FINANCIAL STATEMENTS

Transamerica Life Insurance Company

Separate Account VA-2L

Years Ended December 31, 2021 and 2020

Transamerica Life Insurance Company

Separate Account VA-2L

Financial Statements

Years Ended December 31, 2021 and 2020

Contents

Report of Independent Registered Public Accounting Firm	1
Financial Statements
Statements of Assets and Liabilities	2
Statements of Operations and Changes in Net Assets	3
Notes to Financial Statements	10

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-2L

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Separate Account VA-2L indicated in the table below as of December 31, 2021, and the related statements of operations and changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts of Separate Account VA-2L as of December 31, 2021, and the results of each of their operations and the changes in each of their net assets for each of the two years in the period ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

BNY Mellon Growth and Income Service Shares	TA BlackRock iShares Active Asset Allocation - Moderate Service Class
BNY Mellon MidCap Stock Initial Shares	TA BlackRock iShares Active Asset Allocation - Moderate Growth Service Class
BNY Mellon MidCap Stock Service Shares	TA BlackRock iShares Dynamic Allocation - Balanced Service Class
BNY Mellon Opportunistic Small Cap Service Shares	TA BlackRock iShares Dynamic Allocation - Moderate Growth Service Class
BNY Mellon Stock Index Initial Shares	TA JPMorgan Core Bond Service Class
BNY Mellon Stock Index Service Shares	TA Managed Risk - Balanced ETF Service Class
BNY Mellon Sustainable U.S. Equity Initial Shares	TA Managed Risk - Conservative ETF Service Class
BNY Mellon Technology Growth Initial Shares	TA Managed Risk - Growth ETF Service Class
BNY Mellon Technology Growth Service Shares	TA Market Participation Strategy Service Class
BNY Mellon VIF Appreciation Initial Shares	TA PIMCO Tactical - Balanced Service Class
BNY Mellon VIF Government Money Market	TA PIMCO Tactical - Conservative Service Class
BNY Mellon VIF Growth and Income Initial Shares	TA PIMCO Tactical - Growth Service Class
BNY Mellon VIF Opportunistic Small Cap Initial Shares	TA WMC US Growth Initial Class
TA Aegon Sustainable Equity Income Initial Class	TA WMC US Growth Service Class
TA BlackRock iShares Active Asset Allocation - Conservative Service Class

Basis for Opinions

These financial statements are the responsibility of the Transamerica Life Insurance Company’s management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of Separate Account VA-2L 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-2L in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2021 by correspondence with the custodian, the transfer agent, or the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

April 20, 2022

We have served as the auditor of one or more of the subaccounts of Separate Account VA-2L since 2014.

Transamerica Life Insurance Company

Separate Account VA-2L

Statements of Assets and Liabilities

December 31, 2021

Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from  General Account			Net Assets		Units Outstanding		Range of Unit Values
BNY Mellon Growth and Income Service Shares		102,808.253	$	2,922,583	$	4,285,048	$	(15	)	$	4,285,033		161,044	$	3.371801	$	113.212720
BNY Mellon MidCap Stock Initial Shares		471,036.375		8,992,641		11,667,571		(10	)		11,667,561		380,809		2.168043		42.945136
BNY Mellon MidCap Stock Service Shares		181,749.114		3,467,051		4,478,298		35			4,478,333		329,063		3.548324		41.214075
BNY Mellon Opportunistic Small Cap Service Shares		36,884.079		1,596,418		2,020,141		1			2,020,142		157,232		2.465457		213.480624
BNY Mellon Stock Index Initial Shares		768,387.710		33,680,420		59,788,248		(16	)		59,788,232		522,943		2.985297		182.242002
BNY Mellon Stock Index Service Shares		111,415.197		5,233,024		8,690,385		(43	)		8,690,342		468,770		4.352619		172.800572
BNY Mellon Sustainable U.S. Equity Initial Shares		252,671.865		9,284,750		14,675,182		(15	)		14,675,167		137,568		3.418937		113.252314
BNY Mellon Technology Growth Initial Shares		663,462.619		15,036,815		23,612,635		75			23,612,710		663,636		5.179596		43.613625
BNY Mellon Technology Growth Service Shares		81,546.076		1,713,575		2,643,724		17			2,643,741		148,626		4.605853		41.328620
BNY Mellon VIF Appreciation Initial Shares		1,095,713.333		42,771,595		58,861,720		(4	)		58,861,716		660,136		2.911787		150.803529
BNY Mellon VIF Government Money Market		37,062,241.920		37,062,242		37,062,242		(197	)		37,062,045		30,172,835		0.762299		1.259557
BNY Mellon VIF Growth and Income Initial Shares		926,231.390		25,971,502		38,512,701		7			38,512,708		507,316		2.917473		120.209280
BNY Mellon VIF Opportunistic Small Cap Initial Shares		412,843.692		17,549,060		23,849,980		(5	)		23,849,975		178,008		1.896616		225.270641
TA Aegon Sustainable Equity Income Initial Class		256,982.701		5,426,448		5,424,905		(23	)		5,424,882		4,313,764		1.201892		1.267017
TA BlackRock iShares Active Asset Allocation - Conservative Service Class		56,280.376		629,262		646,099		1			646,100		475,014		1.225324		12.783547
TA BlackRock iShares Active Asset Allocation - Moderate Service Class		69,265.472		775,668		855,429		3			855,432		613,726		1.256137		12.906588
TA BlackRock iShares Active Asset Allocation - Moderate Growth Service Class		25,982.109		274,930		299,834		(4	)		299,830		218,102		1.239181		12.425185
TA BlackRock iShares Dynamic Allocation - Balanced Service Class		57,812.811		702,376		713,410		4			713,414		515,649		1.246573		12.632235
TA BlackRock iShares Dynamic Allocation - Moderate Growth Service Class		20,461.827		267,072		277,872		(2	)		277,870		184,952		1.353556		13.204128
TA JPMorgan Core Bond Service Class		362,606.411		5,020,470		4,938,699		39			4,938,738		4,564,144		1.032809		1.089822
TA Managed Risk - Balanced ETF Service Class		120,988.517		1,514,895		1,612,777		(26	)		1,612,751		1,055,261		1.376852		13.391630
TA Managed Risk - Conservative ETF Service Class		89,893.504		1,125,112		1,147,041		3			1,147,044		842,928		1.225943		12.183573
TA Managed Risk - Growth ETF Service Class		66,592.837		691,092		771,811		(2	)		771,809		438,506		1.588826		14.604135
TA Market Participation Strategy Service Class		6,159.138		74,427		86,905		(1	)		86,904		45,417		1.731062		16.392252
TA PIMCO Tactical - Balanced Service Class		32,291.293		391,210		390,079		4			390,083		248,703		1.418990		13.588155
TA PIMCO Tactical - Conservative Service Class		65,787.784		797,376		768,401		5			768,406		513,043		1.354946		13.256025
TA PIMCO Tactical - Growth Service Class		31,739.189		370,163		380,235		1			380,236		226,387		1.523339		14.384472
TA WMC US Growth Initial Class		237,175.595		7,678,956		10,782,003		(19	)		10,781,984		208,982		4.334647		63.946826
TA WMC US Growth Service Class		338,063.913		10,634,186		14,786,916		(28	)		14,786,888		6,254,403		2.257433		2.381991

