FINANCIAL STATEMENTS

Transamerica Life Insurance Company

Separate Account VA-5

Years Ended December 31, 2020 and 2019

Transamerica Life Insurance Company

Separate Account VA-5

Financial Statements

Years Ended December 31, 2020 and 2019

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	6

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-5

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Separate Account VA-5 indicated in the table below as of December 31, 2020, and the related statements of operations and changes in net assets for each of the two years in the period ended December 31, 2020, 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-5 as of December 31, 2020, 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, 2020, in conformity with accounting principles generally accepted in the United States of America.

American Century VP Balanced Class I Shares	Invesco V.I. High Yield Series I Shares
American Century VP Capital Appreciation Class I Shares	Janus Henderson - Research Institutional Shares
Columbia - Small Company Growth Class 1 Shares	Schwab Government Money Market
Federated Hermes Fund for U.S. Government Securities II	VY JPMorgan Emerging Markets Equity
Federated Hermes Managed Volatility II Primary Shares	WFVT Discovery Class 2 Shares
Invesco V.I. Core Equity Series I Shares

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-5 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-5 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, 2020 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 21, 2021

We have served as the auditor of one or more of the subaccounts of Separate Account VA-5 since 2014.

Transamerica Life Insurance Company

Separate Account VA-5

Statements of Assets and Liabilities

December 31, 2020

Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from General Account			Net Assets		Units Outstanding		Range of Unit Values
American Century VP Balanced Class I Shares		25,873.992	$	186,950	$	225,880	$	-		$	225,880		4,448	$	50.779040	$	50.779040
American Century VP Capital Appreciation Class I Shares		62,394.330		823,439		1,202,339		2			1,202,341		13,586		88.497631		88.497631
Columbia - Small Company Growth Class 1 Shares		28,398.016		486,930		851,089		-			851,089		8,454		100.674528		100.674528
Federated Hermes Fund for U.S. Government Securities II		23,854.485		261,401		266,216		-			266,216		10,661		24.971248		24.971248
Federated Hermes Managed Volatility II Primary Shares		40,857.475		429,040		453,109		(1	)		453,108		412,741		1.097803		1.097803
Invesco V.I. Core Equity Series I Shares		93,356.270		2,734,554		2,840,831		(2	)		2,840,829		1,115,421		2.546866		2.546866
Invesco V.I. High Yield Series I Shares		69,715.262		361,262		366,702		1			366,703		9,879		37.119678		37.119678
Janus Henderson - Research Institutional Shares		48,329.354		1,559,561		2,385,054		(1	)		2,385,053		25,108		94.990469		94.990469
Schwab Government Money Market		458,337.370		458,337		458,337		(3	)		458,334		322,473		1.421308		1.421308
VY JPMorgan Emerging Markets Equity		16,031.230		283,810		441,981		(6	)		441,975		135,096		3.271558		3.271558
WFVT Discovery Class 2 Shares		25,851.487		707,475		1,259,743		3			1,259,746		6,946		181.370401		181.370401

