s tax reserve deductible temporary difference increased by $ 18,403. This change results in an offsetting ($18,403) 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.

64

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

As discussed in Note 2, for the years ended December 31, 2019 and 2018 the Company admits deferred income tax assets pursuant to SSAP No. 101. The amount of admitted adjusted gross deferred income tax assets under each component of SSAP No. 101 is as follows:

	December 31, 2019
	Ordinary		Capital		Total
Admission Calculation Components SSAP No. 101
2(a)  Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks	$	—	$	4,471	$	4,471
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)		23,579		—		23,579
1.  Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date		23,579		—		23,579
2.  Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold		XXX		XXX		148,488
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		28,063		5,362		33,425
2(d)  Deferred Tax Assets Admitted as the result of application of SSAP No. 101, Total (2(a) + 2(b) + 2(c))	$	51,642	$	9,833	$	61,475

	December 31, 2018
	Ordinary		Capital		Total
Admission Calculation Components SSAP No. 101
2(a)  Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks	$	—	$	4,122	$	4,122
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)		23,234		—		23,234
1.  Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date		23,234		—		23,234
2.  Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold		XXX		XXX		159,473
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		27,556		5,924		33,480
2(d)  Deferred Tax Assets Admitted as the result of application of SSAP No. 101, Total (2(a) + 2(b) + 2(c))	$	50,790	$	10,046	$	60,836

65

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

		Ordinary		Change Capital			Total
Admission Calculation Components SSAP No. 101
2(a)	Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks	$	—	$	349		$	349
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)		345		—			345
	1.  Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date		345		—			345
	2.  Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold		XXX		XXX			(10,985	)
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		507		(562	)		(55	)
2(d)	Deferred Tax Assets Admitted as the result of application of SSAP No. 101, Total (2(a) + 2(b) + 2(c))	$	852	$	(213	)	$	639

	December 31
	2019			2018	Change
Ratio Percentage Used To Determine Recovery Period and Threshold Limitation Amount		1093	%	1191%	-98%
Amount of Adjusted Capital and Surplus Used To Determine Recovery Period and Threshold Limitation in 2(b)2 Above	$	996,450		$1,063,153	$(66,703)

66

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

The impact of tax planning strategies at December 31, 2019 and 2018 was as follows:

	December 31, 2019
	Ordinary Percent			Capital Percent			Total Percent
Impact of Tax Planning Strategies:
(% of Total Adjusted Gross DTAs)		0	%		0	%		0	%
(% of Total Net Admitted Adjusted Gross DTAs)		33	%		0	%		28	%

	December 31, 2018
	Ordinary Percent			Capital Percent			Total Percent
Impact of Tax Planning Strategies:
(% of Total Adjusted Gross DTAs)		0	%		0	%		0	%
(% of Total Net Admitted Adjusted Gross DTAs)		17	%		32	%		19	%

The Company’s tax planning strategies do not include the use of reinsurance-related tax planning strategies.

Current income taxes incurred consist of the following major components:

	Year Ended December 31
	2019		2018			Change
Current Income Tax
Federal	$	21,455	$	11,019		$	10,436
Subtotal		21,455		11,019			10,436
Federal income tax on net capital gains		1,772		(7,004	)		8,776
Federal and foreign income taxes incurred	$	23,227	$	4,015		$	19,212

	Year Ended December 31
	2018			2017		Change
Current Income Tax
Federal	$	11,019		$	26,972	$	(15,953	)
Subtotal		11,019			26,972		(15,953	)
Federal income tax on net capital gains		(7,004	)		13,315		(20,319	)
Federal and foreign income taxes incurred	$	4,015		$	40,287	$	(36,272	)

67

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

The Company’s current income tax incurred and change in deferred income tax differs from the amount obtained by applying the federal statutory rate to income before tax as follows:

	Year Ended December 31
	2019			2018			2017
Current income taxes incurred	$	23,227		$	4,015		$	40,287
Change in deferred income taxes (without tax on unrealized gains and losses)		(18,785	)		3,459			32,885
Total income tax reported	$	4,442		$	7,474		$	73,172
Income before taxes	$	383,643		$	188,983		$	227,142
		21.00	%		21.00	%		35.00	%
Expected income tax expense (benefit) at statutory rate	$	80,565		$	39,686		$	79,500
Increase (decrease) in actual tax reported resulting from:
Pre-tax income of disregarded subsidiaries	$	(522	)	$	(475	)	$	(592	)
Dividends received deduction		(2,556	)		(4,789	)		(7,859	)
Tax-exempt income		—			—			(151	)
Nondeductible expenses		869			388			227
Pre-tax items reported net of tax		(49,246	)		(8,842	)		(42,452	)
Tax credits		(27,744	)		(18,371	)		(9,455	)
Prior period tax return adjustment		8,236			(5,985	)		373
Change in tax rates		—			—			39,281
Change in uncertain tax positions		—			472			595
Deferred tax change on other items in surplus		(5,173	)		5,377			12,211
Other		13			13			1,494
Total income tax reported	$	4,442		$	7,474		$	73,172

On December 22, 2017, the TCJA reduced the federal tax rate to 21%. As a result, the Company reduced its net deferred tax asset balance by $39,281, excluding $1,470 of net deferred tax asset reduction on unrealized gains/(losses) in the 2017 financial statements.

The effects of the U.S. tax reform were reflected in the 2017 financial statements as determined or as reasonably estimated provisional amounts based on available information subject to interpretation in accordance with the SEC’s Staff Accounting Bulletin No. 118 (SAB 118), as adopted by NAIC SAPWG INT 18-01. SAB 118 provides guidance on accounting for the effects of U.S. tax reform where the Company’s determinations are incomplete but the Company can determine a reasonable estimate. The TCJA related disclosures and figures in the 2018 financials represent final impacts with no estimated figures remaining.

The Company’s federal income tax return is consolidated with other included affiliated companies. Please see the listing of companies in Appendix A.

68

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

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 income taxes paid in the event the losses and credits reduce the greater of the Company’s separately computed income tax liability or the consolidated group’s income tax liability in any carryback or carryforward year when so applied. Intercompany income tax balances are settled within thirty days of payment to or filing with the Internal Revenue Service. A tax return has not been filed for 2019.

Incurred income taxes available for recoupment in the event of future losses:

	Total
2017	$	12,614
2018	$	—
2019		$2,346

The total amount of the unrecognized tax benefits that if recognized, would affect the effective income tax rate:

	Unrecognized Tax Benefits
Balance at January 1, 2018	$	1,745
Tax positions taken during prior period		472
Tax positions taken during current period		—
Settlements with taxing authorities		—
Lapse of applicable statute of limitations		—
Balance at December 31, 2018	$	2,217
Tax positions taken during prior period		—
Tax positions taken during current period		—
Settlements with taxing authorities		—
Lapse of applicable statute of limitations		—
Balance at December 31, 2019	$	2,217

The Company has no federal income tax returns currently under examination. The Internal Revenue Service completed its examination for years 2009 through 2013 resulting in tax return adjustments for which an appeals conference was requested. Federal income tax returns filed in 2014 through 2018 remain open, subject to potential future examination. The Company believes there are adequate defenses against or sufficient provisions established related to any open or contested tax positions.

69

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

The Company classifies interest and penalties related to income taxes as income tax expense. The Company’s interest expense/(benefit) related to income taxes:

	Interest			Penalties		Total payable(receivable)
Balance at January 1, 2017	$	241		$	—	$	241
Interest expense (benefit)		433			—		433
Balance at December 31, 2017	$	674		$	—	$	674
Interest expense (benefit)		(227	)		—		(227	)
Balance at December 31, 2018	$	447		$	—	$	447
Interest expense (benefit)		(1,633	)		—		(1,633	)
Balance at December 31, 2019	$	(1,186	)	$	—	$	(1,186	)

10. Capital and Surplus

The Company has 24,000 common shares authorized, 16,321 shares issued and outstanding. Par value is $125.

On December 31, 2018, the Company had 17,142 common shares issued and outstanding. On December 20, 2019 the Company repurchased 821 shares of ordinary common stock at par for $103 plus additional contributed capital in the amount of $99,879 for a total of $99,982 paid to its shareholder, TLIC. These shares were subsequently cancelled.

Prior to the redemption in 2018, the Company had 45,981 shares of 6% non-voting, cumulative preferred stock outstanding with a par value of $10. On December 13, 2018, the Company redeemed 45,981 shares of preferred stock at par for $460 plus additional contributed capital in the amount of $56,381 for a total of $56,841, paid to its shareholders; TA Corp received $49,679 and TLIC received $7,162. At December 31, 2018, TA Corp owned 0 shares and TLIC owned 0 shares.

The Company is subject to limitations, imposed by the State of New York, 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 (b) the Company’s statutory gain from operations before net realized capital gains (losses) on investments for the preceding year, not to exceed earned surplus as of the preceding December 31. Subject to the availability of unassigned surplus at the time of such dividend, the maximum payment which may be made in 2020, without prior approval of insurance regulatory authorities, is $246,724.

On June 21, 2019, the Company paid its parent companies, TLIC and TA Corp, ordinary common stock dividends of $9,075 and $65,925, respectively.

On December 13, 2018 the Company paid its Parent companies, TLIC and TA Corp, preferred stock dividends of $430 and $2,981, respectively. On June 29, 2018 the Company paid ordinary common stock dividends of $12,105 to TLIC and $87,895 to TA Corp.

70

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

Life and health insurance companies are subject to certain RBC requirements as specified by the NAIC. Under those requirements, the amount of capital and surplus maintained by a life or health insurance company is to be determined based on various risk factors. At December 31, 2019, the Company meets the minimum RBC requirements.

The Company held special surplus funds in the amount of $12,928 and $10,781, as of December 31, 2019 and 2018, respectively, for annuitant mortality fluctuations as required under New York Regulation 47, Separate Account and Separate Account Annuities.

11. Securities Lending

The Company participates in an agent-managed securities lending program in which the Company primarily loans out US Treasuries and other bonds. The Company receives collateral equal to 102% of the fair value of the loaned government or other domestic securities as of the transaction date. If the fair value of the collateral is at any time less than 102% of the fair value of the loaned securities, the counterparty is mandated to deliver additional collateral, the fair value of which, together with the collateral already held in connection with the lending transaction, is at least equal to 102% of the fair value of the loaned government or other domestic securities. In the event the Company loans a foreign security and the denomination of the currency of the collateral is other than the denomination of the currency of the loaned foreign security, the Company receives and maintains collateral equal to 105% of the fair value of the loaned security.

At December 31, 2019 and 2018, respectively, securities with a fair value of $298,697 and $308,907 were on loan under securities lending agreements. At December 31, 2019 and 2018, the collateral the Company received from securities lending 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 $311,367 and $319,971 at December 31, 2019 and 2018, respectively.

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

	Fair Value
	2019		2018
Open	$	311,367	$	319,246
Total		311,367		319,246
Securities received		—		—
Total collateral received	$	311,367		$319,246

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.

71

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

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

	2019				2018
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Open	$	33,002	$	33,002	$	26,000	$	26,001
30 days or less		96,454		96,454		96,925		96,925
31 to 60 days		83,998		83,998		69,374		69,374
61 to 90 days		37,388		37,388		32,836		32,836
91 to 120 days		16,488		16,488		46,560		46,560
121 to 180 days		21,933		21,933		40,177		40,177
1 to 2 years		—		—		874		874
2 to 3 years		5,270		5,270		2,039		2,039
Greater than 3 years		16,834		16,834		5,186		5,185
Total		311,367		311,367		319,971		319,971
Securities received		—		—		—		—
Total collateral reinvested	$	311,367	$	311,367	$	319,971	$	319,971

Collateral for securities lending transactions that extend beyond one year from the report date are as follows:

Description of collateral	2019		2018
ABS AUTOS	$	22,104	$	2,913
ABS CREDIT CARDS		—		5,186
Total collateral extending beyond one year of the reporting date	$	22,104	$	8,099

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 $311,631 (fair value of $311,367) that are currently tradable securities that could be sold and used to pay for the $311,367 in collateral calls that could come due under a worst-case scenario.

72

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

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 $739, $762, and $703 was allocated to the Company for the years ended December 31, 2019, 2018 and 2017, 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 Service 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 $1,528, $1,490 and $1,554 for the years ended December 31, 2019, 2018 and 2017, respectively.

In addition to pension benefits, TA Corp sponsors unfunded plans that provide health care and life insurance benefits to retired Company employees meeting certain eligibility requirements. The Company has no legal obligation for the plan. Portions of the medical and dental plans are contributory. The expenses of the postretirement plans are allocated among the participating companies based on IAS 19 and based upon actuarial participant benefit calculations which is within the guidelines of SSAP No. 92, Postretirement Benefits Other Than Pensions. The Company’s allocation of postretirement expenses was $324, $320 and $374 for the years ended December 31, 2019, 2018 and 2017, respectively.

73

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

Other Plans

TA Corp has established deferred compensation plans for certain key employees of the Company. The Company’s allocation of expense for these plans for each of the years ended December 31, 2019, 2018 and 2017 was insignificant.

13. Related Party Transactions

The Company shares certain officers, employees and general expenses with affiliated companies.

In accordance with an agreement between TA Corp and the Company, TA Corp will ensure the maintenance of certain minimum tangible net worth, operating leverage and liquidity levels of the Company, as defined in the agreement, through the contribution of additional capital by TA Corp as needed.

The Company is party to a service agreement with TLIC, in which the Company receives services, including accounting, data processing and other professional services, in consideration of reimbursement of the actual costs of services rendered. The Company is party to a Management and Administrative and Advisory agreement with Aegon USA Realty Advisors, LLC (Advisor) whereby Advisor serves as the administrator and advisor for the Company’s mortgage loan operations. Aegon USA Investment Management, LLC acts as a discretionary investment manager under an Investment Management Agreement with the Company. The amount received by the Company as a result of being a party to these agreements was $40,987, $44,781 and $62,077, during 2019, 2018 and 2017, respectively. The amount paid as a result of being party to these agreements was $66,374, $96,867 and $104,502 during 2019, 2018 and 2017, respectively. Fees charged between affiliates approximate their cost.

The Company has an administration service agreement with Transamerica Asset Management, Inc. to provide administrative services to the Transamerica Series Trust. The Company received $9,453, $9,820 and $10,367 for these services during 2019, 2018 and 2017, respectively.

Transamerica Capital, Inc. provides wholesaling distribution services for the Company under a distribution agreement. The Company incurred expenses under this agreement of $4,249, $4,169 and $3,484 for the years ended December 31, 2019, 2018 and 2017, respectively.

Payables to and receivables from affiliates and intercompany borrowings bear interest at the thirty-day commercial paper rate. During 2019, 2018 and 2017, the Company paid (received) net interest of $36, $156 and $60, respectively, to (from) affiliates. At December 31, 2019 and 2018, the Company reported a net amount of $3,285 and $2,645 receivable from affiliates, respectively. Terms of settlement require that these amounts are settled within 90 days.

74

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

In accordance with SSAP No. 25, Affiliates and Other Related Parties, the Company reports short-term intercompany notes receivable as short-term investments. At December 31, 2019, the Company had no short-term intercompany notes receivable.

At December 31, 2018, the Company had short-term intercompany notes receivable of $50,000.

Receivable from	Amount		Due By		Interest Rate
Transamerica Corporation		50,000		8/16/2019		1.97	%

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

Real Estate Alternatives Portfolio 2, LLC	$	1,812
Real Estate Alternatives Portfolio 4 HR, LLC		5,943
Real Estate Alternatives Portfolio 4 MR, LLC		380
Aegon Multi-Family Equity Fund, LLC		17,656
Aegon Workforce Housing Fund 2, L.P.		48,821
Aegon Workforce Housing Fund 3, L.P.		2,079
Natural Resources Alternatives Portfolio I, LLC		10,637
Natural Resources Alternatives Portfolio 3, LLC		22,756
Zero Beta Fund, LLC		141,412
	$	251,496

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.

75

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

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 (except 8bi entities) as of December 31, 2019 and 2018:

December 31, 2019

SCA Entity	Percentage of SCA Ownership			Gross Amount		Admitted Amount		Nonadmitted Amount
SSAP No. 97 8a Entities
		—	%	$	—	$	—	$	—
		—			—		—		—
		—			—		—		—
Total SSAP No. 97 8a Entities		XXX		$	—	$	—	$	—
SSAP No. 97 8b(ii) Entities
		—	%	$	—	$	—	$	—
		—			—		—		—
		—			—		—		—
Total SSAP No. 97 8b(ii) Entities		XXX		$	—	$	—	$	—
SSAP No. 97 8b(iii) Entities
REAL ESTATE ALTERN PORT 3A INC		9	%	$	2,273	$	2,273	$	—
		—			—		—		—
		—			—		—		—
		—			—		—		—
		—			—		—		—
		—			—		—		—
Total SSAP No. 97 8b(iii) Entities		XXX		$	2,273	$	2,273	$	—
SSAP No. 97 8b(iv) Entities
		—	%	$	—	$	—	$	—
		—			—		—		—
		—			—		—		—
Total SSAP No. 97 8b(iv) Entities		XXX		$	—	$	—	$	—
Total SSAP No. 97 8b Entities (except 8bi entities)		XXX		$	2,273	$	2,273	$	—
Aggregate Total		XXX		$	2,273	$	2,273	$	—

December 31, 2018

SCA Entity	Percentage of SCA Ownership			Gross Amount		Admitted Amount		Nonadmitted Amount
SSAP No. 97 8a Entities
		—	%	$	—	$	—	$	—
		—			—		—		—
		—			—		—		—
Total SSAP No. 97 8a Entities		XXX		$	—	$	—	$	—
SSAP No. 97 8b(ii) Entities
		—	%	$	—	$	—	$	—
		—			—		—		—
		—			—		—		—
Total SSAP No. 97 8b(ii) Entities		XXX		$	—	$	—	$	—
SSAP No. 97 8b(iii) Entities
REAL ESTATE ALTERN PORT 3A INC		9	%	$	3,932	$	3,932	$	—
		—			—		—		—
		—			—		—		—
		—			—		—		—
		—			—		—		—
		—			—		—		—
Total SSAP No. 97 8b(iii) Entities		XXX		$	3,932	$	3,932	$	—
SSAP No. 97 8b(iv) Entities
		—	%	$	—	$	—	$	—
		—			—		—		—
		—			—		—		—
Total SSAP No. 97 8b(iv) Entities		XXX		$	—	$	—	$	—
Total SSAP No. 97 8b Entities (except 8bi entities)		XXX		$	3,932	$	3,932	$	—
Aggregate Total		XXX		$	3,932	$	3,932	$	—

76

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

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

December 31, 2019

SCA Entity	Type of NAIC Filing*		Date of Filing to the NAIC		NAIC Valuation Amount		NAIC Response Received Y/N		NAIC Disallowed Entities Valuation Method, Submission Required Y/N		Code**
SSAP No. 97 8a Entities
					$	—		—		—		—
Total SSAP No. 97 8a Entities		—		—	$	—		—		—		—
SSAP No. 97 8b(ii) Entities
					$	—		—		—		—
Total SSAP No. 97 8b(ii) Entities		—		—	$	—		—		—		—
SSAP No. 97 8b(iii) Entities
REAL ESTATE ALTERN PORT 3A INC		S2		10/31/2019	$	3,672		Y		N		I
					$	—		—		—		—
Total SSAP No. 97 8b(iii) Entities		—		—		3,672		—		—		—
SSAP No. 97 8b(iv) Entities
					$	—		—		—		—
Total SSAP No. 97 8b(iv) Entities		—		—	$	—		—		—		—
Total SSAP No. 97 8b Entities (except 8bi entiti		—		—	$	3,672		—		—		—
Aggregate Total		—		—	$	3,672		—		—		—

* 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

December 31, 2018

SCA Entity	Type of NAIC Filing*		Date of Filing to the NAIC		NAIC Valuation Amount		NAIC Response Received Y/N		NAIC Disallowed Entities Valuation Method, Submission Required Y/N		Code**
SSAP No. 97 8a Entities
					$	—		—		—		—
Total SSAP No. 97 8a Entities		—		—	$	—		—		—		—
SSAP No. 97 8b(ii) Entities
					$	—		—		—		—
Total SSAP No. 97 8b(ii) Entities		—		—	$	—		—		—		—
SSAP No. 97 8b(iii) Entities
REAL ESTATE ALTERN PORT 3A INC		S2		12/21/2018	$	2,889		Y		N		I
						—		—		—		—
Total SSAP No. 97 8b(iii) Entities		—		—	$	2,889		—		—		—
SSAP No. 97 8b(iv) Entities
					$	—		—		—		—
Total SSAP No. 97 8b(iv) Entities		—		—	$	—		—		—		—
Total SSAP No. 97 8b Entities (except 8bi entiti		—		—	$	2,889		—		—		—
Aggregate Total		—		—	$	2,889		—		—		—

* 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

Information regarding the Company’s affiliated reinsurance transactions is available in Note 8. Reinsurance.

77

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

14. Managing General Agents

The Company utilizes managing general agents and third-party administrators in its operations. Information regarding these entities is as follows:

Name and Address of MGA/TPA	FEIN#	Exclusive Contract	Type of Business Written	Type of Authority Granted	Total Direct Premiums
The Vanguard Group, Inc.	23-1945930	No	Deferred and Income	C, B, P, U		$52,354
100 Vanguard Blvd			Annuities
Malvern, PA 19355

C  -    Claims Payment

B  -    Binding Authority

P  -    Premium Collection

U  -    Underwriting

For years ended December 31, 2019, 2018 and 2017, the Company had $52,354, $60,163 and $50,268, respectively, of direct premiums written by The Vanguard Group, Inc.

15. Commitments and Contingencies

At December 31, 2019 and 2018, the Company has mortgage loan commitments of $68,611 and $33,752, respectively.

The Company has contingent commitments of $142,812 and $169,294, at December 31, 2019 and 2018, respectively, to provide additional funding for joint ventures, partnerships and limited liability companies, which includes LIHTC commitments of $104,437 and $149,810, respectively.

Private placement commitments outstanding as of December 31, 2019 and 2018 were $14,610 and $22,936, respectively.

The Company may pledge cash as collateral for derivative transactions. When cash is pledged as collateral, it is derecognized and a receivable is recorded to reflect the eventual return of that cash by the counterparty. The amount of cash collateral pledged by the Company as of December 31, 2019 and 2018, respectively, was $8,718 and $0.

Cash collateral received from derivative counterparties as well as the obligation to return the collateral is recorded on the Company’s balance sheet. The amount of cash collateral received as of December 31, 2019 and 2018, respectively, was $60,038 and $61,144.

At December 31, 2019 and 2018, securities in the amount of $0 and $2,387, respectively, were posted to the Company as collateral from derivative counterparties. The securities were not included on the Company’s balance sheet as the Company does not have the ability to sell or repledge the collateral.

The Company is a member of the FHLB of New York. Through its membership, the Company establishes the option to access funds through secured borrowing arrangements with the FHLB. The Company is not in an active borrowing position; therefore, collateral pledged and borrowings are not applicable for this Company.

78

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

At December 31, 2019 and 2018, the Company purchased/owned the following FHLB stock as part of the agreement:

	Year Ended December 31
	2019		2018
Activity Stock	$	2,554	$	1,115
Total	$	2,554	$	1,115

The Company is party to legal proceedings involving a variety of issues incidental to its business. Lawsuits may be brought in nearly any federal or state court in the United States or in an arbitral forum. In addition, there continues to be significant federal and state regulatory activity relating to financial services companies. The Company’s legal proceedings are subject to many variables, and given their complexity and scope, outcomes cannot be predicted with certainty. Although legal proceedings sometimes include substantial demands for compensatory and punitive damages, and injunctive relief, damages arising from such demands are typically not material to the Company’s financial position.

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 sheet. 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 $66 and $77, and an offsetting premium tax benefit of $50 and $60 at December 31, 2019 and 2018, respectively, for its estimated share of future guaranty fund assessments related to several major insurer insolvencies. The guaranty fund (benefit) expense was $4,700 , $254 and $3,412 for the years ended December 31, 2019, 2018 and 2017, respectively.

79

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

16. Sales, Transfer and Servicing of Financial Assets and Extinguishments of Liabilities

The Company enters into dollar repurchase agreements in which residential mortgage backed securities are delivered to the counterparty once adequate collateral has been received. As of December 31, 2019 and 2018, the Company had dollar repurchase agreements outstanding in the amount $66,348 and $0, which is included in borrowed money on the balance sheets. Those amounts included accrued interest of $172 and $0 at December 31, 2019 and 2018, respectively. At December 31, 2019, securities with a book value of $66,227 and a fair value of $66,360 were subject to dollar repurchase agreements. These securities have maturity dates that range from December 1, 2048 to September 1, 2049. At December 31, 2018, securities with a book value of $0 and a fair value of $0 were subject to dollar repurchase agreements. The Company does not have the legal right to recall or substitute the underlying assets prior to the transaction’s scheduled termination. Upon scheduled termination, the counterparty is obligated to return substantially similar assets.

The contractual maturities of the dollar repurchase agreement positions are as follows:

	Fair Value
	2019		2018
Open	$	66,176	$	—
Total		66,176		—
Securities received		—	$	—
Total collateral received	$	66,176		—

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. During 2019 and 2018 there were no securities sold and reacquired within 30 days of the sale date.

80

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

17. Reconciliation to Statutory Statement

The following is a reconciliation of amounts previously reported to the NYDFS in the 2019 Annual Statement, to those reported in the accompanying statutory-basis financial statements:

	December 31
	2019			2018
Balance Sheets
Total assets as reported in the Company’s Annual Statement	$	31,907,545		$	29,480,572
Securities lending reinvested collateral assets		—			11,000
Total assets as reported in the accompanying audited statutory basis balance sheet	$	31,907,545		$	29,491,572
Total liabilities as reported in the Company’s Annual Statement	$	30,889,577		$	28,390,062
Decrease in policy and contract claim reserves		(8,268	)		—
Increase in other liabilities		1,736			—
Payable for collateral under securities loaned and other transactions		—			11,000
Total liabilities as reported in the accompanying audited statutory basis balance sheet	$	30,883,045		$	28,401,062
Total capital and surplus as reported in the Company’s Annual Statement	$	1,017,968		$	1,090,510
Increase in net income		6,532			—
Total capital and surplus as reported in the accompanying audited statutory basis balance sheet	$	1,024,500		$	1,090,510
Statements of Operations
Statutory net income as reported in the Company’s Annual Statement	$	351,150		$	200,439
Decrease in premiums and other considerations		(406,853	)		(551,350	)
Decrease in net investment income		—			(3,400	)
Increase (decrease) in fee revenue and other income		(1,150	)		10,700
Decrease in surrender benefits		360,117			578,919
Increase in net transfers to (from) separate accounts		47,886			(33,369	)
Decrease in death benefits		8,268			—
Increase in federal income tax expense		(1,736	)		(1,029	)
Increase in net realized capital gains (losses), after tax and amounts		—			1,200
transferred to interest maintenance reserve
Total net income as reported in the accompanying audited statutory basis statement of operations	$	357,682		$	202,110
Statement of Changes in Capital and Surplus
Capital and surplus	$	1,017,968		$	1,090,510
Increase in net income		6,532			1,671
Decrease in other changes—net		—			(1,671	)
Total capital and surplus as reported in the accompanying audited statutory basis statements of changes in capital and surplus		1,024,500			1,090,510

The reconciling differences to the Annual Statement are driven by Management’s decision to revise prior year amounts. Please refer to Revision to Prior Years in Note 3 for further details. Management also decided to record a current year adjustment identified after annual statement reporting.

81

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis (continued)

(Dollars in Thousands)

18. Subsequent Events

The financial statements are adjusted to reflect events that occurred between the balance sheet date and the date when the financial statements are available to be issued, provided they give evidence of conditions that existed at the balance sheet date (Type I). The Company has not identified any Type I subsequent events for the year ended December 31, 2019 through April 27, 2020.

Events that are indicative of conditions that arose after the balance sheet date are disclosed, but do not result in an adjustment of the financial statements themselves (Type II). Since January 2020, the Coronavirus disease (COVID-19) outbreak is causing disruption to business, markets, and industry. The Company is continuously monitoring the market, and the economic factors that impact the Company, to proactively manage the associated risks. At this point, management believes that the most significant risks the Company faces are related to financial markets (particularly credit, equity, and interest rates risks), and underwriting risks (particularly related to mortality, morbidity and policyholder behavior). As of the audit report release date, the Company continues to monitor and evaluate the impacts of the COVID -19 crisis on the Company’s 2020 results through the use of sensitivities and stress testing. While it is too early to provide long -term impacts, if any, management has determined the Company remains strongly capitalized with RBC remaining within target limits set by the capital management policy.

82

Transamerica Financial Life Insurance Company

Appendix A – Listing of Affiliated Companies (continued)

Transamerica Corporation

EIN: 42-1484983

AFFILIATIONS SCHEDULE

YEAR ENDED DECEMBER 31, 2019

Entity Name	FEIN
Transamerica Corporation		42-1484983
Aegon Asset Management Services Inc		39-1884868
Aegon Direct Marketing Services Inc		42-1470697
Aegon Financial Services Group Inc		41-1479568
Aegon Institutional Markets Inc		61-1085329
Aegon Management Company		35-1113520
Aegon USA Real Estate Services Inc		61-1098396
Aegon USA Realty Advisors of CA		20-5023693
AFSG Securities Corporation		23-2421076
AUSA Properties Inc		27-1275705
Commonwealth General Corporation		51-0108922
Creditor Resources Inc		42-1079584
CRI Solutions Inc		52-1363611
Financial Planning Services Inc		23-2130174
Garnet Assurance Corporation		11-3674132
Garnet Assurance Corporation II		14-1893533
Garnet Assurance Corporation III		01-0947856
Intersecurities Ins Agency		42-1517005
LIICA RE II		20-5927773
Massachusetts Fidelity Trust		42-0947998
MLIC RE I Inc		01-0930908
Money Services Inc		42-1079580
Monumental General Administrators Inc		52-1243288
Pearl Holdings Inc I		20-1063558
Pearl Holdings Inc II		20-1063571
Pine Falls Re Inc		26-1552330
Real Estate Alternatives Portfolio 3A Inc		20-1627078
River Ridge Insurance Company		20-0877184
Short Hills Management		42-1338496
Stonebridge Benefit Services Inc		75-2548428
Stonebridge Reinsurance Company		61-1497252
TCF Asset Management Corp		84-0642550

83

Transamerica Financial Life Insurance Company

Appendix A – Listing of Affiliated Companies (continued)

Transamerica Corporation

EIN: 42-1484983

AFFILIATIONS SCHEDULE

YEAR ENDED DECEMBER 31, 2019

Entity Name	FEIN
TCFC Air Holdings Inc		32-0092333
TCFC Asset Holdings Inc		32-0092334
TLIC Oakbrook Reinsurance Inc.		47-1026613
TLIC Riverwood Reinsurance Inc		45-3193055
TLIC Watertree Reinsurance, Inc.		81-3715574
Tranasmerica Advisors Life Insurance Company		91-1325756
Transamerica Accounts Holding Corp		36-4162154
Transamerica Affinity Services Inc		42-1523438
Transamerica Affordable Housing Inc		94-3252196
Transamerica Agency Network Inc		61-1513662
Transamerica Asset Management		59-3403585
Transamerica Capital Inc		95-3141953
Transamerica Casualty Insurance Company		31-4423946
Transamerica Commercial Finance Corp I		94-3054228
Transamerica Consumer Finance Holding Company		95-4631538
Transamerica Corporation (OREGON)		98-6021219
Transamerica Distribution Finance Overseas Inc		36-4254366
Transamerica Finance Corporation		95-1077235
Transamerica Financial Advisors		59-2476008
Transamerica Financial Life Insurance Company		36-6071399
Transamerica Fund Services Inc		59-3403587
Transamerica Home Loan		95-4390993
Transamerica International Re (Bermuda) Ltd		98-0199561
Transamerica Investors Securities Corp		13-3696753
Transamerica Leasing Holdings Inc		13-3452993
Transamerica Life Insurance Company		39-0989781
Transamerica Pacific Insurance Co Ltd		94-3304740
Transamerica Premier Life Insurance Company		52-0419790
Transamerica Resources Inc		52-1525601
Transamerica Small Business Capital Inc		36-4251204
Transamerica Stable Value Solutions Inc		27-0648897
Transamerica Vendor Financial Services Corporation		36-4134790

84

Transamerica Financial Life Insurance Company

Appendix A – Listing of Affiliated Companies (continued)

Transamerica Corporation

EIN: 42-1484983

AFFILIATIONS SCHEDULE

YEAR ENDED DECEMBER 31, 2019

Entity Name	FEIN
United Financial Services Inc		52-1263786
WFG China Holdings Inc		20-2541057
World Fin Group Ins Agency of Massachusetts Inc		04-3182849
World Financial Group Inc		42-1518386
World Financial Group Ins Agency of Hawaii Inc		99-0277127
World Financial Group Insurance Agency of WY Inc		42-1519076
World Financial Group Insurance Agency		95-3809372
Zahorik Company Inc		95-2775959
Zero Beta Fund LLC		26-1298094

85

Statutory-Basis

Financial Statement Schedule

86

Transamerica Financial Life Insurance Company

Summary of Investments – Other Than

Investments in Related Parties

(Dollars in Thousands)

December 31, 2019

SCHEDULE I

Type of Investment	Cost (1)		Fair Value		Amount at Which Shown in the Balance Sheet (2)
Fixed maturities
Bonds:
United States government and government agencies and authorities	$	462,692	$	598,203	$	476,086
States, municipalities and political subdivisions		92,649		96,826		92,649
Foreign governments		85,432		96,049		85,431
Hybrid securities		107,707		107,077		107,707
All other corporate bonds		4,572,019		4,929,354		4,570,885
Preferred stocks		4,552		4,759		4,552
Total fixed maturities		5,325,051		5,832,268		5,337,310
Equity securities
Common stocks:
Industrial, miscellaneous and all other		3,759		3,763		3,763
Total equity securities		3,759		3,763		3,763
Mortgage loans on real estate		1,546,510				1,546,510
Policy loans		130,787				130,787
Other long-term investments		35,548				35,548
Securities lending		311,367				311,367
Cash, cash equivalents and short-term investments		439,852				439,852
Total investments	$	7,792,874			$	7,805,137

(1) Equity securities are reported at original cost. Fixed maturities are reported at original cost reduced by repayments and adjusted for amortization of premiums and accrual of discounts.

(2) United States government, state, municipal and political, hybrid and corporate bonds of $3,504 are held at fair value rather than amortized cost due to having an NAIC 6 rating. No preferred stock securities are held at fair value of $0 due to having an NAIC 6 rating.

