# EDGAR Filing Document

**Accession Number:** 0000933275
**File Stem:** 0001164098-26-000771
**Filing Date:** 2026-4
**Character Count:** 425860
**Document Hash:** 169b2535affe2790cc7fc04ae63cebb7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001164098-26-000771.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001164098-26-000771

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**EFFECTIVENESS DATE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TFLIC SERIES LIFE ACCOUNT
- **CENTRAL INDEX KEY:** 0000933275

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08878
- **FILM NUMBER:** 26895830

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 9051
- **CITY:** CLEARWATER
- **STATE:** FL
- **ZIP:** 33758
- **BUSINESS PHONE:** 13193558366

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 9051
- **CITY:** CLEARWATER
- **STATE:** FL
- **ZIP:** 33758

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AUSA SERIES LIFE ACCOUNT
- **DATE OF NAME CHANGE:** 19941129

## Series and Classes Contracts Data

### TFLIC SERIES LIFE ACCOUNT (Series ID: S000006590)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000018006 | TFLIC Freedom Elite Builder     |  |
| C000018007 | TFLIC Freedom Elite Builder II  |  |
| C000018008 | TFLIC Freedom Wealth Protector  |  |
| C000018009 | TFLIC Financial Freedom Builder |  |
| C000137937 | Transamerica Journey NY         |  |

FINANCIAL STATEMENTS – STATUTORY BASIS <br> AND SUPPLEMENTARY INFORMATION

Transamerica Financial Life Insurance Company <br> Years Ended December 31, 2025, 2024 and 2023

Transamerica Financial Life Insurance Company

Financial Statements – Statutory Basis <br>and Supplementary Information

Years Ended December 31, 2025, 2024 and 2023

#### Contents

---

| | |
|:---|:---|
| [Report of Independent Auditors](#tocAnchor4) | 1 |
| [Balance Sheets – Statutory Basis](#tocAnchor6) | 6 |
| [Statements of Operations – Statutory Basis](#tocAnchor7) | 7 |
| [Statements of Changes in Capital and Surplus – Statutory Basis](#tocAnchor8) | 8 |
| [Statements of Cash Flow – Statutory Basis](#tocAnchor9) | 10 |
| [Notes to Financial Statements – Statutory Basis](#tocAnchor10) | 11 |
| [1. Organization and Nature of Business](#tocAnchor11) | 11 |
| [2. Basis of Presentation and Summary of Significant Accounting Policies](#tocAnchor12) | 11 |
| [3. Accounting Changes and Correction of Errors](#tocAnchor13) | 25 |
| [4. Fair Values of Financial Instruments](#tocAnchor14) | 27 |
| [5. Investments](#tocAnchor15) | 34 |
| [6. Policy and Contract Attributes](#tocAnchor16) | 56 |
| [7. Reinsurance](#tocAnchor17) | 72 |
| [8. Income Taxes](#tocAnchor18) | 73 |
| [9. Capital and Surplus](#tocAnchor19) | 80 |
| [10. Securities Lending](#tocAnchor20) | 81 |
| [11. Retirement and Compensation Plans](#tocAnchor21) | 82 |
| [12. Related Party Transactions](#tocAnchor22) | 83 |
| [13. Managing General Agents and Third-Party Administrators](#tocAnchor23) | 88 |
| [14. Commitments and Contingencies](#tocAnchor24) | 88 |
| [15. Sales, Transfer, and Servicing of Financial Assets and Extinguishments of Liabilities](#tocAnchor25) | 90 |
| [16. Subsequent Events](#tocAnchor26) | 91 |
| [Appendix A – Listing of Affiliated Companies](#tocAnchor27) | 92 |
| [Statutory-Basis Financial Statement Schedules](#tocAnchor28) | 94 |
| [Summary of Investments – Other Than](#tocAnchor29) | 96 |
| [Supplementary Insurance Information](#tocAnchor30) | 97 |
| [Reinsurance](#tocAnchor5) | 98 |

---

![](ey_logo.gif)

Report of Independent Auditors

The Board of Directors

Transamerica Financial Life Insurance Company

#### Opinion
We have audited the statutory-basis financial statements of Transamerica Financial Life Insurance Company (the Company), which comprise the balance sheets as of December 31, 2025 and 2024, and the related statements of operations, changes in capital and surplus and cash flows for the years then ended, and the related notes to the financial statements (collectively referred to as the "financial statements").

 

*Unmodified Opinion on Statutory Basis of Accounting*

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended, on the basis of accounting described in Note 2.

 

*Adverse Opinion on U.S. Generally Accepted Accounting Principles*

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company at December 31, 2025 and 2024, or the results of its operations or its cash flows for the years then ended.

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

[Back to **Table of Contents**](#toc_001)

![](ey_logo.gif)

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

 

As described in Note 2 to the financial statements, the Company prepared these financial statements using accounting practices prescribed or permitted by the New York Department of Financial Services, which is a basis of accounting other than accounting principles generally accepted in the United States of America. The effects on the financial statements of the variances between these statutory accounting practices described in Note 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

#### Report of Other Auditors on 2023 Financial Statements
The statutory-basis financial statements of the Company for the year ended December 31, 2023 were audited by another auditor who expressed an adverse opinion with respect to conformity with U.S. generally accepted accounting principles and an unmodified opinion with respect to conformity with accounting practices prescribed or permitted by the New York Department of Financial Services on those statements on April 11, 2024.

#### Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the New York Department of Financial Services. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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

![](ey_logo.gif)

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment and maintain professional skepticism throughout the audit.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Company's internal control. Accordingly, no such opinion is expressed.

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

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

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

/s/ Ernst & Young LLP

April 9, 2026

Philadelphia, PA

![](pwc_logo.gif)

### Report of Independent Auditors
To the Board of Directors of Transamerica Financial Life Insurance Company

***Opinions***

We have audited the accompanying statutory basis financial statements of Transamerica Financial Life Insurance Company (the "Company"), which comprise the statements of operations - statutory basis, of changes in capital and surplus - statutory basis, and of cash flow - statutory basis for the year ended December 31, 2023, including the related notes and supplementary insurance information for the year ended December 31, 2023, and reinsurance for the year ended December 31, 2023 listed in the accompanying index (collectively referred to as the "financial statements").

*Unmodified Opinion on Statutory Basis of Accounting*

In our opinion, the accompanying financial statements present fairly, in all material respects, the results of its operations and its cash flows for the year ended December 31, 2023, in accordance with the accounting practices prescribed or permitted by the New York Department of Financial Services described in Note 2.

*Adverse Opinion on U.S. Generally Accepted Accounting Principles*

In our opinion, because of the significance of the matter discussed in the "Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles" section of our report, the accompanying financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the results of its operations or its cash flows for the year ended December 31, 2023.****

***Basis for Opinions***

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

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

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

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

![](pwc_logo.gif)

***Responsibilities of Management for the Financial Statements***

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

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

***Auditors' Responsibilities for the Audit of the Financial Statements***

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

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

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

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

* Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

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

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

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

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

April 11, 2024

Transamerica Financial Life Insurance Company

Balance Sheets – Statutory Basis

*(Dollars in Millions)*

 

---

| | | |
|:---|:---|:---|
|  | **December 31** | **December 31** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;**Admitted assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents and short-term investments | $**210** | $243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | **4729** | 4586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stocks | **4** | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stocks | **3** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans on real estate | **1539** | 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy loans | **172** | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending reinvested collateral assets | **312** | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | **23** | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | **386** | 273 |
| &nbsp;&nbsp;Total cash and invested assets | **7378** | 7316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued investment income | **52** | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums deferred and uncollected | **6** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net deferred income tax asset | **21** | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | **32** | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets | **22603** | 20993 |
| &nbsp;&nbsp;Total admitted assets | $**30092** | $28433 |
| &nbsp;&nbsp;**Liabilities and capital and surplus** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aggregate reserves for policies and contracts | $**5899** | $5863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy and contract claim reserves | **33** | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability for deposit-type contracts | **31** | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers from separate accounts due or accrued | **(56)** | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset valuation reserve | **93** | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | **64** | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for collateral under securities loaned and other transactions | **325** | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remittances and items not allocated | **206** | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | **70** | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | **22603** | 20993 |
| &nbsp;&nbsp;Total liabilities | **29268** | 27602 |
| &nbsp;&nbsp;Total capital and surplus | **824** | 831 |
| &nbsp;&nbsp;Total liabilities and capital and surplus | $**30092** | $28433 |

---

*See accompanying notes.* 

Transamerica Financial Life Insurance Company

Statements of Operations – Statutory Basis

*(Dollars in Millions)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **2025** | **2024** | **2023** |
| **Revenues** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums and annuity considerations | $**4336** | $5047 | $3517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | **286** | 310 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee revenue and other income | **250** | 254 | 238 |
| &nbsp;&nbsp;Total revenue | **4872** | 5611 | 4085 |
| &nbsp;&nbsp;**Benefits and expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | **76** | 91 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annuity benefits | **140** | 131 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accident and health benefits | **77** | 72 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrender benefits | **5285** | 4867 | 3902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other benefits | **15** | 14 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in reserves | **36** | (284) | (360) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions | **97** | 98 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers to (from) separate accounts | **(1195)** | 209 | (365) |
| &nbsp;&nbsp;&nbsp;&nbsp;General insurance expenses and other | **164** | 175 | 153 |
| &nbsp;&nbsp;Total benefits and expenses | **4695** | 5373 | 3771 |
| &nbsp;&nbsp;Gain (loss) from operations before federal income taxes | **177** | 238 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal income tax (benefit) expense | **17** | 15 | 24 |
| &nbsp;&nbsp;Net gain (loss) from operations | **160** | 223 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized capital gains (losses), after tax and<br> amounts transferred to interest maintenance reserve | **(22)** | (87) | (100) |
| &nbsp;&nbsp;Net income (loss) | $**138** | $136 | $190 |