See accompanying notes. 2

Transamerica Life Insurance Company

Separate Account VA-5

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2019 and 2020

	American Century VP Balanced Class I Shares Subaccount			American Century VP Capital Appreciation Class I Shares Subaccount			Columbia - Small Company Growth Class 1 Shares Subaccount			Federated Hermes Fund for U.S. Government Securities II Subaccount			Federated Hermes Managed Volatility II Primary Shares Subaccount
Net Assets as of December 31, 2018:	$	238,051		$	653,775		$	393,676		$	189,059		$	407,643
Investment Income:
Reinvested Dividends		3,148			-			-			4,608			9,092
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,858			6,777			4,191			1,657			3,722
Net Investment Income (Loss)		1,290			(6,777	)		(4,191	)		2,951			5,370
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		4,636			130,505			102,216			-			-
Realized Gain (Loss) on Investments		8,986			7,172			(2,067	)		(466	)		(277)
Net Realized Capital Gains (Losses) on Investments		13,622			137,677			100,149			(466	)		(277)
Net Change in Unrealized Appreciation (Depreciation)		26,643			92,577			57,437			6,824			71,669
Net Gain (Loss) on Investment		40,265			230,254			157,586			6,358			71,392
Net Increase (Decrease) in Net Assets Resulting from Operations		41,555			223,477			153,395			9,309			76,762
Increase (Decrease) in Net Assets from Contract Transactions		(77,166	)		(26,552	)		(24,998	)		10,939			(17,886)
Total Increase (Decrease) in Net Assets		(35,611	)		196,925			128,397			20,248			58,876
Net Assets as of December 31, 2019:	$	202,440		$	850,700		$	522,073		$	209,307		$	466,519
Investment Income:
Reinvested Dividends		2,438			-			-			5,140			11,028
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,748			7,801			5,157			2,065			3,652
Net Investment Income (Loss)		690			(7,801	)		(5,157	)		3,075			7,376
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		7,020			97,940			10,939			-			-
Realized Gain (Loss) on Investments		236			1,746			4,509			(35	)		(155)
Net Realized Capital Gains (Losses) on Investments		7,256			99,686			15,448			(35	)		(155)
Net Change in Unrealized Appreciation (Depreciation)		15,493			259,255			342,937			6,173			(7,685)
Net Gain (Loss) on Investment		22,749			358,941			358,385			6,138			(7,840)
Net Increase (Decrease) in Net Assets Resulting from Operations		23,439			351,140			353,228			9,213			(464	)
Increase (Decrease) in Net Assets from Contract Transactions		1			501			(24,212	)		47,696			(12,947	)
Total Increase (Decrease) in Net Assets		23,440			351,641			329,016			56,909			(13,411	)
Net Assets as of December 31, 2020:	$	225,880		$	1,202,341		$	851,089		$	266,216		$	453,108

See Accompanying Notes.
(1) See Footnote 1	3

Transamerica Life Insurance Company

Separate Account VA-5

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2019 and 2020

	Invesco V.I. Core Equity Series I Shares Subaccount			Invesco V.I. High Yield Series I Shares Subaccount			Janus Henderson - Research Institutional Shares Subaccount			Schwab Government Money Market Subaccount			VY JPMorgan Emerging Markets Equity Subaccount
Net Assets as of December 31, 2018:	$	1,952,889		$	335,563		$	1,414,523		$	1,011,519		$	264,539
Investment Income:
Reinvested Dividends		21,661			20,914			7,616			17,977			423
Investment Expense:
Mortality and Expense Risk and Administrative Charges		19,301			3,018			14,036			8,048			2,638
Net Investment Income (Loss)		2,360			17,896			(6,420	)		9,929			(2,215)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		263,237			-			171,803			-			17,484
Realized Gain (Loss) on Investments		28,833			1,428			47,326			-			917
Net Realized Capital Gains (Losses) on Investments		292,070			1,428			219,129			-			18,401
Net Change in Unrealized Appreciation (Depreciation)		253,033			22,193			264,423			-			66,212
Net Gain (Loss) on Investment		545,103			23,621			483,552			-			84,613
Net Increase (Decrease) in Net Assets Resulting from Operations		547,463			41,517			477,132			9,929			82,398
Increase (Decrease) in Net Assets from Contract Transactions		17,358			(19,136	)		(78,738	)		(53,115	)		11,080
Total Increase (Decrease) in Net Assets		564,821			22,381			398,394			(43,186	)		93,478
Net Assets as of December 31, 2019:	$	2,517,710		$	357,944		$	1,812,917		$	968,333		$	358,017
Investment Income:
Reinvested Dividends		34,096			20,542			10,758			2,632			2,047
Investment Expense:
Mortality and Expense Risk and Administrative Charges		20,977			2,873			16,797			4,902			2,954
Net Investment Income (Loss)		13,119			17,669			(6,039	)		(2,270	)		(907)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		588,171			-			156,882			-			22,307
Realized Gain (Loss) on Investments		4,901			29			12,410			-			4,818
Net Realized Capital Gains (Losses) on Investments		593,072			29			169,292			-			27,125
Net Change in Unrealized Appreciation (Depreciation)		(281,640	)		(8,938	)		413,689			-			81,460
Net Gain (Loss) on Investment		311,432			(8,909	)		582,981			-			108,585
Net Increase (Decrease) in Net Assets Resulting from Operations		324,551			8,760			576,942			(2,270	)		107,678
Increase (Decrease) in Net Assets from Contract Transactions		(1,432	)		(1	)		(4,806	)		(507,729	)		(23,720)
Total Increase (Decrease) in Net Assets		323,119			8,759			572,136			(509,999	)		83,958
Net Assets as of December 31, 2020:	$	2,840,829		$	366,703		$	2,385,053		$	458,334		$	441,975