87

Transamerica Financial Life Insurance Company

Supplementary Insurance Information

(Dollars in Thousands)

SCHEDULE III

	Future Policy Benefits and Unearned Expenses		Premiums Liabilities		Policy and Contract		Premium Revenue			Net Investment Income*		Benefits, Claims Losses and Settlement Expenses		Other Operating Expenses*
Year ended December 31, 2019
Individual life	$	1,245,762	$	—	$	14,317	$	171,165		$	61,536	$	70,837	$	65,344
Individual health		114,044		3,759		6,519		41,249			4,828		12,282		18,861
Group life and health		216,267		2,315		7,947		67,347			11,062		33,566		24,159
Annuity		4,911,215		—		466		5,026,192			266,911		6,651,392		(1,054,826	)
	$	6,487,288	$	6,074	$	29,249	$	5,305,953		$	344,337	$	6,768,077	$	(946,462	)
Year ended December 31, 2018
Individual life	$	1,144,735	$	—	$	17,698	$	165,615		$	47,990	$	189,660	$	63,239
Individual health		72,413		3,921		12,785		45,825			3,709		12,540		18,262
Group life and health		197,548		2,352		9,745		77,157			8,559		58,907		20,799
Annuity		5,218,604		—		1,009		4,913,872			238,546		8,007,340		(2,740,425	)
Other		—		—		—		—			48,431		—		—
	$	6,633,300	$	6,273	$	41,237	$	5,202,469		$	347,235	$	8,268,447	$	(2,638,125	)
Year ended December 31, 2017
Individual life	$	1,045,834	$	—	$	18,135	$	(1,299	) $		47,944	$	18,776	$	57,492
Individual health		85,754		4,305		10,860		49,067			3,206		72,440		14,485
Group life and health		181,571		2,554		10,627		79,898			8,035		63,981		31,511
Annuity		5,447,545		—		519		4,606,263			259,675		5,231,402		(286,905	)
Other		—		—		—		—			52,874		—		—
	$	6,760,704	$	6,859	$	40,141	$	4,733,929		$	371,734	$	5,386,599	$	(183,417	)

* 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

88

Transamerica Financial Life Insurance Company

Reinsurance

(Dollars in Thousands)

SCHEDULE IV

	Gross Amount		Ceded to Other Companies		Assumed From Other Companies		Net Amount			Percentage of Amount Assumed to Net
Year ended December 31, 2019
Life insurance in force	$	26,128,106	$	119,674,715	$	117,273,163	$	23,726,554			494	%
Premiums:
Individual life	$	188,457	$	374,053	$	356,761	$	171,165			208	%
Individual health		41,256		35		28		41,249			0	%
Group life and health		81,121		14,681		907		67,347			1	%
Annuity		5,021,681		299		4,810		5,026,192			0	%
	$	5,332,515	$	389,068	$	362,506	$	5,305,953			7	%
Year ended December 31, 2018
Life insurance in force	$	25,896,718	$	142,547,888	$	139,964,032	$	23,312,862			600	%
Premiums:
Individual life	$	182,304	$	456,379	$	439,690	$	165,615			265	%
Individual health		45,880		90		35		45,825			0	%
Group life and health		81,286		5,253		1,124		77,157			1	%
Annuity		4,909,238		985		5,619		4,913,872			0	%
	$	5,218,708	$	462,707	$	446,468	$	5,202,469			8	%
Year ended December 31, 2017
Life insurance in force	$	25,419,746	$	154,374,478	$	151,926,555	$	22,971,822			661	%
Premiums:
Individual life	$	179,651	$	694,892	$	513,942	$	(1,299	)		-39579	%
Individual health		49,240		193		20		49,067			0	%
Group life and health		81,890		3,073		1,081		79,898			1	%
Annuity		4,769,215		168,576		5,624		4,606,263			0	%
	$	5,079,996	$	866,734	$	520,667	$	4,733,929			10	%

89

FINANCIAL STATEMENTS

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Years Ended December 31, 2019 and 2018

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Financial Statements

Years Ended December 31, 2019 and 2018

Contents

Report of Independent Registered Public Accounting Firm	1
Financial Statements
Statements of Assets and Liabilities	2
Statements of Operations and Changes in Net Assets	6
Notes to Financial Statements	35

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Transamerica Financial Life Insurance Company and the Contract Owners of Separate Account VA BNY

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Separate Account VA BNY indicated in the table below as of December 31, 2019, and the related statements of operations and changes in net assets for each of the periods indicated in the table below, 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 Separate Account VA BNY as of December 31, 2019, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

AB Balanced Wealth Strategy Class B Shares (1)	TA JPMorgan Asset Allocation - Conservative Service Class (1)
AB Growth and Income Class B Shares (1)	TA JPMorgan Asset Allocation - Growth Initial Class (1)
AB Large Cap Growth Class B Shares (1)	TA JPMorgan Asset Allocation - Growth Service Class (1)
American Funds - Asset Allocation Class 2 Shares (1)	TA JPMorgan Asset Allocation - Moderate Initial Class (1)
American Funds - Bond Class 2 Shares (1)	TA JPMorgan Asset Allocation - Moderate Service Class (1)
American Funds - Growth Class 2 Shares (1)	TA JPMorgan Asset Allocation - Moderate Growth Initial Class (1)
American Funds - Growth-Income Class 2 Shares (1)	TA JPMorgan Asset Allocation - Moderate Growth Service Class (1)
American Funds - International Class 2 Shares (1)	TA JPMorgan Core Bond Service Class (1)
DFA VA Equity Allocation (3)	TA JPMorgan Enhanced Index Initial Class (1)
DFA VA Global Bond (3)	TA JPMorgan Enhanced Index Service Class (1)
DFA VA Global Moderate Allocation (3)	TA JPMorgan International Moderate Growth Service Class (1)
DFA VA International Small (3)	TA JPMorgan Mid Cap Value Service Class (1)
DFA VA International Value (3)	TA JPMorgan Tactical Allocation Service Class (1)
DFA VA Short-Term Fixed (3)	TA Legg Mason Dynamic Allocation - Balanced Service Class (1)
DFA VA U.S. Large Value (3)	TA Legg Mason Dynamic Allocation - Growth Service Class (1)
DFA VA U.S. Targeted Value (3)	TA Levin Large Cap Value Service Class (2)
Fidelity® VIP Balanced Service Class 2 (1)	TA Madison Diversified Income Service Class (1)
Fidelity® VIP Contrafund® Initial Class (1)	TA Managed Risk - Balanced ETF Service Class (1)
Fidelity® VIP Contrafund® Service Class 2 (1)	TA Managed Risk - Conservative ETF Service Class (1)
Fidelity® VIP Equity-Income Service Class 2 (1)	TA Managed Risk - Growth ETF Service Class (1)
Fidelity® VIP Growth Service Class 2 (1)	TA Market Participation Strategy Service Class (1)
Fidelity® VIP Growth Opportunities Service Class 2 (1)	TA Morgan Stanley Capital Growth Initial Class (1)
Fidelity® VIP Mid Cap Initial Class (1)	TA Morgan Stanley Capital Growth Service Class (1)
Fidelity® VIP Mid Cap Service Class 2 (1)	TA Multi-Managed Balanced Initial Class (1)
Fidelity® VIP Value Strategies Initial Class (1)	TA Multi-Managed Balanced Service Class (1)
Fidelity® VIP Value Strategies Service Class 2 (1)	TA Multi-Manager Alternative Strategies Service Class (1)
Franklin Allocation Class 4 Shares (1)	TA PIMCO Tactical - Balanced Service Class (1)
Franklin Income Class 2 Shares (1)	TA PIMCO Tactical - Conservative Service Class (1)
Franklin Mutual Shares Class 2 Shares (1)	TA PIMCO Tactical - Growth Service Class (1)
Franklin Templeton Foreign Class 2 Shares (1)	TA PIMCO Total Return Initial Class (1)
Invesco V.I. American Franchise Series II Shares (1)	TA PIMCO Total Return Service Class (1)
Janus Henderson - Enterprise Service Shares (1)	TA PineBridge Inflation Opportunities Service Class (1)
Janus Henderson - Global Research Service Shares (1)	TA ProFunds UltraBear Service Class (OAM) (1)
Janus Henderson - Mid Cap Value Service Shares (1)	TA QS Investors Active Asset Allocation - Conservative Service Class (1)
JPMorgan Insurance Trust Core Bond Class 1 Shares (1)	TA QS Investors Active Asset Allocation - Moderate Service Class (1)
JPMorgan Insurance Trust Mid Cap Value Class 1 Shares (1)	TA QS Investors Active Asset Allocation - Moderate Growth Service Class (1)
JPMorgan Insurance Trust Small Cap Core Class 1 Shares (1)	TA Small/Mid Cap Value Initial Class (1)
JPMorgan Insurance Trust U.S. Equity Class 1 Shares (1)	TA Small/Mid Cap Value Service Class (1)
MFS® New Discovery Service Class (1)	TA T. Rowe Price Small Cap Initial Class (1)
MFS® Total Return Service Class (1)	TA T. Rowe Price Small Cap Service Class (1)
State Street Total Return V.I.S. Class 3 Shares (1)	TA TS&W International Equity Initial Class (1)
TA 60/40 Allocation Service Class (2)	TA TS&W International Equity Service Class (1)
TA Aegon High Yield Bond Initial Class (1)	TA U.S. Equity Index Service Class (1)
TA Aegon High Yield Bond Service Class (1)	TA WMC US Growth Initial Class (1)
TA Aegon U.S. Government Securities Initial Class (1)	TA WMC US Growth Service Class (1)
TA Aegon U.S. Government Securities Service Class (1)	Vanguard® - Capital Growth (3)
TA American Funds Managed Risk - Balanced Service Class (1)	Vanguard® - Conservative Allocation (3)
TA Barrow Hanley Dividend Focused Initial Class (1)	Vanguard® - Diversified Value (3)
TA Barrow Hanley Dividend Focused Service Class (1)	Vanguard® Balanced (3)
TA BlackRock Global Allocation Service Class (1)	Vanguard® Equity Income (3)
TA BlackRock Global Allocation Managed Risk - Balanced Service Class (1)	Vanguard® Equity Index (1)
TA BlackRock Global Allocation Managed Risk - Growth Service Class (1)	Vanguard® Global Bond Index (3)
TA BlackRock Global Real Estate Securities Initial Class (1)	Vanguard® Growth (3)
TA BlackRock Global Real Estate Securities Service Class (1)	Vanguard® High Yield Bond (3)
TA BlackRock Government Money Market Initial Class (1)	Vanguard® International (1)
TA BlackRock Government Money Market Service Class (1)	Vanguard® Mid-Cap Index (1)
TA BlackRock iShares Edge 100 Service Class (1)	Vanguard® Moderate Allocation (3)
TA BlackRock iShares Edge 40 Initial Class (1)	Vanguard® Money Market (3)
TA BlackRock iShares Edge 40 Service Class (1)	Vanguard® Real Estate Index (1)
TA BlackRock iShares Edge 50 Service Class (1)	Vanguard® Short-Term Investment Grade (1)
TA BlackRock iShares Edge 75 Service Class (1)	Vanguard® Total Bond Market Index (1)
TA BlackRock Tactical Allocation Service Class (1)	Vanguard® Total International Stock Market Index (3)
TA Greystone International Growth Initial Class (1)	Vanguard® Total Stock Market Index (3)
TA Greystone International Growth Service Class (1)	Voya Global Perspectives Class S Shares (1)
TA International Equity Index Service Class (1)	Voya Large Cap Value Class S Shares (1)
TA Janus Balanced Service Class (1)	Voya Strategic Allocation Conservative Class S Shares (1)
TA Janus Mid-Cap Growth Initial Class (1)	Voya Strategic Allocation Moderate Class S Shares (1)
TA Janus Mid-Cap Growth Service Class (1)	Wanger International (1)
TA JPMorgan Asset Allocation - Conservative Initial Class (1)	Wanger USA (1)

(1) Statements of operations and changes in net assets for the years ended December 31, 2019 and 2018

(2) Statements of operations and changes in net assets for the year ended December 31, 2019 and the period May 1, 2018 (commencement of operations) through December 31, 2018

(3) Statements of operations and changes in net assets for the period December 23, 2019 (commencement of operations) through December 31, 2019

Basis for Opinions

These financial statements are the responsibility of the Transamerica Financial Life Insurance Company’s management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of Separate Account VA BNY 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 Separate Account VA BNY in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2019 by correspondence with the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

April 17, 2020

We have served as the auditor of one or more of the subaccounts of Separate Account VA BNY since 2014.

1

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Assets and Liabilities

December 31, 2019

Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from General Account			Net Assets		Units Outstanding		Range of Unit Values
AB Balanced Wealth Strategy Class B Shares		571,782.718	$	6,143,008	$	5,775,005	$	8		$	5,775,013		1,415,672	$	2.036880	$	15.183174
AB Growth and Income Class B Shares		833,622.359		25,080,834		24,808,601		63			24,808,664		4,287,814		2.047969		19.679929
AB Large Cap Growth Class B Shares		6,959.206		305,631		398,623		(5	)		398,618		110,099		2.531101		17.177241
American Funds - Asset Allocation Class 2 Shares		2,808,643.407		62,480,510		66,817,627		(43	)		66,817,584		10,219,303		2.076358		16.996598
American Funds - Bond Class 2 Shares		1,608,889.692		17,376,735		17,729,964		(67	)		17,729,897		4,067,969		1.132557		11.323489
American Funds - Growth Class 2 Shares		904,259.073		66,903,577		72,856,154		7			72,856,161		5,153,853		2.970878		24.274122
American Funds - Growth-Income Class 2 Shares		918,324.284		43,974,465		45,989,680		37			45,989,717		3,578,073		2.626851		21.868044
American Funds - International Class 2 Shares		1,966,461.693		39,039,469		40,863,074		(47	)		40,863,027		11,158,019		1.408836		14.760493
DFA VA Equity Allocation		-		-		-		-			-		-		10.041461		10.042064
DFA VA Global Bond		-		-		-		-			-		-		10.008134		10.008736
DFA VA Global Moderate Allocation		-		-		-		-			-		-		10.028724		10.029328
DFA VA International Small		-		-		-		-			-		-		10.144432		10.145042
DFA VA International Value		-		-		-		-			-		-		10.031312		10.031917
DFA VA Short-Term Fixed		-		-		-		-			-		-		9.998584		9.999186
DFA VA U.S. Large Value		-		-		-		-			-		-		10.027809		10.028414
DFA VA U.S. Targeted Value		-		-		-		-			-		-		9.993026		9.993629
Fidelity® VIP Balanced Service Class 2		1,828,185.931		31,423,189		34,772,096		82			34,772,178		7,129,126		1.872855		17.713821
Fidelity® VIP Contrafund® Initial Class		-		-		-		-			-		-		20.647796		21.135276
Fidelity® VIP Contrafund® Service Class 2		1,782,238.271		58,774,693		64,338,802		44			64,338,846		7,212,975		2.206644		20.738773
Fidelity® VIP Equity-Income Service Class 2		24,604.072		502,793		568,354		(9	)		568,345		246,717		1.870408		12.479078
Fidelity® VIP Growth Service Class 2		14,796.688		719,944		1,145,708		22			1,145,730		347,776		2.485802		17.100992
Fidelity® VIP Growth Opportunities Service Class 2		67.657		1,579		3,251		7			3,258		1,150		2.752790		3.723174
Fidelity® VIP Mid Cap Initial Class		-		-		-		-			-		-		17.540204		17.954380
Fidelity® VIP Mid Cap Service Class 2		856,457.806		27,735,498		27,192,535		14			27,192,549		2,704,386		2.018607		17.617757
Fidelity® VIP Value Strategies Initial Class		1,976.360		26,356		26,305		-			26,305		1,534		16.748187		17.143663
Fidelity® VIP Value Strategies Service Class 2		975,495.002		12,765,918		13,100,898		(21	)		13,100,877		1,436,606		2.024143		16.808811
Franklin Allocation Class 4 Shares		325,209.501		2,325,548		2,266,710		(9	)		2,266,701		1,035,878		2.078832		11.522228
Franklin Income Class 2 Shares		144,456.944		2,178,022		2,298,310		7			2,298,317		1,442,333		1.462567		11.723515
Franklin Mutual Shares Class 2 Shares		27,706.177		506,695		521,153		15			521,168		336,678		1.390236		11.538677
Franklin Templeton Foreign Class 2 Shares		77,862.382		1,077,529		1,084,623		(3	)		1,084,620		1,045,944		0.961381		10.693765
Invesco V.I. American Franchise Series II Shares		2,525.081		117,034		161,353		9			161,362		69,582		2.166813		15.806723
Janus Henderson - Enterprise Service Shares		4,858.507		252,697		388,340		12			388,352		80,431		1.941520		16.179423
Janus Henderson - Global Research Service Shares		6,526.559		205,874		360,723		(5	)		360,718		188,381		1.249676		14.453939
Janus Henderson - Mid Cap Value Service Shares		160.167		2,416		2,582		(3	)		2,579		900		2.787162		2.959091
JPMorgan Insurance Trust Core Bond Class 1 Shares		37,949.307		426,532		426,550		(7	)		426,543		312,512		1.279021		10.459976
JPMorgan Insurance Trust Mid Cap Value Class 1 Shares		16,758.642		108,872		197,920		(3	)		197,917		52,138		3.540639		11.639217
JPMorgan Insurance Trust Small Cap Core Class 1 Shares		50.666		846		1,167		(1	)		1,166		308		3.533728		11.582122
JPMorgan Insurance Trust U.S. Equity Class 1 Shares		3,116.699		59,805		100,576		5			100,581		24,613		3.821041		13.834941
MFS® New Discovery Service Class		105,311.866		1,709,240		1,897,720		(13	)		1,897,707		494,433		3.267408		16.693531
MFS® Total Return Service Class		41,102.513		861,766		1,004,134		(15	)		1,004,119		491,795		1.688912		12.155997
State Street Total Return V.I.S. Class 3 Shares		293,002.679		4,737,475		4,647,022		12			4,647,034		1,286,288		1.513073		14.248531
TA 60/40 Allocation Service Class		103,171.634		1,044,467		1,153,459		(1	)		1,153,458		101,302		11.209732		11.552036

See accompanying notes. 2

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Assets and Liabilities

December 31, 2019

Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from General Account			Net Assets		Units Outstanding		Range of Unit Values
TA Aegon High Yield Bond Initial Class		10,658.868	$	84,937	$	82,926	$	2		$	82,928		25,128	$	1.580578	$	13.512196
TA Aegon High Yield Bond Service Class		998,212.423		7,878,514		7,895,860		1			7,895,861		1,767,357		1.788970		13.168392
TA Aegon U.S. Government Securities Initial Class		17,082.929		199,767		186,546		(3	)		186,543		89,828		1.196712		2.076661
TA Aegon U.S. Government Securities Service Class		2,943,636.896		33,400,919		33,204,224		(33	)		33,204,191		9,041,053		1.097688		10.715070
TA American Funds Managed Risk - Balanced Service Class		6,345,355.109		68,675,165		75,573,179		(100	)		75,573,079		6,177,727		11.732256		12.842299
TA Barrow Hanley Dividend Focused Initial Class		145,943.659		2,471,182		3,293,948		26			3,293,974		1,100,009		1.658598		18.085286
TA Barrow Hanley Dividend Focused Service Class		1,029,294.456		22,968,105		23,251,762		(1	)		23,251,761		4,708,955		1.732018		17.608666
TA BlackRock Global Allocation Service Class		4,525,547.882		62,246,869		68,154,751		139			68,154,890		19,575,170		1.373191		13.713017
TA BlackRock Global Allocation Managed Risk - Balanced Service Class		1,518,806.729		14,391,476		15,233,631		31			15,233,662		1,420,910		10.336924		11.522436
TA BlackRock Global Allocation Managed Risk - Growth Service Class		1,011,059.309		9,432,181		10,262,252		(13	)		10,262,239		938,245		10.557814		12.056512
TA BlackRock Global Real Estate Securities Initial Class		1,136.399		14,900		15,228		(5	)		15,223		4,917		1.627762		12.822063
TA BlackRock Global Real Estate Securities Service Class		454,724.121		5,979,664		6,407,063		(9	)		6,407,054		1,280,292		1.351017		12.491824
TA BlackRock Government Money Market Initial Class		179,060.770		179,061		179,061		2			179,063		135,343		0.795145		1.323027
TA BlackRock Government Money Market Service Class		29,386,979.888		29,386,978		29,386,980		(265	)		29,386,715		8,862,256		0.781551		10.030370
TA BlackRock iShares Edge 100 Service Class		1,788,956.810		20,864,699		25,582,082		(1	)		25,582,081		1,720,071		13.423806		15.243939
TA BlackRock iShares Edge 40 Initial Class		6,516.919		56,351		61,194		1			61,195		31,980		1.547032		2.000315
TA BlackRock iShares Edge 40 Service Class		2,342,841.543		21,982,451		21,835,283		(4	)		21,835,279		5,634,719		1.186601		12.913756
TA BlackRock iShares Edge 50 Service Class		2,124,393.279		24,563,487		26,937,307		(7	)		26,937,300		2,157,603		11.843892		12.969490
TA BlackRock iShares Edge 75 Service Class		1,567,168.558		18,340,728		21,407,523		5			21,407,528		1,582,836		12.615169		13.962134
TA BlackRock Tactical Allocation Service Class		6,160,056.090		94,811,182		97,944,892		276			97,945,168		23,323,488		1.333545		14.348419
TA Greystone International Growth Initial Class		13,669.275		114,698		113,728		(4	)		113,724		59,963		1.619456		13.829997
TA Greystone International Growth Service Class		992,516.908		8,586,765		8,079,088		(39	)		8,079,049		1,597,061		1.368285		13.480466
TA International Equity Index Service Class		374,253.086		4,028,083		4,255,258		3			4,255,261		380,767		10.797802		11.473030
TA Janus Balanced Service Class		6,085,400.522		86,426,690		102,356,437		(128	)		102,356,309		14,667,063		1.596971		17.294286
TA Janus Mid-Cap Growth Initial Class		537.407		16,689		21,271		(1	)		21,270		4,730		2.153793		19.589675
TA Janus Mid-Cap Growth Service Class		533,614.113		18,075,345		20,122,588		17			20,122,605		3,279,903		2.393999		19.079610
TA JPMorgan Asset Allocation - Conservative Initial Class		-		-		-		-			-		-		1.656093		2.114188
TA JPMorgan Asset Allocation - Conservative Service Class		6,067,147.772		63,073,273		63,826,395		(130	)		63,826,265		18,105,007		1.299602		13.167548
TA JPMorgan Asset Allocation - Growth Initial Class		3,282.905		34,403		41,168		1			41,169		16,941		2.139756		2.870741
TA JPMorgan Asset Allocation - Growth Service Class		790,890.524		9,400,158		9,822,860		8			9,822,868		1,582,914		1.606701		16.876109
TA JPMorgan Asset Allocation - Moderate Initial Class		31,512.170		380,045		378,461		-			378,461		174,302		1.858093		2.404150
TA JPMorgan Asset Allocation - Moderate Service Class		26,616,874.592		306,547,075		314,877,626		(56	)		314,877,570		73,968,848		1.500975		14.180773
TA JPMorgan Asset Allocation - Moderate Growth Initial Class		3,923.185		46,885		48,804		(2	)		48,802		21,059		2.012922		2.644304
TA JPMorgan Asset Allocation - Moderate Growth Service Class		15,324,423.785		182,438,952		187,724,191		160			187,724,351		41,813,237		1.428766		15.374127
TA JPMorgan Core Bond Service Class		2,923,920.470		40,432,340		41,431,953		(67	)		41,431,886		10,793,962		1.100675		11.413570
TA JPMorgan Enhanced Index Initial Class		34,165.756		593,171		751,988		1			751,989		173,973		2.479689		21.859789
TA JPMorgan Enhanced Index Service Class		259,440.486		5,374,441		5,689,530		7			5,689,537		564,116		2.408483		21.302258
TA JPMorgan International Moderate Growth Service Class		4,472,240.013		43,632,705		44,185,731		96			44,185,827		14,401,813		1.140421		12.909243
TA JPMorgan Mid Cap Value Service Class		1,135,197.762		18,471,461		18,129,108		(17	)		18,129,091		1,664,311		2.285156		18.373288
TA JPMorgan Tactical Allocation Service Class		5,218,330.949		77,658,914		82,867,095		(14	)		82,867,081		15,867,118		1.247201		12.911714
TA Legg Mason Dynamic Allocation - Balanced Service Class		6,562,199.871		77,654,504		85,177,354		82			85,177,436		15,186,512		1.165230		13.295055
TA Legg Mason Dynamic Allocation - Growth Service Class		4,067,156.059		50,298,673		55,720,038		(183	)		55,719,855		9,594,730		1.291710		13.860477

See accompanying notes. 3

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Assets and Liabilities

December 31, 2019

Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from General Account			Net Assets		Units Outstanding		Range of Unit Values
TA Levin Large Cap Value Service Class		82,570.344	$	827,273	$	866,163	$	-		$	866,163		83,542	$	10.236136	$	10.548792
TA Madison Diversified Income Service Class		417,124.303		5,524,995		5,773,000		1			5,773,001		479,428		1.423157		13.855150
TA Managed Risk - Balanced ETF Service Class		35,321,810.706		408,675,621		453,178,831		83			453,178,914		92,287,393		1.182569		13.805374
TA Managed Risk - Conservative ETF Service Class		6,093,521.612		73,355,611		76,229,955		(44	)		76,229,911		21,020,453		1.196153		13.194429
TA Managed Risk - Growth ETF Service Class		32,697,120.887		329,339,734		354,763,762		(80	)		354,763,682		82,914,893		1.396277		14.924205
TA Market Participation Strategy Service Class		2,846,679.551		33,243,919		33,306,151		29			33,306,180		6,372,242		1.373424		14.947930
TA Morgan Stanley Capital Growth Initial Class		112,163.446		1,941,489		2,070,537		(6	)		2,070,531		497,222		3.460703		10.546561
TA Morgan Stanley Capital Growth Service Class		1,710,775.926		29,528,747		30,451,811		(1	)		30,451,810		2,312,397		3.159661		28.633381
TA Multi-Managed Balanced Initial Class		2,295.965		30,878		35,679		(10	)		35,669		12,065		2.587224		3.064942
TA Multi-Managed Balanced Service Class		9,278,375.878		127,703,064		140,845,746		44			140,845,790		14,676,803		1.917095		16.935426
TA Multi-Manager Alternative Strategies Service Class		40,053.864		399,360		408,149		-			408,149		39,931		9.827363		10.759892
TA PIMCO Tactical - Balanced Service Class		2,874,927.423		33,467,288		35,792,846		(18	)		35,792,828		8,706,125		1.184655		14.242665
TA PIMCO Tactical - Conservative Service Class		1,878,357.071		21,452,493		22,878,389		(13	)		22,878,376		5,073,711		1.152799		13.812809
TA PIMCO Tactical - Growth Service Class		3,102,956.934		35,337,901		38,321,518		3			38,321,521		6,130,646		1.205599		14.795020
TA PIMCO Total Return Initial Class		21,349.127		245,018		251,066		3			251,069		144,114		1.429002		1.788380
TA PIMCO Total Return Service Class		6,155,660.385		70,139,978		71,713,443		86			71,713,529		24,181,100		1.129466		11.292052
TA PineBridge Inflation Opportunities Service Class		1,549,068.916		15,929,728		16,265,224		(14	)		16,265,210		6,890,549		1.003019		10.721312
TA ProFunds UltraBear Service Class (OAM)		1,620,055.527		712,911		453,616		120			453,736		18,877,817		0.022777		4.085741
TA QS Investors Active Asset Allocation - Conservative Service Class		2,048,092.221		21,738,665		22,160,358		(18	)		22,160,340		6,386,750		1.124829		12.586417
TA QS Investors Active Asset Allocation - Moderate Service Class		7,409,314.588		83,838,201		85,725,770		51			85,725,821		21,167,125		1.189098		12.826137
TA QS Investors Active Asset Allocation - Moderate Growth Service Class		4,251,674.551		47,475,379		48,681,674		69			48,681,743		10,905,328		1.175003		13.178551
TA Small/Mid Cap Value Initial Class		151,571.356		2,887,912		2,957,157		6			2,957,163		258,481		2.228640		18.992028
TA Small/Mid Cap Value Service Class		875,248.770		16,860,569		16,559,707		51			16,559,758		3,108,705		2.381408		18.502409
TA T. Rowe Price Small Cap Initial Class		10,925.273		149,224		179,393		(4	)		179,389		55,309		2.654063		23.134489
TA T. Rowe Price Small Cap Service Class		2,778,537.894		39,299,754		42,539,415		(55	)		42,539,360		4,617,104		3.286651		22.537792
TA TS&W International Equity Initial Class		48,800.924		585,903		680,773		12			680,785		259,790		1.588245		13.472175
TA TS&W International Equity Service Class		290,872.865		3,728,033		4,022,772		(3	)		4,022,769		670,221		1.117687		13.122850
TA U.S. Equity Index Service Class		2,448,399.095		31,264,616		34,204,135		(1	)		34,204,134		2,521,965		13.126540		13.947190
TA WMC US Growth Initial Class		153,747.650		4,318,329		5,281,232		33			5,281,265		2,182,247		2.331741		25.976133
TA WMC US Growth Service Class		1,104,075.425		30,575,725		36,887,160		30			36,887,190		4,841,963		2.349056		25.299834
Vanguard® - Capital Growth		-		-		-		-			-		-		9.996130		9.996734
Vanguard® - Conservative Allocation		-		-		-		-			-		-		10.017464		10.018067
Vanguard® - Diversified Value		-		-		-		-			-		-		10.029067		10.029672
Vanguard® Balanced		-		-		-		-			-		-		10.018668		10.019273
Vanguard® Equity Income		-		-		-		-			-		-		10.011008		10.011612
Vanguard® Equity Index		0.025		1		1		(1	)		-		-		21.718082		22.233362
Vanguard® Global Bond Index		-		-		-		-			-		-		10.003255		10.003858
Vanguard® Growth		-		-		-		-			-		-		10.020892		10.021498
Vanguard® High Yield Bond		-		-		-		-			-		-		9.998584		9.999187
Vanguard® International		-		-		-		-			-		-		17.035388		17.439617
Vanguard® Mid-Cap Index		28,677.140		674,242		689,112		-			689,112		35,072		19.551647		20.015600
Vanguard® Moderate Allocation		-		-		-		-			-		-		10.025212		10.025816

See accompanying notes. 4

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Assets and Liabilities

December 31, 2019

Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from General Account		Net Assets		Units Outstanding		Range of Unit Values
Vanguard® Money Market		-	$	-	$	-	$	-	$	-		-	$	10.002871	$	10.003474
Vanguard® Real Estate Index		20,764.170		279,306		285,300		-		285,300		18,469		15.404460		15.769934
Vanguard® Short-Term Investment Grade		76,073.844		822,934		824,640		-		824,640		76,045		10.800536		11.056859
Vanguard® Total Bond Market Index		64,078.043		782,393		782,393		-		782,393		70,627		11.061419		11.323946
Vanguard® Total International Stock Market Index		-		-		-		-		-		-		10.064487		10.065095
Vanguard® Total Stock Market Index		-		-		-		-		-		-		10.026688		10.027294
Voya Global Perspectives Class S Shares		-		-		-		-		-		-		11.216562		11.895959
Voya Large Cap Value Class S Shares		-		-		-		-		-		-		12.302833		13.010274
Voya Strategic Allocation Conservative Class S Shares		-		-		-		-		-		-		11.168304		11.620652
Voya Strategic Allocation Moderate Class S Shares		-		-		-		-		-		-		11.748723		12.224651
Wanger International		-		-		-		-		-		-		14.110258		14.443439
Wanger USA		-		-		-		-		-		-		21.363082		21.867468

See accompanying notes. 5

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	AB Balanced Wealth Strategy Class B Shares Subaccount			AB Growth and Income Class B Shares Subaccount			AB Large Cap Growth Class B Shares Subaccount			American Funds - Asset Allocation Class 2 Shares Subaccount			American Funds - Bond Class 2 Shares Subaccount
Net Assets as of December 31, 2017:	$	4,712,679		$	25,327,849		$	445,455		$	54,222,730		$	16,486,527
Investment Income:
Reinvested Dividends		84,866			190,319			-			979,042			381,919
Investment Expense:
Mortality and Expense Risk and Administrative Charges		80,867			372,147			6,083			917,312			268,293
Net Investment Income (Loss)		3,999			(181,828	)		(6,083	)		61,730			113,626
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		379,799			2,893,036			51,116			2,280,167			22,541
Realized Gain (Loss) on Investments		(54,752	)		783,886			65,071			1,724,304			(159,664	)
Net Realized Capital Gains (Losses) on Investments		325,047			3,676,922			116,187			4,004,471			(137,123	)
Net Change in Unrealized Appreciation (Depreciation)		(753,760	)		(5,248,328	)		(98,999	)		(7,878,698	)		(373,910	)
Net Gain (Loss) on Investment		(428,713	)		(1,571,406	)		17,188			(3,874,227	)		(511,033	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(424,714	)		(1,753,234	)		11,105			(3,812,497	)		(397,407	)
Increase (Decrease) in Net Assets from Contract Transactions		656,550			(1,025,576	)		(77,572	)		3,873,151			(580,582	)
Total Increase (Decrease) in Net Assets		231,836			(2,778,810	)		(66,467	)		60,654			(977,989	)
Net Assets as of December 31, 2018:	$	4,944,515		$	22,549,039		$	378,988		$	54,283,384		$	15,508,538
Investment Income:
Reinvested Dividends		130,082			257,462			-			1,201,329			456,457
Investment Expense:
Mortality and Expense Risk and Administrative Charges		86,953			359,226			5,725			1,049,140			289,552
Net Investment Income (Loss)		43,129			(101,764	)		(5,725	)		152,189			166,905
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		674,822			2,706,336			56,876			3,110,573			-
Realized Gain (Loss) on Investments		(124,803	)		354,756			42,566			953,214			24,616
Net Realized Capital Gains (Losses) on Investments		550,019			3,061,092			99,442			4,063,787			24,616
Net Change in Unrealized Appreciation (Depreciation)		225,093			1,831,993			18,424			6,421,324			1,074,292
Net Gain (Loss) on Investment		775,112			4,893,085			117,866			10,485,111			1,098,908
Net Increase (Decrease) in Net Assets Resulting from Operations		818,241			4,791,321			112,141			10,637,300			1,265,813
Increase (Decrease) in Net Assets from Contract Transactions		12,257			(2,531,696	)		(92,511	)		1,896,900			955,546
Total Increase (Decrease) in Net Assets		830,498			2,259,625			19,630			12,534,200			2,221,359
Net Assets as of December 31, 2019:	$	5,775,013		$	24,808,664		$	398,618		$	66,817,584		$	17,729,897

See Accompanying Notes. ⁽¹⁾  See Footnote 1 6

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	American Funds - Growth Class 2 Shares			American Funds - Growth- Income Class 2 Shares			American Funds - International Class 2 Shares			DFA VA Equity Allocation		DFA VA Global Bond
	Subaccount			Subaccount			Subaccount			Subaccount(1)		Subaccount(1)
Net Assets as of December 31, 2017:	$	43,786,720		$	31,707,232		$	17,419,416		$	-	$	-
Investment Income:
Reinvested Dividends		214,820			455,028			520,971			-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		844,766			531,638			417,448			-		-
Net Investment Income (Loss)		(629,946	)		(76,610	)		103,523			-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		4,661,468			1,994,012			847,593			-		-
Realized Gain (Loss) on Investments		1,498,128			882,708			121,259			-		-
Net Realized Capital Gains (Losses) on Investments		6,159,596			2,876,720			968,852			-		-
Net Change in Unrealized Appreciation (Depreciation)		(6,779,314	)		(4,022,359	)		(5,968,544	)		-		-
Net Gain (Loss) on Investment		(619,718	)		(1,145,639	)		(4,999,692	)		-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,249,664	)		(1,222,249	)		(4,896,169	)		-		-
Increase (Decrease) in Net Assets from Contract Transactions		927,421			(924,635	)		15,994,922			-		-
Total Increase (Decrease) in Net Assets		(322,243	)		(2,146,884	)		11,098,753			-		-
Net Assets as of December 31, 2018:	$	43,464,477		$	29,560,348		$	28,518,169		$	-	$	-
Investment Income:
Reinvested Dividends		479,711			700,089			550,335			-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,008,244			682,961			615,500			-		-
Net Investment Income (Loss)		(528,533	)		17,128			(65,165	)		-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		6,241,646			3,900,466			883,652			-		-
Realized Gain (Loss) on Investments		951,689			471,189			179,650			-		-
Net Realized Capital Gains (Losses) on Investments		7,193,335			4,371,655			1,063,302			-		-
Net Change in Unrealized Appreciation (Depreciation)		7,847,420			3,634,725			5,519,753			-		-
Net Gain (Loss) on Investment		15,040,755			8,006,380			6,583,055			-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		14,512,222			8,023,508			6,517,890			-		-
Increase (Decrease) in Net Assets from Contract Transactions		14,879,462			8,405,861			5,826,968			-		-
Total Increase (Decrease) in Net Assets		29,391,684			16,429,369			12,344,858			-		-
Net Assets as of December 31, 2019:	$	72,856,161		$	45,989,717		$	40,863,027		$	-	$	-

See Accompanying Notes. ⁽¹⁾  See Footnote 1 7

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	DFA VA Global Moderate Allocation		DFA VA International Small		DFA VA International Value		DFA VA Short-Term Fixed		DFA VA U.S. Large Value
	Subaccount(1)		Subaccount(1)		Subaccount(1)		Subaccount(1)		Subaccount(1)
Net Assets as of December 31, 2017:	$	-	$	-	$	-	$	-	$	-
Investment Income:
Reinvested Dividends		-		-		-		-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		-		-		-		-
Net Investment Income (Loss)		-		-		-		-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		-		-		-		-
Realized Gain (Loss) on Investments		-		-		-		-		-
Net Realized Capital Gains (Losses) on Investments		-		-		-		-		-
Net Change in Unrealized Appreciation (Depreciation)		-		-		-		-		-
Net Gain (Loss) on Investment		-		-		-		-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		-		-		-		-		-
Increase (Decrease) in Net Assets from Contract Transactions		-		-		-		-		-
Total Increase (Decrease) in Net Assets		-		-		-		-		-
Net Assets as of December 31, 2018:	$	-	$	-	$	-	$	-	$	-
Investment Income:
Reinvested Dividends		-		-		-		-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		-		-		-		-
Net Investment Income (Loss)		-		-		-		-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		-		-		-		-
Realized Gain (Loss) on Investments		-		-		-		-		-
Net Realized Capital Gains (Losses) on Investments		-		-		-		-		-
Net Change in Unrealized Appreciation (Depreciation)		-		-		-		-		-
Net Gain (Loss) on Investment		-		-		-		-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		-		-		-		-		-
Increase (Decrease) in Net Assets from Contract Transactions		-		-		-		-		-
Total Increase (Decrease) in Net Assets		-		-		-		-		-
Net Assets as of December 31, 2019:	$	-	$	-	$	-	$	-	$	-