See Accompanying Notes.
	2

Transamerica Life Insurance Company

Separate Account VA-2L

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	BNY Mellon Growth and Income Service Shares			BNY Mellon MidCap Stock Initial Shares			BNY Mellon MidCap Stock Service Shares			BNY Mellon Opportunistic Small Cap Service Shares			BNY Mellon Stock Index Initial Shares
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2019:	$	3,919,173		$	11,848,630		$	4,597,549		$	2,218,319		$	47,051,489
Investment Income:
Reinvested Dividends		18,909			83,790			21,531			8,125			705,404
Investment Expense:
Mortality and Expense Risk and Administrative Charges		50,996			142,018			51,533			24,345			625,159
Net Investment Income (Loss)		(32,087	)		(58,228	)		(30,002	)		(16,220	)		80,245
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		273,499			-			-			-			2,752,648
Realized Gain (Loss) on Investments		(40,276	)		283,543			87,949			22,640			2,904,673
Net Realized Capital Gains (Losses) on Investments		233,223			283,543			87,949			22,640			5,657,321
Net Change in Unrealized Appreciation (Depreciation)		566,304			441,251			56,722			231,754			1,339,856
Net Gain (Loss) on Investment		799,527			724,794			144,671			254,394			6,997,177
Net Increase (Decrease) in Net Assets Resulting from Operations		767,440			666,566			114,669			238,174			7,077,422
Increase (Decrease) in Net Assets from Contract Transactions		(553,764	)		(754,114	)		(680,659	)		(482,161	)		(3,072,897)
Total Increase (Decrease) in Net Assets		213,676			(87,548	)		(565,990	)		(243,987	)		4,004,525
Net Assets as of December 31, 2020:	$	4,132,849		$	11,761,082		$	4,031,559		$	1,974,332		$	51,056,014
Investment Income:
Reinvested Dividends		9,506			82,030			19,954			-			634,458
Investment Expense:
Mortality and Expense Risk and Administrative Charges		61,156			183,617			62,386			29,565			781,048
Net Investment Income (Loss)		(51,650	)		(101,587	)		(42,432	)		(29,565	)		(146,590	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		285,448			83,014			28,642			-			2,436,883
Realized Gain (Loss) on Investments		214,772			1,432,958			83,013			68,011			3,949,502
Net Realized Capital Gains (Losses) on Investments		500,220			1,515,972			111,655			68,011			6,386,385
Net Change in Unrealized Appreciation (Depreciation)		463,498			1,354,076			866,168			246,348			6,871,003
Net Gain (Loss) on Investment		963,718			2,870,048			977,823			314,359			13,257,388
Net Increase (Decrease) in Net Assets Resulting from Operations		912,068			2,768,461			935,391			284,794			13,110,798
Increase (Decrease) in Net Assets from Contract Transactions		(759,884	)		(2,861,982	)		(488,617	)		(238,984	)		(4,378,580)
Total Increase (Decrease) in Net Assets		152,184			(93,521	)		446,774			45,810			8,732,218
Net Assets as of December 31, 2021:	$	4,285,033		$	11,667,561		$	4,478,333		$	2,020,142		$	59,788,232

See Accompanying Notes.
(1) See Footnote 1	3

Transamerica Life Insurance Company

Separate Account VA-2L

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	BNY Mellon Stock Index Service Shares			BNY Mellon Sustainable U.S. Equity Initial Shares			BNY Mellon Technology Growth Initial Shares			BNY Mellon Technology Growth Service Shares			BNY Mellon VIF Appreciation Initial Shares
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2019:	$	7,677,926		$	11,302,259		$	16,652,769		$	1,734,492		$	50,427,506
Investment Income:
Reinvested Dividends		98,730			124,870			52,146			1,441			391,255
Investment Expense:
Mortality and Expense Risk and Administrative Charges		105,577			158,106			295,039			31,893			691,939
Net Investment Income (Loss)		(6,847	)		(33,236	)		(242,893	)		(30,452	)		(300,684)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		457,859			135,508			2,081,026			230,594			4,101,599
Realized Gain (Loss) on Investments		536,204			327,233			1,655,833			135,183			1,006,646
Net Realized Capital Gains (Losses) on Investments		994,063			462,741			3,736,859			365,777			5,108,245
Net Change in Unrealized Appreciation (Depreciation)		176,608			1,957,886			7,725,232			866,689			5,376,894
Net Gain (Loss) on Investment		1,170,671			2,420,627			11,462,091			1,232,466			10,485,139
Net Increase (Decrease) in Net Assets Resulting from Operations		1,163,824			2,387,391			11,219,198			1,202,014			10,184,455
Increase (Decrease) in Net Assets from Contract Transactions		(575,484	)		(792,721	)		(585,104	)		(78,108	)		(4,562,763)
Total Increase (Decrease) in Net Assets		588,340			1,594,670			10,634,094			1,123,906			5,621,692
Net Assets as of December 31, 2020:	$	8,266,266		$	12,896,929		$	27,286,863		$	2,858,398		$	56,049,198
Investment Income:
Reinvested Dividends		69,522			105,856			-			-			261,458
Investment Expense:
Mortality and Expense Risk and Administrative Charges		121,449			193,942			385,333			40,861			833,960
Net Investment Income (Loss)		(51,927	)		(88,086	)		(385,333	)		(40,861	)		(572,502)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		375,599			311,263			3,664,661			399,732			5,683,000
Realized Gain (Loss) on Investments		946,014			741,305			5,222,635			309,568			3,320,372
Net Realized Capital Gains (Losses) on Investments		1,321,613			1,052,568			8,887,296			709,300			9,003,372
Net Change in Unrealized Appreciation (Depreciation)		733,017			2,168,842			(5,369,198	)		(371,336	)		5,102,919
Net Gain (Loss) on Investment		2,054,630			3,221,410			3,518,098			337,964			14,106,291
Net Increase (Decrease) in Net Assets Resulting from Operations		2,002,703			3,133,324			3,132,765			297,103			13,533,789
Increase (Decrease) in Net Assets from Contract Transactions		(1,578,627	)		(1,355,086	)		(6,806,918	)		(511,760	)		(10,721,271)
Total Increase (Decrease) in Net Assets		424,076			1,778,238			(3,674,153	)		(214,657	)		2,812,518
Net Assets as of December 31, 2021:	$	8,690,342		$	14,675,167		$	23,612,710		$	2,643,741		$	58,861,716

See Accompanying Notes.
(1) See Footnote 1	4

Transamerica Life Insurance Company

Separate Account VA-2L

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	BNY Mellon VIF Government Money Market			BNY Mellon VIF Growth and Income Initial Shares			BNY Mellon VIF Opportunistic Small Cap Initial Shares			TA Aegon Sustainable Equity Income Initial Class
	Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2019:	$	23,758,016		$	30,755,744		$	22,243,333		$	7,535,940
Investment Income:
Reinvested Dividends		50,684			230,048			129,726			167,409
Investment Expense:
Mortality and Expense Risk and Administrative Charges		535,544			416,666			272,345			79,707
Net Investment Income (Loss)		(484,860	)		(186,618	)		(142,619	)		87,702
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			2,181,056			-			676,479
Realized Gain (Loss) on Investments		-			1,042,109			237,436			(362,122	)
Net Realized Capital Gains (Losses) on Investments		-			3,223,165			237,436			314,357
Net Change in Unrealized Appreciation (Depreciation)		-			3,560,774			3,479,737			(1,124,721	)
Net Gain (Loss) on Investment		-			6,783,939			3,717,173			(810,364	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(484,860	)		6,597,321			3,574,554			(722,662)
Increase (Decrease) in Net Assets from Contract Transactions		20,539,760			(2,495,840	)		(2,070,513	)		(968,318)
Total Increase (Decrease) in Net Assets		20,054,900			4,101,481			1,504,041			(1,690,980)
Net Assets as of December 31, 2020:	$	43,812,916		$	34,857,225		$	23,747,374		$	5,844,960
Investment Income:
Reinvested Dividends		4,106			178,500			28,109			113,842
Investment Expense:
Mortality and Expense Risk and Administrative Charges		575,594			531,298			354,929			80,583
Net Investment Income (Loss)		(571,488	)		(352,798	)		(326,820	)		33,259
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			2,481,015			-			-
Realized Gain (Loss) on Investments		-			2,740,170			1,648,196			(361,299	)
Net Realized Capital Gains (Losses) on Investments		-			5,221,185			1,648,196			(361,299	)
Net Change in Unrealized Appreciation (Depreciation)		-			3,184,038			2,140,883			1,410,591
Net Gain (Loss) on Investment		-			8,405,223			3,789,079			1,049,292
Net Increase (Decrease) in Net Assets Resulting from Operations		(571,488	)		8,052,425			3,462,259			1,082,551
Increase (Decrease) in Net Assets from Contract Transactions		(6,179,383	)		(4,396,942	)		(3,359,658	)		(1,502,629)
Total Increase (Decrease) in Net Assets		(6,750,871	)		3,655,483			102,601			(420,078)
Net Assets as of December 31, 2021:	$	37,062,045		$	38,512,708		$	23,849,975		$	5,424,882