See Accompanying Notes.
(1) See Footnote 1	4

Transamerica Life Insurance Company

Separate Account VA-5

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2019 and 2020

	WFVT Discovery Class 2 Shares Subaccount
Net Assets as of December 31, 2018:	$	596,121
Investment Income:
Reinvested Dividends		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		6,282
Net Investment Income (Loss)		(6,282)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		78,055
Realized Gain (Loss) on Investments		11,337
Net Realized Capital Gains (Losses) on Investments		89,392
Net Change in Unrealized Appreciation (Depreciation)		137,573
Net Gain (Loss) on Investment		226,965
Net Increase (Decrease) in Net Assets Resulting from Operations		220,683
Increase (Decrease) in Net Assets from Contract Transactions		(34,758)
Total Increase (Decrease) in Net Assets		185,925
Net Assets as of December 31, 2019:	$	782,046
Investment Income:
Reinvested Dividends		-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		7,676
Net Investment Income (Loss)		(7,676)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		78,624
Realized Gain (Loss) on Investments		3,552
Net Realized Capital Gains (Losses) on Investments		82,176
Net Change in Unrealized Appreciation (Depreciation)		404,349
Net Gain (Loss) on Investment		486,525
Net Increase (Decrease) in Net Assets Resulting from Operations		478,849
Increase (Decrease) in Net Assets from Contract Transactions		(1,149)
Total Increase (Decrease) in Net Assets		477,700
Net Assets as of December 31, 2020:	$	1,259,746

See Accompanying Notes.
(1) See Footnote 1	5

Transamerica Life Insurance Company

Separate Account VA-5

Notes to Financial Statements

December 31, 2020

1. Organization

Separate Account VA-5 (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 Distinct Assets^SM Variable Annuity.

Subaccount Investment by Mutual Fund:

Subaccount	Mutual Fund
American Century Investments Variable Portfolios, Inc.:	American Century Investments Variable Portfolios, Inc.:
American Century VP Balanced Class I Shares	American Century VP Balanced Class I Shares
American Century VP Capital Appreciation Class I Shares	American Century VP Capital Appreciation Class I Shares
Columbia Funds Variable Insurance Trust:	Columbia Funds Variable Insurance Trust:
Columbia - Small Company Growth Class 1 Shares	Columbia - Small Company Growth Fund Class 1 Shares
Federated Insurance Series:	Federated Insurance Series:
Federated Hermes Fund for U.S. Government Securities II	Federated Hermes Fund for U.S. Government Securities II
Federated Hermes Managed Volatility II Primary Shares	Federated Hermes Managed Volatility II Primary Shares
AIM Variable Insurance Funds (Invesco Variable Insurance Funds):	AIM Variable Insurance Funds (Invesco Variable Insurance Funds):
Invesco V.I. Core Equity Series I Shares	Invesco V.I. Core Equity Fund Series I Shares
Invesco V.I. High Yield Series I Shares	Invesco V.I. High Yield Fund Series I Shares
Janus Aspen Series:	Janus Aspen Series:
Janus Henderson - Research Institutional Shares	Janus Henderson - Research Portfolio Institutional Shares
Schwab Annuity Portfolios:	Schwab Annuity Portfolios:
Schwab Government Money Market	Schwab Government Money Market Portfolio
Voya Investors Trust:	Voya Investors Trust:
VY JPMorgan Emerging Markets Equity	VY JPMorgan Emerging Markets Equity Portfolio
Wells Fargo Advantage Variable Trust Funds:	Wells Fargo Advantage Variable Trust Funds:
WFVT Discovery Class 2 Shares	WFVT Discovery Fund Class 2 Shares
Each period reported on reflects a full twelve month period except as follows:
Subaccount	Inception Date
Federated Hermes Managed Volatility II Primary Shares	August 17, 2018
The following subaccount name changes were made effective during the fiscal year ended December 31, 2020:
Subaccount	Formerly
Federated Hermes Fund for U.S. Government Securities II	Federated Fund for U.S. Government Securities II
Federated Hermes Managed Volatility II Primary Shares	Federated Managed Volatility II Primary Shares

6

Transamerica Life Insurance Company

Separate Account VA-5

Notes to Financial Statements

December 31, 2020

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, 2020.