See Accompanying Notes. ⁽¹⁾  See Footnote 1 8

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	DFA VA U.S. Targeted Value		Fidelity® VIP Balanced Service Class 2			Fidelity® VIP Contrafund® Initial Class		Fidelity® VIP Contrafund® Service Class 2			Fidelity® VIP Equity-Income Service Class 2
	Subaccount(1)		Subaccount			Subaccount		Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	-	$	24,492,159		$	-	$	44,958,123		$	761,780
Investment Income:
Reinvested Dividends		-		361,168			-		194,833			11,958
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		372,196			-		656,860			9,534
Net Investment Income (Loss)		-		(11,028	)		-		(462,027	)		2,424
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		1,287,747			-		3,963,223			34,596
Realized Gain (Loss) on Investments		-		573,253			-		248,190			31,075
Net Realized Capital Gains (Losses) on Investments		-		1,861,000			-		4,211,413			65,671
Net Change in Unrealized Appreciation (Depreciation)		-		(3,641,031	)		-		(7,187,985	)		(122,221	)
Net Gain (Loss) on Investment		-		(1,780,031	)		-		(2,976,572	)		(56,550	)
Net Increase (Decrease) in Net Assets Resulting from Operations		-		(1,791,059	)		-		(3,438,599	)		(54,126	)
Increase (Decrease) in Net Assets from Contract Transactions		-		4,007,803			-		(4,374,193	)		(205,014	)
Total Increase (Decrease) in Net Assets		-		2,216,744			-		(7,812,792	)		(259,140	)
Net Assets as of December 31, 2018:	$	-	$	26,708,903		$	-	$	37,145,331		$	502,640
Investment Income:
Reinvested Dividends		-		499,219			-		119,544			9,761
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		424,097			-		693,045			7,786
Net Investment Income (Loss)		-		75,122			-		(573,501	)		1,975
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		1,430,559			-		4,996,931			35,911
Realized Gain (Loss) on Investments		-		369,756			-		8,042			331
Net Realized Capital Gains (Losses) on Investments		-		1,800,315			-		5,004,973			36,242
Net Change in Unrealized Appreciation (Depreciation)		-		4,319,284			-		7,811,782			82,470
Net Gain (Loss) on Investment		-		6,119,599			-		12,816,755			118,712
Net Increase (Decrease) in Net Assets Resulting from Operations		-		6,194,721			-		12,243,254			120,687
Increase (Decrease) in Net Assets from Contract Transactions		-		1,868,554			-		14,950,261			(54,982	)
Total Increase (Decrease) in Net Assets		-		8,063,275			-		27,193,515			65,705
Net Assets as of December 31, 2019:	$	-	$	34,772,178		$	-	$	64,338,846		$	568,345

See Accompanying Notes. ⁽¹⁾  See Footnote 1 9

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	Fidelity® VIP Growth Service Class 2			Fidelity® VIP Growth Opportunities Service Class 2			Fidelity® VIP Mid Cap Initial Class		Fidelity® VIP Mid Cap Service Class 2			Fidelity® VIP Value Strategies Initial Class
	Subaccount			Subaccount			Subaccount		Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	1,003,079		$	2,289		$	-	$	36,379,914		$	27,025
Investment Income:
Reinvested Dividends		425			2			-		117,070			256
Investment Expense:
Mortality and Expense Risk and Administrative Charges		14,959			35			-		474,371			171
Net Investment Income (Loss)		(14,534	)		(33	)		-		(357,301	)		85
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		147,043			135			-		3,138,834			1,183
Realized Gain (Loss) on Investments		62,060			61			-		810,380			(4	)
Net Realized Capital Gains (Losses) on Investments		209,103			196			-		3,949,214			1,179
Net Change in Unrealized Appreciation (Depreciation)		(203,388	)		73			-		(7,390,890	)		(6,090	)
Net Gain (Loss) on Investment		5,715			269			-		(3,441,676	)		(4,911	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(8,819	)		236			-		(3,798,977	)		(4,826	)
Increase (Decrease) in Net Assets from Contract Transactions		(86,747	)		(82	)		-		(12,187,209	)		(4	)
Total Increase (Decrease) in Net Assets		(95,566	)		154			-		(15,986,186	)		(4,830	)
Net Assets as of December 31, 2018:	$	907,513		$	2,443		$	-	$	20,393,728		$	22,195
Investment Income:
Reinvested Dividends		568			-			-		174,074			413
Investment Expense:
Mortality and Expense Risk and Administrative Charges		14,904			40			-		357,956			167
Net Investment Income (Loss)		(14,336	)		(40	)		-		(183,882	)		246
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		64,741			233			-		2,788,485			2,352
Realized Gain (Loss) on Investments		27,381			72			-		(369,387	)		(352	)
Net Realized Capital Gains (Losses) on Investments		92,122			305			-		2,419,098			2,000
Net Change in Unrealized Appreciation (Depreciation)		207,280			639			-		2,407,923			4,970
Net Gain (Loss) on Investment		299,402			944			-		4,827,021			6,970
Net Increase (Decrease) in Net Assets Resulting from Operations		285,066			904			-		4,643,139			7,216
Increase (Decrease) in Net Assets from Contract Transactions		(46,849	)		(89	)		-		2,155,682			(3,106	)
Total Increase (Decrease) in Net Assets		238,217			815			-		6,798,821			4,110
Net Assets as of December 31, 2019:	$	1,145,730		$	3,258		$	-	$	27,192,549		$	26,305

See Accompanying Notes. ⁽¹⁾  See Footnote 1 10

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	Fidelity® VIP Value Strategies Service Class 2			Franklin Allocation Class 4 Shares			Franklin Income Class 2 Shares			Franklin Mutual Shares Class 2 Shares			Franklin Templeton Foreign Class 2 Shares
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	12,836,585		$	3,384,945		$	3,318,178		$	705,918		$	1,730,862
Investment Income:
Reinvested Dividends		79,421			90,070			148,761			14,250			40,794
Investment Expense:
Mortality and Expense Risk and Administrative Charges		169,353			48,850			44,514			9,449			22,073
Net Investment Income (Loss)		(89,932	)		41,220			104,247			4,801			18,721
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		517,444			73,713			-			22,189			-
Realized Gain (Loss) on Investments		(551,402	)		(33,039	)		46,068			34,210			25,332
Net Realized Capital Gains (Losses) on Investments		(33,958	)		40,674			46,068			56,399			25,332
Net Change in Unrealized Appreciation (Depreciation)		(1,971,653	)		(378,166	)		(307,450	)		(122,741	)		(295,315	)
Net Gain (Loss) on Investment		(2,005,611	)		(337,492	)		(261,382	)		(66,342	)		(269,983	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,095,543	)		(296,272	)		(157,135	)		(61,541	)		(251,262	)
Increase (Decrease) in Net Assets from Contract Transactions		(2,130,959	)		(786,401	)		(583,402	)		(133,400	)		(299,581	)
Total Increase (Decrease) in Net Assets		(4,226,502	)		(1,082,673	)		(740,537	)		(194,941	)		(550,843	)
Net Assets as of December 31, 2018:	$	8,610,083		$	2,302,272		$	2,577,641		$	510,977		$	1,180,019
Investment Income:
Reinvested Dividends		170,427			79,165			136,932			8,972			19,849
Investment Expense:
Mortality and Expense Risk and Administrative Charges		166,826			37,763			37,573			7,890			16,593
Net Investment Income (Loss)		3,601			41,402			99,359			1,082			3,256
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,048,705			152,299			41,386			47,975			11,848
Realized Gain (Loss) on Investments		(490,258	)		(59,629	)		38,282			20,367			(7,115	)
Net Realized Capital Gains (Losses) on Investments		558,447			92,670			79,668			68,342			4,733
Net Change in Unrealized Appreciation (Depreciation)		2,526,881			251,153			165,989			29,283			106,793
Net Gain (Loss) on Investment		3,085,328			343,823			245,657			97,625			111,526
Net Increase (Decrease) in Net Assets Resulting from Operations		3,088,929			385,225			345,016			98,707			114,782
Increase (Decrease) in Net Assets from Contract Transactions		1,401,865			(420,796	)		(624,340	)		(88,516	)		(210,181	)
Total Increase (Decrease) in Net Assets		4,490,794			(35,571	)		(279,324	)		10,191			(95,399	)
Net Assets as of December 31, 2019:	$	13,100,877		$	2,266,701		$	2,298,317		$	521,168		$	1,084,620

See Accompanying Notes. ⁽¹⁾  See Footnote 1 11

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	Invesco V.I. American Franchise Series II Shares			Janus Henderson - Enterprise Service Shares			Janus Henderson - Global Research Service Shares			Janus Henderson - Mid Cap Value Service Shares			JPMorgan Insurance Trust Core Bond Class 1 Shares
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	200,731		$	356,554		$	389,774		$	2,549		$	480,107
Investment Income:
Reinvested Dividends		-			431			3,658			22			10,598
Investment Expense:
Mortality and Expense Risk and Administrative Charges		3,133			4,672			5,926			33			6,309
Net Investment Income (Loss)		(3,133	)		(4,241	)		(2,268	)		(11	)		4,289
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		13,559			15,818			-			214			722
Realized Gain (Loss) on Investments		5,478			49,221			33,930			21			(3,586	)
Net Realized Capital Gains (Losses) on Investments		19,037			65,039			33,930			235			(2,864	)
Net Change in Unrealized Appreciation (Depreciation)		(25,406	)		(63,250	)		(62,214	)		(592	)		(8,294	)
Net Gain (Loss) on Investment		(6,369	)		1,789			(28,284	)		(357	)		(11,158	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(9,502	)		(2,452	)		(30,552	)		(368	)		(6,869	)
Increase (Decrease) in Net Assets from Contract Transactions		(9,237	)		(58,148	)		(61,275	)		(92	)		(39,877	)
Total Increase (Decrease) in Net Assets		(18,739	)		(60,600	)		(91,827	)		(460	)		(46,746	)
Net Assets as of December 31, 2018:	$	181,992		$	295,954		$	297,947		$	2,089		$	433,361
Investment Income:
Reinvested Dividends		-			184			2,906			35			10,669
Investment Expense:
Mortality and Expense Risk and Administrative Charges		2,836			5,007			5,266			33			5,900
Net Investment Income (Loss)		(2,836	)		(4,823	)		(2,360	)		2			4,769
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		29,415			22,027			20,765			176			-
Realized Gain (Loss) on Investments		24,591			5,368			9,266			(3	)		(5,296	)
Net Realized Capital Gains (Losses) on Investments		54,006			27,395			30,031			173			(5,296	)
Net Change in Unrealized Appreciation (Depreciation)		916			75,440			50,271			393			28,605
Net Gain (Loss) on Investment		54,922			102,835			80,302			566			23,309
Net Increase (Decrease) in Net Assets Resulting from Operations		52,086			98,012			77,942			568			28,078
Increase (Decrease) in Net Assets from Contract Transactions		(72,716	)		(5,614	)		(15,171	)		(78	)		(34,896	)
Total Increase (Decrease) in Net Assets		(20,630	)		92,398			62,771			490			(6,818	)
Net Assets as of December 31, 2019:	$	161,362		$	388,352		$	360,718		$	2,579		$	426,543

See Accompanying Notes. ⁽¹⁾  See Footnote 1 12

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	JPMorgan Insurance Trust Mid Cap Value Class 1 Shares			JPMorgan Insurance Trust Small Cap Core Class 1 Shares			JPMorgan Insurance Trust U.S. Equity Class 1 Shares			MFS® New Discovery Service Class			MFS® Total Return Service Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	181,699		$	8,950		$	85,661		$	1,753,527		$	1,277,761
Investment Income:
Reinvested Dividends		1,735			35			713			-			21,348
Investment Expense:
Mortality and Expense Risk and Administrative Charges		2,313			128			1,143			26,331			15,868
Net Investment Income (Loss)		(578	)		(93	)		(430	)		(26,331	)		5,480
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		2,900			593			10,124			255,969			49,157
Realized Gain (Loss) on Investments		1,420			169			1,103			72,253			62,041
Net Realized Capital Gains (Losses) on Investments		4,320			762			11,227			328,222			111,198
Net Change in Unrealized Appreciation (Depreciation)		(27,297	)		(1,824	)		(17,022	)		(318,017	)		(193,908	)
Net Gain (Loss) on Investment		(22,977	)		(1,062	)		(5,795	)		10,205			(82,710	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(23,555	)		(1,155	)		(6,225	)		(16,126	)		(77,230	)
Increase (Decrease) in Net Assets from Contract Transactions		1			(158	)		(1,080	)		(257,048	)		(263,934	)
Total Increase (Decrease) in Net Assets		(23,554	)		(1,313	)		(7,305	)		(273,174	)		(341,164	)
Net Assets as of December 31, 2018:	$	158,145		$	7,637		$	78,356		$	1,480,353		$	936,597
Investment Income:
Reinvested Dividends		2,922			35			772			-			21,097
Investment Expense:
Mortality and Expense Risk and Administrative Charges		2,347			64			1,183			25,659			14,103
Net Investment Income (Loss)		575			(29	)		(411	)		(25,659	)		6,994
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		12,133			1,007			6,331			351,201			26,973
Realized Gain (Loss) on Investments		1,414			2,355			1,136			24,749			25,596
Net Realized Capital Gains (Losses) on Investments		13,547			3,362			7,467			375,950			52,569
Net Change in Unrealized Appreciation (Depreciation)		25,652			(2,189	)		16,353			211,958			106,361
Net Gain (Loss) on Investment		39,199			1,173			23,820			587,908			158,930
Net Increase (Decrease) in Net Assets Resulting from Operations		39,774			1,144			23,409			562,249			165,924
Increase (Decrease) in Net Assets from Contract Transactions		(2	)		(7,615	)		(1,184	)		(144,895	)		(98,402	)
Total Increase (Decrease) in Net Assets		39,772			(6,471	)		22,225			417,354			67,522
Net Assets as of December 31, 2019:	$	197,917		$	1,166		$	100,581		$	1,897,707		$	1,004,119

See Accompanying Notes. ⁽¹⁾  See Footnote 1 13

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	State Street Total Return V.I.S. Class 3 Shares			TA 60/40 Allocation Service Class			TA Aegon High Yield Bond Initial Class			TA Aegon High Yield Bond Service Class			TA Aegon U.S. Government Securities Initial Class
	Subaccount			Subaccount(1)			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	3,637,485		$	-		$	130,755		$	7,261,724		$	284,854
Investment Income:
Reinvested Dividends		102,926			-			8,672			420,563			7,940
Investment Expense:
Mortality and Expense Risk and Administrative Charges		71,328			1,906			1,675			98,037			3,664
Net Investment Income (Loss)		31,598			(1,906	)		6,997			322,526			4,276
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,086,356			-			-			-			-
Realized Gain (Loss) on Investments		56,878			563			(161	)		(49,599	)		(4,136	)
Net Realized Capital Gains (Losses) on Investments		1,143,234			563			(161	)		(49,599	)		(4,136	)
Net Change in Unrealized Appreciation (Depreciation)		(1,588,743	)		(30,108	)		(11,624	)		(549,863	)		(3,553	)
Net Gain (Loss) on Investment		(445,509	)		(29,545	)		(11,785	)		(599,462	)		(7,689	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(413,911	)		(31,451	)		(4,788	)		(276,936	)		(3,413	)
Increase (Decrease) in Net Assets from Contract Transactions		1,648,639			617,558			6,393			(600,836	)		(20,356	)
Total Increase (Decrease) in Net Assets		1,234,728			586,107			1,605			(877,772	)		(23,769	)
Net Assets as of December 31, 2018:	$	4,872,213		$	586,107		$	132,360		$	6,383,952		$	261,085
Investment Income:
Reinvested Dividends		95,026			1,550			5,193			438,157			3,923
Investment Expense:
Mortality and Expense Risk and Administrative Charges		73,533			9,482			1,148			99,042			2,977
Net Investment Income (Loss)		21,493			(7,932	)		4,045			339,115			946
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			1,152			-			-			-
Realized Gain (Loss) on Investments		(646,986	)		1,407			(1,895	)		(19,672	)		(14,748	)
Net Realized Capital Gains (Losses) on Investments		(646,986	)		2,559			(1,895	)		(19,672	)		(14,748	)
Net Change in Unrealized Appreciation (Depreciation)		1,251,903			139,100			11,786			507,376			24,353
Net Gain (Loss) on Investment		604,917			141,659			9,891			487,704			9,605
Net Increase (Decrease) in Net Assets Resulting from Operations		626,410			133,727			13,936			826,819			10,551
Increase (Decrease) in Net Assets from Contract Transactions		(851,589	)		433,624			(63,368	)		685,090			(85,093	)
Total Increase (Decrease) in Net Assets		(225,179	)		567,351			(49,432	)		1,511,909			(74,542	)
Net Assets as of December 31, 2019:	$	4,647,034		$	1,153,458		$	82,928		$	7,895,861		$	186,543

See Accompanying Notes. ⁽¹⁾  See Footnote 1 14

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA Aegon U.S. Government Securities Service Class			TA American Funds Managed Risk -  Balanced Service Class			TA Barrow Hanley Dividend Focused Initial Class			TA Barrow Hanley Dividend Focused Service Class			TA BlackRock Global Allocation Service Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	28,859,784		$	50,784,606		$	3,740,605		$	23,499,428		$	72,510,972
Investment Income:
Reinvested Dividends		605,379			468,554			75,090			449,849			779,559
Investment Expense:
Mortality and Expense Risk and Administrative Charges		384,569			745,431			48,508			343,365			971,232
Net Investment Income (Loss)		220,810			(276,877	)		26,582			106,484			(191,673	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			1,797,251			-			-			752,935
Realized Gain (Loss) on Investments		(1,792,706	)		801,343			89,897			757,150			1,202,062
Net Realized Capital Gains (Losses) on Investments		(1,792,706	)		2,598,594			89,897			757,150			1,954,997
Net Change in Unrealized Appreciation (Depreciation)		1,506,881			(6,475,837	)		(557,592	)		(3,919,975	)		(7,944,965	)
Net Gain (Loss) on Investment		(285,825	)		(3,877,243	)		(467,695	)		(3,162,825	)		(5,989,968	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(65,015	)		(4,154,120	)		(441,113	)		(3,056,341	)		(6,181,641	)
Increase (Decrease) in Net Assets from Contract Transactions		30,130,227			10,340,926			(281,645	)		(381,469	)		(5,581,528	)
Total Increase (Decrease) in Net Assets		30,065,212			6,186,806			(722,758	)		(3,437,810	)		(11,763,169	)
Net Assets as of December 31, 2018:	$	58,924,996		$	56,971,412		$	3,017,847		$	20,061,618		$	60,747,803
Investment Income:
Reinvested Dividends		605,992			830,847			80,654			513,316			619,928
Investment Expense:
Mortality and Expense Risk and Administrative Charges		535,571			881,128			45,168			326,421			895,879
Net Investment Income (Loss)		70,421			(50,281	)		35,486			186,895			(275,951	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			1,551,695			495,573			3,546,190			2,716,588
Realized Gain (Loss) on Investments		761,772			852,176			128,894			629,894			845,530
Net Realized Capital Gains (Losses) on Investments		761,772			2,403,871			624,467			4,176,084			3,562,118
Net Change in Unrealized Appreciation (Depreciation)		931,202			7,521,431			(17,370	)		20,273			6,456,229
Net Gain (Loss) on Investment		1,692,974			9,925,302			607,097			4,196,357			10,018,347
Net Increase (Decrease) in Net Assets Resulting from Operations		1,763,395			9,875,021			642,583			4,383,252			9,742,396
Increase (Decrease) in Net Assets from Contract Transactions		(27,484,200	)		8,726,646			(366,456	)		(1,193,109	)		(2,335,309	)
Total Increase (Decrease) in Net Assets		(25,720,805	)		18,601,667			276,127			3,190,143			7,407,087
Net Assets as of December 31, 2019:	$	33,204,191		$	75,573,079		$	3,293,974		$	23,251,761		$	68,154,890

See Accompanying Notes. ⁽¹⁾  See Footnote 1 15

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA BlackRock Global Allocation Managed Risk -Balanced Service Class			TA BlackRock Global Allocation Managed Risk -Growth Service Class			TA BlackRock Global Real Estate Securities Initial Class			TA BlackRock Global Real Estate Securities Service Class
	Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	9,425,985		$	9,906,384		$	22,719		$	6,088,478
Investment Income:
Reinvested Dividends		133,224			128,399			1,893			454,929
Investment Expense:
Mortality and Expense Risk and Administrative Charges		145,503			133,687			300			85,319
Net Investment Income (Loss)		(12,279	)		(5,288	)		1,593			369,610
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			84,205			-			-
Realized Gain (Loss) on Investments		25,929			52,603			(380	)		(48,895	)
Net Realized Capital Gains (Losses) on Investments		25,929			136,808			(380	)		(48,895	)
Net Change in Unrealized Appreciation (Depreciation)		(1,096,332	)		(1,304,346	)		(3,751	)		(1,004,230	)
Net Gain (Loss) on Investment		(1,070,403	)		(1,167,538	)		(4,131	)		(1,053,125	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,082,682	)		(1,172,826	)		(2,538	)		(683,515	)
Increase (Decrease) in Net Assets from Contract Transactions		3,534,800			444,846			(1,105	)		(614,910	)
Total Increase (Decrease) in Net Assets		2,452,118			(727,980	)		(3,643	)		(1,298,425	)
Net Assets as of December 31, 2018:	$	11,878,103		$	9,178,404		$	19,076		$	4,790,053
Investment Income:
Reinvested Dividends		409,225			318,477			141			34,701
Investment Expense:
Mortality and Expense Risk and Administrative Charges		176,566			127,074			246			85,402
Net Investment Income (Loss)		232,659			191,403			(105	)		(50,701	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			-			-
Realized Gain (Loss) on Investments		16,670			21,409			(1,605	)		22,598
Net Realized Capital Gains (Losses) on Investments		16,670			21,409			(1,605	)		22,598
Net Change in Unrealized Appreciation (Depreciation)		1,452,339			1,245,846			5,648			1,156,607
Net Gain (Loss) on Investment		1,469,009			1,267,255			4,043			1,179,205
Net Increase (Decrease) in Net Assets Resulting from Operations		1,701,668			1,458,658			3,938			1,128,504
Increase (Decrease) in Net Assets from Contract Transactions		1,653,891			(374,823	)		(7,791	)		488,497
Total Increase (Decrease) in Net Assets		3,355,559			1,083,835			(3,853	)		1,617,001
Net Assets as of December 31, 2019:	$	15,233,662		$	10,262,239		$	15,223		$	6,407,054

See Accompanying Notes. ⁽¹⁾  See Footnote 1 16

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA BlackRock Government Money Market Initial Class			TA BlackRock Government Money Market Service Class			TA BlackRock iShares Edge 100 Service Class			TA BlackRock iShares Edge 40 Initial Class			TA BlackRock iShares Edge 40 Service Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	165,775		$	22,509,391		$	21,047,568		$	63,870		$	22,153,340
Investment Income:
Reinvested Dividends		4,093			207,917			251,318			1,207			355,536
Investment Expense:
Mortality and Expense Risk and Administrative Charges		3,108			409,190			196,152			874			301,739
Net Investment Income (Loss)		985			(201,273	)		55,166			333			53,797
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			245,520			-			-
Realized Gain (Loss) on Investments		-			-			79,313			261			366,370
Net Realized Capital Gains (Losses) on Investments		-			-			324,833			261			366,370
Net Change in Unrealized Appreciation (Depreciation)		-			-			(1,717,339	)		(4,084	)		(1,655,710	)
Net Gain (Loss) on Investment		-			-			(1,392,506	)		(3,823	)		(1,289,340	)
Net Increase (Decrease) in Net Assets Resulting from Operations		985			(201,273	)		(1,337,340	)		(3,490	)		(1,235,543	)
Increase (Decrease) in Net Assets from Contract Transactions		65,491			(1,841,113	)		478,814			(597	)		(1,124,179	)
Total Increase (Decrease) in Net Assets		66,476			(2,042,386	)		(858,526	)		(4,087	)		(2,359,722	)
Net Assets as of December 31, 2018:	$	232,251		$	20,467,005		$	20,189,042		$	59,783		$	19,793,618
Investment Income:
Reinvested Dividends		3,696			429,667			353,708			1,317			424,317
Investment Expense:
Mortality and Expense Risk and Administrative Charges		2,617			340,276			209,064			843			298,265
Net Investment Income (Loss)		1,079			89,391			144,644			474			126,052
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			688,845			7,791			2,846,163
Realized Gain (Loss) on Investments		-			-			72,227			1,337			261,586
Net Realized Capital Gains (Losses) on Investments		-			-			761,072			9,128			3,107,749
Net Change in Unrealized Appreciation (Depreciation)		-			-			3,868,417			(1,826	)		(590,556	)
Net Gain (Loss) on Investment		-			-			4,629,489			7,302			2,517,193
Net Increase (Decrease) in Net Assets Resulting from Operations		1,079			89,391			4,774,133			7,776			2,643,245
Increase (Decrease) in Net Assets from Contract Transactions		(54,267	)		8,830,319			618,906			(6,364	)		(601,584	)
Total Increase (Decrease) in Net Assets		(53,188	)		8,919,710			5,393,039			1,412			2,041,661
Net Assets as of December 31, 2019:	$	179,063		$	29,386,715		$	25,582,081		$	61,195		$	21,835,279

See Accompanying Notes. ⁽¹⁾  See Footnote 1 17

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA BlackRock iShares Edge 50 Service Class			TA BlackRock iShares Edge 75 Service Class			TA BlackRock Tactical Allocation Service Class			TA Greystone International Growth Initial Class			TA Greystone International Growth Service Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	8,137,482		$	12,688,035		$	108,003,935		$	113,918		$	23,218,498
Investment Income:
Reinvested Dividends		90,372			123,081			1,022,745			1,329			90,149
Investment Expense:
Mortality and Expense Risk and Administrative Charges		125,760			141,181			1,456,902			1,498			252,575
Net Investment Income (Loss)		(35,388	)		(18,100	)		(434,157	)		(169	)		(162,426	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		53,502			70,826			4,640,313			565			48,724
Realized Gain (Loss) on Investments		70,582			75,267			539,732			1,177			1,765,157
Net Realized Capital Gains (Losses) on Investments		124,084			146,093			5,180,045			1,742			1,813,881
Net Change in Unrealized Appreciation (Depreciation)		(569,302	)		(930,181	)		(10,565,567	)		(22,750	)		(4,165,463	)
Net Gain (Loss) on Investment		(445,218	)		(784,088	)		(5,385,522	)		(21,008	)		(2,351,582	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(480,606	)		(802,188	)		(5,819,679	)		(21,177	)		(2,514,008	)
Increase (Decrease) in Net Assets from Contract Transactions		5,730,000			2,432,134			(7,208,593	)		(5,729	)		(13,843,872	)
Total Increase (Decrease) in Net Assets		5,249,394			1,629,946			(13,028,272	)		(26,906	)		(16,357,880	)
Net Assets as of December 31, 2018:	$	13,386,876		$	14,317,981		$	94,975,663		$	87,012		$	6,860,618
Investment Income:
Reinvested Dividends		187,335			177,101			2,145,536			1,653			99,354
Investment Expense:
Mortality and Expense Risk and Administrative Charges		245,341			200,838			1,368,545			1,380			103,263
Net Investment Income (Loss)		(58,006	)		(23,737	)		776,991			273			(3,909	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		31,222			69,168			4,529,129			16,600			1,217,225
Realized Gain (Loss) on Investments		234,468			77,063			507,505			1,864			(56,369	)
Net Realized Capital Gains (Losses) on Investments		265,690			146,231			5,036,634			18,464			1,160,856
Net Change in Unrealized Appreciation (Depreciation)		2,276,236			2,972,647			8,315,536			3,760			526,160
Net Gain (Loss) on Investment		2,541,926			3,118,878			13,352,170			22,224			1,687,016
Net Increase (Decrease) in Net Assets Resulting from Operations		2,483,920			3,095,141			14,129,161			22,497			1,683,107
Increase (Decrease) in Net Assets from Contract Transactions		11,066,504			3,994,406			(11,159,656	)		4,215			(464,676	)
Total Increase (Decrease) in Net Assets		13,550,424			7,089,547			2,969,505			26,712			1,218,431
Net Assets as of December 31, 2019:	$	26,937,300		$	21,407,528		$	97,945,168		$	113,724		$	8,079,049

See Accompanying Notes. ⁽¹⁾  See Footnote 1 18

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA International Equity Index Service Class			TA Janus Balanced Service Class			TA Janus Mid-Cap Growth Initial Class			TA Janus Mid-Cap Growth Service Class			TA JPMorgan Asset Allocation - Conservative Initial Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	385,013		$	84,726,412		$	14,086		$	4,956,165		$	17,848
Investment Income:
Reinvested Dividends		4,751			1,323,728			43			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		16,573			1,247,526			342			138,383			31
Net Investment Income (Loss)		(11,822	)		76,202			(299	)		(138,383	)		(31	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		2,667			2,180,292			3,182			649,610			-
Realized Gain (Loss) on Investments		(18,474	)		2,012,640			1,481			99,224			568
Net Realized Capital Gains (Losses) on Investments		(15,807	)		4,192,932			4,663			748,834			568
Net Change in Unrealized Appreciation (Depreciation)		(221,589	)		(5,638,588	)		(11,088	)		(1,866,694	)		(810	)
Net Gain (Loss) on Investment		(237,396	)		(1,445,656	)		(6,425	)		(1,117,860	)		(242	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(249,218	)		(1,369,454	)		(6,724	)		(1,256,243	)		(273	)
Increase (Decrease) in Net Assets from Contract Transactions		1,177,469			2,490,154			57,127			9,465,697			(17,575	)
Total Increase (Decrease) in Net Assets		928,251			1,120,700			50,403			8,209,454			(17,848	)
Net Assets as of December 31, 2018:	$	1,313,264		$	85,847,112		$	64,489		$	13,165,619		$	-
Investment Income:
Reinvested Dividends		31,218			1,321,528			14			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		32,327			1,328,572			266			250,524			-
Net Investment Income (Loss)		(1,109	)		(7,044	)		(252	)		(250,524	)		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			4,319,553			1,044			958,651			-
Realized Gain (Loss) on Investments		(12,986	)		2,484,429			2,694			492,818			-
Net Realized Capital Gains (Losses) on Investments		(12,986	)		6,803,982			3,738			1,451,469			-
Net Change in Unrealized Appreciation (Depreciation)		425,853			10,491,458			12,601			3,441,382			-
Net Gain (Loss) on Investment		412,867			17,295,440			16,339			4,892,851			-
Net Increase (Decrease) in Net Assets Resulting from Operations		411,758			17,288,396			16,087			4,642,327			-
Increase (Decrease) in Net Assets from Contract Transactions		2,530,239			(779,199	)		(59,306	)		2,314,659			-
Total Increase (Decrease) in Net Assets		2,941,997			16,509,197			(43,219	)		6,956,986			-
Net Assets as of December 31, 2019:	$	4,255,261		$	102,356,309		$	21,270		$	20,122,605		$	-

See Accompanying Notes. ⁽¹⁾  See Footnote 1 19

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA JPMorgan Asset Allocation - Conservative Service Class			TA JPMorgan Asset Allocation - Growth Initial Class			TA JPMorgan Asset Allocation - Growth Service Class			TA JPMorgan Asset Allocation - Moderate Initial Class
	Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	67,550,887		$	37,480		$	8,452,268		$	724,297
Investment Income:
Reinvested Dividends		1,058,840			713			146,826			12,074
Investment Expense:
Mortality and Expense Risk and Administrative Charges		900,570			526			122,608			9,629
Net Investment Income (Loss)		158,270			187			24,218			2,445
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		2,784,627			2,483			586,919			32,842
Realized Gain (Loss) on Investments		(33,799	)		143			373,069			6,833
Net Realized Capital Gains (Losses) on Investments		2,750,828			2,626			959,988			39,675
Net Change in Unrealized Appreciation (Depreciation)		(6,624,071	)		(7,174	)		(1,990,201	)		(86,965	)
Net Gain (Loss) on Investment		(3,873,243	)		(4,548	)		(1,030,213	)		(47,290	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,714,973	)		(4,361	)		(1,005,995	)		(44,845	)
Increase (Decrease) in Net Assets from Contract Transactions		(1,917,044	)		(1	)		(633,474	)		(34,981	)
Total Increase (Decrease) in Net Assets		(5,632,017	)		(4,362	)		(1,639,469	)		(79,826	)
Net Assets as of December 31, 2018:	$	61,918,870		$	33,118		$	6,812,799		$	644,471
Investment Income:
Reinvested Dividends		1,494,732			653			121,913			7,780
Investment Expense:
Mortality and Expense Risk and Administrative Charges		855,946			521			113,659			6,591
Net Investment Income (Loss)		638,786			132			8,254			1,189
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		2,361,878			3,458			763,104			20,163
Realized Gain (Loss) on Investments		(337,782	)		107			221,436			55,202
Net Realized Capital Gains (Losses) on Investments		2,024,096			3,565			984,540			75,365
Net Change in Unrealized Appreciation (Depreciation)		4,564,831			4,354			755,872			(13,375	)
Net Gain (Loss) on Investment		6,588,927			7,919			1,740,412			61,990
Net Increase (Decrease) in Net Assets Resulting from Operations		7,227,713			8,051			1,748,666			63,179
Increase (Decrease) in Net Assets from Contract Transactions		(5,320,318	)		-			1,261,403			(329,189	)
Total Increase (Decrease) in Net Assets		1,907,395			8,051			3,010,069			(266,010	)
Net Assets as of December 31, 2019:	$	63,826,265		$	41,169		$	9,822,868		$	378,461

See Accompanying Notes. ⁽¹⁾  See Footnote 1 20

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA JPMorgan Asset Allocation - Moderate Service Class			TA JPMorgan Asset Allocation - Moderate Growth Initial Class			TA JPMorgan Asset Allocation - Moderate Growth Service Class			TA JPMorgan Core Bond Service Class
	Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	300,651,662		$	447,561		$	200,756,348		$	30,045,745
Investment Income:
Reinvested Dividends		4,688,662			8,397			3,253,362			880,462
Investment Expense:
Mortality and Expense Risk and Administrative Charges		4,131,881			5,836			2,803,047			423,530
Net Investment Income (Loss)		556,781			2,561			450,315			456,932
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		14,756,282			23,292			10,374,870			-
Realized Gain (Loss) on Investments		3,580,999			630			4,192,277			(181,153	)
Net Realized Capital Gains (Losses) on Investments		18,337,281			23,922			14,567,147			(181,153	)
Net Change in Unrealized Appreciation (Depreciation)		(38,994,466	)		(63,524	)		(31,733,959	)		(720,722	)
Net Gain (Loss) on Investment		(20,657,185	)		(39,602	)		(17,166,812	)		(901,875	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(20,100,404	)		(37,041	)		(16,716,497	)		(444,943	)
Increase (Decrease) in Net Assets from Contract Transactions		804,846			(70	)		(9,717,118	)		557,592
Total Increase (Decrease) in Net Assets		(19,295,558	)		(37,111	)		(26,433,615	)		112,649
Net Assets as of December 31, 2018:	$	281,356,104		$	410,450		$	174,322,733		$	30,158,394
Investment Income:
Reinvested Dividends		5,864,491			6,991			3,539,545			894,030
Investment Expense:
Mortality and Expense Risk and Administrative Charges		4,058,421			3,546			2,575,688			513,763
Net Investment Income (Loss)		1,806,070			3,445			963,857			380,267
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		17,132,445			26,910			15,583,435			-
Realized Gain (Loss) on Investments		1,497,566			21,186			1,770,773			62,255
Net Realized Capital Gains (Losses) on Investments		18,630,011			48,096			17,354,208			62,255
Net Change in Unrealized Appreciation (Depreciation)		20,077,627			(5,426	)		12,005,317			1,975,602
Net Gain (Loss) on Investment		38,707,638			42,670			29,359,525			2,037,857
Net Increase (Decrease) in Net Assets Resulting from Operations		40,513,708			46,115			30,323,382			2,418,124
Increase (Decrease) in Net Assets from Contract Transactions		(6,992,242	)		(407,763	)		(16,921,764	)		8,855,368
Total Increase (Decrease) in Net Assets		33,521,466			(361,648	)		13,401,618			11,273,492
Net Assets as of December 31, 2019:	$	314,877,570		$	48,802		$	187,724,351		$	41,431,886

See Accompanying Notes. ⁽¹⁾  See Footnote 1 21

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA JPMorgan Enhanced Index Initial Class			TA JPMorgan Enhanced Index Service Class			TA JPMorgan International Moderate Growth Service Class			TA JPMorgan Mid Cap Value Service Class			TA JPMorgan Tactical Allocation Service Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	722,249		$	6,488,465		$	50,493,353		$	20,619,585		$	85,781,288
Investment Income:
Reinvested Dividends		8,098			54,038			1,067,770			116,458			1,594,724
Investment Expense:
Mortality and Expense Risk and Administrative Charges		9,262			92,021			693,539			280,117			1,108,796
Net Investment Income (Loss)		(1,164	)		(37,983	)		374,231			(163,659	)		485,928
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		31,726			268,265			499,247			418,723			2,344,426
Realized Gain (Loss) on Investments		16,019			405,153			801,360			(2,090,995	)		962,206
Net Realized Capital Gains (Losses) on Investments		47,745			673,418			1,300,607			(1,672,272	)		3,306,632
Net Change in Unrealized Appreciation (Depreciation)		(95,937	)		(1,052,337	)		(8,292,199	)		(549,617	)		(7,554,818	)
Net Gain (Loss) on Investment		(48,192	)		(378,919	)		(6,991,592	)		(2,221,889	)		(4,248,186	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(49,356	)		(416,902	)		(6,617,361	)		(2,385,548	)		(3,762,258	)
Increase (Decrease) in Net Assets from Contract Transactions		(34,496	)		(777,535	)		(1,938,414	)		(3,813,905	)		(3,969,888	)
Total Increase (Decrease) in Net Assets		(83,852	)		(1,194,437	)		(8,555,775	)		(6,199,453	)		(7,732,146	)
Net Assets as of December 31, 2018:	$	638,397		$	5,294,028		$	41,937,578		$	14,420,132		$	78,049,142
Investment Income:
Reinvested Dividends		8,203			46,932			874,084			196,687			1,708,866
Investment Expense:
Mortality and Expense Risk and Administrative Charges		8,857			74,730			601,997			249,280			1,087,881
Net Investment Income (Loss)		(654	)		(27,798	)		272,087			(52,593	)		620,985
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		80,612			579,284			3,507,575			1,553,485			1,019,815
Realized Gain (Loss) on Investments		28,454			397,231			187,879			(892,585	)		859,070
Net Realized Capital Gains (Losses) on Investments		109,066			976,515			3,695,454			660,900			1,878,885
Net Change in Unrealized Appreciation (Depreciation)		70,295			429,252			2,403,299			3,002,428			5,608,987
Net Gain (Loss) on Investment		179,361			1,405,767			6,098,753			3,663,328			7,487,872
Net Increase (Decrease) in Net Assets Resulting from Operations		178,707			1,377,969			6,370,840			3,610,735			8,108,857
Increase (Decrease) in Net Assets from Contract Transactions		(65,115	)		(982,460	)		(4,122,591	)		98,224			(3,290,918	)
Total Increase (Decrease) in Net Assets		113,592			395,509			2,248,249			3,708,959			4,817,939
Net Assets as of December 31, 2019:	$	751,989		$	5,689,537		$	44,185,827		$	18,129,091		$	82,867,081