---

*See accompanying notes.* 

Transamerica Financial Life Insurance Company

Statements of Changes in Capital and Surplus – Statutory Basis

*(Dollars in Millions)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common<br> Stock** | **Paid-in<br> Surplus** | **Special<br> Surplus**<br> **Funds** | **Unassigned Surplus** | **Total <br> Capital and**<br> **Surplus** |
| Balance at January 1, 2023 | $2 | $684 | $7 | $154 | $847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  | 190 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized capital gains/losses, net of taxes |  |  |  | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net deferred income tax asset |  |  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in nonadmitted assets |  |  |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in asset valuation reserve |  |  |  | (8) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (1) |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends to stockholders |  |  |  | (170) | (170) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other changes - net |  | 1 | 5 | 25 | 31 |
| Balance at December 31, 2023 | $2 | $684 | $12 | $212 | $910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  | 136 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized capital gains/losses, net of taxes |  |  | 9 | (26) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in nonadmitted assets |  |  |  | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in asset valuation reserve |  |  |  | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends to stockholders |  |  |  | (200) | (200) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other changes - net |  | (1) | 2 | (4) | (3) |
| Balance at December 31, 2024 | $2 | $684 | $23 | $122 | $831 |

---

*Continued on next page.*

Transamerica Financial Life Insurance Company

Statements of Changes in Capital and Surplus – Statutory Basis

*(Dollars in Millions)*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common<br> Stock** | **Paid-in<br> Surplus** | **Special Surplus**<br> **Funds** | **Unassigned Surplus** | **Total Capital and**<br> **Surplus** |
| **Balance at December 31, 2024** | $**2** | $**684** | $**23** | $**122** | $**831** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | **—** | **—** | **—** | **138** | **138** |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized capital gains/losses, net of taxes | **—** | **—** | **2** | **(26)** | **(24)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net deferred income tax asset | **—** | **—** | **—** | **9** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in nonadmitted assets | **—** | **—** | **—** | **(12)** | **(12)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in asset valuation reserve | **—** | **—** | **—** | **13** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends to stockholders | **—** | **—** | **—** | **(130)** | **(130)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other changes - net | **—** | **(1)** | **1** | **(1)** | **(1)** |
| **Balance at December 31, 2025** | $**2** | $**683** | $**26** | $**113** | $**824** |

---

 

*See accompanying notes.*

Transamerica Financial Life Insurance Company

 

Statements of Cash Flow – Statutory Basis

*(Dollars in Millions)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **2025** | **2024** | **2023** |
| **Operating activities** |  |  |  |
| Premiums and annuity considerations | $**4337** | $5048 | $3518 |
| Net investment income | **293** | 328 | 333 |
| Other income | **251** | 253 | 238 |
| Benefit and loss related payments | **(5595)** | (5180) | (4262) |
| Net transfers from separate accounts | **1204** | (209) | 395 |
| Commissions and operating expenses | **(263)** | (275) | (240) |
| Federal income taxes (paid) received | **(1)** | (36) | (23) |
| Net cash provided by (used in) operating activities | $**226** | $(71) | $(41) |
| **Investing activities** |  |  |  |
| Proceeds from investments sold, matured or repaid | $**4537** | $717 | $680 |
| Costs of investments acquired | **(4656)** | (330) | (408) |
| Net change in policy loans | **(12)** | (10) | (7) |
| Net cash provided by (used in) investing activities | $**(131)** | $377 | $265 |
| **Financing and miscellaneous activities** |  |  |  |
| Capital and paid in surplus received (returned) | $**(1)** | $(1) | $1 |
| Net deposits (withdrawals) on deposit-type contracts | **(2)** | 2 | 1 |
| Net change in borrowed money | **—** | (20) |  |
| Net change in payable for collateral under securities lending and other transactions | **6** | (40**)** | (104**)** |
| Other cash (applied) provided | **(1)** | (1051) | 1090 |
| Dividends to stockholders | **(130)** | (200) | (170) |
| Net cash provided by (used in) financing and miscellaneous activities | $**(128)** | $(1310) | $818 |
| Net increase (decrease) in cash, cash equivalents and short-term investments | **(33)** | (1004) | 1042 |
| Cash, cash equivalents and short-term investments: |  |  |  |
| Beginning of year | **243** | 1247 | 205 |
| End of year | $**210** | $243 | $1247 |

---

*See accompanying notes.*

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

Years Ended December 31, 2025, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;1. Organization and Nature of Business

Transamerica Financial Life Insurance Company (the Company) is a stock life insurance company domiciled in the State of New York and is owned by Transamerica Corporation (TA Corp). TA Corp is an indirect, wholly-owned subsidiary of Aegon Ltd., a holding company organized under the laws of Bermuda.

#### Nature of Business
The Company sells individual life insurance, including indexed universal life, whole life, term life, and final expense whole life. It also sells variable annuities and registered index-linked annuities (RILA). In addition, the Company offers supplemental health insurance, group life insurance, group annuity contracts and stable value solutions. The Company is licensed in 50 states and the District of Columbia. Sales of the Company's products are primarily through a network of independent agents and broker-dealers, affiliated agencies, and financial institutions.

&nbsp;&nbsp;&nbsp;&nbsp;2. Basis of Presentation and Summary of Significant Accounting Policies

The accompanying financial statements have been prepared in conformity with accounting practices prescribed or permitted by the New York Department of Financial Services (NYDFS), which differ from accounting principles generally accepted in the United States of America (GAAP).

The NYDFS recognizes only statutory accounting practices prescribed or permitted by the State of New York for determining and reporting the financial condition and results of operations of an insurance company, and for determining its solvency under the New York Insurance Law. The National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual (NAIC SAP) has been adopted as a component of prescribed practices by the State of New York. The Commissioner of Insurance has the right to permit specific practices that deviate from prescribed practices.

The State of New York has adopted prescribed accounting practices that differ from the NAIC SAP related to the reported value of certain assets supporting the Company's guaranteed and registered index-linked annuity (RILA) separate accounts. As prescribed by Section 1414 of the New York Insurance Law, the Company is entitled to generally value these assets at amortized cost, whereas the assets would be required to be reported at fair value under Statement of Statutory Accounting Principles (SSAP) No. 56, *Separate Accounts*, of the NAIC SAP. There are no impacts to the Company's income or surplus as a result of utilizing these prescribed practices.

#### Use of Estimates
The preparation of financial statements of insurance companies requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

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

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

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

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

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

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

The Company closely monitors below investment grade holdings and investment grade issuers where the Company has concerns to determine if an other-than-temporary impairment (OTTI) has occurred. The Company also regularly monitors industry sectors. The Company considers relevant facts and circumstances in evaluating whether the impairment is other-than-temporary including: (1) the probability of the Company collecting all amounts due according to the contractual terms of the security in effect at the date of acquisition; (2) the Company's decision to

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

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

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

For GAAP, for debt securities classified as available-for-sale, management first assesses whether the Company has the intent to sell, or whether it is more likely than not it will be required to sell the security before the amortized cost basis is fully recovered. If either criterion is met, the amortized cost is written down to fair value through earnings as an impairment. If neither criterion is met, the securities are further evaluated to determine if the cause of the decline in fair value resulted from credit losses or other factors. When a credit loss is determined to exist and the present value of cash flows expected to be collected is less than the amortized cost of the security, an allowance for credit loss is recorded along with a charge to earnings, limited by the amount that the fair value is less than amortized cost. Any remaining unrealized loss after recording the allowance for credit loss is the non-credit amount and is recorded to other comprehensive income.

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

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

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

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

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

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

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

Valuation allowances are established for mortgage loans, if necessary, based on the difference between the net value of the collateral, determined as the fair value of the collateral less estimated costs to obtain and sell, and the recorded investment in the mortgage loan. Under GAAP, an allowance for credit loss is recognized in earnings at time of purchase or origination based on an expected lifetime credit loss, which is an amount that represents the portion of the amortized cost basis of the mortgage loans that the Company does not expect to collect.

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

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

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

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

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

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

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

Other invested assets include surplus notes which are valued at either amortized cost (those that have an NAIC designation of 1 or 2) or the lesser of amortized cost or fair value (those that have an NAIC designation of 3 through 6).

Policy loans are reported at unpaid principal balances.

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

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

#### Valuation Reserves
Under a formula prescribed by the NAIC, the Company defers the portion of realized capital gains and losses on sales of fixed income investments, primarily bonds and mortgage loans, attributable to changes in the general level of interest rates and amortizes those deferrals into net investment income over the remaining period to maturity of the bond or mortgage loan based on groupings of individual securities sold in five year bands. The net deferral is reported as the interest maintenance reserve (IMR) in the accompanying Balance Sheets. Realized capital gains and losses are reported in income net of federal income tax and transfers to the IMR. Under GAAP, realized capital gains and losses are reported in the Statements of Operations on a pre-tax basis in the period that the assets giving rise to the gains or losses are sold.

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

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

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

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

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

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

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

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

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

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

Cash flows from derivative instruments are presented within the Investing activities section of the Statements of Cash Flows, with the exception of cash received from written options, which are presented within the Financing activities section.