See Accompanying Notes.
(1) See Footnote 1	5

Transamerica Life Insurance Company

Separate Account VA-2L

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	TA BlackRock iShares Active Asset Allocation - Conservative Service Class			TA BlackRock iShares Active Asset Allocation - Moderate Service Class			TA BlackRock iShares Active Asset Allocation - Moderate Growth Service Class			TA BlackRock iShares Dynamic Allocation - Balanced Service Class
	Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2019:	$	407,274		$	868,422		$	117,346		$	449,788
Investment Income:
Reinvested Dividends		10,502			19,409			6,949			10,725
Investment Expense:
Mortality and Expense Risk and Administrative Charges		6,508			13,490			4,087			7,878
Net Investment Income (Loss)		3,994			5,919			2,862			2,847
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		7,754			19,209			7,635			8,089
Realized Gain (Loss) on Investments		44			(1,382	)		(330	)		3,498
Net Realized Capital Gains (Losses) on Investments		7,798			17,827			7,305			11,587
Net Change in Unrealized Appreciation (Depreciation)		16,853			5,573			5,192			(9,338)
Net Gain (Loss) on Investment		24,651			23,400			12,497			2,249
Net Increase (Decrease) in Net Assets Resulting from Operations		28,645			29,319			15,359			5,096
Increase (Decrease) in Net Assets from Contract Transactions		203,348			177,665			263,286			193,619
Total Increase (Decrease) in Net Assets		231,993			206,984			278,645			198,715
Net Assets as of December 31, 2020:	$	639,267		$	1,075,406		$	395,991		$	648,503
Investment Income:
Reinvested Dividends		6,649			7,850			2,106			3,901
Investment Expense:
Mortality and Expense Risk and Administrative Charges		9,451			13,237			5,296			9,599
Net Investment Income (Loss)		(2,802	)		(5,387	)		(3,190	)		(5,698)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		9,745			-			-			65,360
Realized Gain (Loss) on Investments		38,070			6,517			6,483			1,663
Net Realized Capital Gains (Losses) on Investments		47,815			6,517			6,483			67,023
Net Change in Unrealized Appreciation (Depreciation)		(7,330	)		61,550			20,397			(10,033)
Net Gain (Loss) on Investment		40,485			68,067			26,880			56,990
Net Increase (Decrease) in Net Assets Resulting from Operations		37,683			62,680			23,690			51,292
Increase (Decrease) in Net Assets from Contract Transactions		(30,850	)		(282,654	)		(119,851	)		13,619
Total Increase (Decrease) in Net Assets		6,833			(219,974	)		(96,161	)		64,911
Net Assets as of December 31, 2021:	$	646,100		$	855,432		$	299,830		$	713,414

See Accompanying Notes.
(1) See Footnote 1	6

Transamerica Life Insurance Company

Separate Account VA-2L

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	TA BlackRock iShares Dynamic Allocation - Moderate Growth Service Class			TA JPMorgan Core Bond Service Class			TA Managed Risk - Balanced ETF Service Class			TA Managed Risk - Conservative ETF Service Class
	Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2019:	$	44,801		$	6,080,560		$	838,061		$	494,260
Investment Income:
Reinvested Dividends		4,478			195,809			20,183			26,011
Investment Expense:
Mortality and Expense Risk and Administrative Charges		2,750			83,840			12,694			13,852
Net Investment Income (Loss)		1,728			111,969			7,489			12,159
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		3,010			14,638			12,412			4,054
Realized Gain (Loss) on Investments		30			59,278			1,719			7,704
Net Realized Capital Gains (Losses) on Investments		3,040			73,916			14,131			11,758
Net Change in Unrealized Appreciation (Depreciation)		884			146,052			14,012			21,550
Net Gain (Loss) on Investment		3,924			219,968			28,143			33,308
Net Increase (Decrease) in Net Assets Resulting from Operations		5,652			331,937			35,632			45,467
Increase (Decrease) in Net Assets from Contract Transactions		231,047			(490,867	)		143,560			587,732
Total Increase (Decrease) in Net Assets		236,699			(158,930	)		179,192			633,199
Net Assets as of December 31, 2020:	$	281,500		$	5,921,630		$	1,017,253		$	1,127,459
Investment Income:
Reinvested Dividends		931			122,736			11,658			18,448
Investment Expense:
Mortality and Expense Risk and Administrative Charges		4,222			74,943			14,598			16,185
Net Investment Income (Loss)		(3,291	)		47,793			(2,940	)		2,263
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		28,974			181,125			47,101			16,025
Realized Gain (Loss) on Investments		2,885			38,000			16,752			2,874
Net Realized Capital Gains (Losses) on Investments		31,859			219,125			63,853			18,899
Net Change in Unrealized Appreciation (Depreciation)		8,140			(412,184	)		21,622			(5,513	)
Net Gain (Loss) on Investment		39,999			(193,059	)		85,475			13,386
Net Increase (Decrease) in Net Assets Resulting from Operations		36,708			(145,266	)		82,535			15,649
Increase (Decrease) in Net Assets from Contract Transactions		(40,338	)		(837,626	)		512,963			3,936
Total Increase (Decrease) in Net Assets		(3,630	)		(982,892	)		595,498			19,585
Net Assets as of December 31, 2021:	$	277,870		$	4,938,738		$	1,612,751		$	1,147,044

See Accompanying Notes.
(1) See Footnote 1	7

Transamerica Life Insurance Company

Separate Account VA-2L

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	TA Managed Risk -Growth ETF Service Class			TA Market Participation Strategy 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, 2019:	$	464,738		$	4,440		$	208,510		$	143,323		$	168,516
Investment Income:
Reinvested Dividends		13,277			736			10,298			11,561			10,491
Investment Expense:
Mortality and Expense Risk and Administrative Charges		8,085			732			4,425			7,826			3,430
Net Investment Income (Loss)		5,192			4			5,873			3,735			7,061
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		17,851			896			20,083			53,638			22,216
Realized Gain (Loss) on Investments		7,615			125			4,240			1,835			(197)
Net Realized Capital Gains (Losses) on Investments		25,466			1,021			24,323			55,473			22,019
Net Change in Unrealized Appreciation (Depreciation)		4,525			11,315			(3,735	)		8,364			(2,254)
Net Gain (Loss) on Investment		29,991			12,336			20,588			63,837			19,765
Net Increase (Decrease) in Net Assets Resulting from Operations		35,183			12,340			26,461			67,572			26,826
Increase (Decrease) in Net Assets from Contract Transactions		190,180			65,290			218,087			647,384			141,402
Total Increase (Decrease) in Net Assets		225,363			77,630			244,548			714,956			168,228
Net Assets as of December 31, 2020:	$	690,101		$	82,070		$	453,058		$	858,279		$	336,744
Investment Income:
Reinvested Dividends		6,615			409			-			8,062			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		10,402			1,164			5,887			11,490			5,212
Net Investment Income (Loss)		(3,787	)		(755	)		(5,887	)		(3,428	)		(5,212)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		35,386			8,477			30,094			62,747			28,564
Realized Gain (Loss) on Investments		1,154			1,247			5,295			15,127			(308)
Net Realized Capital Gains (Losses) on Investments		36,540			9,724			35,389			77,874			28,256
Net Change in Unrealized Appreciation (Depreciation)		52,840			1,191			(8,394	)		(50,881	)		4,572
Net Gain (Loss) on Investment		89,380			10,915			26,995			26,993			32,828
Net Increase (Decrease) in Net Assets Resulting from Operations		85,593			10,160			21,108			23,565			27,616
Increase (Decrease) in Net Assets from Contract Transactions		(3,885	)		(5,326	)		(84,083	)		(113,438	)		15,876
Total Increase (Decrease) in Net Assets		81,708			4,834			(62,975	)		(89,873	)		43,492
Net Assets as of December 31, 2021:	$	771,809		$	86,904		$	390,083		$	768,406		$	380,236

See Accompanying Notes.
(1) See Footnote 1	8

Transamerica Life Insurance Company

Separate Account VA-2L

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	TA WMC US Growth Initial Class			TA WMC US Growth Service Class
	Subaccount			Subaccount
Net Assets as of December 31, 2019:	$	12,903,903		$	13,173,823
Investment Income:
Reinvested Dividends		12,712			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		169,666			185,896
Net Investment Income (Loss)		(156,954	)		(185,896	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		925,464			1,068,877
Realized Gain (Loss) on Investments		791,777			821,080
Net Realized Capital Gains (Losses) on Investments		1,717,241			1,889,957
Net Change in Unrealized Appreciation (Depreciation)		2,162,169			2,492,524
Net Gain (Loss) on Investment		3,879,410			4,382,481
Net Increase (Decrease) in Net Assets Resulting from Operations		3,722,456			4,196,585
Increase (Decrease) in Net Assets from Contract Transactions		(2,479,742	)		(2,000,407	)
Total Increase (Decrease) in Net Assets		1,242,714			2,196,178
Net Assets as of December 31, 2020:	$	14,146,617		$	15,370,001
Investment Income:
Reinvested Dividends		11,742			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		201,094			211,527
Net Investment Income (Loss)		(189,352	)		(211,527	)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		2,170,268			2,196,934
Realized Gain (Loss) on Investments		3,090,560			1,432,261
Net Realized Capital Gains (Losses) on Investments		5,260,828			3,629,195
Net Change in Unrealized Appreciation (Depreciation)		(2,449,521	)		(849,044	)
Net Gain (Loss) on Investment		2,811,307			2,780,151
Net Increase (Decrease) in Net Assets Resulting from Operations		2,621,955			2,568,624
Increase (Decrease) in Net Assets from Contract Transactions		(5,986,588	)		(3,151,737	)
Total Increase (Decrease) in Net Assets		(3,364,633	)		(583,113	)
Net Assets as of December 31, 2021:	$	10,781,984		$	14,786,888

See Accompanying Notes.
(1) See Footnote 1	9

Transamerica Life Insurance Company

Separate Account VA-2L

Notes to Financial Statements

December 31, 2021

1. Organization

Separate Account VA-2L (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 Dreyfus/Transamerica Triple Advantage^® Variable Annuity.