See Accompanying Notes. ⁽¹⁾  See Footnote 1 22

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA Legg Mason Dynamic Allocation - Balanced Service Class			TA Legg Mason Dynamic Allocation - Growth Service Class			TA Levin Large Cap Value Service Class			TA Madison Diversified Income Service Class			TA Managed Risk - Balanced ETF Service Class
	Subaccount			Subaccount			Subaccount(1)			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	93,925,698		$	60,496,584		$	-		$	1,092,716		$	470,512,548
Investment Income:
Reinvested Dividends		1,225,870			715,240			-			26,495			7,722,594
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,164,897			798,332			276			22,335			6,126,246
Net Investment Income (Loss)		60,973			(83,092	)		(276	)		4,160			1,596,348
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			-			36,475			-
Realized Gain (Loss) on Investments		507,288			603,637			239			(7,148	)		3,746,811
Net Realized Capital Gains (Losses) on Investments		507,288			603,637			239			29,327			3,746,811
Net Change in Unrealized Appreciation (Depreciation)		(4,571,719	)		(3,892,092	)		(14,117	)		(71,172	)		(31,797,214	)
Net Gain (Loss) on Investment		(4,064,431	)		(3,288,455	)		(13,878	)		(41,845	)		(28,050,403	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,003,458	)		(3,371,547	)		(14,154	)		(37,685	)		(26,454,055	)
Increase (Decrease) in Net Assets from Contract Transactions		(9,202,697	)		(4,382,516	)		109,171			898,739			(21,595,017	)
Total Increase (Decrease) in Net Assets		(13,206,155	)		(7,754,063	)		95,017			861,054			(48,049,072	)
Net Assets as of December 31, 2018:	$	80,719,543		$	52,742,521		$	95,017		$	1,953,770		$	422,463,476
Investment Income:
Reinvested Dividends		1,340,316			749,485			1,348			72,628			8,722,126
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,107,531			745,398			4,859			54,480			5,839,315
Net Investment Income (Loss)		232,785			4,087			(3,511	)		18,148			2,882,811
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		2,121,949			1,883,393			1,726			123,885			11,619,068
Realized Gain (Loss) on Investments		566,463			504,872			(575	)		18,164			3,139,075
Net Realized Capital Gains (Losses) on Investments		2,688,412			2,388,265			1,151			142,049			14,758,143
Net Change in Unrealized Appreciation (Depreciation)		8,407,419			5,336,617			53,008			292,167			40,448,294
Net Gain (Loss) on Investment		11,095,831			7,724,882			54,159			434,216			55,206,437
Net Increase (Decrease) in Net Assets Resulting from Operations		11,328,616			7,728,969			50,648			452,364			58,089,248
Increase (Decrease) in Net Assets from Contract Transactions		(6,870,723	)		(4,751,635	)		720,498			3,366,867			(27,373,810	)
Total Increase (Decrease) in Net Assets		4,457,893			2,977,334			771,146			3,819,231			30,715,438
Net Assets as of December 31, 2019:	$	85,177,436		$	55,719,855		$	866,163		$	5,773,001		$	453,178,914

See Accompanying Notes. ⁽¹⁾  See Footnote 1 23

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA Managed Risk - Conservative ETF Service Class			TA Managed Risk - Growth ETF Service Class			TA Market Participation Strategy Service Class			TA Morgan Stanley Capital Growth Initial Class			TA Morgan Stanley Capital Growth Service Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	89,983,402		$	395,368,871		$	34,598,644		$	84,267		$	6,155,878
Investment Income:
Reinvested Dividends		1,519,803			6,021,010			123,458			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,116,734			5,114,833			466,848			1,439			106,364
Net Investment Income (Loss)		403,069			906,177			(343,390	)		(1,439	)		(106,364	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		561,839			-			1,855,715			17,738			1,335,908
Realized Gain (Loss) on Investments		555,022			2,206,422			565,114			160			374,059
Net Realized Capital Gains (Losses) on Investments		1,116,861			2,206,422			2,420,829			17,898			1,709,967
Net Change in Unrealized Appreciation (Depreciation)		(5,607,469	)		(33,664,024	)		(3,372,930	)		(12,256	)		(1,459,765	)
Net Gain (Loss) on Investment		(4,490,608	)		(31,457,602	)		(952,101	)		5,642			250,202
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,087,539	)		(30,551,425	)		(1,295,491	)		4,203			143,838
Increase (Decrease) in Net Assets from Contract Transactions		(7,919,425	)		(35,407,291	)		(3,057,895	)		5,623			1,136,063
Total Increase (Decrease) in Net Assets		(12,006,964	)		(65,958,716	)		(4,353,386	)		9,826			1,279,901
Net Assets as of December 31, 2018:	$	77,976,438		$	329,410,155		$	30,245,258		$	94,093		$	7,435,779
Investment Income:
Reinvested Dividends		1,628,758			6,025,880			290,560			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,033,810			4,623,161			442,263			5,449			185,660
Net Investment Income (Loss)		594,948			1,402,719			(151,703	)		(5,449	)		(185,660	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		3,905,719			29,978,148			4,807,716			6,283			990,908
Realized Gain (Loss) on Investments		779,282			1,335,417			181,348			3,012			501,743
Net Realized Capital Gains (Losses) on Investments		4,685,001			31,313,565			4,989,064			9,295			1,492,651
Net Change in Unrealized Appreciation (Depreciation)		2,774,759			23,496,152			139,730			131,541			1,383,447
Net Gain (Loss) on Investment		7,459,760			54,809,717			5,128,794			140,836			2,876,098
Net Increase (Decrease) in Net Assets Resulting from Operations		8,054,708			56,212,436			4,977,091			135,387			2,690,438
Increase (Decrease) in Net Assets from Contract Transactions		(9,801,235	)		(30,858,909	)		(1,916,169	)		1,841,051			20,325,593
Total Increase (Decrease) in Net Assets		(1,746,527	)		25,353,527			3,060,922			1,976,438			23,016,031
Net Assets as of December 31, 2019:	$	76,229,911		$	354,763,682		$	33,306,180		$	2,070,531		$	30,451,810

See Accompanying Notes. ⁽¹⁾  See Footnote 1 24

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA Multi-Managed Balanced Initial Class			TA Multi-Managed Balanced Service Class			TA Multi-Manager Alternative Strategies Service Class			TA PIMCO Tactical - Balanced Service Class			TA PIMCO Tactical - Conservative Service Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	31,264		$	133,663,918		$	283,601		$	37,398,555		$	24,740,125
Investment Income:
Reinvested Dividends		450			1,653,695			2,421			1,140,070			753,052
Investment Expense:
Mortality and Expense Risk and Administrative Charges		438			1,775,449			3,471			488,682			312,182
Net Investment Income (Loss)		12			(121,754	)		(1,050	)		651,388			440,870
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,233			5,425,736			-			2,609,039			1,426,668
Realized Gain (Loss) on Investments		52			1,589,333			(588	)		239,223			41,760
Net Realized Capital Gains (Losses) on Investments		1,285			7,015,069			(588	)		2,848,262			1,468,428
Net Change in Unrealized Appreciation (Depreciation)		(2,860	)		(13,776,192	)		(16,395	)		(6,402,693	)		(3,370,862	)
Net Gain (Loss) on Investment		(1,575	)		(6,761,123	)		(16,983	)		(3,554,431	)		(1,902,434	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,563	)		(6,882,877	)		(18,033	)		(2,903,043	)		(1,461,564	)
Increase (Decrease) in Net Assets from Contract Transactions		1			(1,883,475	)		32,901			(2,489,100	)		(2,938,076	)
Total Increase (Decrease) in Net Assets		(1,562	)		(8,766,352	)		14,868			(5,392,143	)		(4,399,640	)
Net Assets as of December 31, 2018:	$	29,702		$	124,897,566		$	298,469		$	32,006,412		$	20,340,485
Investment Income:
Reinvested Dividends		549			1,913,898			2,908			55,833			21,509
Investment Expense:
Mortality and Expense Risk and Administrative Charges		460			1,769,188			4,204			466,200			296,121
Net Investment Income (Loss)		89			144,710			(1,296	)		(410,367	)		(274,612	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		2,080			8,544,843			-			-			-
Realized Gain (Loss) on Investments		57			1,632,427			198			(8,103	)		1,711
Net Realized Capital Gains (Losses) on Investments		2,137			10,177,270			198			(8,103	)		1,711
Net Change in Unrealized Appreciation (Depreciation)		3,743			13,921,565			24,034			6,074,554			3,508,843
Net Gain (Loss) on Investment		5,880			24,098,835			24,232			6,066,451			3,510,554
Net Increase (Decrease) in Net Assets Resulting from Operations		5,969			24,243,545			22,936			5,656,084			3,235,942
Increase (Decrease) in Net Assets from Contract Transactions		(2	)		(8,295,321	)		86,744			(1,869,668	)		(698,051	)
Total Increase (Decrease) in Net Assets		5,967			15,948,224			109,680			3,786,416			2,537,891
Net Assets as of December 31, 2019:	$	35,669		$	140,845,790		$	408,149		$	35,792,828		$	22,878,376

See Accompanying Notes. ⁽¹⁾  See Footnote 1 25

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA PIMCO Tactical - Growth Service Class			TA PIMCO Total Return Initial Class			TA PIMCO Total Return Service Class			TA PineBridge Inflation Opportunities Service Class			TA ProFunds UltraBear Service Class (OAM)
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	37,085,031		$	348,545		$	76,692,551		$	15,394,034		$	479,737
Investment Income:
Reinvested Dividends		1,138,284			9,076			1,793,248			273,949			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		499,196			4,726			1,034,078			219,119			8,946
Net Investment Income (Loss)		639,088			4,350			759,170			54,830			(8,946	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		3,687,457			1,790			393,464			-			-
Realized Gain (Loss) on Investments		244,397			(843	)		(741,614	)		(162,606	)		(199,596	)
Net Realized Capital Gains (Losses) on Investments		3,931,854			947			(348,150	)		(162,606	)		(199,596	)
Net Change in Unrealized Appreciation (Depreciation)		(7,877,149	)		(12,495	)		(2,269,582	)		(359,622	)		231,222
Net Gain (Loss) on Investment		(3,945,295	)		(11,548	)		(2,617,732	)		(522,228	)		31,626
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,306,207	)		(7,198	)		(1,858,562	)		(467,398	)		22,680
Increase (Decrease) in Net Assets from Contract Transactions		(574,922	)		(12,357	)		(4,066,264	)		209,396			996,533
Total Increase (Decrease) in Net Assets		(3,881,129	)		(19,555	)		(5,924,826	)		(258,002	)		1,019,213
Net Assets as of December 31, 2018:	$	33,203,902		$	328,990		$	70,767,725		$	15,136,032		$	1,498,950
Investment Income:
Reinvested Dividends		-			6,617			1,612,735			360,395			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		491,552			3,974			994,862			225,325			9,870
Net Investment Income (Loss)		(491,552	)		2,643			617,873			135,070			(9,870	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			-			-			-
Realized Gain (Loss) on Investments		57,052			(1,060	)		(186,696	)		(33,475	)		(239,102	)
Net Realized Capital Gains (Losses) on Investments		57,052			(1,060	)		(186,696	)		(33,475	)		(239,102	)
Net Change in Unrealized Appreciation (Depreciation)		6,995,947			17,461			4,216,755			901,692			(206,523	)
Net Gain (Loss) on Investment		7,052,999			16,401			4,030,059			868,217			(445,625	)
Net Increase (Decrease) in Net Assets Resulting from Operations		6,561,447			19,044			4,647,932			1,003,287			(455,495	)
Increase (Decrease) in Net Assets from Contract Transactions		(1,443,828	)		(96,965	)		(3,702,128	)		125,891			(589,719	)
Total Increase (Decrease) in Net Assets		5,117,619			(77,921	)		945,804			1,129,178			(1,045,214	)
Net Assets as of December 31, 2019:	$	38,321,521		$	251,069		$	71,713,529		$	16,265,210		$	453,736

See Accompanying Notes. ⁽¹⁾  See Footnote 1 26

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA QS Investors Active Asset Allocation - Conservative Service Class			TA QS Investors Active Asset Allocation - Moderate Service Class			TA QS Investors Active Asset Allocation - Moderate Growth Service Class			TA Small/Mid Cap Value Initial Class
	Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	26,090,564		$	93,891,791		$	57,992,860		$	3,307,890
Investment Income:
Reinvested Dividends		373,891			1,312,059			722,502			29,124
Investment Expense:
Mortality and Expense Risk and Administrative Charges		299,242			1,203,686			774,830			42,615
Net Investment Income (Loss)		74,649			108,373			(52,328	)		(13,491	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			-			315,138
Realized Gain (Loss) on Investments		197,184			620,251			307,032			14,311
Net Realized Capital Gains (Losses) on Investments		197,184			620,251			307,032			329,449
Net Change in Unrealized Appreciation (Depreciation)		(1,247,490	)		(5,669,763	)		(4,251,924	)		(715,021	)
Net Gain (Loss) on Investment		(1,050,306	)		(5,049,512	)		(3,944,892	)		(385,572	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(975,657	)		(4,941,139	)		(3,997,220	)		(399,063	)
Increase (Decrease) in Net Assets from Contract Transactions		(3,169,664	)		(5,461,714	)		(5,271,929	)		(133,387	)
Total Increase (Decrease) in Net Assets		(4,145,321	)		(10,402,853	)		(9,269,149	)		(532,450	)
Net Assets as of December 31, 2018:	$	21,945,243		$	83,488,938		$	48,723,711		$	2,775,440
Investment Income:
Reinvested Dividends		437,722			1,549,365			836,930			26,962
Investment Expense:
Mortality and Expense Risk and Administrative Charges		278,885			1,123,475			689,853			38,675
Net Investment Income (Loss)		158,837			425,890			147,077			(11,713	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,657,376			5,858,036			3,320,278			214,761
Realized Gain (Loss) on Investments		81,691			348,994			(117,585	)		1,696
Net Realized Capital Gains (Losses) on Investments		1,739,067			6,207,030			3,202,693			216,457
Net Change in Unrealized Appreciation (Depreciation)		174,293			1,199,812			1,254,133			411,909
Net Gain (Loss) on Investment		1,913,360			7,406,842			4,456,826			628,366
Net Increase (Decrease) in Net Assets Resulting from Operations		2,072,197			7,832,732			4,603,903			616,653
Increase (Decrease) in Net Assets from Contract Transactions		(1,857,100	)		(5,595,849	)		(4,645,871	)		(434,930	)
Total Increase (Decrease) in Net Assets		215,097			2,236,883			(41,968	)		181,723
Net Assets as of December 31, 2019:	$	22,160,340		$	85,725,821		$	48,681,743		$	2,957,163

See Accompanying Notes. ⁽¹⁾  See Footnote 1 27

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA Small/Mid Cap Value Service Class			TA T. Rowe Price Small Cap Initial Class			TA T. Rowe Price Small Cap Service Class			TA TS&W International Equity Initial Class			TA TS&W International Equity Service Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2017:	$	12,762,113		$	369,816		$	37,625,384		$	765,459		$	3,615,192
Investment Income:
Reinvested Dividends		87,628			-			-			16,784			65,666
Investment Expense:
Mortality and Expense Risk and Administrative Charges		189,996			3,662			568,399			9,692			49,850
Net Investment Income (Loss)		(102,368	)		(3,662	)		(568,399	)		7,092			15,816
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,297,030			19,093			2,007,908			-			-
Realized Gain (Loss) on Investments		(186,995	)		11,402			1,211,003			10,755			57,355
Net Realized Capital Gains (Losses) on Investments		1,110,035			30,495			3,218,911			10,755			57,355
Net Change in Unrealized Appreciation (Depreciation)		(2,712,175	)		(54,860	)		(5,418,152	)		(137,315	)		(644,158	)
Net Gain (Loss) on Investment		(1,602,140	)		(24,365	)		(2,199,241	)		(126,560	)		(586,803	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,704,508	)		(28,027	)		(2,767,640	)		(119,468	)		(570,987	)
Increase (Decrease) in Net Assets from Contract Transactions		44,069			(40,018	)		(4,713,670	)		(40,482	)		(193,790	)
Total Increase (Decrease) in Net Assets		(1,660,439	)		(68,045	)		(7,481,310	)		(159,950	)		(764,777	)
Net Assets as of December 31, 2018:	$	11,101,674		$	301,771		$	30,144,074		$	605,509		$	2,850,415
Investment Income:
Reinvested Dividends		106,183			-			-			8,972			42,472
Investment Expense:
Mortality and Expense Risk and Administrative Charges		197,656			2,645			547,614			8,586			50,130
Net Investment Income (Loss)		(91,473	)		(2,645	)		(547,614	)		386			(7,658	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,129,468			17,711			4,152,252			9,911			57,364
Realized Gain (Loss) on Investments		(297,443	)		27,962			1,416,617			6,176			18,047
Net Realized Capital Gains (Losses) on Investments		832,025			45,673			5,568,869			16,087			75,411
Net Change in Unrealized Appreciation (Depreciation)		1,995,116			29,160			4,526,933			96,690			536,963
Net Gain (Loss) on Investment		2,827,141			74,833			10,095,802			112,777			612,374
Net Increase (Decrease) in Net Assets Resulting from Operations		2,735,668			72,188			9,548,188			113,163			604,716
Increase (Decrease) in Net Assets from Contract Transactions		2,722,416			(194,570	)		2,847,098			(37,887	)		567,638
Total Increase (Decrease) in Net Assets		5,458,084			(122,382	)		12,395,286			75,276			1,172,354
Net Assets as of December 31, 2019:	$	16,559,758		$	179,389		$	42,539,360		$	680,785		$	4,022,769

See Accompanying Notes. ⁽¹⁾  See Footnote 1 28

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	TA U.S. Equity Index Service Class			TA WMC US Growth Initial Class			TA WMC US Growth Service Class			Vanguard® - Capital Growth		Vanguard® - Conservative Allocation
	Subaccount			Subaccount			Subaccount			Subaccount(1)		Subaccount(1)
Net Assets as of December 31, 2017:	$	918,226		$	3,010,710		$	22,079,032		$	-	$	-
Investment Income:
Reinvested Dividends		9,860			14,347			63,161			-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		59,921			41,277			339,801			-		-
Net Investment Income (Loss)		(50,061	)		(26,930	)		(276,640	)		-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		6,371			247,569			1,939,446			-		-
Realized Gain (Loss) on Investments		4,866			103,844			897,936			-		-
Net Realized Capital Gains (Losses) on Investments		11,237			351,413			2,837,382			-		-
Net Change in Unrealized Appreciation (Depreciation)		(543,333	)		(347,416	)		(2,755,160	)		-		-
Net Gain (Loss) on Investment		(532,096	)		3,997			82,222			-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		(582,157	)		(22,933	)		(194,418	)		-		-
Increase (Decrease) in Net Assets from Contract Transactions		5,357,749			(321,752	)		(1,677,132	)		-		-
Total Increase (Decrease) in Net Assets		4,775,592			(344,685	)		(1,871,550	)		-		-
Net Assets as of December 31, 2018:	$	5,693,818		$	2,666,025		$	20,207,482		$	-	$	-
Investment Income:
Reinvested Dividends		88,441			4,153			-			-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		241,498			47,611			378,795			-		-
Net Investment Income (Loss)		(153,057	)		(43,458	)		(378,795	)		-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			270,448			2,221,095			-		-
Realized Gain (Loss) on Investments		742,618			82,861			786,793			-		-
Net Realized Capital Gains (Losses) on Investments		742,618			353,309			3,007,888			-		-
Net Change in Unrealized Appreciation (Depreciation)		3,452,602			804,049			5,632,152			-		-
Net Gain (Loss) on Investment		4,195,220			1,157,358			8,640,040			-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		4,042,163			1,113,900			8,261,245			-		-
Increase (Decrease) in Net Assets from Contract Transactions		24,468,153			1,501,340			8,418,463			-		-
Total Increase (Decrease) in Net Assets		28,510,316			2,615,240			16,679,708			-		-
Net Assets as of December 31, 2019:	$	34,204,134		$	5,281,265		$	36,887,190		$	-	$	-

See Accompanying Notes. ⁽¹⁾  See Footnote 1 29

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	Vanguard® - Diversified Value		Vanguard® Balanced		Vanguard® Equity Income		Vanguard® Equity Index			Vanguard® Global Bond Index
	Subaccount(1)		Subaccount(1)		Subaccount(1)		Subaccount			Subaccount(1)
Net Assets as of December 31, 2017:	$	-	$	-	$	-	$	968,675		$	-
Investment Income:
Reinvested Dividends		-		-		-		16,518			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		-		-		8,035			-
Net Investment Income (Loss)		-		-		-		8,483			-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		-		-		16,079			-
Realized Gain (Loss) on Investments		-		-		-		1,482			-
Net Realized Capital Gains (Losses) on Investments		-		-		-		17,561			-
Net Change in Unrealized Appreciation (Depreciation)		-		-		-		(77,112	)		-
Net Gain (Loss) on Investment		-		-		-		(59,551	)		-
Net Increase (Decrease) in Net Assets Resulting from Operations		-		-		-		(51,068	)		-
Increase (Decrease) in Net Assets from Contract Transactions		-		-		-		(1	)		-
Total Increase (Decrease) in Net Assets		-		-		-		(51,069	)		-
Net Assets as of December 31, 2018:	$	-	$	-	$	-	$	917,606		$	-
Investment Income:
Reinvested Dividends		-		-		-		20,082			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		-		-		4,767			-
Net Investment Income (Loss)		-		-		-		15,315			-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		-		-		26,294			-
Realized Gain (Loss) on Investments		-		-		-		209,199			-
Net Realized Capital Gains (Losses) on Investments		-		-		-		235,493			-
Net Change in Unrealized Appreciation (Depreciation)		-		-		-		(95,893	)		-
Net Gain (Loss) on Investment		-		-		-		139,600			-
Net Increase (Decrease) in Net Assets Resulting from Operations		-		-		-		154,915			-
Increase (Decrease) in Net Assets from Contract Transactions		-		-		-		(1,072,521	)		-
Total Increase (Decrease) in Net Assets		-		-		-		(917,606	)		-
Net Assets as of December 31, 2019:	$	-	$	-	$	-	$	-		$	-

See Accompanying Notes. ⁽¹⁾  See Footnote 1 30

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	Vanguard® Growth		Vanguard® High Yield Bond		Vanguard® International			Vanguard® Mid-Cap Index		Vanguard® Moderate Allocation
	Subaccount(1)		Subaccount(1)		Subaccount			Subaccount		Subaccount(1)
Net Assets as of December 31, 2017:	$	-	$	-	$	646,515		$	-	$	-
Investment Income:
Reinvested Dividends		-		-		4,941			-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		-		5,147			-		-
Net Investment Income (Loss)		-		-		(206	)		-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		-		16,536			-		-
Realized Gain (Loss) on Investments		-		-		4,484			-		-
Net Realized Capital Gains (Losses) on Investments		-		-		21,020			-		-
Net Change in Unrealized Appreciation (Depreciation)		-		-		(105,138	)		-		-
Net Gain (Loss) on Investment		-		-		(84,118	)		-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		-		-		(84,324	)		-		-
Increase (Decrease) in Net Assets from Contract Transactions		-		-		(9,908	)		-		-
Total Increase (Decrease) in Net Assets		-		-		(94,232	)		-		-
Net Assets as of December 31, 2018:	$	-	$	-	$	552,283		$	-	$	-
Investment Income:
Reinvested Dividends		-		-		9,015			7,282		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		-		2,575			4,731		-
Net Investment Income (Loss)		-		-		6,440			2,551		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		-		19,659			37,539		-
Realized Gain (Loss) on Investments		-		-		104,633			50,968		-
Net Realized Capital Gains (Losses) on Investments		-		-		124,292			88,507		-
Net Change in Unrealized Appreciation (Depreciation)		-		-		(50,659	)		14,869		-
Net Gain (Loss) on Investment		-		-		73,633			103,376		-
Net Increase (Decrease) in Net Assets Resulting from Operations		-		-		80,073			105,927		-
Increase (Decrease) in Net Assets from Contract Transactions		-		-		(632,356	)		583,185		-
Total Increase (Decrease) in Net Assets		-		-		(552,283	)		689,112		-
Net Assets as of December 31, 2019:	$	-	$	-	$	-		$	689,112	$	-

See Accompanying Notes. ⁽¹⁾  See Footnote 1 31

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	Vanguard® Money Market		Vanguard® Real Estate Index		Vanguard® Short-Term Investment Grade		Vanguard® Total Bond Market Index			Vanguard® Total International Stock Market Index
	Subaccount(1)		Subaccount		Subaccount		Subaccount			Subaccount(1)
Net Assets as of December 31, 2017:	$	-	$	-	$	-	$	359,524		$	-
Investment Income:
Reinvested Dividends		-		-		-		8,087			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		-		-		2,831			-
Net Investment Income (Loss)		-		-		-		5,256			-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		-		-		685			-
Realized Gain (Loss) on Investments		-		-		-		(229	)		-
Net Realized Capital Gains (Losses) on Investments		-		-		-		456			-
Net Change in Unrealized Appreciation (Depreciation)		-		-		-		(9,052	)		-
Net Gain (Loss) on Investment		-		-		-		(8,596	)		-
Net Increase (Decrease) in Net Assets Resulting from Operations		-		-		-		(3,340	)		-
Increase (Decrease) in Net Assets from Contract Transactions		-		-		-		(1	)		-
Total Increase (Decrease) in Net Assets		-		-		-		(3,341	)		-
Net Assets as of December 31, 2018:	$	-	$	-	$	-	$	356,183		$	-
Investment Income:
Reinvested Dividends		-		6,749		17,292		27,802			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		2,225		5,966		7,889			-
Net Investment Income (Loss)		-		4,524		11,326		19,913			-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		12,197		-		-			-
Realized Gain (Loss) on Investments		-		23,175		14,908		35,152			-
Net Realized Capital Gains (Losses) on Investments		-		35,372		14,908		35,152			-
Net Change in Unrealized Appreciation (Depreciation)		-		5,993		1,707		22,429			-
Net Gain (Loss) on Investment		-		41,365		16,615		57,581			-
Net Increase (Decrease) in Net Assets Resulting from Operations		-		45,889		27,941		77,494			-
Increase (Decrease) in Net Assets from Contract Transactions		-		239,411		796,699		348,716			-
Total Increase (Decrease) in Net Assets		-		285,300		824,640		426,210			-
Net Assets as of December 31, 2019:	$	-	$	285,300	$	824,640	$	782,393		$	-

See Accompanying Notes. ⁽¹⁾  See Footnote 1 32

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	Vanguard® Total Stock Market Index		Voya Global Perspectives Class S Shares		Voya Large Cap Value Class S Shares		Voya Strategic Allocation Conservative Class S Shares		Voya Strategic Allocation Moderate Class S Shares
	Subaccount(1)		Subaccount		Subaccount		Subaccount		Subaccount
Net Assets as of December 31, 2017:	$	-	$	-	$	-	$	-	$	-
Investment Income:
Reinvested Dividends		-		-		-		-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		-		-		-		-
Net Investment Income (Loss)		-		-		-		-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		-		-		-		-
Realized Gain (Loss) on Investments		-		-		-		-		-
Net Realized Capital Gains (Losses) on Investments		-		-		-		-		-
Net Change in Unrealized Appreciation (Depreciation)		-		-		-		-		-
Net Gain (Loss) on Investment		-		-		-		-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		-		-		-		-		-
Increase (Decrease) in Net Assets from Contract Transactions		-		-		-		-		-
Total Increase (Decrease) in Net Assets		-		-		-		-		-
Net Assets as of December 31, 2018:	$	-	$	-	$	-	$	-	$	-
Investment Income:
Reinvested Dividends		-		-		-		-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		-		-		-		-
Net Investment Income (Loss)		-		-		-		-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		-		-		-		-
Realized Gain (Loss) on Investments		-		-		-		-		-
Net Realized Capital Gains (Losses) on Investments		-		-		-		-		-
Net Change in Unrealized Appreciation (Depreciation)		-		-		-		-		-
Net Gain (Loss) on Investment		-		-		-		-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		-		-		-		-		-
Increase (Decrease) in Net Assets from Contract Transactions		-		-		-		-		-
Total Increase (Decrease) in Net Assets		-		-		-		-		-
Net Assets as of December 31, 2019:	$	-	$	-	$	-	$	-	$	-

See Accompanying Notes. ⁽¹⁾  See Footnote 1 33

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019, Except as Noted

	Wanger International		Wanger USA
	Subaccount		Subaccount
Net Assets as of December 31, 2017:	$	-	$	-
Investment Income:
Reinvested Dividends		-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		-
Net Investment Income (Loss)		-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		-
Realized Gain (Loss) on Investments		-		-
Net Realized Capital Gains (Losses) on Investments		-		-
Net Change in Unrealized Appreciation (Depreciation)		-		-
Net Gain (Loss) on Investment		-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		-		-
Increase (Decrease) in Net Assets from Contract Transactions		-		-
Total Increase (Decrease) in Net Assets		-		-
Net Assets as of December 31, 2018:	$	-	$	-
Investment Income:
Reinvested Dividends		-		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		-
Net Investment Income (Loss)		-		-
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		-
Realized Gain (Loss) on Investments		-		-
Net Realized Capital Gains (Losses) on Investments		-		-
Net Change in Unrealized Appreciation (Depreciation)		-		-
Net Gain (Loss) on Investment		-		-
Net Increase (Decrease) in Net Assets Resulting from Operations		-		-
Increase (Decrease) in Net Assets from Contract Transactions		-		-
Total Increase (Decrease) in Net Assets		-		-
Net Assets as of December 31, 2019:	$	-	$	-

See Accompanying Notes. ⁽¹⁾  See Footnote 1 34

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

1. Organization

Separate Account VA BNY (the Separate Account) is a segregated investment account of Transamerica Financial Life Insurance Company (TFLIC), 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. TFLIC 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 TFLIC’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 Transamerica Landmark NY Variable Annuity, Transamerica Variable Annuity Series, Partners Variable Annuity Series, Transamerica Landmark^SM NY Variable Annuity, Transamerica Axiom^SM II, Transamerica Principium^SM III, Transamerica Retirement Income Plus, Transamerica Income Elite^SM II, Transamerica Advisor Elite II, Transamerica Variable Annuity O-Share, Transamerica Liberty^SM NY Variable Annuity, Transamerica Axiom^SM NY Variable Annuity, Transamerica Principium^SM II Variable Annuity, Income Elite^SM Variable Annuity, Transamerica Annuity I-Share, Transamerica Inspire^SM Variable Annuity and Transamerica Advisory Annuity.

TA ProFunds UltraBear Service Class (OAM) is included in the subaccount listing only to facilitate a contract owner purchase option.