*Instruments:*

 

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

Cross currency swaps may be used to mitigate risks when the Company holds foreign denominated assets or liabilities; therefore, converting the asset or liability to a U.S. dollar denominated security. These cross currency swap agreements involve the exchange of two principal amounts in two different currencies at the prevailing currency rate at contract inception. During the life of the swap, the counterparties exchange fixed or floating rate interest payments in the swapped currencies. At maturity, the principal amounts are again swapped at a pre-determined rate of exchange. Each asset or liability is hedged individually where the terms of the swap must meet the terms of the hedged instrument. For swaps qualifying for hedge accounting, the premium or discount is amortized into income over the life of the contract and the foreign currency translation adjustment is recorded as unrealized gain/loss in capital and surplus. Swaps not meeting hedge accounting rules are carried at fair value with fair value adjustments recorded in capital and surplus. If a swap is terminated prior to maturity, proceeds equal to the fair value of the contract are exchanged. These gains and losses may be included in IMR or AVR if the hedged instrument receives that treatment; however, gains and losses related to the unamortized book value at termination are not permitted to receive IMR treatment.

Total return swaps may be used in the asset/liability management process to mitigate the delta risk created when the Company has issued minimum guarantee insurance contracts linked to an

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

index. These total return swaps generally provide for the exchange of the difference between fixed leg (tied to the Standard and Poor's 500 (S&P) or other global market financial index) and floating leg (tied to Secured Overnight Financing Rate (SOFR)) amounts based on an underlying notional amount (also tied to the underlying index). Typically, no cash is exchanged at the outset of the swap contract and a single net payment is exchanged each due date; however, if there are upfront costs this is treated as book value and amortized into income over the duration of the deal. Swaps that meet hedge accounting rules are carried in a manner consistent with the hedged item, generally at amortized cost, in the financial statements. If the swap is terminated prior to maturity, proceeds equal to the fair value of the contract are exchanged. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment; however, gains and losses related to the unamortized book value at termination are not permitted to receive IMR treatment. Swaps not meeting hedge accounting rules are carried at fair value with fair value adjustments recorded in unassigned surplus.

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

Bond forwards may be used to hedge the interest rate risk (rho) that future liability claims increase as rates decrease, leading to higher guarantee values. Bond return swaps are also used to hedge interest rate risk of the underlying liability by exchanging performance and interest of a treasury asset for a funding level plus spread. If terminated prior to maturity, proceeds equal to the fair value of the contract are exchanged. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment; however, gains and losses related to the unamortized book value at termination are not permitted to receive IMR treatment.

Futures contracts may be used to hedge the liability risk associated with when the Company issues products providing the customer a return based on various global market indices. Futures are marked to market on a daily basis whereby a cash payment is made or received by the Company. These payments are recognized as realized gains or losses in the financial statements. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment.

The Company may issue products providing the customer a return based on the various global equity market indices. The Company uses options to hedge the liability option risk associated with these products. The costs to acquire options are treated as book value and amortized into income over the duration of the deal. If terminated prior to maturity, proceeds equal to the fair

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

value of the contract are exchanged. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment; however, gains and losses related to the unamortized book value at termination are not permitted to receive IMR treatment. Options are marked to fair value in the Balance Sheets and fair value adjustments are recorded as unassigned surplus in the financial statements.

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

The Company may use zero cost collars to hedge the interest rate risk associated with rising short term interest rates, whereby the exposure would otherwise adversely impact the Company's capital generation. The collar position(s) help range bound the floating rate by combining a cap and floor position. If terminated prior to maturity, proceeds equal to the fair value of the contract are exchanged. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment; however, gains and losses related to the unamortized book value at termination are not permitted to receive IMR treatment.

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

The Company may issue fixed liabilities that have a guaranteed minimum crediting rate. The Company may use receiver swaptions, whereby the swaption is designed to generate cash flows to offset lower yields on assets during a low interest rate environment. The Company pays a single premium at the beginning of the contract that is subsequently amortized throughout the life of the swaption. These swaptions are marked to fair value in the Balance Sheets and the fair value adjustment is recorded in unassigned surplus. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment; however, gains and losses related to the unamortized book value at termination are not permitted to receive IMR treatment.

A replication transaction is a derivative transaction entered into in conjunction with a cash instrument to reproduce the investment characteristics of an otherwise permissible investment.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

The Company may replicate investment grade corporate bonds, sovereign debt, or commercial mortgage backed securities by combining a highly rated security as a cash component with a written credit default swap which, in effect, converts the high quality asset into an investment grade corporate asset, sovereign debt, or commercial mortgage backed security. The benefits of using the swap market to replicate credit include possible enhanced relative values as well as ease of executing larger transactions in a shortened time frame. Generally, a premium is received by the Company on a periodic basis and recognized in investment income. In the event the representative issuer defaults on its debt obligation referenced in the contract, a payment equal to the notional amount of the contract will be made by the Company and recognized as a capital loss. The Company complies with the specific rules established in AVR for replication transactions whereby the representative issuer defaults. If terminated prior to maturity, proceeds equal to the fair value of the contract are exchanged. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment however, gains and losses related to the unamortized book value at termination are not permitted to receive IMR treatment.

The Company may designate and account for fair value hedges when the effectiveness requirements of SSAP No. 86 are achieved. The following hedge type relationships are considered: (A) an interest rate swap that converts a fixed rate asset to a floating rate asset; (B) an interest rate swap that converts a fixed rate liability to a floating rate liability; (C) a cross currency interest rate swap that converts a foreign denominated fixed rate asset to a U.S. dollar floating rate asset; and (D) a cross currency interest rate swap that converts a foreign denominated fixed rate liability to a U.S. dollar floating rate liability.

The Company may designate and account for cash flow hedges when the effectiveness requirements of SSAP No. 86 are achieved. The following hedge-type relationships are considered: (A) an interest rate swap that converts a floating rate asset to a fixed rate asset; (B) an interest rate swap that converts a floating rate liability to a fixed rate liability; (C) a cross currency interest rate swap that converts a foreign denominated floating rate asset to a U.S. dollar fixed rate asset; (D) a cross currency interest rate swap that converts a foreign denominated floating rate liability to a U.S. dollar fixed rate liability; and (E) a forward starting interest rate swap to hedge the forecasted purchases of fixed rate assets.

Any deferred gain (loss) related to forecasted transaction cash flow hedging is recognized in income as the purchased asset affects income. If the forecasted transaction no longer qualifies for hedge accounting or if the forecasted transaction is no longer probable, the forward-starting swap will cease to be valued at amortized cost and will be marked to market through surplus. For the year ended December 31, 2025, none of the Company's cash flow hedges have been discontinued, as it was probable that the original forecasted transactions would occur by the end of the originally specified time period documented at inception of the hedging relationship.

The Company does not currently have exposure to forecasted hedge transactions.

The Company may enter into derivative transactions that economically mitigate risk associated with interest rate, exchange rate, credit, and equity movements within the marketplace. Due to the natural economic benefits of the hedge in relation to the hedged item, the Company chooses not to seek hedge accounting in these instances. Examples of these types of derivative transactions and the associated risks are as follows: (A) futures that hedge equity risk on universal life liabilities; (B) futures, options, swaps, or forward contracts that hedge the equity or interest rate

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

risk on minimum rate guarantee liabilities; (C) credit default swap purchases of protection that hedge the credit risk of specific bonds; (D) interest rate caps that hedge a rapidly rising interest rate environment and withdrawal activity in pension products; and (E) interest rate swaptions that hedge the risk of a low interest rate environment on in-force recurring premium products.

The Company may enter into replicated (synthetic asset) transactions used for purposes other than hedging by the following: (A) combining a written credit default swap with a highly rated cash instrument to synthetically create corporate debt; (B) combining a written credit default swap with a highly rated cash instrument to synthetically create sovereign debt; or (C) combining a written credit default swap with a highly rated cash instrument to synthetically create a portfolio of commercial mortgage backed securities.

#### Securities Lending Assets and Liabilities
The Company loans securities to third parties under agent-managed securities lending programs accounted for as secured borrowings. Cash collateral received which may be sold or repledged by the Company is reflected as a one-line entry on the Balance Sheets (Securities lending reinvested collateral assets) and a corresponding liability is established to record the obligation to return the cash collateral. Non-cash collateral received which may not be sold or repledged is not recorded on the Company's Balance Sheets. Under GAAP, the reinvested collateral is included within invested assets and is not reported as a single line item.

#### Other Assets and Other Liabilities
Other assets consist primarily of disallowed IMR, reinsurance receivable, accounts receivable, and current federal income tax recoverable. Other "admitted assets" are valued principally at cost, as required or permitted by New York Insurance Laws.

Other liabilities consist primarily of payable to parent, subsidiaries and affiliates, amounts withheld or retained, other policyholders' funds, general expenses due or accrued, and unearned investment income.

#### Separate Accounts
The majority of separate accounts held by the Company represent funds which are administered for pension plans. The assets in the managed separate accounts consist of common stock, long-term bonds, real estate and short-term investments. The non-managed separate accounts are invested by the Company in a corresponding portfolio of Diversified Investors Portfolios. The portfolios are registered under the Investment Company Act of 1940, as amended, as open-ended, diversified, management investment companies.

Assets held in trust for purchases of group annuities segregated by the Company for the benefit of contract holders and the Company's corresponding obligation to the contract owners are shown separately in the Balance Sheets. The assets and liabilities of the non-guaranteed separate accounts are carried at fair value. Income and gains and losses with respect to these assets accrue to the benefit of the contract owners and, accordingly, the operations of the separate accounts are not included in the accompanying financial statements.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

Modified guaranteed annuity separate accounts represent funds invested by the Company for the benefit of contract holders who are guaranteed certain returns as specified in the contracts. Separate account asset performance different than the guaranteed requirements is either transferred to or received from the general account and reported in the Statements of Operations. Modified guaranteed annuity separate account assets and liabilities are carried at amortized cost. Income and gains and losses with respect to the assets in the separate accounts supporting modified guaranteed annuity contracts are included in the Company's Statements of Operations as a component of net transfers from separate accounts.