Subaccount Investment by Mutual Fund:

Subaccount	Mutual Fund
BNY Mellon Funds:	BNY Mellon Funds:
BNY Mellon Growth and Income Service Shares	BNY Mellon Growth and Income Portfolio Service Shares
BNY Mellon MidCap Stock Initial Shares	BNY Mellon MidCap Stock Portfolio Initial Shares
BNY Mellon MidCap Stock Service Shares	BNY Mellon MidCap Stock Portfolio Service Shares
BNY Mellon Opportunistic Small Cap Service Shares	BNY Mellon Opportunistic Small Cap Portfolio Service Shares
BNY Mellon Stock Index Initial Shares	BNY Mellon Stock Index Portfolio Initial Shares
BNY Mellon Stock Index Service Shares	BNY Mellon Stock Index Portfolio Service Shares
BNY Mellon Sustainable U.S. Equity Initial Shares	BNY Mellon Sustainable U.S. Equity Portfolio Initial Shares
BNY Mellon Technology Growth Initial Shares	BNY Mellon Technology Growth Portfolio Initial Shares
BNY Mellon Technology Growth Service Shares	BNY Mellon Technology Growth Portfolio Service Shares
BNY Mellon VIF Appreciation Initial Shares	BNY Mellon VIF Appreciation Portfolio Initial Shares
BNY Mellon VIF Government Money Market	BNY Mellon VIF Government Money Market Portfolio
BNY Mellon VIF Growth and Income Initial Shares	BNY Mellon VIF Growth and Income Portfolio Initial Shares
BNY Mellon VIF Opportunistic Small Cap Initial Shares	BNY Mellon VIF Opportunistic Small Cap Portfolio Initial Shares
Transamerica Series Trust:	Transamerica Series Trust:
TA Aegon Sustainable Equity Income Initial Class	Transamerica Aegon Sustainable Equity Income VP Initial Class
TA BlackRock iShares Active Asset Allocation - Conservative Service Class	Transamerica BlackRock iShares Active Asset Allocation - Conservative VP Service Class
TA BlackRock iShares Active Asset Allocation - Moderate Service Class	Transamerica BlackRock iShares Active Asset Allocation - Moderate VP Service Class
TA BlackRock iShares Active Asset Allocation - Moderate Growth Service Class	Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP Service Class
TA BlackRock iShares Dynamic Allocation - Balanced Service Class	Transamerica BlackRock iShares Dynamic Allocation - Balanced VP Service Class
TA BlackRock iShares Dynamic Allocation - Moderate Growth Service Class	Transamerica BlackRock iShares Dynamic Allocation - Moderate Growth VP Service Class
TA JPMorgan Core Bond Service Class	Transamerica JPMorgan Core Bond 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

10

Transamerica Life Insurance Company

Separate Account VA-2L

Notes to Financial Statements

December 31, 2021

1. Organization (continued)

Subaccount Investment by Mutual Fund (continued):    

Subaccount	Mutual Fund
Transamerica Series Trust:	Transamerica Series Trust:
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 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 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

Each period reported on reflects a full twelve month period except as follows:

Subaccount	Inception Date
TA Barrow Hanley Dividend Focused Initial Class	August 18, 2017
TA JPMorgan Core Bond Service Class	August 18, 2017
TA WMC US Growth Service Class	August 18, 2017

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

Subaccount	Formerly
TA BlackRock iShares Active Asset Allocation - Conservative Service Class	TA QS Investors Active Asset Allocation - Conservative Service Class
TA BlackRock iShares Active Asset Allocation - Moderate Service Class	TA QS Investors Active Asset Allocation - Moderate Service Class
TA BlackRock iShares Active Asset Allocation - Moderate Growth Service Class	TA QS Investors Active Asset Allocation - Moderate Growth Service Class
TA BlackRock iShares Dynamic Allocation - Balanced Service Class	TA Legg Mason Dynamic Allocation - Balanced Service Class
TA BlackRock iShares Dynamic Allocation - Moderate Growth Service Class	TA Legg Mason Dynamic Allocation - Growth Service Class

11

Transamerica Life Insurance Company

Separate Account VA-2L

Notes to Financial Statements

December 31, 2021

2. Summary of Significant Accounting Policies

The financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for variable 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, 2021.

Realized capital gains and losses from sales of shares in the Separate Account are determined on the first-in, first-out basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend income is recorded on the ex-dividend date. Unrealized gains or losses from investments in the Mutual Funds are included in the Statements of Operations and Changes in Net Assets.

Dividend Income

Dividends received from the Mutual Fund investments are reinvested to purchase additional mutual fund shares.

Fair Value Measurements and Fair Value Hierarchy

The Accounting Standards Codification^™ (ASC) 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the nature of inputs used to measure fair value and enhances disclosure requirements for fair value measurements.

The Separate Account has categorized its financial instruments into a three level hierarchy which is based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

Financial assets and liabilities recorded at fair value on the Statements of Assets and Liabilities are categorized as follows:

Level 1. Unadjusted quoted prices for identical assets or liabilities in an active market.

Level 2. Quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

a) Quoted prices for similar assets or liabilities in active markets

b) Quoted prices for identical or similar assets or liabilities in non-active markets

c) Inputs other than quoted market prices that are observable

d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means.

Level 3. Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. They reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.

All investments in the Mutual Funds included in the Statements of Assets and Liabilities are stated at fair value and are based upon published closing NAV per share and therefore are considered Level 1.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2021.

12

Transamerica Life Insurance Company

Separate Account VA-2L

Notes to Financial Statements

December 31, 2021

3. Investments

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

Subaccount	Purchases		Sales
BNY Mellon Growth and Income Service Shares	$	339,021	$	865,106
BNY Mellon MidCap Stock Initial Shares		491,195		3,371,751
BNY Mellon MidCap Stock Service Shares		283,023		785,437
BNY Mellon Opportunistic Small Cap Service Shares		126,901		395,455
BNY Mellon Stock Index Initial Shares		4,890,393		6,978,677
BNY Mellon Stock Index Service Shares		478,005		1,732,949
BNY Mellon Sustainable U.S. Equity Initial Shares		525,686		1,657,590
BNY Mellon Technology Growth Initial Shares		3,854,495		7,382,096
BNY Mellon Technology Growth Service Shares		421,734		574,624
BNY Mellon VIF Appreciation Initial Shares		6,705,448		12,316,222
BNY Mellon VIF Government Money Market		3,293,664		10,044,351
BNY Mellon VIF Growth and Income Initial Shares		3,447,051		5,715,776
BNY Mellon VIF Opportunistic Small Cap Initial Shares		742,024		4,428,502
TA Aegon Sustainable Equity Income Initial Class		146,968		1,616,350
TA BlackRock iShares Active Asset Allocation - Conservative Service Class		520,595		544,504
TA BlackRock iShares Active Asset Allocation - Moderate Service Class		23,437		311,482
TA BlackRock iShares Active Asset Allocation - Moderate Growth Service Class		22,042		145,082
TA BlackRock iShares Dynamic Allocation - Balanced Service Class		107,641		34,360
TA BlackRock iShares Dynamic Allocation - Moderate Growth Service Class		116,868		131,524
TA JPMorgan Core Bond Service Class		512,283		1,120,989
TA Managed Risk - Balanced ETF Service Class		740,212		183,085
TA Managed Risk - Conservative ETF Service Class		124,541		102,315
TA Managed Risk - Growth ETF Service Class		43,732		16,017
TA Market Participation Strategy Service Class		8,886		6,489
TA PIMCO Tactical - Balanced Service Class		69,884		129,762
TA PIMCO Tactical - Conservative Service Class		107,791		161,908
TA PIMCO Tactical - Growth Service Class		51,147		11,920
TA WMC US Growth Initial Class		2,310,382		6,316,048
TA WMC US Growth Service Class		2,402,576		3,569,037