Subaccount Investment by Mutual Fund:

Subaccount	Mutual Fund
AB Variable Products Series Fund, Inc.	AB Variable Products Series Fund, Inc.
AB Balanced Wealth Strategy Class B Shares	AB Balanced Wealth Strategy Portfolio Class B Shares
AB Growth and Income Class B Shares	AB Growth and Income Portfolio Class B Shares
AB Large Cap Growth Class B Shares	AB Large Cap Growth Portfolio Class B Shares
American Funds Insurance Series®	American Funds Insurance Series®
American Funds - Asset Allocation Class 2 Shares	American Funds - Asset Allocation Fund Class 2 Shares
American Funds - Bond Class 2 Shares	American Funds - Bond Fund Class 2 Shares
American Funds - Growth Class 2 Shares	American Funds - Growth Fund Class 2 Shares
American Funds - Growth-Income Class 2 Shares	American Funds - Growth-Income Fund Class 2 Shares
American Funds - International Class 2 Shares	American Funds - International Fund Class 2 Shares
DFA Investment Dimensions Group Inc.	DFA Investment Dimensions Group Inc.
DFA VA Equity Allocation	DFA VA Equity Allocation Portfolio
DFA VA Global Bond	DFA VA Global Bond Portfolio
DFA VA Global Moderate Allocation	DFA VA Global Moderate Allocation Portfolio
DFA VA International Small	DFA VA International Small Portfolio
DFA VA International Value	DFA VA International Value Portfolio
DFA VA Short-Term Fixed	DFA VA Short-Term Fixed Portfolio
DFA VA U.S. Large Value	DFA VA U.S. Large Value Portfolio
DFA VA U.S. Targeted Value	DFA VA U.S. Targeted Value Portfolio
Fidelity® Variable Insurance Products Fund	Fidelity® Variable Insurance Products Fund
Fidelity® VIP Balanced Service Class 2	Fidelity® VIP Balanced Service Portfolio Class 2
Fidelity® VIP Contrafund® Initial Class	Fidelity® VIP Contrafund® Portfolio Initial Class
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 Service Class 2	Fidelity® VIP Growth Portfolio Service Class 2
Fidelity® VIP Growth Opportunities Service Class 2	Fidelity® VIP Growth Opportunities Portfolio Service Class 2
Fidelity® VIP Mid Cap Initial Class	Fidelity® VIP Mid Cap Portfolio Initial Class

35

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

1.  Organization (continued)

Subaccount Investment by Mutual Fund:
Fidelity® Variable Insurance Products Fund	Fidelity® Variable Insurance Products Fund
Fidelity® VIP Mid Cap Service Class 2	Fidelity® VIP Mid Cap Portfolio Service Class 2
Fidelity® VIP Value Strategies Initial Class	Fidelity® VIP Value Strategies Portfolio Initial Class
Fidelity® VIP Value Strategies Service Class 2	Fidelity® VIP Value Strategies 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
Franklin Income Class 2 Shares	Franklin Income Fund Class 2 Shares
Franklin Mutual Shares Class 2 Shares	Franklin Mutual Shares Fund Class 2 Shares
Franklin Templeton Foreign Class 2 Shares	Franklin Templeton Foreign Fund Class 2 Shares
AIM Variable Insurance Funds (Invesco Variable Insurance Funds)	AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
Invesco V.I. American Franchise Series II Shares	Invesco V.I. American Franchise Fund Series II Shares
Janus Aspen Series	Janus Aspen Series
Janus Henderson - Enterprise Service Shares	Janus Henderson - Enterprise Service Shares
Janus Henderson - Global Research Service Shares	Janus Henderson - Global Research Portfolio Service Shares
Janus Henderson - Mid Cap Value Service Shares	Janus Henderson - Mid Cap Value Portfolio Service Shares
JPMorgan Insurance Trust	JPMorgan Insurance Trust
JPMorgan Insurance Trust Core Bond Class 1 Shares	JPMorgan Insurance Trust Core Bond Class 1 Shares
JPMorgan Insurance Trust Mid Cap Value Class 1 Shares	JPMorgan Insurance Trust Mid Cap Value Class 1 Shares
JPMorgan Insurance Trust Small Cap Core Class 1 Shares	JPMorgan Insurance Trust Small Cap Core Class 1 Shares
JPMorgan Insurance Trust U.S. Equity Class 1 Shares	JPMorgan Insurance Trust U.S. Equity Class 1 Shares
MFS® Variable Insurance Trust	MFS® Variable Insurance Trust
MFS® New Discovery Service Class	MFS® New Discovery Series Service Class
MFS® Total Return Service Class	MFS® Total Return Series Service Class
State Street Variable Insurance Series Funds, Inc.	State Street Variable Insurance Series Funds, Inc.
State Street Total Return V.I.S. Class 3 Shares	State Street Total Return V.I.S. Fund Class 3 Shares
Transamerica Series Trust	Transamerica Series Trust
TA 60/40 Allocation Service Class	Transamerica 60/40 Allocation VP Service Class
TA Aegon High Yield Bond Initial Class	Transamerica Aegon High Yield Bond VP Initial Class
TA Aegon High Yield Bond Service Class	Transamerica Aegon High Yield Bond VP Service Class
TA Aegon U.S. Government Securities Initial Class	Transamerica Aegon U.S. Government Securities VP Initial Class
TA Aegon U.S. Government Securities Service Class	Transamerica Aegon U.S. Government Securities VP Service Class
TA American Funds Managed Risk - Balanced Service Class	Transamerica American Funds Managed Risk - Balanced VP Service Class
TA Barrow Hanley Dividend Focused Initial Class	Transamerica Barrow Hanley Dividend Focused VP Initial Class
TA Barrow Hanley Dividend Focused Service Class	Transamerica Barrow Hanley Dividend Focused VP Service Class
TA BlackRock Global Allocation Service Class	Transamerica BlackRock Global Allocation VP Service Class
TA BlackRock Global Allocation Managed Risk - Balanced Service Class	Transamerica BlackRock Global Allocation Managed Risk - Balanced VP Service Class
TA BlackRock Global Allocation Managed Risk - Growth Service Class	Transamerica BlackRock Global Allocation Managed Risk - Growth VP Service Class
TA BlackRock Global Real Estate Securities Initial Class	Transamerica BlackRock Global Real Estate Securities VP Initial Class
TA BlackRock Global Real Estate Securities Service Class	Transamerica BlackRock Global Real Estate Securities VP Service Class
TA BlackRock Government Money Market Initial Class	Transamerica BlackRock Government Money Market VP Initial Class
TA BlackRock Government Money Market Service Class	Transamerica BlackRock Government Money Market VP Service Class
TA BlackRock iShares Edge 100 Service Class	Transamerica BlackRock iShares Edge 100 VP Service Class
TA BlackRock iShares Edge 40 Initial Class	Transamerica BlackRock iShares Edge 40 VP Initial Class
TA BlackRock iShares Edge 40 Service Class	Transamerica BlackRock iShares Edge 40 VP Service Class
TA BlackRock iShares Edge 50 Service Class	Transamerica BlackRock iShares Edge 50 VP Service Class

36

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

1.  Organization (continued)

Subaccount Investment by Mutual Fund:
Subaccount	Mutual Fund
TA BlackRock iShares Edge 75 Service Class	Transamerica BlackRock iShares Edge 75 VP Service Class
TA BlackRock Tactical Allocation Service Class	Transamerica BlackRock Tactical Allocation VP Service Class
TA Greystone International Growth Initial Class	Transamerica Greystone International Growth VP Initial Class
TA Greystone International Growth Service Class	Transamerica Greystone International Growth VP Service Class
TA International Equity Index Service Class	Transamerica International Equity Index VP Service Class
TA Janus Balanced Service Class	Transamerica Janus Balanced VP Service Class
TA Janus Mid-Cap Growth Initial Class	Transamerica Janus Mid-Cap Growth VP Initial Class
TA Janus Mid-Cap Growth Service Class	Transamerica Janus Mid-Cap Growth VP Service Class
Transamerica Series Trust	Transamerica Series Trust
TA Jennison Growth Initial Class	Transamerica Jennison Growth VP Initial Class
TA Jennison Growth Service Class	Transamerica Jennison Growth VP Service Class
TA JPMorgan Asset Allocation - Conservative Initial Class	Transamerica JPMorgan Asset Allocation - Conservative VP Initial Class
TA JPMorgan Asset Allocation - Conservative Service Class	Transamerica JPMorgan Asset Allocation - Conservative VP Service Class
TA JPMorgan Asset Allocation - Growth Initial Class	Transamerica JPMorgan Asset Allocation - Growth VP Initial Class
TA JPMorgan Asset Allocation - Growth Service Class	Transamerica JPMorgan Asset Allocation - Growth VP Service Class
TA JPMorgan Asset Allocation - Moderate Initial Class	Transamerica JPMorgan Asset Allocation - Moderate VP Initial Class
TA JPMorgan Asset Allocation - Moderate Service Class	Transamerica JPMorgan Asset Allocation - Moderate VP Service Class
TA JPMorgan Asset Allocation - Moderate Growth Initial Class	Transamerica JPMorgan Asset Allocation - Moderate Growth VP Initial Class
TA JPMorgan Asset Allocation - Moderate Growth Service Class	Transamerica JPMorgan Asset Allocation - Moderate Growth VP Service Class
TA JPMorgan Core Bond Service Class	Transamerica JPMorgan Core Bond VP Service Class
TA JPMorgan Enhanced Index Initial Class	Transamerica JPMorgan Enhanced Index VP Initial Class
TA JPMorgan Enhanced Index Service Class	Transamerica JPMorgan Enhanced Index VP Service Class
TA JPMorgan International Moderate Growth Service Class	Transamerica JPMorgan International Moderate Growth VP Service Class
TA JPMorgan Mid Cap Value Service Class	Transamerica JPMorgan Mid Cap Value VP Service Class
TA JPMorgan Tactical Allocation Service Class	Transamerica JPMorgan Tactical Allocation VP Service Class
TA Legg Mason Dynamic Allocation - Balanced Service Class	Transamerica Legg Mason Dynamic Allocation - Balanced VP Service Class
TA Legg Mason Dynamic Allocation - Growth Service Class	Transamerica Legg Mason Dynamic Allocation - Growth VP Service Class
TA Levin Large Cap Value Service Class	Transamerica Levin Large Cap Value VP Service Class
TA Madison Diversified Income Service Class	Transamerica Madison Diversified Income VP Service Class
TA Managed Risk - Balanced ETF Service Class	Transamerica Managed Risk - Balanced ETF VP Service Class
TA Managed Risk - Conservative ETF Service Class	Transamerica Managed Risk - Conservative ETF VP Service Class
TA Managed Risk - Growth ETF Service Class	Transamerica Managed Risk - Growth ETF VP Service Class
TA Market Participation Strategy Service Class	Transamerica Market Participation Strategy VP Service Class
TA Morgan Stanley Capital Growth Initial Class	Transamerica Morgan Stanley Capital Growth VP Initial Class
TA Morgan Stanley Capital Growth Service Class	Transamerica Morgan Stanley Capital Growth VP Service Class
TA Multi-Managed Balanced Initial Class	Transamerica Multi-Managed Balanced VP Initial Class
TA Multi-Managed Balanced Service Class	Transamerica Multi-Managed Balanced VP Service Class
TA Multi-Manager Alternative Strategies Service Class	Transamerica Multi-Manager Alt Strategies VP Service Class
TA PIMCO Tactical - Balanced Service Class	Transamerica PIMCO Tactical - Balanced VP Service Class
TA PIMCO Tactical - Conservative Service Class	Transamerica PIMCO Tactical - Conservative VP Service Class
TA PIMCO Tactical - Growth Service Class	Transamerica PIMCO Tactical - Growth VP Service Class
TA PIMCO Total Return Initial Class	Transamerica PIMCO Total Return VP Initial Class

37

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

1.  Organization (continued)

Subaccount Investment by Mutual Fund:
Subaccount	Mutual Fund
TA PIMCO Total Return Service Class	Transamerica PIMCO Total Return VP Service Class
TA PineBridge Inflation Opportunities Service Class	Transamerica PineBridge Inflation Opportunities VP Service Class
TA ProFunds UltraBear Service Class (OAM)	Transamerica ProFunds UltraBear VP Service Class (OAM)
TA QS Investors Active Asset Allocation - Conservative Service Class	Transamerica QS Investors Active Asset Allocation - Conservative VP Service Class
TA QS Investors Active Asset Allocation - Moderate Service Class	Transamerica QS Investors Active Asset Allocation - Moderate VP Service Class
TA QS Investors Active Asset Allocation - Moderate Growth Service Class	Transamerica QS Investors Active Asset Allocation - Moderate Growth VP Service Class
Transamerica Series Trust	Transamerica Series Trust
TA Small/Mid Cap Value Initial Class	Transamerica Small/Mid Cap Value VP Initial Class
TA Small/Mid Cap Value Service Class	Transamerica Small/Mid Cap Value VP Service Class
TA T. Rowe Price Small Cap Initial Class	Transamerica T. Rowe Price Small Cap VP Initial Class
TA T. Rowe Price Small Cap Service Class	Transamerica T. Rowe Price Small Cap VP Service Class
TA Torray Concentrated Growth Initial Class	Transamerica Torray Concentrated Growth VP Initial Class
TA Torray Concentrated Growth Service Class	Transamerica Torray Concentrated Growth VP Service Class
TA TS&W International Equity Initial Class	Transamerica TS&W International Equity VP Initial Class
TA TS&W International Equity Service Class	Transamerica TS&W International Equity VP Service Class
TA U.S. Equity Index Service Class	Transamerica U.S. Equity Index VP Service Class
TA WMC US Growth Initial Class	Transamerica WMC US Growth VP Initial Class
TA WMC US Growth Service Class	Transamerica WMC US Growth VP Service Class
Vanguard® Variable Insurance Fund	Vanguard® Variable Insurance Fund
Vanguard® - Capital Growth	Vanguard® - Capital Growth Portfolio
Vanguard® - Conservative Allocation	Vanguard® - Conservative Allocation Portfolio
Vanguard® - Diversified Value	Vanguard® - Diversified Value Portfolio
Vanguard® Balanced	Vanguard® Balanced Portfolio
Vanguard® Equity Income	Vanguard® Equity Income Portfolio
Vanguard® Equity Index	Vanguard® Equity Index Portfolio
Vanguard® Global Bond Index	Vanguard® Global Bond Index Portfolio
Vanguard® Growth	Vanguard® Growth Portfolio
Vanguard® High Yield Bond	Vanguard® High Yield Bond Portfolio
Vanguard® International	Vanguard® International Portfolio
Vanguard® Mid-Cap Index	Vanguard® Mid-Cap Index Portfolio
Vanguard® Moderate Allocation	Vanguard® Moderate Allocation Portfolio
Vanguard® Money Market	Vanguard® Money Market Portfolio
Vanguard® Real Estate Index	Vanguard® Real Estate Index Portfolio
Vanguard® Short-Term Investment Grade	Vanguard® Short-Term Investment Grade Portfolio
Vanguard® Total Bond Market Index	Vanguard® Total Bond Market Index Portfolio
Vanguard® Total International Stock Market Index	Vanguard® Total International Stock Market Index Portfolio
Vanguard® Total Stock Market Index	Vanguard® Total Stock Market Index Portfolio
Voya Investors Trust	Voya Investors Trust
Voya Global Perspectives Class S Shares	Voya Global Perspectives Portfolio Class S Shares
Voya Large Cap Value Class S Shares	Voya Large Cap Value Portfolio Class S Shares
Voya Strategic Allocation Portfolios, Inc.	Voya Strategic Allocation Portfolios, Inc.
Voya Strategic Allocation Conservative Class S Shares	Voya Strategic Allocation Conservative Portfolio Class S Shares
Voya Strategic Allocation Moderate Class S Shares	Voya Strategic Allocation Moderate Portfolio Class S Shares

38

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

1.  Organization (continued)

Subaccount Investment by Mutual Fund:
Subaccount	Mutual Fund
Wanger Advisors Trust	Wanger Advisors Trust
Wanger International	Wanger International
Wanger USA	Wanger USA
Each period reported on reflects a full twelve month period except as follows:
Subaccount	Inception Date
DFA VA Equity Allocation	December 23, 2019
DFA VA Global Bond	December 23, 2019
DFA VA Global Moderate Allocation	December 23, 2019
DFA VA International Small	December 23, 2019
DFA VA International Value	December 23, 2019
DFA VA Short-Term Fixed	December 23, 2019
DFA VA U.S. Large Value	December 23, 2019
DFA VA U.S. Targeted Value	December 23, 2019
Vanguard® - Capital Growth	December 23, 2019
Vanguard® - Conservative Allocation	December 23, 2019
Vanguard® - Diversified Value	December 23, 2019
Vanguard® Balanced	December 23, 2019
Vanguard® Equity Income	December 23, 2019
Vanguard® Global Bond Index	December 23, 2019
Vanguard® Growth	December 23, 2019
Vanguard® High Yield Bond	December 23, 2019
Vanguard® Moderate Allocation	December 23, 2019
Vanguard® Money Market	December 23, 2019
Vanguard® Total International Stock Market Index	December 23, 2019
Vanguard® Total Stock Market Index	December 23, 2019
TA 60/40 Allocation Service Class	May 1, 2018
TA Levin Large Cap Value Service Class	May 1, 2018
TA Madison Diversified Income Service Class	June 1, 2017
TA International Equity Index Service Class	May 1, 2017
TA U.S. Equity Index Service Class	May 1, 2017
TA BlackRock iShares Edge 100 Service Class	March 21, 2016
TA BlackRock iShares Edge 50 Service Class	March 21, 2016
TA BlackRock iShares Edge 75 Service Class	March 21, 2016
TA American Funds Managed Risk - Balanced Service Class	May 1, 2015
TA BlackRock Global Allocation Managed Risk - Balanced Service Class	May 1, 2015
TA BlackRock Global Allocation Managed Risk - Growth Service Class	May 1, 2015
Voya Global Perspectives Class S Shares	May 1, 2015
Voya Large Cap Value Class S Shares	May 1, 2015
Voya Strategic Allocation Conservative Class S Shares	May 1, 2015
Voya Strategic Allocation Moderate Class S Shares	May 1, 2015

39

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

1.  Organization (continued)

The following subaccount name changes were made effective during the fiscal year ended December 31, 2019:

Subaccount	Formerly
Franklin Allocation Class 4 Shares	Franklin Founding Funds Allocation Class 4 Shares
TA BlackRock iShares Edge 100 Service Class	TA BlackRock Equity Smart Beta 100 Service Class
TA BlackRock iShares Edge 40 Initial Class	TA BlackRock Smart Beta 40 Initial Class
TA BlackRock iShares Edge 40 Service Class	TA BlackRock Smart Beta 40 Service Class
TA BlackRock iShares Edge 50 Service Class	TA BlackRock Smart Beta 50 Service Class
TA BlackRock iShares Edge 75 Service Class	TA BlackRock Smart Beta 75 Service Class
During the current year the following subaccounts were liquidated and subsequently reinvested:
Reinvested Subaccount	Liquidated Subaccount
TA Morgan Stanley Capital Growth Initial Class	TA Jennison Growth Initial Class
TA Morgan Stanley Capital Growth Service Class	TA Jennison Growth Service Class
TA WMC US Growth Initial Class	TA Torray Concentrated Growth Initial Class
TA WMC US Growth Service Class	TA Torray Concentrated Growth Service Class

40

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

2. Summary of Significant Accounting Policies

The financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for variable annuity separate accounts registered as unit investment trusts. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions regarding matters that affect the reported amount of assets and liabilities. Actual results could differ from those estimates.

Investments

Net purchase payments received by the Separate Account are invested in the portfolios of the Mutual Funds as selected by the contract owner. Investments are stated at the closing net asset values per share on December 31, 2019.

Realized capital gains and losses from sales of shares in the Separate Account are determined on the first-in, first-out basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend income is recorded on the ex-dividend date. Unrealized gains or losses from investments in the Mutual Funds are included in the Statements of Operations and Changes in Net Assets.

Dividend Income

Dividends received from the Mutual Fund investments are reinvested to purchase additional mutual fund shares.

Fair Value Measurements and Fair Value Hierarchy

The Accounting Standards Codification^™ (ASC) 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the nature of inputs used to measure fair value and enhances disclosure requirements for fair value measurements.

The Separate Account has categorized its financial instruments into a three level hierarchy which is based on the priority of the inputs to the valuation technique.     The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

Financial assets and liabilities recorded at fair value on the Statements of Assets and Liabilities are categorized as follows:

Level 1. Unadjusted quoted prices for identical assets or liabilities in an active market.

Level 2. Quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

a) Quoted prices for similar assets or liabilities in active markets

b) Quoted prices for identical or similar assets or liabilities in non-active markets

c) Inputs other than quoted market prices that are observable

d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means.

Level 3. Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. They reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.

All investments in the Mutual Funds included in the Statements of Assets and Liabilities are stated at fair value and are based upon published closing NAV per share and therefore are considered Level 1.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2019.

41

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

3. Investments

The aggregate cost of purchases and proceeds from sales of investments for the period ended December 31, 2019 were as follows:

Subaccount	Purchases		Sales
AB Balanced Wealth Strategy Class B Shares	$	1,909,294	$	1,179,091
AB Growth and Income Class B Shares		6,993,257		6,920,387
AB Large Cap Growth Class B Shares		56,876		98,235
American Funds - Asset Allocation Class 2 Shares		12,605,767		7,446,108
American Funds - Bond Class 2 Shares		5,498,913		4,376,450
American Funds - Growth Class 2 Shares		31,696,747		11,104,180
American Funds - Growth-Income Class 2 Shares		18,027,463		5,704,010
American Funds - International Class 2 Shares		12,211,700		5,566,203
DFA VA Equity Allocation		100		100
DFA VA Global Bond		100		100
DFA VA Global Moderate Allocation		100		100
DFA VA International Small		101		101
DFA VA International Value		100		100
DFA VA Short-Term Fixed		100		100
DFA VA U.S. Large Value		100		100
DFA VA U.S. Targeted Value		100		100
Fidelity® VIP Balanced Service Class 2		8,899,957		5,525,747
Fidelity® VIP Contrafund® Initial Class		-		-
Fidelity® VIP Contrafund® Service Class 2		27,492,053		8,118,379
Fidelity® VIP Equity-Income Service Class 2		45,672		62,766
Fidelity® VIP Growth Service Class 2		65,311		61,759
Fidelity® VIP Growth Opportunities Service Class 2		233		132
Fidelity® VIP Mid Cap Initial Class		-		-
Fidelity® VIP Mid Cap Service Class 2		10,885,217		6,124,938
Fidelity® VIP Value Strategies Initial Class		2,765		3,273
Fidelity® VIP Value Strategies Service Class 2		5,577,969		3,123,791
Franklin Allocation Class 4 Shares		445,011		672,104
Franklin Income Class 2 Shares		267,311		750,911
Franklin Mutual Shares Class 2 Shares		105,823		145,286
Franklin Templeton Foreign Class 2 Shares		58,604		253,676
Invesco V.I. American Franchise Series II Shares		29,415		75,555
Janus Henderson - Enterprise Service Shares		22,211		10,624
Janus Henderson - Global Research Service Shares		23,671		20,437
Janus Henderson - Mid Cap Value Service Shares		212		111
JPMorgan Insurance Trust Core Bond Class 1 Shares		111,183		141,309
JPMorgan Insurance Trust Mid Cap Value Class 1 Shares		15,055		2,348

42

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

3.  Investments (continued)

Subaccount	Purchases		Sales
JPMorgan Insurance Trust Small Cap Core Class 1 Shares	$	1,042	$	7,673
JPMorgan Insurance Trust U.S. Equity Class 1 Shares		7,103		2,367
MFS® New Discovery Service Class		372,958		192,306
MFS® Total Return Service Class		57,799		122,230
State Street Total Return V.I.S. Class 3 Shares		2,409,545		3,239,645
TA 60/40 Allocation Service Class		619,974		193,130
TA Aegon High Yield Bond Initial Class		5,592		64,915
TA Aegon High Yield Bond Service Class		2,621,354		1,597,146
TA Aegon U.S. Government Securities Initial Class		9,792		93,940
TA Aegon U.S. Government Securities Service Class		22,053,407		49,467,210
TA American Funds Managed Risk - Balanced Service Class		16,433,699		6,205,602
TA Barrow Hanley Dividend Focused Initial Class		577,543		412,945
TA Barrow Hanley Dividend Focused Service Class		9,497,934		6,957,951
TA BlackRock Global Allocation Service Class		8,288,712		8,183,397
TA BlackRock Global Allocation Managed Risk - Balanced Service Class		3,524,391		1,637,850
TA BlackRock Global Allocation Managed Risk - Growth Service Class		1,183,417		1,366,833
TA BlackRock Global Real Estate Securities Initial Class		3,608		11,503
TA BlackRock Global Real Estate Securities Service Class		1,145,846		708,045
TA BlackRock Government Money Market Initial Class		188,723		241,910
TA BlackRock Government Money Market Service Class		46,904,964		37,985,079
TA BlackRock iShares Edge 100 Service Class		1,954,529		502,134
TA BlackRock iShares Edge 40 Initial Class		9,516		7,616
TA BlackRock iShares Edge 40 Service Class		5,336,736		2,966,112
TA BlackRock iShares Edge 50 Service Class		12,881,438		1,841,712
TA BlackRock iShares Edge 75 Service Class		5,315,093		1,275,258
TA BlackRock Tactical Allocation Service Class		8,588,069		14,441,693
TA Greystone International Growth Initial Class		42,131		21,042
TA Greystone International Growth Service Class		2,557,214		1,808,560
TA International Equity Index Service Class		3,276,933		747,806
TA Janus Balanced Service Class		15,720,401		12,187,073
TA Janus Mid-Cap Growth Initial Class		10,992		69,506
TA Janus Mid-Cap Growth Service Class		5,955,983		2,933,196
TA JPMorgan Asset Allocation - Conservative Initial Class		-		-
TA JPMorgan Asset Allocation - Conservative Service Class		8,546,304		10,865,965
TA JPMorgan Asset Allocation - Growth Initial Class		4,111		521
TA JPMorgan Asset Allocation - Growth Service Class		3,397,894		1,365,138

43

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

3.  Investments (continued)

Subaccount	Purchases		Sales
TA JPMorgan Asset Allocation - Moderate Initial Class	$	367,600	$	675,438
TA JPMorgan Asset Allocation - Moderate Service Class		44,865,122		32,918,931
TA JPMorgan Asset Allocation - Moderate Growth Initial Class		33,901		411,309
TA JPMorgan Asset Allocation - Moderate Growth Service Class		23,886,308		24,260,742
TA JPMorgan Core Bond Service Class		15,294,527		6,058,870
TA JPMorgan Enhanced Index Initial Class		88,815		73,971
TA JPMorgan Enhanced Index Service Class		2,323,393		2,754,378
TA JPMorgan International Moderate Growth Service Class		5,632,595		5,975,592
TA JPMorgan Mid Cap Value Service Class		6,945,839		5,346,720
TA JPMorgan Tactical Allocation Service Class		8,459,063		10,109,170
TA Legg Mason Dynamic Allocation - Balanced Service Class		5,731,165		10,247,179
TA Legg Mason Dynamic Allocation - Growth Service Class		3,845,382		6,709,483
TA Levin Large Cap Value Service Class		732,670		13,957
TA Madison Diversified Income Service Class		3,912,001		403,102
TA Managed Risk - Balanced ETF Service Class		30,468,810		43,340,814
TA Managed Risk - Conservative ETF Service Class		10,422,818		15,723,301
TA Managed Risk - Growth ETF Service Class		45,087,020		44,565,054
TA Market Participation Strategy Service Class		6,173,579		3,433,752
TA Morgan Stanley Capital Growth Initial Class		1,884,393		42,506
TA Morgan Stanley Capital Growth Service Class		24,224,067		3,093,226
TA Multi-Managed Balanced Initial Class		2,628		460
TA Multi-Managed Balanced Service Class		15,492,101		15,097,928
TA Multi-Manager Alternative Strategies Service Class		168,019		82,572
TA PIMCO Tactical - Balanced Service Class		1,442,981		3,723,015
TA PIMCO Tactical - Conservative Service Class		3,602,776		4,575,427
TA PIMCO Tactical - Growth Service Class		1,715,022		3,650,411
TA PIMCO Total Return Initial Class		66,273		160,595
TA PIMCO Total Return Service Class		8,089,965		11,174,224
TA PineBridge Inflation Opportunities Service Class		2,278,154		2,017,177
TA ProFunds UltraBear Service Class (OAM)		288,514		888,401
TA QS Investors Active Asset Allocation - Conservative Service Class		2,713,058		2,753,939
TA QS Investors Active Asset Allocation - Moderate Service Class		10,801,057		10,113,011
TA QS Investors Active Asset Allocation - Moderate Growth Service Class		6,186,473		7,365,018
TA Small/Mid Cap Value Initial Class		241,723		473,605
TA Small/Mid Cap Value Service Class		6,206,837		2,446,438
TA T. Rowe Price Small Cap Initial Class		21,865		201,368

44

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

3.  Investments (continued)

Subaccount	Purchases		Sales
TA T. Rowe Price Small Cap Service Class	$	14,856,781	$	8,405,037
TA TS&W International Equity Initial Class		30,990		58,584
TA TS&W International Equity Service Class		1,397,078		779,733
TA U.S. Equity Index Service Class		31,678,984		7,363,886
TA WMC US Growth Initial Class		2,098,390		370,062
TA WMC US Growth Service Class		13,610,077		3,349,314
Vanguard® - Capital Growth		100		100
Vanguard® - Conservative Allocation		100		100
Vanguard® - Diversified Value		100		100
Vanguard® Balanced		101		101
Vanguard® Equity Income		100		100
Vanguard® Equity Index		46,376		1,077,287
Vanguard® Global Bond Index		100		100
Vanguard® Growth		101		101
Vanguard® High Yield Bond		100		100
Vanguard® International		28,675		634,932
Vanguard® Mid-Cap Index		1,175,088		551,814
Vanguard® Moderate Allocation		100		100
Vanguard® Money Market		100		100
Vanguard® Real Estate Index		524,994		268,863
Vanguard® Short-Term Investment Grade		1,476,949		668,923
Vanguard® Total Bond Market Index		1,490,019		1,121,390
Vanguard® Total International Stock Market Index		101		101
Vanguard® Total Stock Market Index		100		100
Voya Global Perspectives Class S Shares		-		-
Voya Large Cap Value Class S Shares		-		-
Voya Strategic Allocation Conservative Class S Shares		-		-
Voya Strategic Allocation Moderate Class S Shares		-		-
Wanger International		-		-
Wanger USA		-		-

45

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

4. Change in Units

The change in units outstanding were as follows:

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)
AB Balanced Wealth Strategy Class B Shares		161,389		(337,274	)		(175,885	)		178,407		(350,678	)		(172,271	)
AB Growth and Income Class B Shares		287,213		(1,713,359	)		(1,426,146	)		233,535		(830,761	)		(597,226	)
AB Large Cap Growth Class B Shares		-		(29,196	)		(29,196	)		13,782		(40,103	)		(26,321	)
American Funds - Asset Allocation Class 2 Shares		641,683		(1,709,598	)		(1,067,915	)		1,614,178		(5,606,422	)		(3,992,244	)
American Funds - Bond Class 2 Shares		865,708		(1,262,970	)		(397,262	)		325,847		(875,778	)		(549,931	)
American Funds - Growth Class 2 Shares		1,330,787		(1,016,975	)		313,812			955,977		(1,190,157	)		(234,180	)
American Funds - Growth-Income Class 2 Shares		798,526		(520,982	)		277,544			698,512		(3,530,920	)		(2,832,408	)
American Funds - International Class 2 Shares		1,434,479		(2,070,288	)		(635,809	)		8,712,923		(1,105,133	)		7,607,790
DFA VA Equity Allocation		-		-			-			-		-			-
DFA VA Global Bond		-		-			-			-		-			-
DFA VA Global Moderate Allocation		-		-			-			-		-			-
DFA VA International Small		-		-			-			-		-			-
DFA VA International Value		-		-			-			-		-			-
DFA VA Short-Term Fixed		-		-			-			-		-			-
DFA VA U.S. Large Value		-		-			-			-		-			-
DFA VA U.S. Targeted Value		-		-			-			-		-			-
Fidelity® VIP Balanced Service Class 2		721,372		(1,781,915	)		(1,060,543	)		1,020,382		(1,810,999	)		(790,617	)
Fidelity® VIP Contrafund® Initial Class		-		-			-			-		-			-
Fidelity® VIP Contrafund® Service Class 2		2,714,322		(1,101,794	)		1,612,528			465,354		(1,332,558	)		(867,204	)
Fidelity® VIP Equity-Income Service Class 2		-		(24,495	)		(24,495	)		20,820		(110,163	)		(89,343	)
Fidelity® VIP Growth Service Class 2		-		(14,628	)		(14,628	)		14,325		(44,490	)		(30,165	)
Fidelity® VIP Growth Opportunities Service Class 2		-		(44	)		(44	)		-		(44	)		(44	)
Fidelity® VIP Mid Cap Initial Class		-		-			-			-		-			-
Fidelity® VIP Mid Cap Service Class 2		592,192		(666,324	)		(74,132	)		427,589		(2,711,974	)		(2,284,385	)
Fidelity® VIP Value Strategies Initial Class		-		(196	)		(196	)		-		(1	)		(1	)
Fidelity® VIP Value Strategies Service Class 2		352,892		(470,696	)		(117,804	)		174,586		(628,486	)		(453,900	)
Franklin Allocation Class 4 Shares		104,664		(309,976	)		(205,312	)		2,000		(379,820	)		(377,820	)

46

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

4. Change in Units (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)
Franklin Income Class 2 Shares		58,811		(471,860	)		(413,049	)		7,388		(404,763	)		(397,375	)
Franklin Mutual Shares Class 2 Shares		34,843		(98,805	)		(63,962	)		15,905		(113,686	)		(97,781	)
Franklin Templeton Foreign Class 2 Shares		27,337		(243,638	)		(216,301	)		16,796		(297,554	)		(280,758	)
Invesco V.I. American Franchise Series II Shares		-		(35,181	)		(35,181	)		-		(4,587	)		(4,587	)
Janus Henderson - Enterprise Service Shares		-		(1,298	)		(1,298	)		9,296		(22,362	)		(13,066	)
Janus Henderson - Global Research Service Shares		-		(9,357	)		(9,357	)		6,204		(40,130	)		(33,926	)
Janus Henderson - Mid Cap Value Service Shares		-		(34	)		(34	)		-		(35	)		(35	)
JPMorgan Insurance Trust Core Bond Class 1 Shares		75,611		(105,318	)		(29,707	)		-		(31,621	)		(31,621	)
JPMorgan Insurance Trust Mid Cap Value Class 1 Shares		-		-			-			-		-			-
JPMorgan Insurance Trust Small Cap Core Class 1 Shares		-		(2,195	)		(2,195	)		-		(44	)		(44	)
JPMorgan Insurance Trust U.S. Equity Class 1 Shares		-		(323	)		(323	)		-		(311	)		(311	)
MFS® New Discovery Service Class		6,500		(47,654	)		(41,154	)		10,112		(89,081	)		(78,969	)
MFS® Total Return Service Class		4,671		(53,635	)		(48,964	)		4,085		(147,622	)		(143,537	)
State Street Total Return V.I.S. Class 3 Shares		270,945		(398,495	)		(127,550	)		171,522		(171,843	)		(321	)
TA 60/40 Allocation Service Class		57,823		(17,756	)		40,067			64,567		(3,332	)		61,235
TA Aegon High Yield Bond Initial Class		168		(25,417	)		(25,249	)		3,175		(407	)		2,768
TA Aegon High Yield Bond Service Class		308,207		(420,468	)		(112,261	)		201,037		(455,645	)		(254,608	)
TA Aegon U.S. Government Securities Initial Class		2,959		(45,303	)		(42,344	)		-		(10,396	)		(10,396	)
TA Aegon U.S. Government Securities Service Class		3,214,842		(7,582,098	)		(4,367,256	)		6,504,421		(3,857,976	)		2,646,445
TA American Funds Managed Risk - Balanced Service Class		1,246,252		(483,698	)		762,554			1,343,044		(415,900	)		927,144
TA Barrow Hanley Dividend Focused Initial Class		508		(131,083	)		(130,575	)		7,328		(67,469	)		(60,141	)
TA Barrow Hanley Dividend Focused Service Class		597,692		(1,447,109	)		(849,417	)		511,815		(851,637	)		(339,822	)
TA BlackRock Global Allocation Service Class		747,447		(2,950,604	)		(2,203,157	)		894,528		(5,386,186	)		(4,491,658	)
TA BlackRock Global Allocation Managed Risk - Balanced Service Class		314,818		(149,742	)		165,076			411,417		(63,339	)		348,078
TA BlackRock Global Allocation Managed Risk - Growth Service Class		86,517		(125,962	)		(39,445	)		143,646		(100,793	)		42,853
TA BlackRock Global Real Estate Securities Initial Class		1,149		(3,839	)		(2,690	)		-		(425	)		(425	)
TA BlackRock Global Real Estate Securities Service Class		127,784		(168,819	)		(41,035	)		142,739		(289,465	)		(146,726	)

47

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

4.  Change in Units (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)
TA BlackRock Government Money Market Initial Class		140,554		(181,747	)		(41,193	)		67,198		(17,163	)		50,035
TA BlackRock Government Money Market Service Class		12,239,960		(11,219,883	)		1,020,077			11,561,707		(11,554,453	)		7,254
TA BlackRock iShares Edge 100 Service Class		67,231		(22,586	)		44,645			59,804		(23,056	)		36,748
TA BlackRock iShares Edge 40 Initial Class		228		(3,775	)		(3,547	)		149		(503	)		(354	)
TA BlackRock iShares Edge 40 Service Class		430,028		(1,052,922	)		(622,894	)		217,803		(1,393,269	)		(1,175,466	)
TA BlackRock iShares Edge 50 Service Class		1,067,888		(138,045	)		929,843			597,770		(86,989	)		510,781
TA BlackRock iShares Edge 75 Service Class		413,144		(88,315	)		324,829			307,884		(108,641	)		199,243
TA BlackRock Tactical Allocation Service Class		314,901		(4,343,046	)		(4,028,145	)		605,471		(3,317,723	)		(2,712,252	)
TA Greystone International Growth Initial Class		7,983		(11,820	)		(3,837	)		269		(4,253	)		(3,984	)
TA Greystone International Growth Service Class		146,406		(316,636	)		(170,230	)		308,024		(5,517,347	)		(5,209,323	)
TA International Equity Index Service Class		309,403		(69,244	)		240,159			202,315		(96,560	)		105,755
TA Janus Balanced Service Class		1,052,687		(2,688,167	)		(1,635,480	)		1,582,535		(2,144,845	)		(562,310	)
TA Janus Mid-Cap Growth Initial Class		614		(4,077	)		(3,463	)		4,190		(740	)		3,450
TA Janus Mid-Cap Growth Service Class		353,100		(628,148	)		(275,048	)		2,754,006		(273,066	)		2,480,940
TA JPMorgan Asset Allocation - Conservative Initial Class		-		-			-			-		(9,676	)		(9,676	)
TA JPMorgan Asset Allocation - Conservative Service Class		957,629		(3,171,139	)		(2,213,510	)		638,836		(2,581,635	)		(1,942,799	)
TA JPMorgan Asset Allocation - Growth Initial Class		-		-			-			-		-			-
TA JPMorgan Asset Allocation - Growth Service Class		183,899		(363,163	)		(179,264	)		104,335		(595,476	)		(491,141	)
TA JPMorgan Asset Allocation - Moderate Initial Class		166,479		(332,958	)		(166,479	)		-		(17,531	)		(17,531	)
TA JPMorgan Asset Allocation - Moderate Service Class		2,248,877		(10,587,324	)		(8,338,447	)		3,913,324		(14,067,757	)		(10,154,433	)
TA JPMorgan Asset Allocation - Moderate Growth Initial Class		-		(185,480	)		(185,480	)		-		(32	)		(32	)
TA JPMorgan Asset Allocation - Moderate Growth Service Class		546,277		(6,646,749	)		(6,100,472	)		2,760,156		(9,006,121	)		(6,245,965	)
TA JPMorgan Core Bond Service Class		2,477,109		(1,941,498	)		535,611			1,403,385		(1,402,317	)		1,068
TA JPMorgan Enhanced Index Initial Class		-		(20,677	)		(20,677	)		-		(9,429	)		(9,429	)
TA JPMorgan Enhanced Index Service Class		100,185		(168,460	)		(68,275	)		178,748		(156,411	)		22,337
TA JPMorgan International Moderate Growth Service Class		208,268		(2,145,664	)		(1,937,396	)		2,040,276		(4,193,121	)		(2,152,845	)
TA JPMorgan Mid Cap Value Service Class		365,336		(523,084	)		(157,748	)		226,933		(863,951	)		(637,018	)