The investment risks associated with fair value changes of the separate account are borne entirely by the contract owners except in cases where minimum guarantees exist. Some of the guaranteed separate accounts provide a guarantee of principal and some include an interest guarantee of 4% or less, so long as the contract is in effect. Separate account asset performance less than guaranteed requirements is transferred from the general account and reported in the Statements of Operations.

#### Aggregate Reserves for Policies and Contracts
Life, annuity and accident and health benefit reserves are calculated by actuarial methods and are determined based on published tables using statutorily specified interest rates and valuation methods that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed cash value, or the amount required by law.

Surrender values are not promised in excess of the legally computed reserves. For annual premium variable life insurance there is an extra premium charged to the policyholder before the premium is transferred to the Separate Accounts. An additional reserve for this policy is held in the General Account that is a multiple of the reserve that would otherwise be held.

In accordance with SSAP No. 51, *Life Contracts*, and No. 54, *Individual and Group Accident and Health Contracts**,*** the Company reports the amount of insurance, if any, for which the gross premiums are less than the net premiums according to the valuation standards and any related premium deficiency reserve established. Anticipated investment income is not included as a factor in the health contract premium deficiency calculation.

For GAAP, policy reserves are calculated based on estimated expected experience or actual account balances.

#### Policy and Contract Claim Reserves
Claim reserves represent the estimated accrued liability for claims reported to the Company and claims incurred but not yet reported through the Balance Sheets date. These reserves are estimated using either individual case-basis valuations or statistical analysis techniques. These estimates are subject to the effects of trends in claim severity and frequency. The estimates are

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

continually reviewed and adjusted as necessary as experience develops or new information becomes available.

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

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

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

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

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

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

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

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

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

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

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

#### Policy Acquisition Costs
The costs of acquiring and renewing business are expensed when incurred. Under GAAP, incremental costs directly related to the successful acquisition of insurance and investment contracts are deferred.

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

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

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

 

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

#### Nonadmitted Assets
Certain assets designated as "nonadmitted", primarily net deferred tax assets, reinsurance receivables, agent's balances and other assets not specifically identified as an admitted asset within the NAIC SAP, are excluded from the accompanying Balance Sheets and are charged directly to unassigned surplus. Under GAAP, such assets are included in the Balance Sheets to the extent that they are not impaired.

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

&nbsp;&nbsp;&nbsp;&nbsp;3. Accounting Changes and Correction of Errors

The Company's policy is to disclose recently adopted accounting pronouncements that have been classified by the NAIC as a new statutory accounting principle (SAP) concept change, as well as items classified by the NAIC as SAP clarification changes that have been adopted and have had a material impact on the financial position or results of operations of the Company.

#### Recent Accounting Pronouncements
Effective January 1, 2025, the NAIC implemented substantive revisions to SSAP No. 26, *Bonds* and SSAP No. 43, *Asset-Backed Securities*, incorporating concepts from the principles-based bond definition (PBBD) project regarding the criteria for reporting long-term bonds. In accordance with the NAIC's transition guidance specific to the project, this update does not constitute a change in accounting principle. The updated guidance has led to modifications in

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

how tables within footnotes 4 and 5 are presented, which may differ from the presentation used in previous reporting periods.

Effective January 1, 2025, the NAIC adopted revisions to SSAP No. 21, *Other Admitted Assets*, to reflect accounting and reporting guidance for investments that do not meet the requirements of PBBD, and for residual tranches or interests/loss positions.

No securities were reclassified from Schedule D upon the implementation of this guidance. There was no impact to the Company's net income or capital and surplus.

On August 13, 2023, the Statutory Accounting Principles Working Group (SAPWG) adopted INT 23-01, *Net Negative (Disallowed) Interest Maintenance Reserve*, effective immediately. INT 23-01 provides optional, limited-time guidance, which allows the admittance of net negative (disallowed) IMR if certain conditions are met, up to 10% of adjusted general account capital and surplus. Refer to Note 5 for further detail.

#### Change in Estimates
During 2025, the Company implemented a change in estimate for TFLIC's AG38 8C asset adequacy testing following updated regulatory guidance and actuarial review. These changes included extending projection periods, expanding the cohorts included in testing, and increasing retained spreads on certain closed indexed universal life (IUL) blocks. This resulted in an increase to TFLIC's AG38 8C reserves of $41, resulting in a corresponding unfavorable pre-tax impact to statutory earnings.

#### Correction of Errors
During 2023, management identified and corrected an error in the Company's prior year cash. The error resulted in an understatement of premiums and annuity considerations in the amount of $19, net of tax, which was corrected in accordance with SSAP No. 3, *Accounting Changes and Corrections of Errors*. This is reflected as a correction of an error in Other Changes - net in the Statements of Changes in Capital and Surplus.

There were additional errors identified in prior year financial statements that have been corrected in the years presented in the financial statements in accordance with SSAP No. 3. These errors do not have a material impact on the financial statements, individually or in aggregate, and therefore have not been separately disclosed.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

&nbsp;&nbsp;&nbsp;&nbsp;4. Fair Values of Financial Instruments

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

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

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

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

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

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

---

| | | |
|:---|:---|:---|
| | *Level 1 -* | Unadjusted quoted prices for identical assets or liabilities in active markets accessible at the measurement date. |
|  | *Level 2 -* | Quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Inputs other than quoted market prices that are observable

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

---

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

---

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

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

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

Fair values for fixed maturity securities (including redeemable preferred stock) actively traded are determined from third-party pricing services, which are determined as discussed above in the description of Level 1 and Level 2 values within the fair value hierarchy. For fixed maturity securities (including redeemable preferred stock) not actively traded, fair values are estimated using values obtained from third-party pricing services, or are based on non-binding broker quotes or internal models. In the case of private placements, fair values are estimated by discounting the expected future cash flows using current market rates applicable to the coupon rate, credit and maturity of the investments.

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

*Other Invested Assets*: The fair values for other invested assets, which include investments in surplus notes issued by other insurance companies and fixed or variable rate investments with

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

 

underlying characteristics of bonds, are determined primarily by using indices, third-party pricing services and internal models.

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

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

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

*Separate Account Assets and Annuity Liabilities:* The fair value of separate account assets are based on quoted market prices when available. When not available, they are primarily valued either using third-party pricing services or are valued in the same manner as the general account assets as further described in this note. However, some separate account assets are valued using non-binding broker quotes, which cannot be corroborated by other market observable data, or internal modeling which utilizes input that are not market observable. The fair value of separate account annuity liabilities is based on the account value for separate accounts business without guarantees. For separate accounts with guarantees, fair value is based on discounted cash flows.

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

*Deposit-Type Contracts:* The carrying amounts of deposit-type contracts reported in the accompanying Balance Sheets approximate their fair values. These are included in the investment contract liabilities.

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

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

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

The following tables set forth a comparison of the estimated fair values and carrying amounts of the Company's financial instruments, including those not measured at fair value in the Balance Sheets, as of December 31, 2025 and 2024, respectively:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Aggregate<br> Fair Value** | **Admitted<br> Value** | **(Level 1)** | **(Level 2)** | **(Level 3)** |
| **Admitted assets** |  |  |  |  |  |
| Cash equivalents and short-term investments, other than affiliates | $**153** | $**153** | $**153** | $**—** | $**—** |
| Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | **897** | **933** | **38** | **857** | **2** |
| &nbsp;&nbsp;&nbsp;Issuer credit obligations | **3325** | **3796** | **268** | **3057** | **—** |
| Preferred stocks, other than affiliates | **4** | **4** | **—** | **4** | **—** |
| Common stocks, other than affiliates | **3** | **3** | **—** | **—** | **3** |
| Mortgage loans on real estate | **1391** | **1539** | **—** | **—** | **1391** |
| Other invested assets | **20** | **21** | **—** | **20** | **—** |
| Derivative assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options | **17** | **17** | **—** | **17** | **—** |
| &nbsp;&nbsp;&nbsp;Currency swaps | **7** | **3** | **—** | **7** | **—** |
| &nbsp;&nbsp;&nbsp;Credit default swaps | **5** | **2** | **—** | **5** | **—** |
| &nbsp;&nbsp;&nbsp;Equity futures | **—** | **1** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets total | **29** | **23** | **—** | **29** | **—** |
| Policy loans | **172** | **172** | **—** | **172** | **—** |
| Securities lending reinvested collateral | **271** | **271** | **252** | **19** | **—** |
| Separate account assets | **22557** | **22556** | **21942** | **604** | **11** |
| **Liabilities** |  |  |  |  |  |
| Investment contract liabilities | **3453** | **3460** | **—** | **1** | **3452** |
| Derivative liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options | **5** | **5** | **—** | **5** | **—** |
| &nbsp;&nbsp;&nbsp;Interest rate swaps | **29** | **41** | **—** | **29** | **—** |
| &nbsp;&nbsp;&nbsp;Currency swaps | **5** | **5** | **—** | **5** | **—** |
| &nbsp;&nbsp;&nbsp;Equity swaps | **10** | **10** | **—** | **10** | **—** |
| &nbsp;&nbsp;&nbsp;Interest rate futures | **1** | **1** | **1** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Equity futures | **2** | **2** | **2** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities total | **52** | **64** | **3** | **49** | **—** |
| Payable for securities lending | **312** | **312** | **—** | **312** | **—** |
| Payable for derivative cash collateral | **13** | **13** | **—** | **13** | **—** |
| Separate account liabilities | **22190** | **22205** | **—** | **21927** | **263** |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate**<br>**Fair Value** | **Admitted**<br> **Value** | <br>**(Level 1)** | <br>**(Level 2)** | <br>**(Level 3)** |
| **Admitted assets** |  |  |  |  |  |
| Cash equivalents and short-term investments, other than affiliates | $91 | $91 | $91 | $— | $— |
| Short-term notes receivable from affiliates | 100 | 100 |  | 100 |  |
| Bonds | 3956 | 4586 | 261 | 3692 | 3 |
| Preferred stocks, other than affiliates | 4 | 4 |  | 4 |  |
| Common stocks, other than affiliates | 3 | 3 |  |  | 3 |
| Mortgage loans on real estate | 1512 | 1725 |  |  | 1512 |
| Other invested assets | 21 | 22 |  | 21 |  |
| Derivative assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency swaps | 12 | 12 |  | 12 |  |
| &nbsp;&nbsp;&nbsp;Credit default swaps | 8 | 4 |  | 8 |  |
| &nbsp;&nbsp;&nbsp;Equity swaps | 5 | 5 |  | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets total | 25 | 21 |  | 25 |  |
| Policy loans | 160 | 160 |  | 160 |  |
| Securities lending reinvested collateral | 265 | 265 | 265 |  |  |
| Separate account assets | 20954 | 20961 | 20389 | 565 |  |
| **Liabilities** |  |  |  |  |  |
| Investment contract liabilities | 3521 | 3507 |  | 1 | 3520 |
| Derivative liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest rate swaps | 32 | 42 |  | 32 |  |
| &nbsp;&nbsp;&nbsp;Currency swaps | (1) |  |  | (1) |  |
| &nbsp;&nbsp;&nbsp;Interest rate futures | 1 | 1 | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities total | 32 | 43 | 1 | 31 |  |
| Payable for securities lending | 301 | 301 |  | 301 |  |
| Payable for derivative cash collateral | 18 | 18 |  | 18 |  |
| Separate account liabilities | 20593 | 20616 |  | 20288 | 305 |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