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, 2020.

7

Transamerica Life Insurance Company

Separate Account VA-5

Notes to Financial Statements

December 31, 2020

3. Investments

The aggregate cost of purchases and proceeds from sales of investments for the period ended December 31, 2020 were as follows:

Subaccount	Purchases		Sales
American Century VP Balanced Class I Shares	$	9,458	$	1,748
American Century VP Capital Appreciation Class I Shares		98,420		7,782
Columbia - Small Company Growth Class 1 Shares		11,627		30,057
Federated Hermes Fund for U.S. Government Securities II		52,821		2,050
Federated Hermes Managed Volatility II Primary Shares		11,317		16,888
Invesco V.I. Core Equity Series I Shares		622,466		22,601
Invesco V.I. High Yield Series I Shares		20,542		2,874
Janus Henderson - Research Institutional Shares		167,836		21,799
Schwab Government Money Market		2,632		512,617
VY JPMorgan Emerging Markets Equity		32,061		34,379
WFVT Discovery Class 2 Shares		78,624		8,827

8

Transamerica Life Insurance Company

Separate Account VA-5

Notes to Financial Statements

4. Change in Units

The change in units outstanding were as follows:

	Year Ended December 31, 2020								Year Ended December 31, 2019
			Units Redeemed								Units Redeemed
			and Transferred			Net Increase					and Transferred			Net Increase
Subaccount	Units Purchased		to/from			(Decrease)			Units Purchased		to/from			(Decrease)
American Century VP Balanced Class I Shares		-		-			-			1,940		(3,708	)		(1,768	)
American Century VP Capital Appreciation Class I Shares		8		-			8			-		(449	)		(449	)
Columbia - Small Company Growth Class 1 Shares		11		(356	)		(345	)		-		(458	)		(458	)
Federated Hermes Fund for U.S. Government Securities II		1,916		1			1,917			695		(245	)		450
Federated Hermes Managed Volatility II Primary Shares		267		(12,825	)		(12,558	)		-		(17,733	)		(17,733	)
Invesco V.I. Core Equity Series I Shares		112		(674	)		(562	)		47,540		(38,494	)		9,046
Invesco V.I. High Yield Series I Shares		-		-			-			-		(545	)		(545	)
Janus Henderson - Research Institutional Shares		3		(56	)		(53	)		-		(1,220	)		(1,220	)
Schwab Government Money Market		-		(354,987	)		(354,987	)		87,077		(124,744	)		(37,667	)
VY JPMorgan Emerging Markets Equity		3,023		(13,051	)		(10,028	)		7,156		(2,509	)		4,647
WFVT Discovery Class 2 Shares		-		(8	)		(8	)		-		(353	)		(353	)

9

Transamerica Life Insurance Company

Separate Account VA-5

Notes to Financial Statements

4. Change in Unit Dollars (continued)

	Year Ended December 31, 2020								Year Ended December 31, 2019
			Units Redeemed								Units Redeemed
	Units Purchased in		and Transferred			Dollar Net Increase			Units Purchased in		and Transferred			Dollar Net Increase
Subaccount	Dollars		to/from in Dollars			(Decrease)			Dollars		to/from in Dollars			(Decrease)
American Century VP Balanced Class I Shares	$	-	$	1		$	1		$	78,991	$	(156,157	)	$	(77,166	)
American Century VP Capital Appreciation Class I Shares		500		1			501			-		(26,552	)		(26,552	)
Columbia - Small Company Growth Class 1 Shares		700		(24,912	)		(24,212	)		-		(24,998	)		(24,998	)
Federated Hermes Fund for U.S. Government Securities II		47,696		-			47,696			16,639		(5,700	)		10,939
Federated Hermes Managed Volatility II Primary Shares		300		(13,247	)		(12,947	)		-		(17,886	)		(17,886	)
Invesco V.I. Core Equity Series I Shares		260		(1,692	)		(1,432	)		96,627		(79,269	)		17,358
Invesco V.I. High Yield Series I Shares		-		(1	)		(1	)		-		(19,136	)		(19,136	)
Janus Henderson - Research Institutional Shares		240		(5,046	)		(4,806	)		-		(78,738	)		(78,738	)
Schwab Government Money Market		-		(507,729	)		(507,729	)		124,173		(177,288	)		(53,115	)
VY JPMorgan Emerging Markets Equity		7,715		(31,435	)		(23,720	)		16,656		(5,576	)		11,080
WFVT Discovery Class 2 Shares		-		(1,149	)		(1,149	)		-		(34,758	)		(34,758	)