48

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

4.  Change in Units (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)
TA JPMorgan Tactical Allocation Service Class		609,606		(2,639,532	)		(2,029,926	)		1,049,868		(3,820,815	)		(2,770,947	)
TA Legg Mason Dynamic Allocation - Balanced Service Class		484,602		(1,595,323	)		(1,110,721	)		502,496		(2,450,424	)		(1,947,928	)
TA Legg Mason Dynamic Allocation - Growth Service Class		170,398		(1,713,196	)		(1,542,798	)		686,331		(1,723,487	)		(1,037,156	)
TA Levin Large Cap Value Service Class		73,918		(959	)		72,959			14,949		(4,366	)		10,583
TA Madison Diversified Income Service Class		352,842		(48,034	)		304,808			155,187		(81,187	)		74,000
TA Managed Risk - Balanced ETF Service Class		1,187,646		(10,541,063	)		(9,353,417	)		2,875,044		(15,957,893	)		(13,082,849	)
TA Managed Risk - Conservative ETF Service Class		831,028		(6,438,006	)		(5,606,978	)		593,336		(3,875,568	)		(3,282,232	)
TA Managed Risk - Growth ETF Service Class		1,661,609		(11,879,340	)		(10,217,731	)		1,630,623		(16,427,649	)		(14,797,026	)
TA Market Participation Strategy Service Class		132,518		(556,331	)		(423,813	)		459,070		(1,269,613	)		(810,543	)
TA Morgan Stanley Capital Growth Initial Class		479,862		(10,529	)		469,333			1,865		(252	)		1,613
TA Morgan Stanley Capital Growth Service Class		1,915,066		(221,066	)		1,694,000			222,579		(252,196	)		(29,617	)
TA Multi-Managed Balanced Initial Class		-		-			-			-		-			-
TA Multi-Managed Balanced Service Class		550,762		(2,658,447	)		(2,107,685	)		1,029,786		(3,375,485	)		(2,345,699	)
TA Multi-Manager Alternative Strategies Service Class		16,625		(7,862	)		8,763			11,958		(8,723	)		3,235
TA PIMCO Tactical - Balanced Service Class		290,270		(920,567	)		(630,297	)		367,429		(1,704,524	)		(1,337,095	)
TA PIMCO Tactical - Conservative Service Class		467,595		(823,075	)		(355,480	)		186,335		(954,751	)		(768,416	)
TA PIMCO Tactical - Growth Service Class		239,047		(955,695	)		(716,648	)		513,316		(1,232,126	)		(718,810	)
TA PIMCO Total Return Initial Class		35,011		(92,800	)		(57,789	)		-		(7,651	)		(7,651	)
TA PIMCO Total Return Service Class		1,556,410		(4,368,748	)		(2,812,338	)		1,981,853		(5,024,295	)		(3,042,442	)
TA PineBridge Inflation Opportunities Service Class		442,076		(994,697	)		(552,621	)		473,162		(1,622,119	)		(1,148,957	)
TA ProFunds UltraBear Service Class (OAM)		9,304,476		(25,784,761	)		(16,480,285	)		31,101,854		(7,663,632	)		23,438,222
TA QS Investors Active Asset Allocation - Conservative Service Class		111,643		(901,286	)		(789,643	)		130,614		(1,319,318	)		(1,188,704	)
TA QS Investors Active Asset Allocation - Moderate Service Class		477,310		(2,308,487	)		(1,831,177	)		822,712		(3,192,449	)		(2,369,737	)
TA QS Investors Active Asset Allocation - Moderate Growth Service Class		411,024		(1,735,509	)		(1,324,485	)		452,183		(2,332,303	)		(1,880,120	)
TA Small/Mid Cap Value Initial Class		-		(28,702	)		(28,702	)		216		(8,685	)		(8,469	)
TA Small/Mid Cap Value Service Class		487,373		(589,521	)		(102,148	)		265,758		(462,047	)		(196,289	)

49

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

4.  Change in Units (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)
TA T. Rowe Price Small Cap Initial Class		1,375		(13,948	)		(12,573	)		3,979		(11,757	)		(7,778	)
TA T. Rowe Price Small Cap Service Class		652,753		(861,861	)		(209,108	)		400,824		(1,125,526	)		(724,702	)
TA TS&W International Equity Initial Class		900		(23,455	)		(22,555	)		74		(14,272	)		(14,198	)
TA TS&W International Equity Service Class		132,500		(151,534	)		(19,034	)		102,759		(177,317	)		(74,558	)
TA U.S. Equity Index Service Class		2,539,124		(560,027	)		1,979,097			513,948		(52,942	)		461,006
TA WMC US Growth Initial Class		804,120		(146,373	)		657,747			83,183		(246,997	)		(163,814	)
TA WMC US Growth Service Class		1,321,537		(676,083	)		645,454			292,725		(924,871	)		(632,146	)
Vanguard® - Capital Growth		-		-			-			-		-			-
Vanguard® - Conservative Allocation		-		-			-			-		-			-
Vanguard® - Diversified Value		-		-			-			-		-			-
Vanguard® Balanced		-		-			-			-		-			-
Vanguard® Equity Income		-		-			-			-		-			-
Vanguard® Equity Index		-		(54,305	)		(54,305	)		-		-			-
Vanguard® Global Bond Index		-		-			-			-		-			-
Vanguard® Growth		-		-			-			-		-			-
Vanguard® High Yield Bond		-		-			-			-		-			-
Vanguard® International		-		(41,630	)		(41,630	)		-		(612	)		(612	)
Vanguard® Mid-Cap Index		62,719		(27,647	)		35,072			-		-			-
Vanguard® Moderate Allocation		-		-			-			-		-			-
Vanguard® Money Market		-		-			-			-		-			-
Vanguard® Real Estate Index		35,822		(17,353	)		18,469			-		-			-
Vanguard® Short-Term Investment Grade		136,568		(60,523	)		76,045			-		-			-
Vanguard® Total Bond Market Index		135,569		(99,197	)		36,372			-		-			-
Vanguard® Total International Stock Market Index		-		-			-			-		-			-
Vanguard® Total Stock Market Index		-		-			-			-		-			-
Voya Global Perspectives Class S Shares		-		-			-			-		-			-
Voya Large Cap Value Class S Shares		-		-			-			-		-			-

50

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

4.  Change in Units (continued)

Year Ended December 31, 2019

Year Ended December 31, 2018

Subaccount

Units Purchased

Units Redeemed and Transferred to/from

Net Increase (Decrease)

Units Purchased

Units Redeemed and Transferred to/from

Net Increase (Decrease)

Voya Strategic Allocation Conservative Class S Shares

-

-

-

-

-

-

Voya Strategic Allocation Moderate Class S Shares

-

-

-

-

-

-

Wanger International

-

-

-

-

-

-

Wanger USA

-

-

-

-

-

-

51

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

4.  Change in Unit Dollars (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)
AB Balanced Wealth Strategy Class B Shares	$	1,110,691	$	(1,098,434	)	$	12,257		$	1,949,402	$	(1,292,852	)	$	656,550
AB Growth and Income Class B Shares		4,074,361		(6,606,057	)		(2,531,696	)		2,284,325		(3,309,901	)		(1,025,576	)
AB Large Cap Growth Class B Shares		-		(92,511	)		(92,511	)		38,362		(115,934	)		(77,572	)
American Funds - Asset Allocation Class 2 Shares		8,399,811		(6,502,911	)		1,896,900			18,225,904		(14,352,753	)		3,873,151
American Funds - Bond Class 2 Shares		5,086,285		(4,130,739	)		955,546			2,089,064		(2,669,646	)		(580,582	)
American Funds - Growth Class 2 Shares		25,253,071		(10,373,609	)		14,879,462			14,563,406		(13,635,985	)		927,421
American Funds - Growth-Income Class 2 Shares		13,538,286		(5,132,425	)		8,405,861			11,860,488		(12,785,123	)		(924,635	)
American Funds - International Class 2 Shares		10,903,567		(5,076,599	)		5,826,968			21,181,907		(5,186,985	)		15,994,922
DFA VA Equity Allocation		-		-			-			-		-			-
DFA VA Global Bond		-		-			-			-		-			-
DFA VA Global Moderate Allocation		-		-			-			-		-			-
DFA VA International Small		-		-			-			-		-			-
DFA VA International Value		-		-			-			-		-			-
DFA VA Short-Term Fixed		-		-			-			-		-			-
DFA VA U.S. Large Value		-		-			-			-		-			-
DFA VA U.S. Targeted Value		-		-			-			-		-			-
Fidelity® VIP Balanced Service Class 2		7,018,315		(5,149,761	)		1,868,554			9,786,668		(5,778,865	)		4,007,803
Fidelity® VIP Contrafund® Initial Class		-		-			-			-		-			-
Fidelity® VIP Contrafund® Service Class 2		22,542,065		(7,591,804	)		14,950,261			5,964,809		(10,339,002	)		(4,374,193	)
Fidelity® VIP Equity-Income Service Class 2		-		(54,982	)		(54,982	)		47,977		(252,991	)		(205,014	)
Fidelity® VIP Growth Service Class 2		-		(46,849	)		(46,849	)		38,303		(125,050	)		(86,747	)
Fidelity® VIP Growth Opportunities Service Class 2		-		(89	)		(89	)		-		(82	)		(82	)
Fidelity® VIP Mid Cap Initial Class		-		-			-			-		-			-
Fidelity® VIP Mid Cap Service Class 2		8,029,335		(5,873,653	)		2,155,682			5,496,452		(17,683,661	)		(12,187,209	)
Fidelity® VIP Value Strategies Initial Class		-		(3,106	)		(3,106	)		-		(4	)		(4	)
Fidelity® VIP Value Strategies Service Class 2		4,385,370		(2,983,505	)		1,401,865			1,965,651		(4,096,610	)		(2,130,959	)
Franklin Allocation Class 4 Shares		213,660		(634,456	)		(420,796	)		4,114		(790,515	)		(786,401	)

52

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

4. Change in Unit Dollars (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)
Franklin Income Class 2 Shares	$	89,379	$	(713,719	)	$	(624,340	)	$	10,752	$	(594,154	)	$	(583,402	)
Franklin Mutual Shares Class 2 Shares		48,919		(137,435	)		(88,516	)		21,829		(155,229	)		(133,400	)
Franklin Templeton Foreign Class 2 Shares		26,984		(237,165	)		(210,181	)		18,209		(317,790	)		(299,581	)
Invesco V.I. American Franchise Series II Shares		-		(72,716	)		(72,716	)		-		(9,237	)		(9,237	)
Janus Henderson - Enterprise Service Shares		-		(5,614	)		(5,614	)		42,227		(100,375	)		(58,148	)
Janus Henderson - Global Research Service Shares		-		(15,171	)		(15,171	)		13,222		(74,497	)		(61,275	)
Janus Henderson - Mid Cap Value Service Shares		-		(78	)		(78	)		-		(92	)		(92	)
JPMorgan Insurance Trust Core Bond Class 1 Shares		100,600		(135,496	)		(34,896	)		-		(39,877	)		(39,877	)
JPMorgan Insurance Trust Mid Cap Value Class 1 Shares		-		(2	)		(2	)		-		1			1
JPMorgan Insurance Trust Small Cap Core Class 1 Shares		-		(7,615	)		(7,615	)		-		(158	)		(158	)
JPMorgan Insurance Trust U.S. Equity Class 1 Shares		-		(1,184	)		(1,184	)		-		(1,080	)		(1,080	)
MFS® New Discovery Service Class		21,875		(166,770	)		(144,895	)		31,353		(288,401	)		(257,048	)
MFS® Total Return Service Class		9,773		(108,175	)		(98,402	)		8,701		(272,635	)		(263,934	)
State Street Total Return V.I.S. Class 3 Shares		2,319,741		(3,171,330	)		(851,589	)		2,075,647		(427,008	)		1,648,639
TA 60/40 Allocation Service Class		617,381		(183,757	)		433,624			651,554		(33,996	)		617,558
TA Aegon High Yield Bond Initial Class		411		(63,779	)		(63,368	)		7,334		(941	)		6,393
TA Aegon High Yield Bond Service Class		2,197,524		(1,512,434	)		685,090			1,182,296		(1,783,132	)		(600,836	)
TA Aegon U.S. Government Securities Initial Class		5,869		(90,962	)		(85,093	)		-		(20,356	)		(20,356	)
TA Aegon U.S. Government Securities Service Class		21,495,072		(48,979,272	)		(27,484,200	)		45,479,703		(15,349,476	)		30,130,227
TA American Funds Managed Risk - Balanced Service Class		14,242,178		(5,515,532	)		8,726,646			15,015,876		(4,674,950	)		10,340,926
TA Barrow Hanley Dividend Focused Initial Class		1,320		(367,776	)		(366,456	)		63,683		(345,328	)		(281,645	)
TA Barrow Hanley Dividend Focused Service Class		5,472,806		(6,665,915	)		(1,193,109	)		2,704,181		(3,085,650	)		(381,469	)
TA BlackRock Global Allocation Service Class		5,056,330		(7,391,639	)		(2,335,309	)		6,606,992		(12,188,520	)		(5,581,528	)
TA BlackRock Global Allocation Managed Risk - Balanced Service Class		3,153,439		(1,499,548	)		1,653,891			4,179,377		(644,577	)		3,534,800
TA BlackRock Global Allocation Managed Risk - Growth Service Class		881,567		(1,256,390	)		(374,823	)		1,495,992		(1,051,146	)		444,846
TA BlackRock Global Real Estate Securities Initial Class		3,467		(11,258	)		(7,791	)		-		(1,105	)		(1,105	)

53

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

4.  Change in Unit Dollars (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)
TA BlackRock Global Real Estate Securities Service Class	$	1,120,227	$	(631,730	)	$	488,497		$	493,190	$	(1,108,100	)	$	(614,910	)
TA BlackRock Government Money Market Initial Class		185,034		(239,301	)		(54,267	)		87,987		(22,496	)		65,491
TA BlackRock Government Money Market Service Class		46,514,808		(37,684,489	)		8,830,319			44,240,163		(46,081,276	)		(1,841,113	)
TA BlackRock iShares Edge 100 Service Class		920,685		(301,779	)		618,906			770,489		(291,675	)		478,814
TA BlackRock iShares Edge 40 Initial Class		419		(6,783	)		(6,364	)		261		(858	)		(597	)
TA BlackRock iShares Edge 40 Service Class		2,084,808		(2,686,392	)		(601,584	)		1,960,367		(3,084,546	)		(1,124,179	)
TA BlackRock iShares Edge 50 Service Class		12,701,720		(1,635,216	)		11,066,504			6,704,404		(974,404	)		5,730,000
TA BlackRock iShares Edge 75 Service Class		5,078,279		(1,083,873	)		3,994,406			3,669,375		(1,237,241	)		2,432,134
TA BlackRock Tactical Allocation Service Class		2,006,221		(13,165,877	)		(11,159,656	)		3,915,969		(11,124,562	)		(7,208,593	)
TA Greystone International Growth Initial Class		23,884		(19,669	)		4,215			473		(6,202	)		(5,729	)
TA Greystone International Growth Service Class		1,255,167		(1,719,843	)		(464,676	)		1,972,299		(15,816,171	)		(13,843,872	)
TA International Equity Index Service Class		3,250,543		(720,304	)		2,530,239			2,199,889		(1,022,420	)		1,177,469
TA Janus Balanced Service Class		10,246,869		(11,026,068	)		(779,199	)		13,826,278		(11,336,124	)		2,490,154
TA Janus Mid-Cap Growth Initial Class		9,937		(69,243	)		(59,306	)		67,193		(10,066	)		57,127
TA Janus Mid-Cap Growth Service Class		5,029,769		(2,715,110	)		2,314,659			10,927,850		(1,462,153	)		9,465,697
TA JPMorgan Asset Allocation - Conservative Initial Class		-		-			-			-		(17,575	)		(17,575	)
TA JPMorgan Asset Allocation - Conservative Service Class		4,738,352		(10,058,670	)		(5,320,318	)		5,573,159		(7,490,203	)		(1,917,044	)
TA JPMorgan Asset Allocation - Growth Initial Class		-		-			-			-		(1	)		(1	)
TA JPMorgan Asset Allocation - Growth Service Class		2,521,136		(1,259,733	)		1,261,403			1,316,284		(1,949,758	)		(633,474	)
TA JPMorgan Asset Allocation - Moderate Initial Class		339,669		(668,858	)		(329,189	)		-		(34,981	)		(34,981	)
TA JPMorgan Asset Allocation - Moderate Service Class		22,542,874		(29,535,116	)		(6,992,242	)		35,958,570		(35,153,724	)		804,846
TA JPMorgan Asset Allocation - Moderate Growth Initial Class		-		(407,763	)		(407,763	)		-		(70	)		(70	)
TA JPMorgan Asset Allocation - Moderate Growth Service Class		4,945,953		(21,867,717	)		(16,921,764	)		17,920,165		(27,637,283	)		(9,717,118	)
TA JPMorgan Core Bond Service Class		14,498,004		(5,642,636	)		8,855,368			4,986,043		(4,428,451	)		557,592
TA JPMorgan Enhanced Index Initial Class		-		(65,115	)		(65,115	)		-		(34,496	)		(34,496	)
TA JPMorgan Enhanced Index Service Class		1,703,148		(2,685,608	)		(982,460	)		1,531,352		(2,308,887	)		(777,535	)

54

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

4.  Change in Unit Dollars (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)
TA JPMorgan International Moderate Growth Service Class	$	1,340,031	$	(5,462,622	)	$	(4,122,591	)	$	6,284,165	$	(8,222,579	)	$	(1,938,414	)
TA JPMorgan Mid Cap Value Service Class		5,245,014		(5,146,790	)		98,224			2,939,151		(6,753,056	)		(3,813,905	)
TA JPMorgan Tactical Allocation Service Class		5,838,269		(9,129,187	)		(3,290,918	)		9,005,331		(12,975,219	)		(3,969,888	)
TA Legg Mason Dynamic Allocation - Balanced Service Class		2,340,580		(9,211,303	)		(6,870,723	)		3,903,876		(13,106,573	)		(9,202,697	)
TA Legg Mason Dynamic Allocation - Growth Service Class		1,269,125		(6,020,760	)		(4,751,635	)		2,977,749		(7,360,265	)		(4,382,516	)
TA Levin Large Cap Value Service Class		729,967		(9,469	)		720,498			155,145		(45,974	)		109,171
TA Madison Diversified Income Service Class		3,722,251		(355,384	)		3,366,867			1,856,553		(957,814	)		898,739
TA Managed Risk - Balanced ETF Service Class		10,618,287		(37,992,097	)		(27,373,810	)		25,942,401		(47,537,418	)		(21,595,017	)
TA Managed Risk - Conservative ETF Service Class		4,949,732		(14,750,967	)		(9,801,235	)		5,342,095		(13,261,520	)		(7,919,425	)
TA Managed Risk - Growth ETF Service Class		9,488,206		(40,347,115	)		(30,858,909	)		9,393,371		(44,800,662	)		(35,407,291	)
TA Market Participation Strategy Service Class		1,094,362		(3,010,531	)		(1,916,169	)		2,493,587		(5,551,482	)		(3,057,895	)
TA Morgan Stanley Capital Growth Initial Class		1,878,112		(37,061	)		1,841,051			6,506		(883	)		5,623
TA Morgan Stanley Capital Growth Service Class		23,282,659		(2,957,066	)		20,325,593			3,126,541		(1,990,478	)		1,136,063
TA Multi-Managed Balanced Initial Class		-		(2	)		(2	)		-		1			1
TA Multi-Managed Balanced Service Class		5,193,576		(13,488,897	)		(8,295,321	)		11,106,005		(12,989,480	)		(1,883,475	)
TA Multi-Manager Alternative Strategies Service Class		165,208		(78,464	)		86,744			120,392		(87,491	)		32,901
TA PIMCO Tactical - Balanced Service Class		1,415,490		(3,285,158	)		(1,869,668	)		1,748,065		(4,237,165	)		(2,489,100	)
TA PIMCO Tactical - Conservative Service Class		3,596,324		(4,294,375	)		(698,051	)		1,801,136		(4,739,212	)		(2,938,076	)
TA PIMCO Tactical - Growth Service Class		1,756,440		(3,200,268	)		(1,443,828	)		2,863,923		(3,438,845	)		(574,922	)
TA PIMCO Total Return Initial Class		59,664		(156,629	)		(96,965	)		-		(12,357	)		(12,357	)
TA PIMCO Total Return Service Class		6,647,039		(10,349,167	)		(3,702,128	)		7,974,434		(12,040,698	)		(4,066,264	)
TA PineBridge Inflation Opportunities Service Class		1,947,355		(1,821,464	)		125,891			2,948,447		(2,739,051	)		209,396
TA ProFunds UltraBear Service Class (OAM)		288,885		(878,604	)		(589,719	)		1,301,917		(305,384	)		996,533
TA QS Investors Active Asset Allocation - Conservative Service Class		632,587		(2,489,687	)		(1,857,100	)		1,366,652		(4,536,316	)		(3,169,664	)
TA QS Investors Active Asset Allocation - Moderate Service Class		3,504,647		(9,100,496	)		(5,595,849	)		6,872,899		(12,334,613	)		(5,461,714	)

55

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

4.  Change in Unit Dollars (continued)

	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)
TA QS Investors Active Asset Allocation - Moderate Growth Service Class	$	2,107,692	$	(6,753,563	)	$	(4,645,871	)	$	3,211,307	$	(8,483,236	)	$	(5,271,929	)
TA Small/Mid Cap Value Initial Class		-		(434,930	)		(434,930	)		3,137		(136,524	)		(133,387	)
TA Small/Mid Cap Value Service Class		5,013,663		(2,291,247	)		2,722,416			2,007,626		(1,963,557	)		44,069
TA T. Rowe Price Small Cap Initial Class		4,174		(198,744	)		(194,570	)		35,207		(75,225	)		(40,018	)
TA T. Rowe Price Small Cap Service Class		10,835,420		(7,988,322	)		2,847,098			5,166,357		(9,880,027	)		(4,713,670	)
TA TS&W International Equity Initial Class		12,109		(49,996	)		(37,887	)		188		(40,670	)		(40,482	)
TA TS&W International Equity Service Class		1,303,055		(735,417	)		567,638			676,937		(870,727	)		(193,790	)
TA U.S. Equity Index Service Class		31,643,656		(7,175,503	)		24,468,153			5,957,181		(599,432	)		5,357,749
TA WMC US Growth Initial Class		1,823,912		(322,572	)		1,501,340			192,117		(513,869	)		(321,752	)
TA WMC US Growth Service Class		11,456,247		(3,037,784	)		8,418,463			3,014,129		(4,691,261	)		(1,677,132	)
Vanguard® - Capital Growth		-		-			-			-		-			-
Vanguard® - Conservative Allocation		-		-			-			-		-			-
Vanguard® - Diversified Value		-		-			-			-		-			-
Vanguard® Balanced		-		-			-			-		-			-
Vanguard® Equity Income		-		-			-			-		-			-
Vanguard® Equity Index		-		(1,072,521	)		(1,072,521	)		-		(1	)		(1	)
Vanguard® Global Bond Index		-		-			-			-		-			-
Vanguard® Growth		-		-			-			-		-			-
Vanguard® High Yield Bond		-		-			-			-		-			-
Vanguard® International		-		(632,356	)		(632,356	)		-		(9,908	)		(9,908	)
Vanguard® Mid-Cap Index		1,130,279		(547,094	)		583,185			-		-			-
Vanguard® Moderate Allocation		-		-			-			-		-			-
Vanguard® Money Market		-		-			-			-		-			-
Vanguard® Real Estate Index		506,049		(266,638	)		239,411			-		-			-
Vanguard® Short-Term Investment Grade		1,459,722		(663,023	)		796,699			-		-			-
Vanguard® Total Bond Market Index		1,462,216		(1,113,500	)		348,716			-		(1	)		(1	)

56

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

4.  Change in Unit Dollars (continued)

Year Ended December 31, 2019

Year Ended December 31, 2018

Subaccount

Units Purchased in Dollars

Units Redeemed and Transferred to/from in Dollars

Dollar Net Increase (Decrease)

Units Purchased in Dollars

Units Redeemed and Transferred to/from in Dollars

Dollar Net Increase (Decrease)

Vanguard® Total International Stock Market Index

$

-

$

-

$

-

$

-

$

-

$

-

Vanguard® Total Stock Market Index

-

-

-

-

-

-

Voya Global Perspectives Class S Shares

-

-

-

-

-

-

Voya Large Cap Value Class S Shares

-

-

-

-

-

-

Voya Strategic Allocation Conservative Class S Shares

-

-

-

-

-

-

Voya Strategic Allocation Moderate Class S Shares

-

-

-

-

-

-

Wanger International

-

-

-

-

-

-

Wanger USA

-

-

-

-

-

-

57

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

5. Financial Highlights

The Separate Account offers various death benefit options, which have differing fees that are charged against the contract owner’s account balance. These charges are discussed in more detail in the individual’s policy. Differences in the fee structures for these units result in different unit values, expense ratios, and total returns.

		At December 31									For the Year Ended December 31
Subaccount		Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment   Income   Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
AB Balanced Wealth Strategy Class B Shares
	12/31/2019		1,415,672	$	15.18	to	$	11.79	$	5,775,013		2.35	%		0.40	%	to	2.70	%		17.73	%	to	15.10	%
	12/31/2018		1,591,557		12.90	to		10.24		4,944,515		1.70			0.40		to	2.70			(6.79	)	to	(8.88	)
	12/31/2017		1,763,828		13.84	to		11.24		4,712,679		1.78			0.40		to	2.70			14.88		to	12.59
	12/31/2016		2,023,694		12.01	to		11.35		4,215,929		1.84			0.65		to	2.20			3.77		to	2.18
	12/31/2015		2,341,162		11.58	to		11.11		4,557,024		2.04			0.65		to	2.20			0.64		to	(0.91	)
AB Growth and Income Class B Shares
	12/31/2019		4,287,814		19.68	to		2.21		24,808,664		1.04			0.40		to	2.50			23.12		to	20.60
	12/31/2018		5,713,960		15.98	to		1.83		22,549,039		0.75			0.40		to	2.50			(6.22	)	to	(8.15	)
	12/31/2017		6,311,186		17.05	to		1.99		25,327,849		1.41			0.40		to	2.50			17.54		to	15.71
	12/31/2016		5,510,413		14.43	to		13.87		17,846,053		0.86			0.90		to	2.00			10.08		to	8.88
	12/31/2015		5,217,993		13.11	to		12.74		14,390,342		1.24			0.90		to	2.00			0.52		to	(0.58	)
AB Large Cap Growth Class B Shares
	12/31/2019		110,099		3.54	to		2.65		398,618		-			1.15		to	2.50			32.84		to	31.09
	12/31/2018		139,295		2.66	to		2.02		378,988		-			1.15		to	2.50			1.15		to	(0.19	)
	12/31/2017		165,616		2.63	to		2.03		445,455		-			1.15		to	2.50			30.18		to	28.47
	12/31/2016		217,408		2.02	to		1.99		447,199		-			1.15		to	1.95			1.19		to	0.40
	12/31/2015		229,886		2.00	to		1.99		468,281		-			1.15		to	1.95			9.59		to	8.74
American Funds - Asset Allocation Class 2 Shares
	12/31/2019		10,219,303		17.00	to		12.29		66,817,584		1.95			0.60		to	2.80			20.51		to	17.93
	12/31/2018		11,287,218		14.10	to		10.42		54,283,384		1.82			0.60		to	2.80			(5.18	)	to	(7.22	)
	12/31/2017		15,279,462		14.87	to		11.23		54,222,730		1.54			0.60		to	2.80			15.36		to	13.07
	12/31/2016		17,001,645		12.88	to		12.16		45,745,822		1.86			0.75		to	2.30			8.59		to	6.93
	12/31/2015		15,909,527		11.86	to		11.38		32,340,462		1.68			0.75		to	2.30			0.64		to	(0.91	)
American Funds - Bond Class 2 Shares
	12/31/2019		4,067,969		11.32	to		10.41		17,729,897		2.60			0.60		to	2.80			8.70		to	6.38
	12/31/2018		4,465,231		10.42	to		9.79		15,508,538		2.39			0.60		to	2.80			(1.31	)	to	(3.43	)
	12/31/2017		5,015,162		10.56	to		10.14		16,486,527		1.95			0.60		to	2.80			2.89		to	0.85
	12/31/2016		5,550,075		10.24	to		9.68		15,744,768		1.72			0.75		to	2.30			2.18		to	0.61
	12/31/2015		5,462,357		10.03	to		9.62		12,577,030		1.79			0.75		to	2.30			(0.47	)	to	(2.01	)
American Funds - Growth Class 2 Shares
	12/31/2019		5,153,853		24.27	to		15.19		72,856,161		0.79			0.60		to	2.80			29.99		to	27.21
	12/31/2018		4,840,041		18.67	to		11.94		43,464,477		0.45			0.60		to	2.80			(0.85	)	to	(2.98	)
	12/31/2017		5,074,221		18.83	to		12.31		43,786,720		0.52			0.60		to	2.80			27.34		to	24.81
	12/31/2016		5,791,039		14.77	to		13.95		30,774,870		0.86			0.75		to	2.30			8.67		to	7.01
	12/31/2015		5,846,107		13.59	to		13.04		25,212,890		0.64			0.75		to	2.30			6.06		to	4.43
American Funds - Growth-Income Class 2 Shares
	12/31/2019		3,578,073		21.87	to		13.80		45,989,717		1.80			0.60		to	2.80			25.38		to	22.70
	12/31/2018		3,300,529		17.44	to		11.25		29,560,348		1.54			0.60		to	2.80			(2.38	)	to	(4.48	)
	12/31/2017		6,132,937		17.87	to		11.78		31,707,232		1.44			0.60		to	2.80			21.47		to	19.06
	12/31/2016		6,196,880		14.69	to		13.88		24,020,712		1.60			0.75		to	2.30			10.69		to	8.99
	12/31/2015		6,078,747		13.27	to		12.73		19,534,129		1.37			0.75		to	2.30			0.70		to	(0.85	)
American Funds - International Class 2 Shares
	12/31/2019		11,158,019		14.76	to		12.98		40,863,027		1.55			0.60		to	2.80			22.15		to	19.54
	12/31/2018		11,793,828		12.08	to		10.86		28,518,169		2.22			0.60		to	2.80			(13.66	)	to	(15.51	)
	12/31/2017		4,186,038		14.00	to		12.85		17,419,416		1.31			0.60		to	2.80			31.16		to	28.56
	12/31/2016		4,168,809		10.66	to		10.07		11,475,849		1.49			0.75		to	2.30			2.76		to	1.18
	12/31/2015		4,190,015		10.37	to		9.95		10,292,784		1.11			0.75		to	2.30			(5.24	)	to	(6.70	)

58

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

			At December 31									For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment   Income   Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
DFA VA Equity Allocation
	12/31/2019	(1)		-	$	10.04	to	$	10.04	$	-		-	%		0.27	%	to	0.47	%		-	%	to	-	%
DFA VA Global Bond
	12/31/2019	(1)		-		10.01	to		10.01		-		-			0.27		to	0.47			-		to	-
DFA VA Global Moderate Allocation
	12/31/2019	(1)		-		10.03	to		10.03		-		-			0.27		to	0.47			-		to	-
DFA VA International Small
	12/31/2019	(1)		-		10.15	to		10.14		-		-			0.27		to	0.47			-		to	-
DFA VA International Value
	12/31/2019	(1)		-		10.03	to		10.03		-		-			0.27		to	0.47			-		to	-
DFA VA Short-Term Fixed
	12/31/2019	(1)		-		10.00	to		10.00		-		-			0.27		to	0.47			-		to	-
DFA VA U.S. Large Value
	12/31/2019	(1)		-		10.03	to		10.03		-		-			0.27		to	0.47			-		to	-
DFA VA U.S. Targeted Value
	12/31/2019	(1)		-		9.99	to		9.99		-		-			0.27		to	0.47			-		to	-
Fidelity® VIP Balanced Service Class 2
	12/31/2019			7,129,126		17.71	to		12.71		34,772,178		1.59			0.40		to	2.50			23.62		to	21.09
	12/31/2018			8,189,669		14.33	to		10.50		26,708,903		1.37			0.40		to	2.50			(4.82	)	to	(6.79	)
	12/31/2017			8,980,286		15.06	to		11.26		24,492,159		1.28			0.40		to	2.50			15.60		to	13.29
	12/31/2016			9,610,359		13.02	to		12.30		21,131,382		1.13			0.45		to	2.00			6.50		to	4.87
	12/31/2015			10,652,231		12.22	to		11.73		20,942,222		1.38			0.45		to	2.00			(0.09	)	to	(1.63	)
Fidelity® VIP Contrafund® Initial Class
	12/31/2019			-		21.14	to		20.65		-		-			0.65		to	1.00			30.73		to	30.27
	12/31/2018			-		16.17	to		15.85		-		-			0.65		to	1.00			(6.99	)	to	(7.31	)
	12/31/2017			-		17.38	to		17.10		-		-			0.65		to	1.00			21.09		to	20.67
	12/31/2016			-		14.35	to		14.17		-		-			0.65		to	1.00			7.31		to	6.93
	12/31/2015			-		13.38	to		13.25		-		-			0.65		to	1.00			0.02		to	(0.33	)
Fidelity® VIP Contrafund® Service Class 2
	12/31/2019			7,212,975		20.74	to		3.25		64,338,846		0.24			0.40		to	2.50			30.75		to	28.07
	12/31/2018			5,600,447		15.86	to		2.54		37,145,331		0.43			0.40		to	2.50			(7.01	)	to	(8.93	)
	12/31/2017			6,467,651		17.06	to		2.79		44,958,123		0.79			0.40		to	2.50			20.50		to	18.63
	12/31/2016			6,870,488		14.09	to		13.54		34,500,882		0.67			0.90		to	2.00			6.77		to	5.60
	12/31/2015			7,251,023		13.20	to		12.82		30,642,355		0.64			0.90		to	2.00			(0.48	)	to	(1.57	)
Fidelity® VIP Equity-Income Service Class 2
	12/31/2019			246,717		2.01	to		2.13		568,345		1.83			1.15		to	2.50			25.66		to	24.01
	12/31/2018			271,212		1.60	to		1.72		502,640		1.83			1.15		to	2.50			(9.58	)	to	(10.78	)
	12/31/2017			360,555		1.77	to		1.93		761,780		1.42			1.15		to	2.50			11.37		to	9.91
	12/31/2016			441,460		1.59	to		1.87		849,441		2.07			1.15		to	1.95			16.37		to	15.46
	12/31/2015			522,920		1.37	to		1.62		881,845		2.83			1.15		to	1.95			(5.33	)	to	(6.07	)
Fidelity® VIP Growth Service Class 2
	12/31/2019			347,776		3.30	to		2.54		1,145,730		0.05			1.15		to	2.50			32.45		to	30.71
	12/31/2018			362,404		2.49	to		1.94		907,513		0.04			1.15		to	2.50			(1.57	)	to	(2.87	)
	12/31/2017			392,569		2.53	to		2.00		1,003,079		0.08			1.15		to	2.50			33.29		to	31.54
	12/31/2016			408,897		1.90	to		1.81		785,155		-			1.15		to	1.95			(0.59	)	to	(1.37	)
	12/31/2015			427,939		1.91	to		1.83		832,825		0.03			1.15		to	1.95			5.69		to	4.86
Fidelity® VIP Growth Opportunities Service Class 2
	12/31/2019			1,150		3.72	to		2.75		3,258		-			1.25		to	1.55			38.76		to	38.35
	12/31/2018			1,194		2.68	to		1.99		2,443		0.08			1.25		to	1.55			10.82		to	10.49
	12/31/2017			1,238		2.42	to		1.80		2,289		0.10			1.25		to	1.55			32.53		to	32.14
	12/31/2016			1,283		1.83	to		1.36		1,792		0.05			1.25		to	1.55			(1.17	)	to	(1.46	)
	12/31/2015			1,328		1.85	to		1.38		1,880		0.00			1.25		to	1.55			4.04		to	3.74