13

Transamerica Life Insurance Company

Separate Account VA-2L

Notes to Financial Statements

4. Change in Units

The change in units outstanding were as follows:

	Year Ended December 31, 2021								Year Ended December 31, 2020
			Units Redeemed								Units Redeemed
			and Transferred			Net Increase					and Transferred			Net Increase
Subaccount	Units Purchased		to/from			(Decrease)			Units Purchased		to/from			(Decrease)
BNY Mellon Growth and Income Service Shares		984		(50,252	)		(49,268	)		25,124		(73,783	)		(48,659	)
BNY Mellon MidCap Stock Initial Shares		9,935		(91,415	)		(81,480	)		20,988		(75,939	)		(54,951	)
BNY Mellon MidCap Stock Service Shares		58,559		(97,786	)		(39,227	)		21,492		(115,044	)		(93,552	)
BNY Mellon Opportunistic Small Cap Service Shares		46,141		(45,820	)		321			36,777		(132,822	)		(96,045	)
BNY Mellon Stock Index Initial Shares		46,410		(93,374	)		(46,964	)		66,243		(107,486	)		(41,243	)
BNY Mellon Stock Index Service Shares		1,057		(85,504	)		(84,447	)		78,035		(27,150	)		50,885
BNY Mellon Sustainable U.S. Equity Initial Shares		1,590		(15,408	)		(13,818	)		5,021		(16,220	)		(11,199	)
BNY Mellon Technology Growth Initial Shares		7,196		(175,840	)		(168,644	)		69,025		(107,626	)		(38,601	)
BNY Mellon Technology Growth Service Shares		1,323		(37,929	)		(36,606	)		23,498		(13,588	)		9,910
BNY Mellon VIF Appreciation Initial Shares		19,454		(130,457	)		(111,003	)		120,586		(108,114	)		12,472
BNY Mellon VIF Government Money Market		2,934,942		(7,884,070	)		(4,949,128	)		22,907,534		(6,682,949	)		16,224,585
BNY Mellon VIF Growth and Income Initial Shares		44,429		(83,409	)		(38,980	)		39,973		(100,135	)		(60,162	)
BNY Mellon VIF Opportunistic Small Cap Initial Shares		30,121		(55,408	)		(25,287	)		7,497		(35,212	)		(27,715	)
TA Aegon Sustainable Equity Income Initial Class		30,532		(1,326,333	)		(1,295,801	)		188,007		(1,184,898	)		(996,891	)
TA BlackRock iShares Active Asset Allocation - Conservative Service Class		386,072		(401,215	)		(15,143	)		167,688		(5,985	)		161,703
TA BlackRock iShares Active Asset Allocation - Moderate Service Class		12,029		(222,501	)		(210,472	)		154,851		(8,200	)		146,651
TA BlackRock iShares Active Asset Allocation - Moderate Growth Service Class		14,595		(102,342	)		(87,747	)		219,609		(1,201	)		218,408
TA BlackRock iShares Dynamic Allocation - Balanced Service Class		29,678		(18,723	)		10,955			222,755		(61,475	)		161,280
TA BlackRock iShares Dynamic Allocation - Moderate Growth Service Class		59,308		(85,761	)		(26,453	)		189,366		(10,432	)		178,934
TA JPMorgan Core Bond Service Class		200,249		(963,393	)		(763,144	)		414,534		(868,768	)		(454,234	)
TA Managed Risk - Balanced ETF Service Class		454,145		(116,756	)		337,389			166,368		(56,177	)		110,191
TA Managed Risk - Conservative ETF Service Class		67,400		(64,118	)		3,282			559,453		(100,646	)		458,807
TA Managed Risk - Growth ETF Service Class		1,097		(3,601	)		(2,504	)		207,071		(71,596	)		135,475
TA Market Participation Strategy Service Class		-		(2,993	)		(2,993	)		47,074		(1,772	)		45,302
TA PIMCO Tactical - Balanced Service Class		25,931		(80,296	)		(54,365	)		185,660		(32,324	)		153,336
TA PIMCO Tactical - Conservative Service Class		25,657		(101,542	)		(75,885	)		487,783		(5,436	)		482,347

14

Transamerica Life Insurance Company

Separate Account VA-2L

Notes to Financial Statements

4. Change in Units (continued)

	Year Ended December 31, 2021								Year Ended December 31, 2020
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)
TA PIMCO Tactical - Growth Service Class		14,489		(4,049	)		10,440			111,690		(12,781	)		98,909
TA WMC US Growth Initial Class		3,919		(108,478	)		(104,559	)		3,924		(75,344	)		(71,420	)
TA WMC US Growth Service Class		97,305		(1,558,196	)		(1,460,891	)		498,267		(1,712,228	)		(1,213,961	)

15

Transamerica Life Insurance Company

Separate Account VA-2L

Notes to Financial Statements

4. Change in Unit Dollars (continued)

	Year Ended December 31, 2021								Year Ended December 31, 2020
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)
BNY Mellon Growth and Income Service Shares	$	44,889	$	(804,773	)	$	(759,884	)	$	197,305	$	(751,069	)	$	(553,764	)
BNY Mellon MidCap Stock Initial Shares		334,585		(3,196,567	)		(2,861,982	)		497,412		(1,251,526	)		(754,114	)
BNY Mellon MidCap Stock Service Shares		231,170		(719,787	)		(488,617	)		146,941		(827,600	)		(680,659	)
BNY Mellon Opportunistic Small Cap Service Shares		128,308		(367,292	)		(238,984	)		181,445		(663,606	)		(482,161	)
BNY Mellon Stock Index Initial Shares		1,841,282		(6,219,862	)		(4,378,580	)		2,570,692		(5,643,589	)		(3,072,897	)
BNY Mellon Stock Index Service Shares		34,783		(1,613,410	)		(1,578,627	)		477,023		(1,052,507	)		(575,484	)
BNY Mellon Sustainable U.S. Equity Initial Shares		115,523		(1,470,609	)		(1,355,086	)		329,632		(1,122,353	)		(792,721	)
BNY Mellon Technology Growth Initial Shares		208,638		(7,015,556	)		(6,806,918	)		1,702,701		(2,287,805	)		(585,104	)
BNY Mellon Technology Growth Service Shares		23,064		(534,824	)		(511,760	)		165,404		(243,512	)		(78,108	)
BNY Mellon VIF Appreciation Initial Shares		772,954		(11,494,225	)		(10,721,271	)		793,191		(5,355,954	)		(4,562,763	)
BNY Mellon VIF Government Money Market		3,391,596		(9,570,979	)		(6,179,383	)		28,855,576		(8,315,816	)		20,539,760
BNY Mellon VIF Growth and Income Initial Shares		803,391		(5,200,333	)		(4,396,942	)		514,242		(3,010,082	)		(2,495,840	)
BNY Mellon VIF Opportunistic Small Cap Initial Shares		725,723		(4,085,381	)		(3,359,658	)		281,175		(2,351,688	)		(2,070,513	)
TA Aegon Sustainable Equity Income Initial Class		34,869		(1,537,498	)		(1,502,629	)		175,723		(1,144,041	)		(968,318	)
TA BlackRock iShares Active Asset Allocation - Conservative Service Class		504,511		(535,361	)		(30,850	)		210,746		(7,398	)		203,348
TA BlackRock iShares Active Asset Allocation - Moderate Service Class		15,766		(298,420	)		(282,654	)		187,806		(10,141	)		177,665
TA BlackRock iShares Active Asset Allocation - Moderate Growth Service Class		20,014		(139,865	)		(119,851	)		264,919		(1,633	)		263,286
TA BlackRock iShares Dynamic Allocation - Balanced Service Class		38,605		(24,986	)		13,619			271,539		(77,920	)		193,619
TA BlackRock iShares Dynamic Allocation - Moderate Growth Service Class		87,042		(127,380	)		(40,338	)		244,899		(13,852	)		231,047
TA JPMorgan Core Bond Service Class		217,925		(1,055,551	)		(837,626	)		452,818		(943,685	)		(490,867	)
TA Managed Risk - Balanced ETF Service Class		682,154		(169,191	)		512,963			215,700		(72,140	)		143,560
TA Managed Risk - Conservative ETF Service Class		90,331		(86,395	)		3,936			720,175		(132,443	)		587,732
TA Managed Risk - Growth ETF Service Class		1,761		(5,646	)		(3,885	)		292,177		(101,997	)		190,180
TA Market Participation Strategy Service Class		-		(5,326	)		(5,326	)		67,927		(2,637	)		65,290