10

Transamerica Life Insurance Company

Separate Account VA-5

Notes to Financial Statements

December 31, 2020

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
American Century VP Balanced Class I Shares
12/31/2020		4,448		$50.78	to	$50.78		$      225,880		1.18	%		0.85	%	to	0.85	%		11.58	%	to	11.58	%
12/31/2019		4,448		45.51	to	45.51		202,440		1.44			0.85		to	0.85			18.84		to	18.84
12/31/2018		6,216		38.29	to	38.29		238,051		1.42			0.85		to	0.85			(4.64	)	to	(4.64	)
12/31/2017		6,078		40.16	to	40.16		244,092		1.39			0.85		to	0.85			12.95		to	12.95
12/31/2016		10,622		35.55	to	35.55		377,654		1.57			0.85		to	0.85			6.09		to	6.09
American Century VP Capital Appreciation Class I Shares
12/31/2020		13,586		88.50	to	88.50		1,202,341		-			0.85		to	0.85			41.26		to	41.26
12/31/2019		13,578		62.65	to	62.65		850,700		-			0.85		to	0.85			34.42		to	34.42
12/31/2018		14,027		46.61	to	46.61		653,775		-			0.85		to	0.85			(6.00	)	to	(6.00	)
12/31/2017		16,333		49.58	to	49.58		809,848		-			0.85		to	0.85			20.77		to	20.77
12/31/2016		17,342		41.06	to	41.06		711,986		-			0.85		to	0.85			2.36		to	2.36
Columbia - Small Company Growth Class 1 Shares
12/31/2020		8,454		100.67	to	100.67		851,089		-			0.85		to	0.85			69.68		to	69.68
12/31/2019		8,799		59.33	to	59.33		522,073		-			0.85		to	0.85			39.51		to	39.51
12/31/2018		9,257		42.53	to	42.53		393,676		-			0.85		to	0.85			(2.58	)	to	(2.58	)
12/31/2017		9,209		43.66	to	43.66		402,014		-			0.85		to	0.85			28.16		to	28.16
12/31/2016		10,831		34.06	to	34.06		368,953		-			0.85		to	0.85			11.80		to	11.80
Federated Hermes Fund for U.S. Government Securities II
12/31/2020		10,661		24.97	to	24.97		266,216		2.10			0.85		to	0.85			4.33		to	4.33
12/31/2019		8,744		23.94	to	23.94		209,307		2.35			0.85		to	0.85			5.01		to	5.01
12/31/2018		8,294		22.79	to	22.79		189,059		2.63			0.85		to	0.85			(0.40	)	to	(0.40	)
12/31/2017		10,315		22.89	to	22.89		236,062		2.28			0.85		to	0.85			1.07		to	1.07
12/31/2016		10,420		22.64	to	22.64		235,944		3.41			0.85		to	0.85			0.75		to	0.75
Federated Hermes Managed Volatility II Primary Shares
12/31/2020		412,741		1.10	to	1.10		453,108		2.56			0.85		to	0.85			0.08		to	0.08
12/31/2019		425,299		1.10	to	1.10		466,519		2.07			0.85		to	0.85			19.21		to	19.21
12/31/2018(1)		443,032		0.92	to	0.92		407,643		-			0.85		to	0.85			-		to	-
Invesco V.I. Core Equity Series I Shares
12/31/2020		1,115,421		2.55	to	2.55		2,840,829		1.38			0.85		to	0.85			12.89		to	12.89
12/31/2019		1,115,983		2.26	to	2.26		2,517,710		0.95			0.85		to	0.85			27.88		to	27.88
12/31/2018		1,106,937		1.76	to	1.76		1,952,889		0.91			0.85		to	0.85			(10.16	)	to	(10.16	)
12/31/2017		1,116,210		1.96	to	1.96		2,192,033		1.05			0.85		to	0.85			12.22		to	12.22
12/31/2016		1,116,987		1.75	to	1.75		1,954,629		0.76			0.85		to	0.85			9.34		to	9.34
Invesco V.I. High Yield Series I Shares
12/31/2020		9,879		37.12	to	37.12		366,703		6.05			0.85		to	0.85			2.45		to	2.45
12/31/2019		9,879		36.23	to	36.23		357,944		5.86			0.85		to	0.85			12.55		to	12.55
12/31/2018		10,424		32.19	to	32.19		335,563		5.08			0.85		to	0.85			(4.17	)	to	(4.17	)
12/31/2017		10,554		33.59	to	33.59		354,557		4.25			0.85		to	0.85			5.41		to	5.41
12/31/2016		9,870		31.87	to	31.87		314,548		4.19			0.85		to	0.85			10.28		to	10.28