59

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

		At December 31									For the Year Ended December 31
Subaccount		Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment   Income   Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
Fidelity® VIP Mid Cap Initial Class
	12/31/2019		-	$	17.95	to	$	17.54	$	-		-	%		0.65	%	to	1.00	%		22.65	%	to	22.22	%
	12/31/2018		-		14.64	to		14.35		-		-			0.65		to	1.00			(15.10	)	to	(15.39	)
	12/31/2017		-		17.24	to		16.96		-		-			0.65		to	1.00			20.03		to	19.61
	12/31/2016		-		14.36	to		14.18		-		-			0.65		to	1.00			11.51		to	11.12
	12/31/2015		-		12.88	to		12.76		-		-			0.65		to	1.00			(2.03	)	to	(2.37	)
Fidelity® VIP Mid Cap Service Class 2
	12/31/2019		2,704,386		17.62	to		3.55		27,192,549		0.68			0.40		to	2.50			22.68		to	20.17
	12/31/2018		2,778,518		14.36	to		2.95		20,393,728		0.37			0.40		to	2.50			(15.11	)	to	(16.86	)
	12/31/2017		5,062,903		16.92	to		3.55		36,379,914		0.50			0.40		to	2.50			19.46		to	17.61
	12/31/2016		5,297,560		14.09	to		13.54		27,980,216		0.34			0.90		to	2.00			10.92		to	9.71
	12/31/2015		5,521,714		12.71	to		12.34		24,624,604		0.27			0.90		to	2.00			(2.51	)	to	(3.58	)
Fidelity® VIP Value Strategies Initial Class
	12/31/2019		1,534		17.14	to		16.75		26,305		1.60			0.65		to	1.00			33.66		to	33.19
	12/31/2018		1,730		12.83	to		12.57		22,195		0.98			0.65		to	1.00			(17.86	)	to	(18.15	)
	12/31/2017		1,731		15.62	to		15.36		27,025		1.51			0.65		to	1.00			18.59		to	18.17
	12/31/2016		1,731		13.17	to		13.00		22,793		1.16			0.65		to	1.00			8.91		to	8.54
	12/31/2015		1,731		12.09	to		11.98		20,931		1.17			0.65		to	1.00			(3.62	)	to	(3.95	)
Fidelity® VIP Value Strategies Service Class 2
	12/31/2019		1,436,606		16.81	to		3.00		13,100,877		1.43			0.40		to	2.50			33.56		to	30.83
	12/31/2018		1,554,410		12.58	to		2.29		8,610,083		0.71			0.40		to	2.50			(17.83	)	to	(19.52	)
	12/31/2017		2,008,310		15.32	to		2.85		12,836,585		1.23			0.40		to	2.50			18.02		to	16.19
	12/31/2016		2,168,759		12.91	to		12.41		10,823,952		1.00			0.90		to	2.00			8.30		to	7.11
	12/31/2015		2,209,354		11.93	to		11.59		9,569,134		0.90			0.90		to	2.00			(4.06	)	to	(5.11	)
Franklin Allocation Class 4 Shares
	12/31/2019		1,035,878		2.27	to		11.10		2,266,701		3.39			1.30		to	2.65			18.03		to	16.48
	12/31/2018		1,241,190		1.92	to		9.53		2,302,272		3.02			1.30		to	2.65			(10.75	)	to	(11.93	)
	12/31/2017		1,619,010		2.15	to		10.82		3,384,945		2.52			1.30		to	2.65			10.35		to	8.90
	12/31/2016		1,941,404		1.95	to		1.83		3,694,259		3.71			1.30		to	2.10			11.48		to	10.61
	12/31/2015		2,139,547		1.75	to		1.66		3,663,185		2.77			1.30		to	2.10			(7.44	)	to	(8.17	)
Franklin Income Class 2 Shares
	12/31/2019		1,442,333		1.62	to		1.54		2,298,317		5.36			1.15		to	2.50			14.74		to	13.23
	12/31/2018		1,855,382		1.41	to		1.36		2,577,641		4.90			1.15		to	2.50			(5.40	)	to	(6.65	)
	12/31/2017		2,252,757		1.49	to		1.46		3,318,178		4.23			1.15		to	2.50			8.43		to	7.00
	12/31/2016		2,549,956		1.37	to		1.27		3,477,568		4.92			1.15		to	1.95			12.73		to	11.85
	12/31/2015		2,995,232		1.22	to		1.14		3,637,520		4.37			1.15		to	1.95			(8.11	)	to	(8.83	)
Franklin Mutual Shares Class 2 Shares
	12/31/2019		336,678		1.54	to		1.85		521,168		1.70			1.15		to	2.50			21.18		to	19.58
	12/31/2018		400,640		1.27	to		1.54		510,977		2.27			1.15		to	2.50			(10.11	)	to	(11.30	)
	12/31/2017		498,421		1.41	to		1.74		705,918		2.17			1.15		to	2.50			7.12		to	5.71
	12/31/2016		582,908		1.32	to		1.22		775,627		1.91			1.15		to	1.95			14.74		to	13.84
	12/31/2015		686,274		1.15	to		1.07		795,342		3.09			1.15		to	1.95			(6.02	)	to	(6.76	)
Franklin Templeton Foreign Class 2 Shares
	12/31/2019		1,045,944		1.06	to		1.19		1,084,620		1.75			1.15		to	2.50			11.25		to	9.78
	12/31/2018		1,262,245		0.95	to		1.08		1,180,019		2.71			1.15		to	2.50			(16.41	)	to	(17.52	)
	12/31/2017		1,543,003		1.14	to		1.31		1,730,862		2.59			1.15		to	2.50			15.37		to	13.86
	12/31/2016		1,725,317		0.99	to		0.92		1,683,083		1.97			1.15		to	1.95			5.96		to	5.13
	12/31/2015		1,871,388		0.93	to		0.87		1,727,313		3.20			1.15		to	1.95			(7.56	)	to	(8.28	)
Invesco V.I. American Franchise Series II Shares
	12/31/2019		69,582		2.40	to		2.17		161,362		-			1.15		to	2.50			34.88		to	33.10
	12/31/2018		104,763		1.78	to		1.63		181,992		-			1.15		to	2.50			(4.99	)	to	(6.25	)
	12/31/2017		109,350		1.87	to		1.74		200,731		-			1.15		to	2.50			25.59		to	23.94
	12/31/2016		125,436		1.49	to		1.44		183,985		-			1.15		to	1.95			0.86		to	0.07
	12/31/2015		126,470		1.48	to		1.44		184,547		-			1.15		to	1.95			3.56		to	2.75

60

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

		At December 31									For the Year Ended December 31
Subaccount		Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment   Income   Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
Janus Henderson - Enterprise Service Shares
	12/31/2019		80,431	$	4.08	to	$	3.49	$	388,352		0.05	%		1.15	%	to	2.50	%		33.62	%	to	31.86	%
	12/31/2018		81,729		3.06	to		2.65		295,954		0.13			1.15		to	2.50			(1.80	)	to	(3.10	)
	12/31/2017		94,795		3.11	to		2.73		356,554		0.53			1.15		to	2.50			25.65		to	24.00
	12/31/2016		97,516		2.48	to		3.00		290,893		0.72			1.15		to	1.95			10.83		to	9.97
	12/31/2015		101,617		2.24	to		2.73		275,800		0.76			1.15		to	1.95			2.59		to	1.78
Janus Henderson - Global Research Service Shares
	12/31/2019		188,381		2.10	to		1.66		360,718		0.86			1.15		to	2.50			27.25		to	25.57
	12/31/2018		197,738		1.65	to		1.32		297,947		0.96			1.15		to	2.50			(8.15	)	to	(9.36	)
	12/31/2017		231,664		1.79	to		1.46		389,774		0.68			1.15		to	2.50			25.25		to	23.60
	12/31/2016		289,631		1.43	to		1.43		395,561		0.95			1.15		to	1.95			0.66		to	(0.12	)
	12/31/2015		299,642		1.42	to		1.44		406,816		0.53			1.15		to	1.95			(3.64	)	to	(4.40	)
Janus Henderson - Mid Cap Value Service Shares
	12/31/2019		900		2.96	to		2.79		2,579		1.48			1.25		to	1.55			28.44		to	28.06
	12/31/2018		934		2.30	to		2.18		2,089		0.90			1.25		to	1.55			(14.89	)	to	(15.14	)
	12/31/2017		969		2.71	to		2.56		2,549		0.64			1.25		to	1.55			12.23		to	11.90
	12/31/2016		1,004		2.41	to		2.29		2,356		0.91			1.25		to	1.55			17.30		to	16.96
	12/31/2015		1,039		2.06	to		1.96		2,083		1.04			1.25		to	1.55			(4.88	)	to	(5.16	)
JPMorgan Insurance Trust Core Bond Class 1 Shares
	12/31/2019		312,512		1.38	to		10.46		426,543		2.46			1.25		to	2.50			6.84		to	5.54
	12/31/2018		342,219		1.29	to		9.91		433,361		2.40			1.25		to	2.50			(1.19	)	to	(2.40	)
	12/31/2017		373,840		1.30	to		10.16		480,107		2.58			1.25		to	2.50			2.30		to	1.05
	12/31/2016		417,140		1.27	to		1.21		525,026		2.65			1.25		to	1.95			0.86		to	0.17
	12/31/2015		500,032		1.26	to		1.21		624,029		3.69			1.25		to	1.95			(0.13	)	to	(0.81	)
JPMorgan Insurance Trust Mid Cap Value Class 1 Shares
	12/31/2019		52,138		3.81	to		11.64		197,917		1.59			1.25		to	2.50			25.20		to	23.67
	12/31/2018		52,138		3.04	to		9.41		158,145		0.96			1.25		to	2.50			(12.93	)	to	(14.00	)
	12/31/2017		52,138		3.50	to		10.94		181,699		0.79			1.25		to	2.50			12.36		to	11.00
	12/31/2016		52,138		3.11	to		2.95		161,765		0.86			1.25		to	1.95			13.28		to	12.51
	12/31/2015		52,138		2.75	to		2.62		142,851		0.99			1.25		to	1.95			(3.86	)	to	(4.52	)
JPMorgan Insurance Trust Small Cap Core Class 1 Shares
	12/31/2019		308		3.80	to		11.58		1,166		0.74			1.25		to	2.50			23.04		to	21.54
	12/31/2018		2,503		3.09	to		9.53		7,637		0.37			1.25		to	2.50			(13.02	)	to	(14.09	)
	12/31/2017		2,547		3.55	to		11.09		8,950		0.32			1.25		to	2.50			13.81		to	12.42
	12/31/2016		2,590		3.12	to		2.96		8,007		0.52			1.25		to	1.95			18.73		to	17.92
	12/31/2015		2,637		2.63	to		2.51		6,877		0.14			1.25		to	1.95			(6.45	)	to	(7.09	)
JPMorgan Insurance Trust U.S. Equity Class 1 Shares
	12/31/2019		24,613		4.11	to		13.83		100,581		0.85			1.25		to	2.50			30.13		to	28.54
	12/31/2018		24,936		3.16	to		10.76		78,356		0.82			1.25		to	2.50			(7.33	)	to	(8.47	)
	12/31/2017		25,247		3.41	to		11.76		85,661		0.88			1.25		to	2.50			20.82		to	19.36
	12/31/2016		25,556		2.82	to		2.68		71,808		0.98			1.25		to	1.95			9.57		to	8.82
	12/31/2015		25,897		2.58	to		2.46		66,448		1.12			1.25		to	1.95			(0.38	)	to	(1.07	)
MFS® New Discovery Service Class
	12/31/2019		494,433		3.60	to		3.78		1,897,707		-			1.15		to	2.50			39.67		to	37.83
	12/31/2018		535,587		2.58	to		2.74		1,480,353		-			1.15		to	2.50			(2.84	)	to	(4.13	)
	12/31/2017		614,556		2.65	to		2.86		1,753,527		-			1.15		to	2.50			24.90		to	23.26
	12/31/2016		728,669		2.12	to		1.99		1,699,029		-			1.15		to	1.95			7.57		to	6.72
	12/31/2015		840,975		1.98	to		1.86		1,819,446		-			1.15		to	1.95			(3.26	)	to	(4.02	)
MFS® Total Return Service Class
	12/31/2019		491,795		1.92	to		1.98		1,004,119		2.13			1.15		to	2.50			18.75		to	17.19
	12/31/2018		540,759		1.62	to		1.69		936,597		1.92			1.15		to	2.50			(6.95	)	to	(8.18	)
	12/31/2017		684,296		1.74	to		1.84		1,277,761		2.24			1.15		to	2.50			10.75		to	9.30
	12/31/2016		1,048,659		1.57	to		1.69		1,824,238		2.68			1.15		to	1.95			7.58		to	6.74
	12/31/2015		1,107,681		1.46	to		1.58		1,794,787		2.37			1.15		to	1.95			(1.71	)	to	(2.48	)

61

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

			At December 31									For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
State Street Total Return V.I.S. Class 3 Shares
	12/31/2019			1,286,288	$	14.25	to	$	11.47	$	4,647,034		2.05	%		0.40	%	to	2.70	%		15.11	%	to	12.53	%
	12/31/2018			1,413,838		12.38	to		10.19		4,872,213		2.33			0.40		to	2.70			(6.98	)	to	(9.08	)
	12/31/2017			1,414,159		13.31	to		11.21		3,637,485		2.13			0.40		to	2.70			14.52		to	12.24
	12/31/2016			1,363,223		11.59	to		10.95		2,313,919		1.77			0.65		to	2.20			5.39		to	3.78
	12/31/2015			1,266,778		11.00	to		10.55		1,849,112		1.47			0.65		to	2.20			(1.98	)	to	(3.49	)
TA 60/40 Allocation Service Class
	12/31/2019			101,302		11.55	to		11.21		1,153,458		0.18			0.20		to	2.00			19.89		to	17.75
	12/31/2018	(1)		61,235		9.64	to		9.52		586,107		-			0.20		to	2.00			-		to	-
TA Aegon High Yield Bond Initial Class
	12/31/2019			25,128		13.51	to		2.23		82,928		5.24			0.45		to	2.50			13.70		to	11.43
	12/31/2018			50,377		11.88	to		2.00		132,360		6.34			0.45		to	2.50			(2.79	)	to	(4.75	)
	12/31/2017			47,609		12.23	to		2.10		130,755		6.27			0.45		to	2.50			6.96		to	4.83
	12/31/2016			36,425		11.43	to		1.85		98,517		5.97			0.45		to	1.90			14.83		to	13.20
	12/31/2015			53,786		9.95	to		1.63		120,077		6.26			0.45		to	1.90			(4.65	)	to	(6.01	)
TA Aegon High Yield Bond Service Class
	12/31/2019			1,767,357		13.17	to		11.09		7,895,861		6.00			0.20		to	2.50			13.74		to	11.19
	12/31/2018			1,879,618		11.58	to		9.97		6,383,952		5.91			0.20		to	2.50			(2.90	)	to	(5.09	)
	12/31/2017			2,134,226		11.92	to		10.51		7,261,724		5.61			0.20		to	2.50			6.25		to	4.60
	12/31/2016			2,268,819		11.15	to		10.71		6,641,135		5.69			0.90		to	2.00			13.97		to	12.73
	12/31/2015			2,568,185		9.78	to		9.50		5,904,739		6.14			0.90		to	2.00			(5.16	)	to	(6.19	)
TA Aegon U.S. Government Securities Initial Class
	12/31/2019			89,828		1.53	to		1.20		186,543		1.84			1.25		to	2.50			5.29		to	4.00
	12/31/2018			132,172		1.46	to		1.15		261,085		3.03			1.25		to	2.50			(0.99	)	to	(2.20	)
	12/31/2017			142,568		1.47	to		1.18		284,854		4.00			1.25		to	2.50			1.39		to	0.16
	12/31/2016			127,683		1.45	to		1.25		251,979		0.88			1.25		to	1.90			(0.93	)	to	(1.56	)
	12/31/2015			153,991		1.46	to		1.27		307,218		2.22			1.25		to	1.90			(1.14	)	to	(1.77	)
TA Aegon U.S. Government Securities Service Class
	12/31/2019			9,041,053		10.72	to		10.10		33,204,191		1.59			0.20		to	2.50			6.14		to	3.72
	12/31/2018			13,408,309		10.10	to		9.74		58,924,996		2.23			0.20		to	2.50			(0.19	)	to	(2.47	)
	12/31/2017			10,761,864		10.11	to		9.99		28,859,784		2.68			0.20		to	2.50			1.90		to	(0.13	)
	12/31/2016			19,883,084		9.90	to		9.36		72,397,578		0.44			0.45		to	2.00			(0.31	)	to	(1.84	)
	12/31/2015			19,794,265		9.93	to		9.53		70,779,519		1.42			0.45		to	2.00			(0.62	)	to	(2.15	)
TA American Funds Managed Risk - Balanced Service Class
	12/31/2019			6,177,727		12.84	to		11.73		75,573,079		1.26			0.20		to	2.50			17.57		to	14.93
	12/31/2018			5,415,173		10.92	to		10.21		56,971,412		0.85			0.20		to	2.50			(6.01	)	to	(8.13	)
	12/31/2017			4,488,029		11.62	to		11.11		50,784,606		0.64			0.20		to	2.50			14.11		to	11.84
	12/31/2016			2,676,423		10.16	to		9.90		26,789,196		0.61			0.45		to	2.00			5.94		to	4.31
	12/31/2015	(1)		977,622		9.59	to		9.49		9,319,240		-			0.45		to	2.00			-		to	-
TA Barrow Hanley Dividend Focused Initial Class
	12/31/2019			1,100,009		18.09	to		2.05		3,293,974		2.49			0.45		to	2.50			23.35		to	20.89
	12/31/2018			1,230,584		14.66	to		1.69		3,017,847		2.16			0.45		to	2.50			(11.90	)	to	(13.67	)
	12/31/2017			1,290,725		16.64	to		1.96		3,740,605		2.17			0.45		to	2.50			15.91		to	13.60
	12/31/2016			1,213,323		14.36	to		2.01		3,032,677		2.05			0.45		to	1.90			14.40		to	12.78
	12/31/2015			1,486,892		12.55	to		1.78		3,270,068		1.89			0.45		to	1.90			(4.03	)	to	(5.39	)
TA Barrow Hanley Dividend Focused Service Class
	12/31/2019			4,708,955		17.61	to		11.65		23,251,761		2.25			0.20		to	2.50			23.33		to	20.56
	12/31/2018			5,558,372		14.28	to		9.66		20,061,618		1.94			0.20		to	2.50			(11.86	)	to	(13.85	)
	12/31/2017			5,898,194		16.20	to		11.21		23,499,428		2.21			0.20		to	2.50			15.09		to	13.30
	12/31/2016			5,972,559		13.98	to		13.44		19,563,340		2.20			0.90		to	2.00			13.57		to	12.33
	12/31/2015			4,581,223		12.31	to		11.96		12,481,040		1.56			0.90		to	2.00			(4.69	)	to	(5.74	)

62

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

			At December 31									For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment   Income   Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
TA BlackRock Global Allocation Service Class
	12/31/2019			19,575,170	$	13.71	to	$	11.43	$	68,154,890		0.95	%		0.20	%	to	2.50	%		17.61	%	to	14.97	%
	12/31/2018			21,778,327		11.66	to		9.94		60,747,803		1.12			0.20		to	2.50			(7.81	)	to	(9.89	)
	12/31/2017			26,269,985		12.65	to		11.03		72,510,972		1.10			0.20		to	2.50			12.99		to	10.73
	12/31/2016			29,085,578		11.17	to		10.53		62,055,519		0.38			0.45		to	2.00			4.09		to	2.49
	12/31/2015			32,066,493		10.73	to		10.28		56,381,328		1.72			0.45		to	2.00			(1.67	)	to	(3.18	)
TA BlackRock Global Allocation Managed Risk - Balanced Service Class
	12/31/2019			1,420,910		11.28	to		11.01		15,233,662		3.00			0.20		to	2.50			14.48		to	11.91
	12/31/2018			1,255,834		9.85	to		9.84		11,878,103		1.22			0.20		to	2.50			(7.95	)	to	(10.03	)
	12/31/2017			907,756		10.70	to		10.93		9,425,985		0.66			0.20		to	2.50			12.00		to	9.77
	12/31/2016			770,157		9.53	to		9.22		7,203,419		1.96			0.45		to	2.00			(0.08	)	to	(1.61	)
	12/31/2015	(1)		348,633		9.54	to		9.37		3,294,098		-			0.45		to	2.00			-		to	-
TA BlackRock Global Allocation Managed Risk - Growth Service Class
	12/31/2019			938,245		11.52	to		11.55		10,262,239		3.32			0.20		to	2.50			17.69		to	15.05
	12/31/2018			977,690		9.79	to		10.04		9,178,404		1.29			0.20		to	2.50			(10.34	)	to	(12.37	)
	12/31/2017			934,837		10.92	to		11.45		9,906,384		0.68			0.20		to	2.50			17.34		to	15.00
	12/31/2016			802,785		9.28	to		8.98		7,315,682		2.25			0.45		to	2.00			(0.64	)	to	(2.16	)
	12/31/2015	(1)		491,576		9.34	to		9.18		4,545,309		-			0.45		to	2.00			-		to	-
TA BlackRock Global Real Estate Securities Initial Class
	12/31/2019			4,917		12.82	to		2.68		15,223		0.80			0.45		to	2.50			24.63		to	22.14
	12/31/2018			7,607		10.29	to		2.20		19,076		8.81			0.45		to	2.50			(10.49	)	to	(12.30	)
	12/31/2017			8,032		11.49	to		2.51		22,719		3.68			0.45		to	2.50			10.82		to	8.61
	12/31/2016			8,553		10.37	to		2.01		22,037		1.76			0.45		to	1.90			0.17		to	(1.25	)
	12/31/2015			8,987		10.35	to		2.04		23,333		3.42			0.45		to	1.90			(1.05	)	to	(2.46	)
TA BlackRock Global Real Estate Securities Service Class
	12/31/2019			1,280,292		12.49	to		11.72		6,407,054		0.61			0.20		to	2.50			24.64		to	21.84
	12/31/2018			1,321,327		10.02	to		9.62		4,790,053		8.08			0.20		to	2.50			(10.51	)	to	(12.53	)
	12/31/2017			1,468,053		11.20	to		11.00		6,088,478		3.27			0.20		to	2.50			10.02		to	8.31
	12/31/2016			1,703,876		10.11	to		9.72		5,721,454		1.43			0.90		to	2.00			(0.48	)	to	(1.56	)
	12/31/2015			1,889,106		10.16	to		9.87		5,829,195		4.20			0.90		to	2.00			(1.76	)	to	(2.83	)
TA BlackRock Government Money Market Initial Class
	12/31/2019			135,343		1.00	to		0.80		179,063		1.97			1.25		to	2.50			0.71		to	(0.51	)
	12/31/2018			176,536		1.00	to		0.80		232,251		1.84			1.25		to	2.50			0.54		to	(0.69	)
	12/31/2017			126,501		0.99	to		0.80		165,775		0.01			1.25		to	2.50			(1.23	)	to	(2.43	)
	12/31/2016			58,892		1.00	to		0.92		78,249		0.01			1.25		to	1.90			(1.22	)	to	(1.85	)
	12/31/2015			106,547		1.02	to		0.94		143,537		0.01			1.25		to	1.90			(1.23	)	to	(1.86	)
TA BlackRock Government Money Market Service Class
	12/31/2019			8,862,256		10.03	to		0.78		29,386,715		1.67			0.20		to	2.50			1.51		to	(0.79	)
	12/31/2018			7,842,179		9.88	to		0.79		20,467,005		0.73			0.20		to	2.50			0.64		to	(1.66	)
	12/31/2017			7,834,925		9.82	to		0.80		22,509,391		0.01			0.20		to	2.50			(0.44	)	to	(2.43	)
	12/31/2016			12,254,624		9.84	to		9.29		36,408,179		0.01			0.45		to	2.00			(0.44	)	to	(1.97	)
	12/31/2015			10,390,576		9.88	to		9.48		47,562,444		0.01			0.45		to	2.00			(0.44	)	to	(1.98	)
TA BlackRock iShares Edge 100 Service Class
	12/31/2019			1,720,071		15.24	to		13.42		25,582,081		1.52			0.20		to	2.50			24.33		to	21.54
	12/31/2018			1,675,426		12.26	to		11.04		20,189,042		1.15			0.20		to	2.50			(5.52	)	to	(7.65	)
	12/31/2017			1,638,678		12.98	to		11.96		21,047,568		0.58			0.20		to	2.50			22.68		to	20.23
	12/31/2016	(1)		107,409		10.55	to		10.43		1,126,448		-			0.45		to	2.00			-		to	-
TA BlackRock iShares Edge 40 Initial Class
	12/31/2019			31,980		1.96	to		1.69		61,195		2.17			1.25		to	2.50			13.88		to	12.50
	12/31/2018			35,527		1.72	to		1.50		59,783		1.93			1.25		to	2.50			(5.33	)	to	(6.49	)
	12/31/2017			35,881		1.82	to		1.61		63,870		1.78			1.25		to	2.50			8.39		to	7.07
	12/31/2016			35,803		1.68	to		1.35		58,884		1.50			1.25		to	1.90			0.97		to	0.32
	12/31/2015			40,362		1.66	to		1.35		65,845		1.27			1.25		to	1.90			(1.31	)	to	(1.94	)

63

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

			At December 31									For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment   Income   Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
TA BlackRock iShares Edge 40 Service Class
	12/31/2019			5,634,719	$	12.91	to	$	1.24	$	21,835,279		2.01	%		0.20	%	to	2.50	%		14.87	%	to	12.30	%
	12/31/2018			6,257,613		11.24	to		1.11		19,793,618		1.68			0.20		to	2.50			(4.62	)	to	(6.77	)
	12/31/2017			7,433,079		11.79	to		1.19		22,153,340		1.47			0.20		to	2.50			9.03		to	6.86
	12/31/2016			8,614,962		10.78	to		10.19		22,289,282		1.25			0.45		to	2.00			1.53		to	(0.02	)
	12/31/2015			9,406,732		10.62	to		10.19		21,064,949		1.05			0.45		to	2.00			(0.87	)	to	(2.39	)
TA BlackRock iShares Edge 50 Service Class
	12/31/2019			2,157,603		12.97	to		11.84		26,937,300		0.95			0.20		to	2.50			15.80		to	13.21
	12/31/2018			1,227,760		11.20	to		10.46		13,386,876		0.87			0.20		to	2.50			(2.82	)	to	(5.01	)
	12/31/2017			716,979		11.52	to		11.01		8,137,482		0.77			0.20		to	2.50			12.34		to	10.10
	12/31/2016	(1)		345,827		10.23	to		10.11		3,516,806		-			0.45		to	2.00			-		to	-
TA BlackRock iShares Edge 75 Service Class
	12/31/2019			1,582,836		13.96	to		12.62		21,407,528		0.95			0.20		to	2.50			20.04		to	17.34
	12/31/2018			1,258,007		11.63	to		10.75		14,317,981		0.89			0.20		to	2.50			(4.10	)	to	(6.27	)
	12/31/2017			1,058,764		12.13	to		11.47		12,688,035		0.55			0.20		to	2.50			17.44		to	15.10
	12/31/2016	(1)		81,476		10.30	to		10.18		833,826		-			0.45		to	2.00			-		to	-
TA BlackRock Tactical Allocation Service Class
	12/31/2019			23,323,488		14.35	to		1.33		97,945,168		2.17			0.20		to	2.50			16.82		to	14.20
	12/31/2018			27,351,633		12.28	to		1.17		94,975,663		0.98			0.20		to	2.50			(4.61	)	to	(6.76	)
	12/31/2017			30,063,885		12.88	to		1.25		108,003,935		1.48			0.20		to	2.50			11.18		to	8.97
	12/31/2016			32,609,979		11.55	to		10.92		100,557,415		2.32			0.45		to	2.00			4.44		to	2.84
	12/31/2015			33,725,251		11.06	to		10.61		94,383,584		1.78			0.45		to	2.00			(0.57	)	to	(2.10	)
TA Greystone International Growth Initial Class
	12/31/2019			59,963		13.83	to		1.74		113,724		1.66			0.45		to	2.50			27.11		to	24.57
	12/31/2018			63,800		10.88	to		1.40		87,012		1.24			0.45		to	2.50			(18.08	)	to	(19.73	)
	12/31/2017			67,784		13.28	to		1.74		113,918		1.67			0.45		to	2.50			26.68		to	24.15
	12/31/2016			46,174		10.48	to		1.57		61,836		1.54			0.45		to	1.90			(0.37	)	to	(1.78	)
	12/31/2015			53,642		10.52	to		1.60		72,782		1.60			0.45		to	1.90			(0.37	)	to	(1.79	)
TA Greystone International Growth Service Class
	12/31/2019			1,597,061		13.48	to		12.37		8,079,049		1.35			0.20		to	2.50			27.15		to	24.30
	12/31/2018			1,767,291		10.60	to		9.95		6,860,618		0.53			0.20		to	2.50			(18.11	)	to	(19.96	)
	12/31/2017			6,976,614		12.95	to		12.43		23,218,498		1.33			0.20		to	2.50			25.85		to	23.90
	12/31/2016			5,268,104		10.22	to		9.82		13,345,400		1.35			0.90		to	2.00			(1.03	)	to	(2.11	)
	12/31/2015			5,061,054		10.33	to		10.03		12,388,616		1.27			0.90		to	2.00			(1.14	)	to	(2.22	)
TA International Equity Index Service Class
	12/31/2019			380,767		11.47	to		10.80		4,255,261		1.32			0.35		to	2.65			20.68		to	17.97
	12/31/2018			140,608		9.51	to		9.15		1,313,264		0.41			0.35		to	2.65			(14.53	)	to	(16.46	)
	12/31/2017	(1)		34,853		11.12	to		10.96		385,013		-			0.35		to	2.65			-		to	-
TA Janus Balanced Service Class
	12/31/2019			14,667,063		17.29	to		13.09		102,356,309		1.38			0.20		to	2.50			21.53		to	18.80
	12/31/2018			16,302,543		14.23	to		11.02		85,847,112		1.49			0.20		to	2.50			(0.27	)	to	(2.52	)
	12/31/2017			16,864,853		14.27	to		11.31		84,726,412		1.33			0.20		to	2.50			16.21		to	13.89
	12/31/2016			17,165,988		12.25	to		11.57		66,683,993		1.09			0.45		to	2.00			3.65		to	2.06
	12/31/2015			14,140,653		11.82	to		11.34		50,716,781		0.83			0.45		to	2.00			(0.33	)	to	(1.86	)
TA Janus Mid-Cap Growth Initial Class
	12/31/2019			4,730		19.59	to		2.33		21,270		0.03			0.45		to	2.50			36.10		to	33.38
	12/31/2018			8,193		14.39	to		1.74		64,489		0.07			0.45		to	2.50			(1.66	)	to	(3.64	)
	12/31/2017			4,743		14.64	to		1.81		14,086		0.05			0.45		to	2.50			28.43		to	25.87
	12/31/2016			32,509		11.40	to		1.88		47,880		-			0.45		to	1.90			(2.48	)	to	(3.87	)
	12/31/2015			24,339		11.69	to		1.95		33,445		-			0.45		to	1.90			(5.46	)	to	(6.80	)

64

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

		At December 31									For the Year Ended December 31
Subaccount		Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment   Income   Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
TA Janus Mid-Cap Growth Service Class
	12/31/2019		3,279,903	$	19.08	to	$	15.81	$	20,122,605		-	%		0.20	%	to	2.50	%		36.06	%	to	33.00	%
	12/31/2018		3,554,951		14.02	to		11.89		13,165,619		-			0.20		to	2.50			(1.65	)	to	(3.87	)
	12/31/2017		1,074,011		14.26	to		12.36		4,956,165		-			0.20		to	2.50			27.59		to	25.61
	12/31/2016		1,076,773		11.10	to		10.67		3,562,151		-			0.90		to	2.00			(3.18	)	to	(4.23	)
	12/31/2015		1,283,293		11.47	to		11.14		3,821,907		-			0.90		to	2.00			(6.11	)	to	(7.14	)
TA JPMorgan Asset Allocation - Conservative Initial Class
	12/31/2019		-		2.01	to		1.80		-		-			1.25		to	2.50			12.50		to	11.12
	12/31/2018		-		1.79	to		1.62		-		-			1.25		to	2.50			(5.17	)	to	(6.33	)
	12/31/2017		9,676		1.89	to		1.73		17,848		2.12			1.25		to	2.50			11.42		to	10.07
	12/31/2016		9,676		1.69	to		1.42		16,042		2.03			1.25		to	1.90			3.33		to	2.68
	12/31/2015		9,676		1.64	to		1.38		15,547		2.66			1.25		to	1.90			(3.17	)	to	(3.79	)
TA JPMorgan Asset Allocation - Conservative Service Class
	12/31/2019		18,105,007		13.17	to		11.28		63,826,265		2.35			0.20		to	2.50			13.32		to	10.75
	12/31/2018		20,318,517		11.62	to		10.18		61,918,870		1.59			0.20		to	2.50			(4.47	)	to	(6.66	)
	12/31/2017		22,261,316		12.16	to		10.91		67,550,887		1.92			0.20		to	2.50			12.06		to	9.83
	12/31/2016		23,849,251		10.83	to		10.23		60,565,402		1.78			0.45		to	2.00			3.84		to	2.24
	12/31/2015		29,281,139		10.43	to		10.01		64,424,762		2.02			0.45		to	2.00			(2.58	)	to	(4.08	)
TA JPMorgan Asset Allocation - Growth Initial Class
	12/31/2019		16,941		2.49	to		2.43		41,169		1.74			1.25		to	2.50			24.50		to	22.98
	12/31/2018		16,941		2.00	to		1.98		33,118		1.89			1.25		to	2.50			(11.51	)	to	(12.59	)
	12/31/2017		16,941		2.26	to		2.26		37,480		1.11			1.25		to	2.50			23.10		to	21.60
	12/31/2016		30,761		1.84	to		1.61		55,366		1.27			1.25		to	1.90			4.77		to	4.10
	12/31/2015		82,219		1.76	to		1.54		141,457		1.65			1.25		to	1.90			(3.14	)	to	(3.76	)
TA JPMorgan Asset Allocation - Growth Service Class
	12/31/2019		1,582,914		16.88	to		12.91		9,822,868		1.49			0.20		to	2.50			25.61		to	22.79
	12/31/2018		1,762,178		13.44	to		10.52		6,812,799		1.72			0.20		to	2.50			(10.88	)	to	(12.90	)
	12/31/2017		2,253,319		15.08	to		12.07		8,452,268		1.17			0.20		to	2.50			23.82		to	21.35
	12/31/2016		2,822,565		12.15	to		11.48		7,545,147		1.99			0.45		to	2.00			5.35		to	3.73
	12/31/2015		3,005,299		11.53	to		11.06		6,787,813		1.48			0.45		to	2.00			(2.55	)	to	(4.06	)
TA JPMorgan Asset Allocation - Moderate Initial Class
	12/31/2019		174,302		2.23	to		2.04		378,461		1.65			1.25		to	2.50			14.98		to	13.58
	12/31/2018		340,781		1.94	to		1.80		644,471		1.75			1.25		to	2.50			(6.30	)	to	(7.45	)
	12/31/2017		358,312		2.07	to		1.94		724,297		1.96			1.25		to	2.50			15.03		to	13.64
	12/31/2016		513,502		1.80	to		1.53		903,679		2.32			1.25		to	1.90			4.26		to	3.60
	12/31/2015		477,423		1.72	to		1.48		807,013		2.04			1.25		to	1.90			(3.43	)	to	(4.05	)
TA JPMorgan Asset Allocation - Moderate Service Class
	12/31/2019		73,968,848		14.18	to		1.83		314,877,570		1.97			0.20		to	2.50			15.95		to	13.34
	12/31/2018		82,307,295		12.23	to		1.61		281,356,104		1.56			0.20		to	2.50			(5.54	)	to	(7.67	)
	12/31/2017		92,461,728		12.95	to		1.75		300,651,662		1.64			0.20		to	2.50			15.60		to	13.30
	12/31/2016		104,593,983		11.17	to		10.56		281,768,454		1.96			0.45		to	2.00			4.78		to	3.18
	12/31/2015		111,980,841		10.66	to		10.23		279,599,191		1.85			0.45		to	2.00			(2.91	)	to	(4.41	)
TA JPMorgan Asset Allocation - Moderate Growth Initial Class
	12/31/2019		21,059		2.38	to		2.24		48,802		2.50			1.25		to	2.50			18.53		to	17.08
	12/31/2018		206,539		2.01	to		1.91		410,450		1.88			1.25		to	2.50			(8.22	)	to	(9.35	)
	12/31/2017		206,571		2.19	to		2.11		447,561		1.71			1.25		to	2.50			18.30		to	16.86
	12/31/2016		211,341		1.85	to		1.59		387,179		2.10			1.25		to	1.90			5.23		to	4.57
	12/31/2015		149,672		1.76	to		1.52		261,989		2.19			1.25		to	1.90			(3.44	)	to	(4.06	)
TA JPMorgan Asset Allocation - Moderate Growth Service Class
	12/31/2019		41,813,237		15.37	to		1.43		187,724,351		1.94			0.20		to	2.50			19.55		to	16.87
	12/31/2018		47,913,709		12.86	to		1.22		174,322,733		1.65			0.20		to	2.50			(7.51	)	to	(9.59	)
	12/31/2017		54,159,674		13.90	to		1.35		200,756,348		1.52			0.20		to	2.50			18.96		to	16.59
	12/31/2016		57,499,076		11.66	to		11.02		162,356,929		1.79			0.45		to	2.00			5.78		to	4.16
	12/31/2015		61,880,963		11.02	to		10.58		153,403,905		2.01			0.45		to	2.00			(2.96	)	to	(4.45	)