16

Transamerica Life Insurance Company

Separate Account VA-2L

Notes to Financial Statements

4. Change in Unit Dollars (continued)

	Year Ended December 31, 2021								Year Ended December 31, 2020
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)
TA PIMCO Tactical - Balanced Service Class	$	39,856	$	(123,939	)	$	(84,083	)	$	264,323	$	(46,236	)	$	218,087
TA PIMCO Tactical - Conservative Service Class		37,170		(150,608	)		(113,438	)		655,021		(7,637	)		647,384
TA PIMCO Tactical - Growth Service Class		22,595		(6,719	)		15,876			159,412		(18,010	)		141,402
TA WMC US Growth Initial Class		128,934		(6,115,522	)		(5,986,588	)		144,338		(2,624,080	)		(2,479,742	)
TA WMC US Growth Service Class		210,179		(3,361,916	)		(3,151,737	)		778,233		(2,778,640	)		(2,000,407	)

17

Transamerica Life Insurance Company

Separate Account VA-2L

Notes to Financial Statements

December 31, 2021

5. Financial Highlights

The Separate Account offers various death benefit options, which have differing fees that are charged against the contract owner’s account balance. These charges are discussed in more detail in the individual’s policy. Differences in the fee structures for these units result in different unit values, expense ratios, and total returns.

	At December 31								For the Year Ended December 31
			Unit Fair Value									Expense						Total Return***
			Corresponding to						Investment			Ratio**						Corresponding to
			Lowest to Highest				Net		Income			Lowest to						Lowest to Highest
Subaccount	Units		Expense Ratio				Assets		Ratio*			Highest						Expense Ratio
BNY Mellon Growth and Income Service Shares
12/31/2021		161,044		$3.37	to	$4.10		$      4,285,033		0.22	%		1.25	%	to	2.50	%		23.77	%	to	22.26	%
12/31/2020		210,312		2.72	to	3.35		4,132,849		0.52			1.25		to	2.50			22.80		to	21.30
12/31/2019		258,971		2.22	to	2.76		3,919,173		0.82			1.25		to	2.50			27.20		to	25.65
12/31/2018		307,777		1.74	to	2.20		3,595,380		0.53			1.25		to	2.50			(6.08	)	to	(7.23	)
12/31/2017		256,455		1.86	to	2.37		4,811,754		0.48			1.25		to	2.50			17.92		to	16.48
BNY Mellon MidCap Stock Initial Shares
12/31/2021		380,809		2.70	to	2.17		11,667,561		0.63			1.25		to	2.65			24.33		to	22.63
12/31/2020		462,289		2.17	to	1.77		11,761,082		0.83			1.25		to	2.65			6.77		to	5.31
12/31/2019		517,240		2.04	to	1.68		11,848,630		0.65			1.25		to	2.65			18.70		to	17.08
12/31/2018		624,483		1.71	to	1.43		10,856,312		0.58			1.25		to	2.65			(16.54	)	to	(17.56	)
12/31/2017		455,134		2.05	to	1.75		14,232,431		1.06			1.25		to	2.50			13.96		to	12.57
BNY Mellon MidCap Stock Service Shares
12/31/2021		329,063		3.62	to	3.55		4,478,333		0.45			1.25		to	2.50			24.01		to	22.50
12/31/2020		368,290		2.92	to	2.90		4,031,559		0.59			1.25		to	2.50			6.51		to	5.21
12/31/2019		461,842		2.74	to	2.75		4,597,549		0.40			1.25		to	2.50			18.37		to	16.93
12/31/2018		553,507		2.32	to	2.35		4,311,312		0.35			1.25		to	2.50			(16.73	)	to	(17.75	)
12/31/2017		587,764		2.78	to	2.86		5,992,870		0.89			1.25		to	2.50			13.62		to	12.24
BNY Mellon Opportunistic Small Cap Service Shares
12/31/2021		157,232		3.39	to	2.68		2,020,142		-			1.25		to	2.50			14.73		to	13.33
12/31/2020		156,911		2.95	to	2.36		1,974,332		0.47			1.25		to	2.50			18.10		to	16.66
12/31/2019		252,956		2.50	to	2.03		2,218,319		-			1.25		to	2.50			19.99		to	18.53
12/31/2018		255,287		2.08	to	1.71		1,934,001		-			1.25		to	2.50			(20.29	)	to	(21.27	)
12/31/2017		301,243		2.62	to	2.17		3,570,201		-			1.25		to	2.50			22.84		to	21.35
BNY Mellon Stock Index Initial Shares
12/31/2021		522,943		21.41	to	2.99		59,788,232		1.14			1.25		to	2.50			26.83		to	25.28
12/31/2020		569,907		16.88	to	2.38		51,056,014		1.58			1.25		to	2.50			16.55		to	15.13
12/31/2019		611,150		14.48	to	2.07		47,051,489		1.71			1.25		to	2.50			29.56		to	27.98
12/31/2018		728,502		11.18	to	1.62		40,937,111		1.64			1.25		to	2.50			(5.82	)	to	(6.97	)
12/31/2017		474,286		11.87	to	1.74		47,699,835		1.69			1.25		to	2.50			20.04		to	18.58
BNY Mellon Stock Index Service Shares
12/31/2021		468,770		4.59	to	4.35		8,690,342		0.81			1.25		to	2.50			26.53		to	24.99
12/31/2020		553,217		3.63	to	3.48		8,266,266		1.32			1.25		to	2.50			16.26		to	14.84
12/31/2019		502,332		3.12	to	3.03		7,677,926		1.45			1.25		to	2.50			29.23		to	27.65
12/31/2018		551,682		2.42	to	2.38		6,889,414		1.37			1.25		to	2.50			(6.04	)	to	(7.19	)
12/31/2017		689,374		2.57	to	2.56		8,938,837		1.44			1.25		to	2.50			19.72		to	18.27
BNY Mellon Sustainable U.S. Equity Initial Shares
12/31/2021		137,568		113.25	to	3.42		14,675,167		0.76			1.25		to	2.50			25.43		to	23.90
12/31/2020		151,386		90.29	to	2.76		12,896,929		1.10			1.25		to	2.50			22.61		to	21.12
12/31/2019		162,585		73.64	to	2.28		11,302,259		1.48			1.25		to	2.50			32.70		to	31.08
12/31/2018		178,302		55.49	to	1.74		9,309,811		1.79			1.25		to	2.50			(5.59	)	to	(6.75	)
12/31/2017		186,149		58.78	to	1.86		10,884,516		1.16			1.25		to	2.50			13.91		to	12.53
BNY Mellon Technology Growth Initial Shares
12/31/2021		663,636		5.18	to	5.28		23,612,710		-			1.25		to	2.50			11.53		to	10.17
12/31/2020		832,280		4.64	to	4.80		27,286,863		0.25			1.25		to	2.50			67.83		to	65.78
12/31/2019		870,881		2.77	to	2.89		16,652,769		-			1.25		to	2.50			24.26		to	22.75
12/31/2018		893,686		2.23	to	2.36		14,766,108		-			1.25		to	2.50			(2.21	)	to	(3.41	)
12/31/2017		849,313		2.28	to	2.44		16,309,749		-			1.25		to	2.50			40.89		to	39.17