11

Transamerica Life Insurance Company

Separate Account VA-5

Notes to Financial Statements

December 31, 2020

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
Janus Henderson - Research Institutional Shares
12/31/2020		25,108		$94.99	to	$94.99		$    2,385,053		0.54	%		0.85	% to	0.85	%		31.83		% to	31.83	%
12/31/2019		25,161		72.05	to	72.05		1,812,917		0.46			0.85	to	0.85			34.38		to	34.38
12/31/2018		26,381		53.62	to	53.62		1,414,523		0.55			0.85	to	0.85			(3.40	)	to	(3.40	)
12/31/2017		26,817		55.51	to	55.51		1,488,584		0.39			0.85	to	0.85			26.81		to	26.81
12/31/2016		30,176		43.77	to	43.77		1,320,924		0.53			0.85	to	0.85			(0.34	)	to	(0.34	)
Schwab Government Money Market
12/31/2020		322,473		1.42	to	1.42		458,334		0.46			0.85	to	0.85			(0.56	)	to	(0.56	)
12/31/2019		677,460		1.43	to	1.43		968,333		1.89			0.85	to	0.85			1.05		to	1.05
12/31/2018		715,127		1.41	to	1.41		1,011,519		1.49			0.85	to	0.85			0.66		to	0.66
12/31/2017		831,427		1.41	to	1.41		1,168,273		0.44			0.85	to	0.85			(0.40	)	to	(0.40	)
12/31/2016		864,106		1.41	to	1.41		1,219,050		0.01			0.85	to	0.85			(0.83	)	to	(0.83	)
VY JPMorgan Emerging Markets Equity
12/31/2020		135,096		3.27	to	3.27		441,975		0.59			0.85	to	0.85			32.61		to	32.61
12/31/2019		145,124		2.47	to	2.47		358,017		0.14			0.85	to	0.85			31.00		to	31.00
12/31/2018		140,477		1.88	to	1.88		264,539		0.77			0.85	to	0.85			(17.29	)	to	(17.29	)
12/31/2017		179,216		2.28	to	2.28		408,053		0.67			0.85	to	0.85			42.15		to	42.15
12/31/2016		161,357		1.60	to	1.60		258,446		1.32			0.85	to	0.85			12.31		to	12.31
WFVT Discovery Class 2 Shares
12/31/2020		6,946		181.37	to	181.37		1,259,746		-			0.85	to	0.85			61.28		to	61.28
12/31/2019		6,954		112.46	to	112.46		782,046		-			0.85	to	0.85			37.85		to	37.85
12/31/2018		7,307		81.58	to	81.58		596,121		-			0.85	to	0.85			(7.85	)	to	(7.85	)
12/31/2017		8,082		88.53	to	88.53		715,524		-			0.85	to	0.85			28.04		to	28.04
12/31/2016		8,377		69.14	to	69.14		579,150		-			0.85	to	0.85			6.74		to	6.74

⁽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.

12

Transamerica Life Insurance Company

Separate Account VA-5

Notes to Financial Statements

December 31, 2020

6. Administrative and Mortality and Expense Risk Charges

TLIC deducts an annual charge during the accumulation phase, not to exceed $25, proportionately from the subaccounts’ unit values. An annual charge of 0.85% is deducted 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.

13

Transamerica Life Insurance Company

Separate Account VA-5

Notes to Financial Statements

December 31, 2020

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.

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.

14