65

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

			At December 31									For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment   Income   Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
TA JPMorgan Core Bond Service Class
	12/31/2019			10,793,962	$	11.41	to	$	10.43	$	41,431,886		2.36	%		0.20	%	to	2.50	%		8.04	%	to	5.61	%
	12/31/2018			10,258,351		10.56	to		9.88		30,158,394		2.94			0.20		to	2.50			(0.29	)	to	(2.54	)
	12/31/2017			10,257,283		10.60	to		10.14		30,045,745		2.60			0.20		to	2.50			2.96		to	0.90
	12/31/2016			9,984,860		10.27	to		9.70		27,671,195		1.90			0.45		to	2.00			1.60		to	0.04
	12/31/2015			9,485,030		10.10	to		9.70		20,112,573		1.87			0.45		to	2.00			(0.11	)	to	(1.65	)
TA JPMorgan Enhanced Index Initial Class
	12/31/2019			173,973		21.86	to		2.48		751,989		1.17			0.45		to	2.50			30.45		to	27.84
	12/31/2018			194,650		16.76	to		1.94		638,397		1.12			0.45		to	2.50			(6.43	)	to	(8.32	)
	12/31/2017			204,079		17.91	to		2.12		722,249		0.57			0.45		to	2.50			20.61		to	18.21
	12/31/2016			206,326		14.85	to		2.00		610,859		0.39			0.45		to	1.90			10.85		to	9.28
	12/31/2015			236,425		13.40	to		1.83		634,049		0.97			0.45		to	1.90			(0.52	)	to	(1.94	)
TA JPMorgan Enhanced Index Service Class
	12/31/2019			564,116		21.30	to		13.57		5,689,537		0.89			0.20		to	2.50			30.43		to	27.50
	12/31/2018			632,391		16.33	to		10.65		5,294,028		0.87			0.20		to	2.50			(6.43	)	to	(8.55	)
	12/31/2017			610,054		17.46	to		11.64		6,488,465		0.41			0.20		to	2.50			19.74		to	17.88
	12/31/2016			466,902		14.48	to		13.92		4,419,905		0.16			0.90		to	2.00			10.13		to	8.93
	12/31/2015			378,610		13.15	to		12.78		1,978,768		0.81			0.90		to	2.00			(1.25	)	to	(2.33	)
TA JPMorgan International Moderate Growth Service Class
	12/31/2019			14,401,813		12.91	to		1.25		44,185,827		2.03			0.20		to	2.50			17.37		to	14.74
	12/31/2018			16,339,209		11.00	to		1.09		41,937,578		2.17			0.20		to	2.50			(12.09	)	to	(14.07	)
	12/31/2017			18,492,054		12.51	to		1.27		50,493,353		1.60			0.20		to	2.50			20.93		to	18.52
	12/31/2016			19,645,357		10.32	to		9.75		41,499,204		1.87			0.45		to	2.00			0.62		to	(0.92	)
	12/31/2015			21,891,483		10.26	to		9.84		43,094,351		1.82			0.45		to	2.00			(2.32	)	to	(3.83	)
TA JPMorgan Mid Cap Value Service Class
	12/31/2019			1,664,311		18.37	to		2.55		18,129,091		1.14			0.20		to	2.50			25.74		to	22.92
	12/31/2018			1,822,059		14.61	to		2.07		14,420,132		0.63			0.20		to	2.50			(12.27	)	to	(14.25	)
	12/31/2017			2,459,077		16.66	to		2.42		20,619,585		0.54			0.20		to	2.50			12.68		to	10.44
	12/31/2016			5,651,589		14.75	to		13.93		26,255,068		1.90			0.45		to	2.00			13.77		to	12.02
	12/31/2015			5,733,005		12.96	to		12.44		20,803,900		0.76			0.45		to	2.00			(3.37	)	to	(4.86	)
TA JPMorgan Tactical Allocation Service Class
	12/31/2019			15,867,118		12.91	to		10.92		82,867,081		2.08			0.20		to	2.50			11.69		to	9.18
	12/31/2018			17,897,044		11.56	to		10.00		78,049,142		1.92			0.20		to	2.50			(3.38	)	to	(5.56	)
	12/31/2017			20,667,991		11.96	to		10.59		85,781,288		1.58			0.20		to	2.50			8.02		to	5.87
	12/31/2016			22,814,234		11.05	to		10.44		83,825,181		1.16			0.45		to	2.00			3.73		to	2.13
	12/31/2015			22,739,979		10.65	to		10.22		70,466,542		1.14			0.45		to	2.00			(0.85	)	to	(2.37	)
TA Legg Mason Dynamic Allocation - Balanced Service Class
	12/31/2019			15,186,512		13.30	to		1.17		85,177,436		1.60			0.20		to	2.50			15.83		to	13.20
	12/31/2018			16,297,233		11.48	to		1.03		80,719,543		1.40			0.20		to	2.50			(3.51	)	to	(5.72	)
	12/31/2017			18,245,161		11.90	to		1.09		93,925,698		1.11			0.20		to	2.50			9.97		to	7.78
	12/31/2016			22,101,622		10.79	to		10.19		96,492,892		1.10			0.45		to	2.00			(1.11	)	to	(2.63	)
	12/31/2015			24,115,700		10.91	to		10.47		93,488,870		0.91			0.45		to	2.00			(2.52	)	to	(4.02	)
TA Legg Mason Dynamic Allocation - Growth Service Class
	12/31/2019			9,594,730		13.86	to		1.29		55,719,855		1.37			0.20		to	2.50			16.59		to	13.94
	12/31/2018			11,137,528		11.89	to		1.13		52,742,521		1.23			0.20		to	2.50			(4.92	)	to	(7.10	)
	12/31/2017			12,174,684		12.50	to		1.22		60,496,584		0.98			0.20		to	2.50			12.70		to	10.45
	12/31/2016			15,446,885		11.07	to		10.46		62,664,292		0.99			0.45		to	2.00			(1.43	)	to	(2.94	)
	12/31/2015			16,046,497		11.23	to		10.77		66,569,685		0.69			0.45		to	2.00			(3.38	)	to	(4.87	)
TA Levin Large Cap Value Service Class
	12/31/2019			83,542		10.55	to		10.24		866,163		0.33			0.20		to	2.00			16.76		to	14.68
	12/31/2018	(1)		10,583		9.03	to		8.93		95,017		-			0.20		to	2.00			-		to	-

66

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

			At December 31									For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment   Income   Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
TA Madison Diversified Income Service Class
	12/31/2019			479,428	$	13.86	to	$	11.59	$	5,773,001		1.77	%		0.20	%	to	2.50	%		14.71	%	to	12.14	%
	12/31/2018			174,620		12.08	to		10.34		1,953,770		1.52			0.20		to	2.50			(0.95	)	to	(3.19	)
	12/31/2017	(1)		100,620		12.19	to		10.68		1,092,716		0.34			0.20		to	2.50			-		to	-
TA Managed Risk - Balanced ETF Service Class
	12/31/2019			92,287,393		13.81	to		1.18		453,178,914		1.97			0.20		to	2.50			15.42		to	12.79
	12/31/2018			101,640,810		11.96	to		1.05		422,463,476		1.68			0.20		to	2.50			(4.74	)	to	(6.92	)
	12/31/2017			114,723,659		12.56	to		1.13		470,512,548		1.68			0.20		to	2.50			12.93		to	10.68
	12/31/2016			127,929,980		11.09	to		10.48		438,296,472		1.66			0.45		to	2.00			3.29		to	1.70
	12/31/2015			140,114,274		10.74	to		10.30		432,034,799		1.30			0.45		to	2.00			(2.21	)	to	(3.71	)
TA Managed Risk - Conservative ETF Service Class
	12/31/2019			21,020,453		13.19	to		1.20		76,229,911		2.07			0.20		to	2.50			11.97		to	9.42
	12/31/2018			26,627,431		11.78	to		1.09		77,976,438		1.80			0.20		to	2.50			(3.79	)	to	(5.99	)
	12/31/2017			29,909,663		12.25	to		1.16		89,983,402		1.84			0.20		to	2.50			10.54		to	8.33
	12/31/2016			33,427,887		11.05	to		10.44		88,366,488		1.62			0.45		to	2.00			3.61		to	2.02
	12/31/2015			37,681,242		10.67	to		10.24		86,100,597		1.49			0.45		to	2.00			(1.13	)	to	(2.65	)
TA Managed Risk - Growth ETF Service Class
	12/31/2019			82,914,893		14.92	to		1.42		354,763,682		1.75			0.20		to	2.50			19.17		to	16.46
	12/31/2018			93,132,624		12.52	to		1.22		329,410,155		1.60			0.20		to	2.50			(7.34	)	to	(9.46	)
	12/31/2017			107,929,650		13.52	to		1.35		395,368,871		1.62			0.20		to	2.50			17.94		to	15.59
	12/31/2016			122,841,558		11.43	to		10.80		354,352,467		1.66			0.45		to	2.00			4.20		to	2.60
	12/31/2015			130,279,773		10.97	to		10.53		339,220,776		1.48			0.45		to	2.00			(3.95	)	to	(5.43	)
TA Market Participation Strategy Service Class
	12/31/2019			6,372,242		14.95	to		11.76		33,306,180		0.91			0.20		to	2.50			18.34		to	15.69
	12/31/2018			6,796,055		12.63	to		10.16		30,245,258		0.37			0.20		to	2.50			(2.92	)	to	(5.12	)
	12/31/2017			7,606,598		13.01	to		10.71		34,598,644		0.31			0.20		to	2.50			10.30		to	8.10
	12/31/2016			8,820,580		11.77	to		11.12		34,140,280		0.16			0.45		to	2.00			3.70		to	2.10
	12/31/2015			8,065,884		11.35	to		10.89		31,264,212		-			0.45		to	2.00			(3.68	)	to	(5.16	)
TA Morgan Stanley Capital Growth Initial Class
	12/31/2019			497,222		10.55	to		3.46		2,070,531		-			0.45		to	2.50			22.21		to	20.72
	12/31/2018			27,889		3.15	to		2.87		94,093		-			1.25		to	2.50			5.36		to	4.07
	12/31/2017			26,276		2.99	to		2.75		84,267		-			1.25		to	2.50			41.83		to	40.10
	12/31/2016			28,129		2.11	to		2.05		63,699		-			1.25		to	1.90			(3.47	)	to	(4.08	)
	12/31/2015			34,497		2.18	to		2.14		81,045		-			1.25		to	1.90			10.41		to	9.70
TA Morgan Stanley Capital Growth Service Class
	12/31/2019			2,312,397		28.63	to		3.79		30,451,810		-			0.20		to	2.50			23.22		to	20.46
	12/31/2018			618,397		23.24	to		3.15		7,435,779		-			0.20		to	2.50			6.22		to	3.82
	12/31/2017			648,014		21.88	to		3.03		6,155,878		-			0.20		to	2.50			41.99		to	39.78
	12/31/2016			641,141		15.30	to		14.71		3,709,725		-			0.90		to	2.00			(3.37	)	to	(4.43	)
	12/31/2015			530,782		15.84	to		15.39		2,180,373		-			0.90		to	2.00			10.45		to	9.24
TA Multi-Managed Balanced Initial Class
	12/31/2019			12,065		3.03	to		2.59		35,669		1.66			1.25		to	2.50			20.27		to	18.80
	12/31/2018			12,065		2.52	to		2.18		29,702		1.44			1.25		to	2.50			(4.85	)	to	(6.02	)
	12/31/2017			12,065		2.65	to		2.32		31,264		0.86			1.25		to	2.50			12.73		to	11.36
	12/31/2016			12,065		2.35	to		2.06		27,775		1.18			1.25		to	1.90			6.55		to	5.87
	12/31/2015			23,192		2.21	to		1.95		50,184		1.37			1.25		to	1.90			(1.02	)	to	(1.65	)
TA Multi-Managed Balanced Service Class
	12/31/2019			14,676,803		16.94	to		12.28		140,845,790		1.42			0.20		to	2.50			21.25		to	18.53
	12/31/2018			16,784,488		13.97	to		10.36		124,897,566		1.23			0.20		to	2.50			(4.10	)	to	(6.26	)
	12/31/2017			19,130,187		14.56	to		11.05		133,663,918		0.79			0.20		to	2.50			13.31		to	11.05
	12/31/2016			12,471,373		12.82	to		12.11		83,405,643		1.01			0.45		to	2.00			7.16		to	5.51
	12/31/2015			4,342,112		11.97	to		11.48		13,596,331		1.19			0.45		to	2.00			(0.51	)	to	(2.04	)

67

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

		At December 31									For the Year Ended December 31
Subaccount		Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment   Income   Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
TA Multi-Manager Alternative Strategies Service Class
	12/31/2019		39,931	$	10.76	to	$	9.99	$	408,149		0.80	%		0.20	%	to	2.50	%		8.05	%	to	5.59	%
	12/31/2018		31,168		9.96	to		9.46		298,469		0.79			0.20		to	2.50			(4.82	)	to	(7.00	)
	12/31/2017		27,933		10.46	to		10.17		283,601		1.29			0.20		to	2.50			4.29		to	3.05
	12/31/2016		21,576		10.01	to		9.64		212,059		2.59			0.45		to	1.65			1.56		to	0.35
	12/31/2015		13,978		9.85	to		9.60		136,414		0.36			0.45		to	1.65			(6.03	)	to	(7.15	)
TA PIMCO Tactical - Balanced Service Class
	12/31/2019		8,706,125		14.24	to		1.18		35,792,828		0.16			0.20		to	2.50			19.44		to	16.76
	12/31/2018		9,336,422		11.92	to		1.01		32,006,412		3.20			0.20		to	2.50			(7.12	)	to	(9.22	)
	12/31/2017		10,673,517		12.84	to		1.12		37,398,555		0.30			0.20		to	2.50			11.54		to	9.31
	12/31/2016		11,684,566		11.48	to		10.85		37,518,764		0.29			0.45		to	2.00			4.91		to	3.30
	12/31/2015		11,441,634		10.95	to		10.50		32,381,298		-			0.45		to	2.00			(2.98	)	to	(4.48	)
TA PIMCO Tactical - Conservative Service Class
	12/31/2019		5,073,711		13.81	to		1.19		22,878,376		0.10			0.20		to	2.50			17.33		to	14.70
	12/31/2018		5,429,191		11.77	to		1.04		20,340,485		3.26			0.20		to	2.50			(5.34	)	to	(7.47	)
	12/31/2017		6,197,607		12.44	to		1.12		24,740,125		1.28			0.20		to	2.50			9.90		to	7.71
	12/31/2016		7,056,786		11.29	to		10.67		24,094,824		0.44			0.45		to	2.00			4.51		to	2.90
	12/31/2015		6,127,329		10.80	to		10.36		16,490,590		0.31			0.45		to	2.00			(2.52	)	to	(4.02	)
TA PIMCO Tactical - Growth Service Class
	12/31/2019		6,130,646		14.80	to		1.33		38,321,521		-			0.20		to	2.50			21.31		to	18.59
	12/31/2018		6,847,294		12.20	to		1.12		33,203,902		3.08			0.20		to	2.50			(7.87	)	to	(9.95	)
	12/31/2017		7,566,104		13.24	to		1.24		37,085,031		0.41			0.20		to	2.50			14.31		to	12.03
	12/31/2016		7,608,963		11.55	to		10.91		30,537,277		-			0.45		to	2.00			4.40		to	2.80
	12/31/2015		7,697,689		11.07	to		10.62		28,486,728		-			0.45		to	2.00			(3.89	)	to	(5.37	)
TA PIMCO Total Return Initial Class
	12/31/2019		144,114		1.79	to		1.43		251,069		2.32			1.25		to	2.50			7.08		to	5.77
	12/31/2018		201,903		1.67	to		1.35		328,990		2.69			1.25		to	2.50			(1.89	)	to	(3.09	)
	12/31/2017		209,554		1.70	to		1.39		348,545		-			1.25		to	2.50			3.59		to	2.33
	12/31/2016		173,971		1.64	to		1.39		279,735		3.25			1.25		to	1.90			1.45		to	0.80
	12/31/2015		184,212		1.62	to		1.38		292,408		2.68			1.25		to	1.90			(0.55	)	to	(1.19	)
TA PIMCO Total Return Service Class
	12/31/2019		24,181,100		11.29	to		10.41		71,713,529		2.25			0.20		to	2.50			8.00		to	5.55
	12/31/2018		26,993,438		10.46	to		9.86		70,767,725		2.43			0.20		to	2.50			(1.22	)	to	(3.48	)
	12/31/2017		30,035,880		10.58	to		10.22		76,692,551		-			0.20		to	2.50			4.18		to	2.10
	12/31/2016		33,634,576		10.14	to		9.58		76,869,825		2.22			0.45		to	2.00			2.02		to	0.45
	12/31/2015		35,901,430		9.94	to		9.53		71,428,468		2.62			0.45		to	2.00			0.07		to	(1.47	)
TA PineBridge Inflation Opportunities Service Class
	12/31/2019		6,890,549		10.06	to		10.28		16,265,210		2.29			0.20		to	2.50			7.99		to	5.56
	12/31/2018		7,443,170		9.31	to		9.74		15,136,032		1.79			0.20		to	2.50			(1.74	)	to	(3.96	)
	12/31/2017		8,592,127		9.48	to		10.14		15,394,034		0.22			0.20		to	2.50			2.67		to	0.62
	12/31/2016		9,361,263		9.21	to		8.70		14,601,121		0.59			0.45		to	2.00			3.34		to	1.75
	12/31/2015		10,242,463		8.91	to		8.55		14,060,193		1.26			0.45		to	2.00			(3.30	)	to	(4.79	)
TA ProFunds UltraBear Service Class (OAM)
	12/31/2019		18,877,817		0.03	to		3.94		453,736		-			1.00		to	2.50			(43.45	)	to	(44.25	)
	12/31/2018		35,358,102		0.04	to		7.06		1,498,950		-			1.00		to	2.50			5.48		to	3.91
	12/31/2017		11,919,880		0.04	to		6.80		479,737		-			1.00		to	2.50			(33.00	)	to	(34.00	)
	12/31/2016		18,800,019		0.06	to		0.06		1,139,167		-			1.00		to	1.95			(24.36	)	to	(25.04	)
	12/31/2015		13,939,989		0.08	to		0.08		1,122,262		-			1.00		to	1.95			(8.20	)	to	(9.05	)
TA QS Investors Active Asset Allocation - Moderate Service Class
	12/31/2019		21,167,125		12.83	to		1.19		85,725,821		1.82			0.20		to	2.50			10.91		to	8.39
	12/31/2018		22,998,302		11.56	to		1.10		83,488,938		1.45			0.20		to	2.50			(4.36	)	to	(6.55	)
	12/31/2017		25,368,039		12.09	to		1.18		93,891,791		1.53			0.20		to	2.50			14.93		to	12.64
	12/31/2016		28,275,068		10.50	to		9.92		89,329,578		1.21			0.45		to	2.00			1.73		to	0.17
	12/31/2015		32,742,037		10.32	to		9.90		95,406,942		0.98			0.45		to	2.00			(4.71	)	to	(6.17	)

68

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

			At December 31									For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment   Income   Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
TA QS Investors Active Asset Allocation - Conservative Service Class
	12/31/2019			6,386,750	$	12.59	to	$	1.12	$	22,160,340		1.98	%		0.20	%	to	2.50	%		11.01	%	to	8.49	%
	12/31/2018			7,176,393		11.34	to		1.04		21,945,243		1.59			0.20		to	2.50			(3.08	)	to	(5.30	)
	12/31/2017			8,365,097		11.70	to		1.09		26,090,564		1.73			0.20		to	2.50			11.20		to	8.98
	12/31/2016			9,783,495		10.50	to		9.92		25,125,769		1.26			0.45		to	2.00			2.19		to	0.62
	12/31/2015			11,470,352		10.27	to		9.85		26,610,104		1.00			0.45		to	2.00			(2.80	)	to	(4.29	)
TA QS Investors Active Asset Allocation - Moderate Growth Service Class
	12/31/2019			10,905,328		13.18	to		1.18		48,681,743		1.68			0.20		to	2.50			11.13		to	8.61
	12/31/2018			12,229,813		11.86	to		1.08		48,723,711		1.30			0.20		to	2.50			(6.14	)	to	(8.29	)
	12/31/2017			14,109,933		12.63	to		1.18		57,992,860		1.27			0.20		to	2.50			19.77		to	17.38
	12/31/2016			15,556,628		10.52	to		9.94		53,011,793		1.06			0.45		to	2.00			1.51		to	(0.05	)
	12/31/2015			18,408,252		10.37	to		9.95		58,624,473		1.03			0.45		to	2.00			(6.95	)	to	(8.39	)
TA Small/Mid Cap Value Initial Class
	12/31/2019			258,481		18.99	to		14.57		2,957,163		0.94			0.45		to	1.55			24.72		to	23.37
	12/31/2018			287,183		15.23	to		11.81		2,775,440		0.91			0.45		to	1.55			(11.86	)	to	(12.82	)
	12/31/2017			295,652		17.28	to		13.54		3,307,890		1.11			0.45		to	1.55			15.04		to	13.79
	12/31/2016			320,871		15.02	to		11.90		3,209,500		0.76			0.45		to	1.55			20.58		to	19.28
	12/31/2015			358,219		12.46	to		9.98		3,066,345		1.02			0.45		to	1.55			(2.95	)	to	(4.00	)
TA Small/Mid Cap Value Service Class
	12/31/2019			3,108,705		18.50	to		11.63		16,559,758		0.77			0.20		to	2.50			24.69		to	21.89
	12/31/2018			3,210,853		14.84	to		9.54		11,101,674		0.67			0.20		to	2.50			(11.81	)	to	(13.81	)
	12/31/2017			3,407,142		16.83	to		11.07		12,762,113		0.98			0.20		to	2.50			14.23		to	12.46
	12/31/2016			3,406,282		14.63	to		14.06		10,341,703		0.55			0.90		to	2.00			19.73		to	18.42
	12/31/2015			3,497,356		12.22	to		11.87		8,150,627		0.82			0.90		to	2.00			(3.60	)	to	(4.66	)
TA T. Rowe Price Small Cap Initial Class
	12/31/2019			55,309		23.13	to		3.77		179,389		-			0.45		to	2.50			32.18		to	29.53
	12/31/2018			67,882		17.50	to		2.91		301,771		-			0.45		to	2.50			(7.50	)	to	(9.36	)
	12/31/2017			75,660		18.92	to		3.21		369,816		-			0.45		to	2.50			21.84		to	19.41
	12/31/2016			65,922		15.53	to		2.59		265,399		-			0.45		to	1.90			10.72		to	9.15
	12/31/2015			78,635		14.03	to		2.38		261,501		-			0.45		to	1.90			1.97		to	0.52
TA T. Rowe Price Small Cap Service Class
	12/31/2019			4,617,104		22.54	to		13.73		42,539,360		-			0.20		to	2.50			32.12		to	29.16
	12/31/2018			4,826,212		17.06	to		10.63		30,144,074		-			0.20		to	2.50			(7.47	)	to	(9.56	)
	12/31/2017			5,550,914		18.43	to		11.75		37,625,384		-			0.20		to	2.50			20.93		to	19.05
	12/31/2016			5,742,239		15.14	to		14.55		29,755,780		-			0.90		to	2.00			10.01		to	8.81
	12/31/2015			5,862,406		13.76	to		13.37		24,844,869		-			0.90		to	2.00			1.24		to	0.13
TA TS&W International Equity Initial Class
	12/31/2019			259,790		13.47	to		1.76		680,785		1.42			0.45		to	2.50			20.52		to	18.11
	12/31/2018			282,345		11.18	to		1.49		605,509		2.36			0.45		to	2.50			(15.90	)	to	(17.60	)
	12/31/2017			296,543		13.29	to		1.81		765,459		2.19			0.45		to	2.50			22.36		to	19.92
	12/31/2016			316,110		10.86	to		1.49		672,352		2.65			0.45		to	1.90			0.63		to	(0.80	)
	12/31/2015			374,274		10.80	to		1.50		777,937		2.98			0.45		to	1.90			0.86		to	(0.57	)
TA TS&W International Equity Service Class
	12/31/2019			670,221		13.12	to		11.61		4,022,769		1.23			0.20		to	2.50			20.49		to	17.79
	12/31/2018			689,255		10.89	to		9.85		2,850,415		2.00			0.20		to	2.50			(15.87	)	to	(17.77	)
	12/31/2017			763,813		12.94	to		11.98		3,615,192		2.00			0.20		to	2.50			21.56		to	19.68
	12/31/2016			695,271		10.58	to		10.16		2,505,044		2.57			0.90		to	2.00			(0.13	)	to	(1.22	)
	12/31/2015			659,509		10.59	to		10.29		2,459,651		3.18			0.90		to	2.00			0.13		to	(0.96	)
TA U.S. Equity Index Service Class
	12/31/2019			2,521,965		13.95	to		13.13		34,204,134		0.49			0.35		to	2.65			30.44		to	27.52
	12/31/2018			542,868		10.69	to		10.29		5,693,818		0.25			0.35		to	2.65			(5.32	)	to	(7.46	)
	12/31/2017	(1)		81,862		11.29	to		11.12		918,226		-			0.35		to	2.65			-		to	-

69

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

			At December 31									For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment   Income   Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
TA WMC US Growth Initial Class
	12/31/2019			2,182,247	$	25.98	to	$	3.13	$	5,281,265		0.12	%		0.45	%	to	2.50	%		39.42	%	to	36.63	%
	12/31/2018			1,524,500		18.63	to		2.29		2,666,025		0.48			0.45		to	2.50			(0.24	)	to	(2.25	)
	12/31/2017			1,688,314		18.68	to		2.35		3,010,710		0.41			0.45		to	2.50			28.62		to	26.06
	12/31/2016			1,806,388		14.52	to		1.89		2,506,822		0.40			0.45		to	1.90			2.35		to	0.90
	12/31/2015			2,057,869		14.19	to		1.87		2,814,938		0.71			0.45		to	1.90			6.37		to	4.86
TA WMC US Growth Service Class
	12/31/2019			4,841,963		25.30	to		16.42		36,887,190		-			0.20		to	2.50			39.40		to	36.27
	12/31/2018			4,196,509		18.15	to		12.05		20,207,482		0.27			0.20		to	2.50			(0.23	)	to	(2.49	)
	12/31/2017			4,828,655		18.19	to		12.36		22,079,032		0.21			0.20		to	2.50			27.71		to	25.73
	12/31/2016			4,989,273		14.15	to		13.60		16,149,242		0.17			0.90		to	2.00			1.62		to	0.52
	12/31/2015			5,171,418		13.92	to		13.53		14,352,790		0.42			0.90		to	2.00			5.66		to	4.50
Vanguard® - Capital Growth
	12/31/2019	(1)		-		10.00	to		10.00		-		-			0.27		to	0.47			-		to	-
Vanguard® - Conservative Allocation
	12/31/2019	(1)		-		10.02	to		10.02		-		-			0.27		to	0.47			-		to	-
Vanguard® - Diversified Value
	12/31/2019	(1)		-		10.03	to		10.03		-		-			0.27		to	0.47			-		to	-
Vanguard® Balanced
	12/31/2019	(1)		-		10.02	to		10.02		-		-			0.27		to	0.47			-		to	-
Vanguard® Equity Income
	12/31/2019	(1)		-		10.01	to		10.01		-		-			0.27		to	0.47			-		to	-
Vanguard® Equity Index
	12/31/2019			-		22.23	to		21.75		-		3.38			0.27		to	1.20			30.45		to	29.74
	12/31/2018			54,305		17.04	to		16.76		917,606		1.65			0.65		to	1.20			(5.13	)	to	(5.65	)
	12/31/2017			54,305		17.96	to		17.77		968,675		1.78			0.65		to	1.20			20.87		to	20.45
	12/31/2016			54,305		14.86	to		14.67		802,610		2.21			0.65		to	1.00			11.09		to	10.70
	12/31/2015			54,305		13.38	to		13.25		723,578		1.78			0.65		to	1.00			0.61		to	0.26
Vanguard® Global Bond Index
	12/31/2019	(1)		-		10.00	to		10.00		-		-			0.27		to	0.47			-		to	-
Vanguard® Growth
	12/31/2019	(1)		-		10.02	to		10.02		-		-			0.27		to	0.47			-		to	-
Vanguard® High Yield Bond
	12/31/2019	(1)		-		10.00	to		10.00		-		-			0.27		to	0.47			-		to	-
Vanguard® International
	12/31/2019			-		17.44	to		17.06		-		2.78			0.27		to	1.20			30.37		to	29.65
	12/31/2018			41,630		13.38	to		13.16		552,283		0.77			0.65		to	1.20			(13.18	)	to	(13.66	)
	12/31/2017			42,242		15.41	to		15.24		646,515		1.06			0.65		to	1.20			41.75		to	41.26
	12/31/2016			42,274		10.87	to		10.73		457,069		1.41			0.65		to	1.00			1.22		to	0.87
	12/31/2015			40,206		10.74	to		10.64		430,009		2.00			0.65		to	1.00			(1.41	)	to	(1.76	)
Vanguard® Mid-Cap Index
	12/31/2019			35,072		20.02	to		19.58		689,112		1.39			0.27		to	1.20			30.02		to	29.31
	12/31/2018			-		15.39	to		15.14		-		-			0.65		to	1.20			(9.92	)	to	(10.42	)
	12/31/2017			-		17.09	to		16.90		-		-			0.65		to	1.20			18.31		to	17.90
	12/31/2016			-		14.44	to		14.26		-		-			0.65		to	1.00			10.40		to	10.01
	12/31/2015			-		13.08	to		12.96		-		-			0.65		to	1.00			(2.07	)	to	(2.42	)
Vanguard® Moderate Allocation
	12/31/2019	(1)		-		10.03	to		10.03		-		-			0.27		to	0.47			-		to	-
Vanguard® Money Market
	12/31/2019	(1)		-		10.00	to		10.00		-		0.07			0.27		to	0.47			-		to	-

70

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

			At December 31									For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment   Income   Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
Vanguard® Real Estate Index
	12/31/2019			18,469	$	15.77	to	$	15.43	$	285,300		2.72	%		0.27	%	to	1.20	%		27.97	%	to	27.27	%
	12/31/2018			-		12.32	to		12.12		-		-			0.65		to	1.20			(5.97	)	to	(6.49	)
	12/31/2017			-		13.10	to		12.96		-		-			0.65		to	1.20			4.10		to	3.74
	12/31/2016			-		12.59	to		12.43		-		-			0.65		to	1.00			7.66		to	7.28
	12/31/2015			-		11.69	to		11.58		-		-			0.65		to	1.00			1.56		to	1.21
Vanguard® Short-Term Investment Grade
	12/31/2019			76,045		11.06	to		10.82		824,640		2.61			0.27		to	1.20			5.01		to	4.43
	12/31/2018			-		10.53	to		10.36		-		-			0.65		to	1.20			0.38		to	(0.17	)
	12/31/2017			-		10.49	to		10.38		-		-			0.65		to	1.20			1.43		to	1.08
	12/31/2016			-		10.34	to		10.21		-		-			0.65		to	1.00			2.05		to	1.70
	12/31/2015			-		10.13	to		10.04		-		-			0.65		to	1.00			0.47		to	0.12
Vanguard® Total Bond Market Index
	12/31/2019			70,627		11.32	to		11.08		782,393		3.09			0.27		to	1.20			7.97		to	7.38
	12/31/2018			34,255		10.49	to		10.32		356,183		2.30			0.65		to	1.20			(0.78	)	to	(1.33	)
	12/31/2017			34,255		10.57	to		10.46		359,524		2.36			0.65		to	1.20			2.81		to	2.45
	12/31/2016			34,255		10.28	to		10.15		350,212		2.27			0.65		to	1.00			1.81		to	1.45
	12/31/2015			34,255		10.10	to		10.00		344,505		2.44			0.65		to	1.00			(0.32	)	to	(0.66	)
Vanguard® Total International Stock Market Index
	12/31/2019	(1)		-		10.07	to		10.06		-		-			0.27		to	0.47			-		to	-
Vanguard® Total Stock Market Index
	12/31/2019	(1)		-		10.03	to		10.03		-		-			0.27		to	0.47			-		to	-
Voya Global Perspectives Class S Shares
	12/31/2019			-		11.67	to		11.22		-		-			1.29		to	2.14			16.56		to	15.58
	12/31/2018			-		10.01	to		9.70		-		-			1.29		to	2.14			(8.66	)	to	(9.44	)
	12/31/2017			-		10.96	to		10.72		-		-			1.29		to	2.14			13.25		to	12.29
	12/31/2016			-		9.68	to		9.54		-		-			1.29		to	2.14			5.19		to	4.30
	12/31/2015	(1)		-		9.20	to		9.15		-		-			1.29		to	2.14			-		to	-
Voya Large Cap Value Class S Shares
	12/31/2019			-		13.01	to		12.50		-		-			1.29		to	2.14			23.18		to	22.14
	12/31/2018			-		10.56	to		10.24		-		-			1.29		to	2.14			(9.19	)	to	(9.96	)
	12/31/2017			-		11.63	to		11.37		-		-			1.29		to	2.14			11.78		to	10.84
	12/31/2016			-		10.40	to		10.26		-		-			1.29		to	2.14			12.13		to	11.18
	12/31/2015	(1)		-		9.28	to		9.23		-		-			1.29		to	2.14			-		to	-
Voya Strategic Allocation Conservative Class S Shares
	12/31/2019			-		11.62	to		11.17		-		-			1.29		to	2.14			13.01		to	12.05
	12/31/2018			-		10.28	to		9.97		-		-			1.29		to	2.14			(5.49	)	to	(6.29	)
	12/31/2017			-		10.88	to		10.64		-		-			1.29		to	2.14			8.77		to	7.86
	12/31/2016			-		10.00	to		9.86		-		-			1.29		to	2.14			4.12		to	3.25
	12/31/2015	(1)		-		9.61	to		9.55		-		-			1.29		to	2.14			-		to	-
Voya Strategic Allocation Moderate Class S Shares
	12/31/2019			-		12.22	to		11.75		-		-			1.29		to	2.14			17.42		to	16.42
	12/31/2018			-		10.41	to		10.09		-		-			1.29		to	2.14			(7.52	)	to	(8.31	)
	12/31/2017			-		11.26	to		11.01		-		-			1.29		to	2.14			12.83		to	11.88
	12/31/2016			-		9.98	to		9.84		-		-			1.29		to	2.14			4.96		to	4.07
	12/31/2015	(1)		-		9.51	to		9.45		-		-			1.29		to	2.14			-		to	-
Wanger International
	12/31/2019			-		14.44	to		14.17		-		-			0.45		to	0.90			29.41		to	28.83
	12/31/2018			-		11.16	to		11.00		-		-			0.45		to	0.90			(18.07	)	to	(18.44	)
	12/31/2017			-		13.62	to		13.49		-		-			0.45		to	0.90			32.32		to	31.86
	12/31/2016			-		10.30	to		10.16		-		-			0.45		to	0.80			(1.85	)	to	(2.19	)
	12/31/2015			-		10.49	to		10.39		-		-			0.45		to	0.80			(0.35	)	to	(0.70	)

71

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

5.  Financial Highlights (continued)

		At December 31									For the Year Ended December 31
Subaccount		Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment   Income   Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio
Wanger USA
	12/31/2019		-	$	21.87	to	$	21.46	$	-		-	%		0.45	%	to	0.90	%		30.51	%	to	29.93	%
	12/31/2018		-		16.75	to		16.52		-		-			0.45		to	0.90			(1.91	)	to	(2.35	)
	12/31/2017		-		17.08	to		16.91		-		-			0.45		to	0.90			19.05		to	18.63
	12/31/2016		-		14.35	to		14.17		-		-			0.45		to	0.80			13.18		to	12.78
	12/31/2015		-		12.68	to		12.56		-		-			0.45		to	0.80			(1.06	)	to	(1.40	)

⁽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.

72

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

6. Administrative and Mortality and Expense Risk Charges

TFLIC deducts a daily administrative charge equal to an annual rate of 0.15% of the daily net assets value of each subaccount for administrative expenses. TFLIC also deducts an annual charge during the accumulation phase, not to exceed $35, proportionately from the subaccounts’ unit values. An annual charge ranging from 0.05% to 2.65% is deducted (based on the death benefit selected) from the unit values of the subaccounts of the Separate Account for TFLIC’s assumption of certain mortality and expense risks incurred in connection with the contract. The charge is assessed daily based on the net asset value of the Mutual Fund. Charges for administrative and mortality and expense risk are an expense of the subaccount. 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.

In addition to M&E, the following subaccounts are assessed a daily charge for fund facilitation fees that is based on their actual policy:

Subaccount	Facilitation Fee Assessed
AB Balanced Wealth Strategy Class B Shares	0.20%
AB Growth and Income Class B Shares	0.20%
American Funds - Asset Allocation Class 2 Shares	0.30% - 0.40%
American Funds - Bond Class 2 Shares	0.30% - 0.40%
American Funds - Growth Class 2 Shares	0.30% - 0.40%
American Funds - Growth-Income  Class 2 Shares	0.30% - 0.40%
American Funds - International Class 2 Shares	0.30% - 0.40%
Fidelity® VIP Balanced Service Class 2	0.20%
Fidelity® VIP Contrafund® Initial Class	0.20%
Fidelity® VIP Contrafund® Service Class 2	0.20%
Fidelity® VIP Mid Cap Initial Class	0.20%
Fidelity® VIP Mid Cap Service Class 2	0.20%
Fidelity® VIP Value Strategies Initial Class	0.20%
Fidelity® VIP Value Strategies Service Class 2	0.20%
Franklin Allocation Class 4 Shares	0.15%
State Street Total Return V.I.S. Class 3 Shares	0.20%
TA International Equity Index Service Class	0.15%
TA U.S. Equity Index Service Class	0.15%
Vanguard® Equity Index	0.20% - 0.60%
Vanguard® International	0.20% - 0.60%
Vanguard® Mid-Cap Index	0.20% - 0.60%
Vanguard® Real Estate Index	0.20% - 0.60%
Vanguard® Short-Term Investment Grade	0.20% - 0.60%
Vanguard® Total Bond Market Index	0.20% - 0.60%
Voya Global Perspectives Class S Shares	0.14%
Voya Large Cap Value Class S Shares	0.14%
Voya Strategic Allocation Conservative Class S Shares	0.14%
Voya Strategic Allocation Moderate Class S Shares	0.14%
Wanger International	0.30%
Wanger USA	0.30%

7. Income Tax

Operations of the Separate Account form a part of TFLIC, 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 TFLIC 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 TFLIC. Under existing federal income tax laws, the income of the Separate Account is not taxable to TFLIC, as long as earnings are credited under the variable annuity contracts.

73

Transamerica Financial Life Insurance Company

Separate Account VA BNY

Notes to Financial Statements

December 31, 2019

8. Subsequent Events

The Separate Account has evaluated the financial statements for subsequent events through the date which the financial statements were issued. During this period, there were no subsequent events requiring recognition in the financial statements.

Events that are indicative of conditions that arose after the balance sheet date are disclosed, but do not result in an adjustment of the financial statements themselves. Since January 2020, the Coronavirus disease (COVID-19) pandemic and economic uncertainties have arisen which have impacted the Separate Account’s net assets. The extent to which the COVID-19 pandemic will continue to impact the net assets will depend on future developments, which are highly uncertain and cannot be estimated, including the scope and duration of the pandemic and actions taken by governmental authorities and other third parties in response to the pandemic.

9. Related Parties

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

74