The following tables provide information about the Company's financial assets and liabilities measured at fair value as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | $**—** | $**2** | $**—** | $**2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds | **—** | **2** | **—** | **2** |
| Preferred stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial and miscellaneous |  | 4 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total preferred stock | **—** | **4** | **—** | **4** |
| Common stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | **—** | **—** | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total common stock | **—** | **—** | **3** | **3** |
| Cash equivalents and short-term investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market mutual funds | 147 |  |  | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash equivalents and short-term investments | **147** | **—** | **—** | **147** |
| Derivative assets | **—** | **18** | **—** | **18** |
| Separate account assets | **21940** | **299** | **—** | **22239** |
| Total assets | $**22087** | $**323** | $**3** | $**22413** |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Derivative liabilities | $**3** | $**16** | $**—** | $**19** |
| Total liabilities | $**3** | $**16** | $**—** | $**19** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | $— | $3 | $— | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds | **—** | 3 |  | 3 |
| Preferred stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial and miscellaneous |  | 4 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total preferred stock |  | 4 |  | 4 |
| Common stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial and miscellaneous |  |  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total common stock |  |  | 3 | 3 |
| Cash equivalents and short-term investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money market mutual funds | 49 |  |  | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash equivalents and short-term investments | 49 |  |  | 49 |
| Derivative assets | 1 | 5 |  | 6 |
| Other long term |  | 3 |  | 3 |
| Separate account assets | 20382 | 263 |  | 20645 |
| Total assets | $20432 | $278 | $3 | $20713 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Derivative liabilities | $1 | $6 | $— | $7 |
| Total liabilities | $1 | $6 | $— | $7 |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

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

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

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

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

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

The following tables summarize the changes in assets classified as Level 3 for 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br> Balance at<br> January 1, 2025** | **Transfers in<br> (Level 3)** | **Transfers <br> out (Level 3)** | **Total Gains<br> (Losses) <br> Included in<br> Net income (a)** | **Total Gains<br> (Losses) Included in<br> Surplus (b)** |
| Common stock | $**3** | $**—** | $**—** | $**—** | $**—** |
| Total | $**3** | $**—** | $**—** | $**—** | $**—** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Purchases** | **Issuances** | **Sales** | **Settlements** | **Ending Balance at <br> December 31, 2025** |
| Common stock | $**—** | $**—** | $**—** | $**—** | $**3** |
| Total | $**—** | $**—** | $**—** | $**—** | $**3** |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br> Balance at <br> January 1, 2024** | **Transfers in<br> (Level 3)** | **Transfers <br> out (Level 3)** | **Total Gains (Losses)<br> Included in<br> Net income (a)** | **Total Gains <br> (Losses) <br> Included <br> in Surplus (b)** |
| Common stock | $3 | $— | $— | $— | $— |
| Total | $3 | $— | $— | $— | $— |

---

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Purchases** | **Issuances** | **Sales** | **Settlements** | **Ending Balance at <br> December 31, 2024** |
| Common stock | $— | $— | $— | $— | $3 |
| Total | $— | $— | $— | $— | $3 |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

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

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

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

5. Investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Book Adjusted Carrying Value** | **Gross Unrealized**<br> **Gains** | **Gross Unrealized**<br> **Losses** | **Estimated Fair Value** |
| **December 31, 2025** |  |  |  |  |
| ICOs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government obligations (exempt from RBC) | $**271** | $**—** | $**42** | $**229** |
| &nbsp;&nbsp;&nbsp;Other U.S. Government obligations (not exempt from RBC) | **10** | **—** | **2** | **8** |
| &nbsp;&nbsp;&nbsp;Non-U.S. sovereign jurisdiction securities | **97** | **1** | **13** | **85** |
| &nbsp;&nbsp;&nbsp;Municipal bonds - general obligations (direct & guaranteed) | **1** | **—** | **—** | **1** |
| &nbsp;&nbsp;&nbsp;Municipal bonds - special revenue | **3** | **—** | **—** | **3** |
| &nbsp;&nbsp;&nbsp;Corporate bonds | **3197** | **41** | **425** | **2813** |
| &nbsp;&nbsp;&nbsp;Single entity backed obligation | **217** | **—** | **30** | **187** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total ICOs | $**3796** | $**42** | $**512** | $**3326** |
| ABS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial asset-backed securities - self liquidating: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency RMBS - not/partially guaranteed (not exempt from RBC) | $**3** | $**—** | $**—** | $**3** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-agency CLOs/CBOs/CDOs - unaffiliated | **47** | **—** | **—** | **47** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-agency CMBS - unaffiliated | **256** | **—** | **21** | **235** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-agency RMBS - unaffiliated | **38** | **6** | **1** | **43** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial ABS - unaffiliated | **304** | **3** | **16** | **291** |
| &nbsp;&nbsp;&nbsp;Non-financial ABS - full analysis: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease backed transactions - unaffiliated | **85** | **—** | **1** | **84** |
| &nbsp;&nbsp;&nbsp;Non-financial ABS - practical expedient: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease backed transactions - unaffiliated | **161** | **1** | **8** | **154** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-financial ABS - unaffiliated | **39** | **—** | **—** | **39** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ABS | $**933** | $**10** | $**47** | $**896** |
| Common stock | $**3** | $**—** | $**—** | $**3** |
| Preferred stock | $**4** | $**—** | $**—** | $**4** |
|  | $**4736** | $**52** | $**559** | $**4229** |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Book Adjusted Carrying Value** | **Gross Unrealized**<br> **Gains** | **Gross Unrealized**<br> **Losses** | **Estimated Fair Value** |
| **December 31, 2024** |  |  |  |  |
| Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Government and agencies | $271 | $— | $45 | $226 |
| &nbsp;&nbsp;&nbsp;&nbsp;State, municipal and other government | 103 |  | 19 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid securities | 29 | 1 | 3 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | 3330 | 22 | 517 | 2835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage and other asset-backed securities | 853 | 10 | 79 | 784 |
| Total unaffiliated bonds | 4586 | 33 | 663 | 3956 |
| Unaffiliated preferred stocks | 4 |  |  | 4 |
|  | $4590 | $33 | $663 | $3960 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross** <br> **Unrealized** <br> **Gains** | **Gross** <br> **Unrealized** <br> **Losses** | **Estimated <br> Fair** <br> **Value** |
| Unaffiliated common stocks | $3 | $— | $— | $3 |

---

The carrying amount and estimated fair value of items held as bonds and short-term investments at December 31, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
| **December 31:** | **Carrying Value** | **Fair Value** |
| Due in one year or less | $**97** | $**97** |
| Due after one year through five years | **661** | **649** |
| Due after five years through ten years | **730** | **703** |
| Due after ten years through twenty years | **1139** | **1023** |
| Due after twenty years | **1175** | **860** |
| Subtotal | **3802** | **3332** |
| Mortgage and other asset-backed securities | **933** | **898** |
| Total | $**4735** | $**4230** |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