18

Transamerica Life Insurance Company

Separate Account VA-2L

Notes to Financial Statements

December 31, 2021

5. Financial Highlights (continued)

	At December 31								For the Year Ended December 31
			Unit Fair Value									Expense						Total Return***
			Corresponding to						Investment			Ratio**						Corresponding to
			Lowest to Highest				Net		Income			Lowest to						Lowest to Highest
Subaccount	Units		Expense Ratio				Assets		Ratio*			Highest						Expense Ratio
BNY Mellon Technology Growth Service Shares
12/31/2021		148,626		$4.61	to	$7.03		$    2,643,741		-	%		1.25	%	to	2.50	%		11.25	%	to	9.90	%
12/31/2020		185,232		4.14	to	6.40		2,858,398		0.06			1.25		to	2.50			67.48		to	65.44
12/31/2019		175,322		2.47	to	3.87		1,734,492		-			1.25		to	2.50			23.96		to	22.45
12/31/2018		222,772		1.99	to	3.16		1,767,538		-			1.25		to	2.50			(2.49	)	to	(3.69	)
12/31/2017		247,651		2.05	to	3.28		2,154,484		-			1.25		to	2.50			40.61		to	38.90
BNY Mellon VIF Appreciation Initial Shares
12/31/2021		660,136		150.80	to	2.91		58,861,716		0.44			1.25		to	2.65			25.56		to	23.85
12/31/2020		771,139		120.10	to	2.35		56,049,198		0.79			1.25		to	2.65			22.16		to	20.50
12/31/2019		758,667		98.31	to	1.95		50,427,506		1.16			1.25		to	2.65			34.42		to	32.58
12/31/2018		892,620		73.14	to	1.47		40,948,437		1.25			1.25		to	2.65			(8.01	)	to	(9.14	)
12/31/2017		634,328		1.55	to	1.63		49,603,067		1.34			1.25		to	2.50			25.77		to	24.24
BNY Mellon VIF Government Money Market
12/31/2021		30,172,835		0.95	to	0.76		37,062,045		0.01			1.25		to	2.65			(1.22	)	to	(2.57	)
12/31/2020		35,121,963		0.97	to	0.78		43,812,916		0.13			1.25		to	2.65			(1.02	)	to	(2.23	)
12/31/2019		18,897,378		0.98	to	0.80		23,758,016		1.66			1.25		to	2.50			0.41		to	(0.82	)
12/31/2018		21,785,784		0.97	to	0.81		27,381,138		1.27			1.25		to	2.50			0.03		to	(1.20	)
12/31/2017		22,676,534		0.90	to	0.82		28,787,741		0.33			1.25		to	2.50			(0.90	)	to	(2.10	)
BNY Mellon VIF Growth and Income Initial Shares
12/31/2021		507,316		120.21	to	2.92		38,512,708		0.47			1.25		to	2.65			24.08		to	22.39
12/31/2020		546,296		96.88	to	2.38		34,857,225		0.77			1.25		to	2.65			23.09		to	21.42
12/31/2019		606,458		78.70	to	1.96		30,755,744		1.08			1.25		to	2.65			27.53		to	25.79
12/31/2018		720,692		61.72	to	1.56		26,092,021		0.79			1.25		to	2.65			(5.87	)	to	(7.02	)
12/31/2017		503,971		1.97	to	1.69		31,678,840		0.74			1.25		to	2.50			18.24		to	16.80
BNY Mellon VIF Opportunistic Small Cap Initial Shares
12/31/2021		178,008		3.13	to	1.90		23,849,975		0.11			1.25		to	2.50			15.02		to	13.62
12/31/2020		203,295		2.72	to	1.67		23,747,374		0.66			1.25		to	2.50			18.41		to	16.97
12/31/2019		231,010		2.30	to	1.43		22,243,333		-			1.25		to	2.50			20.28		to	18.81
12/31/2018		213,571		1.91	to	1.20		19,797,254		-			1.25		to	2.50			(20.08	)	to	(21.06	)
12/31/2017		178,690		2.39	to	1.52		27,620,006		-			1.25		to	2.50			23.15		to	21.65
TA Aegon Sustainable Equity Income Initial Class
12/31/2021		4,313,764		1.27	to	1.20		5,424,882		2.00			1.25		to	2.50			20.91		to	19.44
12/31/2020		5,609,565		1.05	to	1.01		5,844,960		2.98			1.25		to	2.50			(8.50	)	to	(9.61	)
12/31/2019		6,606,456		1.15	to	1.11		7,535,940		2.45			1.25		to	2.50			22.38		to	20.89
12/31/2018		7,685,489		0.94	to	0.92		7,175,185		2.15			1.25		to	2.50			(12.60	)	to	(13.67	)
12/31/2017(1)		9,403,814		1.07	to	1.07		10,063,818		-			1.25		to	2.50			-		to	-
TA BlackRock iShares Active Asset Allocation - Conservative Service Class
12/31/2021		475,014		12.78	to	1.23		646,100		0.98			1.25		to	2.50			4.44		to	3.16
12/31/2020		490,157		12.24	to	1.19		639,267		2.24			1.25		to	2.50			5.34		to	4.05
12/31/2019		328,454		11.62	to	1.14		407,274		2.00			1.25		to	2.50			9.86		to	8.52
12/31/2018		331,344		10.58	to	1.05		374,532		1.82			1.25		to	2.50			(4.09	)	to	(5.27	)
12/31/2017		243,867		11.03	to	1.11		287,851		1.51			1.25		to	2.50			10.32		to	8.98
TA BlackRock iShares Active Asset Allocation - Moderate Service Class
12/31/2021		613,726		12.91	to	1.26		855,432		0.83			1.25		to	2.50			6.99		to	5.69
12/31/2020		824,198		12.06	to	1.19		1,075,406		2.00			1.25		to	2.50			1.97		to	0.73
12/31/2019		677,547		11.83	to	1.18		868,422		1.84			1.25		to	2.50			9.76		to	8.42
12/31/2018		667,271		10.78	to	1.09		780,378		1.48			1.25		to	2.50			(5.36	)	to	(6.52	)
12/31/2017		730,608		11.39	to	1.16		904,174		1.53			1.25		to	2.50			14.02		to	12.64
TA BlackRock iShares Active Asset Allocation - Moderate Growth Service Class
12/31/2021		218,102		12.43	to	1.24		299,830		0.56			1.25		to	2.50			6.29		to	5.00
12/31/2020		305,849		11.69	to	1.18		395,991		2.36			1.25		to	2.50			(3.29	)	to	(4.47	)
12/31/2019		87,441		12.09	to	1.24		117,346		1.69			1.25		to	2.50			9.98		to	8.64
12/31/2018		87,125		10.99	to	1.14		106,469		0.98			1.25		to	2.50			(7.12	)	to	(8.26	)
12/31/2017		40,196		11.83	to	1.24		52,964		1.25			1.25		to	2.50			18.82		to	17.38