The estimated fair value of bonds, preferred stocks and common stocks with gross unrealized losses at December 31, 2025 and 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equal to or Greater than 12**<br> **Months** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equal to or Greater than 12**<br> **Months** | **Less than 12 Months** | **Less than 12 Months** |
|  | **Estimated<br> Fair Value** | **Gross Unrealized<br> Losses** | **Estimated<br> Fair Value** | **Gross Unrealized<br> Losses** |
| ICOs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government obligations (exempt from RBC) | $**69** | $**10** | $**160** | $**32** |
| &nbsp;&nbsp;&nbsp;Other U.S. Government obligations (not exempt from RBC) | **9** | **2** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Non-U.S. sovereign jurisdiction securities | **67** | **13** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Municipal bonds - special revenue | **3** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Corporate bonds | **1914** | **422** | **85** | **3** |
| &nbsp;&nbsp;&nbsp;Single entity backed obligation | **174** | **30** | **5** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total ICOs | $**2236** | $**477** | $**250** | $**35** |
| ABS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial asset-backed securities - self liquidating: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency RMBS - not/partially guaranteed (not exempt from RBC) | $**1** | $**—** | $**—** | $**—** |
| Non-agency CLOs/CBOs/CDOs - unaffiliated | **9** | **—** | **29** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-agency CMBS - unaffiliated | **213** | **21** | **8** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-agency RMBS - unaffiliated | **21** | **1** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial ABS - unaffiliated | **115** | **14** | **58** | **2** |
| &nbsp;&nbsp;&nbsp;Non-financial ABS - full analysis: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease backed transactions - unaffiliated | **29** | **1** | **14** | **—** |
| &nbsp;&nbsp;&nbsp;Non-financial ABS - practical expedient: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease backed transactions - unaffiliated | **34** | **8** | **25** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-financial ABS - unaffiliated | **2** | **—** | **26** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ABS | $**424** | $**45** | $**160** | $**2** |
| Common stock | $**—** | $**—** | $**3** | $**—** |
| Preferred stock | $**—** | $**—** | $**4** | $**—** |
|  | $**2660** | $**522** | $**417** | $**37** |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | **Equal to or Greater than 12 Months** | **Equal to or Greater than 12 Months** | **Less than 12 Months** | **Less than 12 Months** |
|  | **Estimated<br> Fair Value** | **Gross Unrealized<br> Losses** | **Estimated <br> Fair Value** | **Gross Unrealized<br> Losses** |
| United States Government and agencies | $31 | $8 | $189 | $37 |
| State, municipal and other government | 71 | 19 | 1 |  |
| Hybrid securities | 15 | 3 | 5 |  |
| Industrial and miscellaneous | 2050 | 503 | 412 | 14 |
| Mortgage and other asset-backed securities | 577 | 78 | 98 | 1 |
| &nbsp;&nbsp;&nbsp;Total bonds | 2744 | 611 | 705 | 52 |
| Preferred stocks-unaffiliated |  |  |  |  |
| Common stocks-unaffiliated |  |  |  |  |
|  | $2744 | $611 | $705 | $52 |

---

During 2025 and 2023, respectively, there were no asset-backed or structured securities with a recognized OTTI due to intent to sell or lack of intent and ability to hold. During 2024, there were $35 of loan-backed or structured securities with a recognized OTTI due to intent to sell or lack of intent and ability to hold for a period of time to recover the amortized cost basis.

For asset-backed and structured securities with a recognized OTTI due to the Company's cash flow analysis, in which the security is written down to estimated future cash flows discounted at the security's effective yield, in 2025, 2024 and 2023, the Company recognized OTTI of $4, $0 and $6, respectively.

The following asset-backed and structured securities were held at December 31, 2025, for which an OTTI was recognized during the current reporting period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**CUSIP** | **Amortized Cost Before Current**<br> **Period**<br>**OTTI** | **Present Value of Projected**<br>**Cash Flows** | **Recognized**<br>**OTTI** | **Amortized Cost After**<br>**OTTI** | **Fair Value at Time of**<br>**OTTI** | **Date of <br> Financial<br> Statement**<br> **Where**<br>**Reported** |
| **BAE2XVVX7-TA** | $**—** | $**—** | $**—** | $**—** | $**—** | **3/31/2025** |
| **46642 MAA6** | **8** | **5** | **3** | **5** | **3** | **3/31/2025** |
| **BAE3K7RU3-TA** | **—** | **—** | **—** | **—** | **—** | **3/31/2025** |
| **46642 MAA6** | **5** | **5** | **—** | **5** | **2** | **6/30/2025** |
| **12640 WAG5** | **—** | **—** | **—** | **—** | **—** | **6/30/2025** |
| **46642 MAA6** | **5** | **4** | **1** | **4** | **2** | **9/30/2025** |
| **12640 WAG5** | **—** | **—** | **—** | **—** | **—** | **9/30/2025** |
| **81744 FFC6** | **—** | **—** | **—** | **—** | **—** | **9/30/2025** |
| **22944 BCX4** | **3** | **3** | **—** | **3** | **3** | **12/31/2025** |
| **81744 FFC6** | **—** | **—** |  | **—** | **—** | **12/31/2025** |
|  |  |  | $**4** |  |  |  |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

The unrealized losses of asset-backed and structured securities where fair value is less than cost or amortized cost for which an OTTI has not been recognized in earnings as of December 31, 2025 and 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Losses 12 <br> Months or<br> More** | **Losses Less<br> Than 12<br> Months** | **Losses 12 <br> Months or<br> More** | **Losses Less<br> Than 12<br> Months** |
| **Year ended December 31:** |  |  |  |  |
| The aggregate amount of unrealized losses | $**46** | $**2** | $82 | $1 |
| The aggregate related fair value of securities with unrealized losses | **424** | **158** | 580 | 112 |

---

At December 31, 2025 and 2024, respectively, for bonds and preferred stocks that have been in a continuous loss position for greater than or equal to twelve months, the Company held 755 and 792 securities with a carrying amount of $3,182 and $3,355, and an unrealized loss of $522 and $611. Of this portfolio, at December 31, 2025 and 2024, 97.2% and 97.6% were investment grade with associated unrealized losses of $508 and $597, respectively.

At December 31, 2025 and 2024, respectively, for bonds and preferred stocks that have been in a continuous loss position for less than twelve months, the Company held 88 and 247 securities with a carrying amount of $451 and $756, and an unrealized loss of $37 and $52. Of this portfolio, at December 31, 2025 and 2024, 97.5% and 94.5% were investment grade with associated unrealized losses of $36 and $51, respectively.

At December 31, 2025 and 2024, there were no common stocks that have been in a continuous loss position for greater than or equal to twelve months.

At December 31, 2025 and 2024, for common stocks that have been in a continuous loss position for less than twelve months, the Company held 1 securities with a cost of $3 and 2 securities with an insignificant cost, respectively, and no unrealized losses.

During the years ended December 31, 2025 and 2024, the Company held no 5GI securities.

During 2025 and 2024, respectively, the Company sold, redeemed or otherwise disposed of 7 and 5 securities as a result of a callable feature which generated investment income of $1 and $2 as a result of a prepayment penalty and/or acceleration fee.

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

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;Proceeds | $**421** | $457 | $371 |
| &nbsp;&nbsp;Gross realized gains | $**1** | $11 | $8 |
| &nbsp;&nbsp;Gross realized losses | **(3)** | (19) | (5) |
| &nbsp;&nbsp;Net realized capital gains (losses) | $**(2)** | $(8) | $3 |

---

The Company had gross realized losses, which relate to losses recognized on other-than-temporary declines in the fair value of bonds and preferred stocks, for the years ended December 31, 2025, 2024 and 2023 of $4, $7 and $5, respectively.

At December 31, 2025 and 2024, the Company had no investments in restructured securities. There were no capital gains (losses) taken as a direct result of restructures in 2025, 2024 and 2023.

#### Concentrations of Credit Risk
Credit risk represents the risk that a counterparty will fail to perform on its contractual obligations. The Company's investment portfolio includes exposures that may be subject to concentrations of credit risk by industry sector and asset class. Such concentrations arise when multiple issuers share similar economic characteristics or are exposed to common industry, regulatory or macroeconomic factors that could affect their ability to meet contractual obligations.

The Company's significant concentrations of credit risk are primarily related to corporate fixed-income securities and structured securities, diversified across a range of industries and asset types.

<u>Banking (Stable)</u>

The Company maintains material exposure to issuers within the banking sector. Credit risk in this sector is influenced by earnings stability, asset quality trends, capital and liquidity management, interest rate conditions and exposure to commercial real estate and other credit-sensitive asset classes.

<u>Communications (Stable)</u>

The Company maintains material exposure to issuers within the communications sector, including cable, media and telecommunications companies. Credit risk within this sector is influenced by competitive pressures, technological change, capital intensity and regulatory considerations that may impact issuer cash flows and overall credit quality.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

<u>Consumer Cyclical (Stable)</u>

The Company holds investments in consumer cyclical industries, including retailers, restaurants, gaming entities and lodging and leisure companies. Credit risk within this sector is sensitive to changes in discretionary consumer spending, employment conditions, inflationary pressures and broader economic cycles that may affect revenues and profitability.

<u>Consumer Noncyclical (Mostly Stable)</u>

The Company's consumer noncyclical exposure includes issuers in the food and beverage, consumer products, supermarkets, tobacco, healthcare and pharmaceutical industries. Credit risk in these sectors is influenced by factors such as pricing power, input cost volatility, regulatory environments, healthcare policy developments, and the relative stability of consumer demand.

<u>Electric Utilities (Stable)</u>

The Company's electric utility exposure includes regulated issuers with capital-intensive operating models. Credit risk within this sector is influenced by capital expenditure requirements, regulatory frameworks, customer affordability considerations, weather-related events and sensitivity to interest rate movements.

<u>Energy (Stable)</u>

The Company holds investments in energy-related issuers, including integrated energy producers, independent exploration and production companies, midstream operators, refining companies and oilfield services providers. Credit risk in this sector is influenced by commodity price volatility, capital allocation discipline, regulatory considerations and broader energy demand trends.

<u>Government and Government-Related Securities (Stable)</u>

The Company also invests in government and government-related securities, including U.S. Treasury securities, municipal obligations, supranational entities and non-U.S. sovereign issuers. Credit risk for these investments is largely associated with changes in fiscal conditions, interest rates and geopolitical developments.

<u>Technology (Stable)</u>

The Company's technology exposure includes issuers engaged in hardware manufacturing, software development and semiconductor production. Credit risk within this sector is affected by rapid technological advancement, capital investment requirements, product demand cycles and, in certain cases, global supply chain dynamics.

<u>Transportation (Stable)</u>

Transportation-related exposure includes airlines, automotive manufacturers, railroads and transportation service providers. Credit risk within this sector is affected by fuel and operating costs, labor dynamics, trade and tariff policies, supply chain disruptions and overall economic activity.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

The Company evaluated the near-term prospects of the issuers in relation to the severity and duration of unrealized losses in each of the above sectors and does not consider those investments to be other-than-temporarily impaired as of December 31, 2025.

#### Mortgage Loans
The credit quality of mortgage loans by type of property for the years ended December 31, 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Farm** | **Commercial** | **Total** |
| **December 31, 2025** | | | |
| &nbsp;&nbsp;AAA - AA | $**—** | $**866** | $**866** |
| &nbsp;&nbsp;A | **16** | **588** | **604** |
| &nbsp;&nbsp;BBB | **—** | **67** | **67** |
| &nbsp;&nbsp;B | **—** | **2** | **2** |
|  | $**16** | $**1523** | $**1539** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Farm** | **Commercial** | **Total** |
| **December 31, 2024** |  |  |  |
| &nbsp;&nbsp;AAA - AA | $— | $916 | $916 |
| &nbsp;&nbsp;A | 16 | 757 | 773 |
| &nbsp;&nbsp;BBB |  | 34 | 34 |
| &nbsp;&nbsp;B |  | 2 | 2 |
|  | $16 | $1709 | $1725 |

---

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

During 2025, the Company issued no new mortgage loans. During 2024, the Company issued mortgage loans with a maximum interest rate of 7.65% and a minimum interest rate of 7.65% for commercial loans. The maximum percentage of any one admitted loan to the value of the security (exclusive of insured or guaranteed or purchase money mortgages) originated or acquired during the year ending December 31, 2024 at the time of origination was 55%.

During 2025, the Company issued no farm mortgage loans. During 2024, the Company issued agricultural loans with both a maximum and minimum interest rate of 6.55%.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

During 2025 and 2024, the Company did not reduce the interest rate on any outstanding mortgage loans.

The age analysis of mortgage loans and identification in which the Company is a participant or co-lender in a mortgage loan agreement is as follows for December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | | **Commercial** | |
|  |<br>**Farm** | **All Other** |<br>**Total** |
| **December 31, 2025** |  |  |  |
| Recorded Investment (All) |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | $**16** | $**1523** | $**1539** |
| Participant or Co-lender in Mortgage Loan Agreement |  |  |  |
| &nbsp;&nbsp;&nbsp;Recorded Investment | $**16** | $**484** | $**500** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Commercial** | |
|  |<br>**Farm** | **All Other** |<br>**Total** |
| **December 31, 2024** |  |  |  |
| Recorded Investment (All) |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | $16 | $1709 | $1725 |
| Participant or Co-lender in Mortgage Loan Agreement |  |  |  |
| &nbsp;&nbsp;&nbsp;Recorded Investment | $16 | $538 | $554 |

---

There were no impaired mortgage loans held without an allowance for credit losses as of December 31, 2025 and 2024, respectively, that were subject to participant or co-lender mortgage loan agreement for which the Company is restricted from unilaterally foreclosing on the mortgage loans.

As of December 31, 2025 and 2024, the Company had no mortgage loans derecognized as a result of foreclosure.

The Company accrues interest income on impaired loans to the extent deemed collectible (delinquent less than 91 days) and the loan continues to perform under its original or restructured contractual terms. Interest income on nonperforming loans generally is recognized on a cash basis. For the years ended December 31, 2025, 2024 and 2023, the Company has recognized no interest income on impaired loans or on a cash basis.

At December 31, 2025 and 2024, the Company held a mortgage loan loss reserve in the AVR of $15 and $17, respectively.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Geographic Distribution** | **Geographic Distribution** | **Geographic Distribution** | **Property Type Distribution** | **Property Type Distribution** | **Property Type Distribution** |
|  | **December 31** | **December 31** |  | **December 31** | **December 31** |
|  | **2025** | **2024** |  | **2025** | **2024** |
| <br>Pacific | **33%** | 31% | <br>Apartment | **55%** | 56% |
| E. North Central | **17** | 15 | Industrial | **22** | 21 |
| South Atlantic | **14** | 17 | Retail | **15** | 14 |
| Middle Atlantic | **14** | 13 | Office | **5** | 6 |
| Mountain | **9** | 11 | Medical | **2** | 2 |
| W. South Central | **5** | 4 | Agricultural | **1** | 1 |
| E. South Central | **5** | 5 |  |  |  |
| W. North Central | **2** | 3 |  |  |  |
| New England | **1** | 1 |  |  |  |

---

**Other Invested Assets**

During 2025, the Company recognized $5 of impairment write downs for its investments in joint ventures and limited partnerships. During 2024 and 2023, the Company recognized no impairment write downs for its investments in joint ventures and limited partnerships.

#### Tax Credits
The Company invests in projects designed to generate federal and state tax credits and other tax benefits through ownership interests in tax credit structures, including partnerships and limited liability entities. These investments primarily relate to affordable housing and historic rehabilitation. The Company's objective in making these investments is to realize value through the receipt and utilization of tax credits and related tax benefits rather than through operating income or appreciation of the underlying assets.

Tax credits generated by these investments may be transferable or certificated in certain jurisdictions or non-transferable and usable only against the Company's income tax liabilities. The investments are accounted for in accordance with SSAP No. 93 and SSAP No. 94, as applicable.

Tax credits generated from these investments are recognized as assets in accordance with SSAP No. 94 and are recorded at amounts expected to be realized through utilization or, where applicable, transfer or sale. The recognition of tax credits impacts the Company's statutory financial position through the recording of admitted or nonadmitted tax credit assets.

Utilization of tax credits reduces income tax expense and current tax payable, favorably affecting statutory results of operations. Unused tax credits remain recorded as assets and are evaluated for admissibility and recoverability based on expected future taxable income, statutory limitations, and credit expiration provisions. Tax credits not expected to be realized are reduced through nonadmission or impairment, which negatively impacts statutory surplus and results of operations

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

in the period recognized. Tax credit benefits recognized in 2025, 2024 and 2023 was $13, $14 and $15, respectively, and other tax benefits recognized was $2, $2 and $2. The balance of the investment recognized as of December 31, 2025, 2024 and 2023 is $35, $49 and $64, respectively.

During the year ended December 31, 2025, 2024 and 2023, the Company recognized $14, ($14) and ($15), respectively, of investment amortization related to investments generating tax credits and other tax benefits. This amortization was recognized as a component of net investment income.

The Company recognized an insignificant amount of non-income tax related activity associated with these investments as a component of net investment income during 2025, 2024 and 2023.

There were no other returns allocated to these investments recognized outside of income tax expense.

The following schedule reflects the aggregate amount of tax credits expected to be generated in each of the subsequent five years and thereafter, disaggregated between transferable/certificated and non-transferable tax credits:

---

| | | | |
|:---|:---|:---|:---|
| **Year** | **Transferable/ <br> Certificated** | **Nontransferable** | **Total** |
| 2026 | $**—** | $**12** | $**12** |
| 2027 | **—** | **10** | **10** |
| 2028 | **—** | **6** | **6** |
| 2029 | **—** | **2** | **2** |
| 2030 | **—** | **—** | **—** |
| 2031 and After | **—** | **1** | **1** |
|  | $**—** | $**31** | $**31** |

---

The Company has commitments related to investments in tax credit structures, including obligations to make additional capital contributions upon the occurrence of specified events. The table below presents these commitments and the periods in which such amounts are expected to be funded:

---

| | |
|:---|:---|
| **Year** | **Tax Credit** |
| 2026 | $**1** |
| 2027 | **—** |
| 2028 | **—** |
| 2029 | **—** |
| 2030 | **—** |
| 2031 and After | **—** |
|  | $**1** |

---

The Company is not subject to regulatory review for any underlying projects as of December 31, 2025, 2024 and 2023.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

The Company did not recognize impairment losses on tax credit investments as of December 31, 2025, 2024 and 2023.