19

Transamerica Life Insurance Company

Separate Account VA-2L

Notes to Financial Statements

December 31, 2021

5. Financial Highlights (continued)

	At December 31								For the Year Ended December 31
			Unit Fair Value									Expense						Total Return***
			Corresponding to						Investment			Ratio**						Corresponding to
			Lowest to Highest				Net		Income			Lowest to						Lowest to Highest
Subaccount	Units		Expense Ratio				Assets		Ratio*			Highest						Expense Ratio
TA BlackRock iShares Dynamic Allocation - Balanced Service Class
12/31/2021		515,649		$12.63	to	$1.25		$ 713,414		0.57	%		1.25	%	to	2.50	%		7.82	%	to	6.51	%
12/31/2020		504,694		11.72	to	1.17		648,503		1.89			1.25		to	2.50			(1.78	)	to	(2.97	)
12/31/2019		343,414		11.93	to	1.21		449,788		1.45			1.25		to	2.50			14.63		to	13.23
12/31/2018		277,497		10.41	to	1.07		317,444		1.33			1.25		to	2.50			(4.51	)	to	(5.69	)
12/31/2017		328,340		10.90	to	1.13		393,964		0.99			1.25		to	2.50			9.11		to	7.78
TA BlackRock iShares Dynamic Allocation - Moderate Growth Service Class
12/31/2021		184,952		13.20	to	1.35		277,870		0.31			1.25		to	2.50			13.00		to	11.62
12/31/2020		211,405		11.69	to	1.21		281,500		2.25			1.25		to	2.50			(3.37	)	to	(4.55	)
12/31/2019		32,471		12.09	to	1.27		44,801		1.64			1.25		to	2.50			15.39		to	13.98
12/31/2018		50,738		10.48	to	1.11		60,768		1.40			1.25		to	2.50			(5.91	)	to	(7.07	)
12/31/2017		52,581		11.14	to	1.20		67,035		1.01			1.25		to	2.50			11.81		to	10.45
TA JPMorgan Core Bond Service Class
12/31/2021		4,564,144		1.09	to	1.03		4,938,738		2.30			1.25		to	2.50			(2.49	)	to	(3.67	)
12/31/2020		5,327,288		1.12	to	1.07		5,921,630		3.28			1.25		to	2.50			5.84		to	4.55
12/31/2019		5,781,522		1.06	to	1.03		6,080,560		2.27			1.25		to	2.50			6.92		to	5.61
12/31/2018		6,921,515		0.99	to	0.97		6,819,818		2.84			1.25		to	2.50			(1.33	)	to	(2.54	)
12/31/2017(1)		7,574,771		1.00	to	1.00		7,577,426		-			1.25		to	2.50			-		to	-
TA Managed Risk - Balanced ETF Service Class
12/31/2021		1,055,261		13.39	to	1.38		1,612,751		1.11			1.25		to	2.50			8.00		to	6.69
12/31/2020		717,872		12.40	to	1.29		1,017,253		2.21			1.25		to	2.50			2.90		to	1.65
12/31/2019		607,681		12.05	to	1.27		838,061		1.97			1.25		to	2.50			14.22		to	12.83
12/31/2018		578,419		10.55	to	1.13		699,436		1.74			1.25		to	2.50			(5.73	)	to	(6.89	)
12/31/2017		678,004		11.19	to	1.21		871,001		1.71			1.25		to	2.50			12.04		to	10.68
TA Managed Risk - Conservative ETF Service Class
12/31/2021		842,928		12.18	to	1.23		1,147,044		1.58			1.25		to	2.50			1.49		to	0.25
12/31/2020		839,646		12.00	to	1.22		1,127,459		2.60			1.25		to	2.50			3.62		to	2.35
12/31/2019		380,839		11.59	to	1.19		494,260		2.02			1.25		to	2.50			10.81		to	9.46
12/31/2018		405,986		10.46	to	1.09		476,216		2.18			1.25		to	2.50			(4.79	)	to	(5.96	)
12/31/2017		285,073		10.98	to	1.16		351,744		1.66			1.25		to	2.50			9.66		to	8.33
TA Managed Risk - Growth ETF Service Class
12/31/2021		438,506		14.60	to	1.59		771,809		0.90			1.25		to	2.50			12.64		to	11.26
12/31/2020		441,010		12.97	to	1.43		690,101		2.32			1.25		to	2.50			2.93		to	1.68
12/31/2019		305,535		12.60	to	1.40		464,738		1.79			1.25		to	2.50			17.94		to	16.50
12/31/2018		381,378		10.68	to	1.21		492,715		1.62			1.25		to	2.50			(8.31	)	to	(9.44	)
12/31/2017		453,352		11.65	to	1.33		641,489		1.69			1.25		to	2.50			17.01		to	15.59
TA Market Participation Strategy Service Class
12/31/2021		45,417		16.39	to	1.73		86,904		0.49			1.25		to	2.50			13.04		to	11.66
12/31/2020		48,410		14.50	to	1.55		82,070		1.38			1.25		to	2.50			18.84		to	17.40
12/31/2019		3,108		12.20	to	1.32		4,440		0.92			1.25		to	2.50			17.12		to	15.69
12/31/2018		3,112		10.42	to	1.14		3,801		0.35			1.25		to	2.50			(3.94	)	to	(5.11	)
12/31/2017		1,340		10.85	to	1.20		1,707		0.31			1.25		to	2.50			9.43		to	8.10
TA PIMCO Tactical - Balanced Service Class
12/31/2021		248,703		13.59	to	1.42		390,083		-			1.25		to	2.50			5.08		to	3.80
12/31/2020		303,068		12.93	to	1.37		453,058		3.22			1.25		to	2.50			7.52		to	6.20
12/31/2019		149,732		12.03	to	1.29		208,510		0.16			1.25		to	2.50			18.20		to	16.76
12/31/2018		166,582		10.18	to	1.10		196,551		3.14			1.25		to	2.50			(8.09	)	to	(9.22	)
12/31/2017		180,443		11.07	to	1.21		231,996		0.32			1.25		to	2.50			10.66		to	9.31
TA PIMCO Tactical - Conservative Service Class
12/31/2021		513,043		13.26	to	1.35		768,406		0.98			1.25		to	2.50			2.92		to	1.67
12/31/2020		588,928		12.88	to	1.33		858,279		2.04			1.25		to	2.50			8.54		to	7.21
12/31/2019		106,581		11.87	to	1.24		143,323		0.10			1.25		to	2.50			16.11		to	14.70
12/31/2018		77,396		10.22	to	1.08		89,766		3.26			1.25		to	2.50			(6.32	)	to	(7.47	)
12/31/2017		80,743		10.91	to	1.17		100,120		1.29			1.25		to	2.50			9.04		to	7.71

20

Transamerica Life Insurance Company

Separate Account VA-2L

Notes to Financial Statements

December 31, 2021

5. Financial Highlights (continued)

	At December 31								For the Year Ended December 31
			Unit Fair Value									Expense						Total Return***
			Corresponding to						Investment			Ratio**						Corresponding to
			Lowest to Highest				Net		Income			Lowest to						Lowest to Highest
Subaccount	Units		Expense Ratio				Assets		Ratio*			Highest						Expense Ratio
TA PIMCO Tactical - Growth Service Class
12/31/2021		226,387		$14.38	to	$1.52		$    380,236		-	%		1.25	%	to	2.50	%		7.86	%	to	6.55	%
12/31/2020		215,947		13.34	to	1.43		336,744		4.37			1.25		to	2.50			7.74		to	6.43
12/31/2019		117,038		12.38	to	1.34		168,516		-			1.25		to	2.50			20.05		to	18.59
12/31/2018		335,791		10.31	to	1.13		407,068		3.10			1.25		to	2.50			(8.83	)	to	(9.95	)
12/31/2017		340,255		11.31	to	1.26		453,091		0.65			1.25		to	2.50			13.41		to	12.03
TA WMC US Growth Initial Class
12/31/2021		208,982		4.33	to	5.73		10,781,984		0.08			1.25		to	2.50			19.18		to	17.72
12/31/2020		313,541		3.64	to	4.87		14,146,617		0.10			1.25		to	2.50			35.60		to	33.95
12/31/2019		384,961		2.68	to	3.64		12,903,903		0.13			1.25		to	2.50			38.32		to	36.63
12/31/2018		434,332		1.94	to	2.66		10,293,609		0.47			1.25		to	2.50			(1.03	)	to	(2.25	)
12/31/2017		452,884		1.96	to	2.72		11,379,157		0.42			1.25		to	2.50			27.61		to	26.06
TA WMC US Growth Service Class
12/31/2021		6,254,403		2.38	to	2.26		14,786,888		-			1.25		to	2.50			18.89		to	17.44
12/31/2020		7,715,294		2.00	to	1.92		15,370,001		-			1.25		to	2.50			35.25		to	33.60
12/31/2019		8,929,255		1.48	to	1.44		13,173,823		-			1.25		to	2.50			37.96		to	36.27
12/31/2018		11,161,432		1.07	to	1.06		11,957,314		0.27			1.25		to	2.50			(1.27	)	to	(2.49	)
12/31/2017(1)		13,288,079		1.09	to	1.08		14,445,533		-			1.25		to	2.50			-		to	-

⁽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.

21

Transamerica Life Insurance Company

Separate Account VA-2L

Notes to Financial Statements

December 31, 2021

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 accumulation phase, not to exceed $35, proportionately from the subaccounts’ unit values. An annual charge ranging from 1.10% to 2.50% 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.

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.

22

Transamerica Life Insurance Company

Separate Account VA-2L

Notes to Financial Statements

December 31, 2021

8. Subsequent Events

The Separate Account has evaluated the financial statements for subsequent events through the date which the financial statements were issued. During this period, there were no subsequent events requiring recognition in the financial statements.

9. Related Parties

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

The subaccounts invest in the mutual funds listed in Footnote 1. These investments include funds managed by Transamerica Asset Management, Inc. (TAM). Transamerica Fund Services, Inc. (TFS) serves as a transfer agent to TAM, and Aegon USA Asset Management Holding, LLC (AAM) serves as a sub-advisor for certain funds managed by TAM. TAM, TFS and AAM are affiliated entities of TLIC and indirect wholly owned subsidiaries of Aegon N.V. Funds managed by TAM are identified by their fund name, which includes reference to Aegon, Transamerica or both. The Separate Account pays management fees to the related funds as detailed in the fund prospectus.

No charges other than those disclosed in Footnote 6 are deducted for the service rendered by related parties.

Contract owners may transfer funds between available subaccount options within the Separate Account. These transfers are performed at unit value at the time of the transfer.

23