The following tables provide the carrying value of tax credits, disaggregated by transferable/ certificated and non-transferable, gross of any related tax liabilities by jurisdiction and in total as of December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| | | **December 31, 2025** | **December 31, 2025** |
| <br>**Description of State Transferable and Non-Transferable Tax Credits** | <br>**Jurisdiction** | **Carrying Value** | **Unused**<br> **Amount\*** |
| &nbsp;&nbsp;Low-Income Housing Tax Credits | &nbsp;&nbsp;United States | $**35** | $**31** |
| &nbsp;&nbsp;Economic Redevelopment and Growth Tax Credits | &nbsp;&nbsp;NJ | **—** | **1** |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;XXX | $**35** | $**32** |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **December 31, 2024** | **December 31, 2024** |
| <br>**Description of State Transferable and Non-Transferable Tax Credits** | <br>**Jurisdiction** | **Carrying Value** | **Unused**<br> **Amount** |
| &nbsp;&nbsp;Economic Redevelopment and Growth Tax Credits | &nbsp;&nbsp;NJ | $— | $1 |
| &nbsp;&nbsp;Low-Income Housing Tax Credits | &nbsp;&nbsp;United States | 49 | 44 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;XXX | $49 | $45 |

---

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

The following tables provide total unused tax credits by jurisdiction, disaggregated by transferable/certificated and non-transferable as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Jurisdiction** | **Transferable/ Certificated** | **Nontransferable** | **Total** |
| State: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey | &nbsp;&nbsp;NJ | $**1** | $**—** | $**1** |
| &nbsp;&nbsp;Federal | &nbsp;&nbsp;XXX | **—** | **31** | **31** |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;XXX | $**1** | $**31** | $**32** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Jurisdiction** | **Transferable/ Certificated** | **Nontransferable** | **Total** |
| State: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey | &nbsp;&nbsp;NJ | $1 | $— | $1 |
| &nbsp;&nbsp;Federal | &nbsp;&nbsp;XXX | **—** | 44 | 44 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;XXX | $1 | $44 | $45 |

---

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

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

The following tables identify tax credits by transferable/certificated and non-transferable classifications and identify the admitted and nonadmitted portions of each classification as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Total Admitted** | **Total Nonadmitted** |
| State: |  |  |
| &nbsp;&nbsp;&nbsp;Transferable | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;Non-transferable | **—** | **—** |
| Federal: |  |  |
| &nbsp;&nbsp;&nbsp;Transferable | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;Non-transferable | **35** | **—** |

---

---

| | | |
|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Total Admitted** | **Total Nonadmitted** |
| State: |  |  |
| &nbsp;&nbsp;&nbsp;Transferable | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;Non-transferable | **—** | **—** |
| Federal: |  |  |
| &nbsp;&nbsp;&nbsp;Transferable | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;Non-transferable | 49 | **—** |

---

#### Derivatives
The Company has entered into collateral agreements with certain counterparties wherein the counterparty is required to post assets (cash or securities) on the Company's behalf in an amount equal to the difference between the net positive fair value of the contracts and an agreed upon threshold based on the credit rating of the counterparty. If the net fair value of all contracts with this counterparty is negative, then the Company is required to post similar assets (cash or securities). Fair value of derivative contracts, aggregated at a counterparty level at December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Fair value - positive | $**32** | $30 |
| Fair value - negative | **(52)** | (36) |

---

At December 31, 2025, 2024 and 2023, the Company has recorded unrealized gains (losses) of ($9), ($2) and $2, respectively, for the component of derivative instruments utilized for hedging purposes that did not qualify for hedge accounting. This has been recorded directly to unassigned surplus as an unrealized gain (loss). The Company did not recognize any unrealized gains or losses during 2025, 2024 and 2023 that represented the component of derivative instruments gain or loss that was excluded from the assessment of hedge effectiveness.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

Summary of realized gains (losses) by derivative type for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| <u>Options:</u> |  |  |  |
| Calls | $**(7)** | $(1) | $— |
| Puts | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total options | $**(6)** | $(1) | $— |
| <u>Swaps:</u> |  |  |  |
| Interest rate | $**(1)** | $8 | $(40) |
| Total return | **(41)** | (77) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total swaps | $**(42)** | $(69) | $(89) |
| Futures - net positions | **35** | (22) | (5) |
| Total realized gains (losses) | $**(13)** | $(92) | $(94) |

---

The average estimated fair value of derivatives held for other than hedging purposes is presented in the following table for the years ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset<sup>(1)</sup>** | **Asset<sup>(1)</sup>** | **Liability<sup>(1)</sup>** | **Liability<sup>(1)</sup>** |
|  | **2025** | **2024** | **2025** | **2024** |
| Derivative component of RSATs Credit default swaps | $**6** | $9 | $**—** | $— |

---

 

*<sup>(1)</sup> Asset and liability classification of derivatives is based on each derivative's positive (asset) or negative (liability) book/adjusted carrying value.*

 

The estimated fair value of derivatives held for other than hedging purposes is presented in the following table for the years ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset<sup>(1)</sup>** | **Asset<sup>(1)</sup>** | **Liability<sup>(1)</sup>** | **Liability<sup>(1)</sup>** |
|  | **2025** | **2024** | **2025** | **2024** |
| Derivative component of RSATs Credit default swaps | $**5** | $8 | $**—** | $— |

---

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

 

The Company did not have net realized gains (losses) on derivatives held for other than hedging purposes for the years ended December 31, 2025, 2024 and 2023.

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

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

The following tables present the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **2025** | **2025** | **2025** |
| **Rating Agency Designation of**<br> **Referenced Credit Obligations <sup>(1)</sup>** | **NAIC**<br> **Designation** | **Estimated**<br> **Fair Value of**<br> **Credit**<br> **Default**<br> **Swaps** | **Maximum**<br> **Amount of**<br> **Future**<br> **Payments**<br> **under Credit**<br> **Default**<br> **Swaps** | **Weighted**<br> **Average**<br> **Years to**<br> **Maturity <sup>(2)</sup>** |
| AAA/AA/A | 1 |  |  |  |
| &nbsp;&nbsp;&nbsp; Single name credit default swaps <sup>(3)</sup> |  | $**1** | $**103** | **1.5** |
| &nbsp;&nbsp;&nbsp;Credit default swaps referencing indices |  | **—** | **20** | **35.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | **1** | **123** | **7.1** |
| BBB | 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;Single name credit default swaps <sup>(3)</sup> |  | **3** | **106** | **1.7** |
| &nbsp;&nbsp;&nbsp;Credit default swaps referencing indices |  | **1** | **77** | **2.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | **4** | **183** | **2.0** |
| BB | 3 |  |  |  |
| &nbsp;&nbsp;&nbsp;Single name credit default swaps <sup>(3)</sup> |  | **—** | **10** | **0.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | **—** | **10** | **0.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  | $**5** | $**316** | **3.9** |

---

*<sup>(1)</sup>* *The rating agency designations are based on availability and the blending of the applicable ratings among Moody's Investors Service, S&P, and Fitch Ratings. If no rating is available from a rating agency, then an internally derived rating is used.*

 

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

 

*<sup>(3)</sup>* *Includes corporate, foreign government and state entities.*

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **2024** | **2024** | **2024** |
| <br>**Rating Agency Designation of**<br> **Referenced Credit Obligations <sup>(1)</sup>** | <br>**NAIC**<br> **Designation** | **Estimated**<br> **Fair Value of**<br> **Credit**<br> **Default**<br> **Swaps** | **Maximum**<br> **Amount of**<br> **Future**<br> **Payments**<br> **under Credit**<br> **Default**<br> **Swaps** | **Weighted**<br> **Average**<br> **Years to**<br> **Maturity <sup>(2)</sup>** |
| AAA/AA/A | 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;Single name credit default swaps <sup>(3)</sup> |  | $1 | $101 | 2.4 |
| &nbsp;&nbsp;&nbsp;Credit default swaps referencing indices |  |  | 20 | 36.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | 1 | 121 | 8.1 |
| BBB | 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;Single name credit default swaps <sup>(3)</sup> |  | 4 | 176 | 2.1 |
| &nbsp;&nbsp;&nbsp;Credit default swaps referencing indices |  | 2 | 143 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | 6 | 319 | 2.2 |
| BB | 3 |  |  |  |
| &nbsp;&nbsp;&nbsp;Single name credit default swaps <sup>(3)</sup> |  |  | 10 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  |  | 10 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  | $7 | $450 | 3.7 |

---

 

*<sup>(1)</sup> The rating agency designations are based on availability and the blending of the applicable ratings among Moody's Investors Service, S&P, and Fitch Ratings. If no rating is available from a rating agency, then an internally derived rating is used.*

 

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

 

*<sup>(3)</sup> Includes corporate, foreign government and state entities.*

 

The Company may enter into credit default swaps to purchase credit protection on certain of the referenced credit obligations in the table above. At December 31, 2025 and 2024, there were not any potential future recoveries available to offset the $316 and $450, respectively, from the table above.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

At December 31, 2025 and 2024, the Company's outstanding derivative instruments, shown in notional or contract amounts and fair value, are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract or Notional Amount <sup>(1)</sup>** | **Contract or Notional Amount <sup>(1)</sup>** | **Fair Value** | **Fair Value** |
|  | **2025** | **2024** | **2025** | **2024** |
| Derivative assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps | $**281** | $434 | $**5** | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | **62** | 147 | **7** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity swaps | **11** | 258 | **—** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options | **62** | 13 | **17** |  |
| Derivative liabilities: Credit default swaps | **46** | 35 | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | **92** | 7 | **5** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity futures | **—** |  | **2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity swaps | **264** | 31 | **10** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate futures | **—** |  | **1** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | **90** | 282 | **28** | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate forwards | **60** |  | **1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options | **(195)** | (26) | **5** |  |

---

*<sup>(1)</sup> Futures are presented in contract format. Swaps and options are presented in notional format.*

 

#### Restricted Assets
The following tables show the pledged or restricted assets as of December 31, 2025 and 2024, respectively:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** |
| | **2025** | **2025** | **2025** | **2025** | **2025** |
| <br>**Restricted Asset Category** | **Total General**<br> **Account (G/A)** | **G/A Supporting**<br> **Separate**<br> **Account (S/A)**<br> **Activity** | **Total S/A**<br> **Restricted**<br> **Assets** | **S/A Assets**<br> **Supporting**<br> **G/A Activity** | **Total** |
| Collateral held under security lending agreements | $**312** | $**—** | $**—** | $**—** | $**312** |
| FHLB capital stock | **3** | **—** | **—** | **—** | **3** |
| On deposit with states | **3** | **—** | **—** | **—** | **3** |
| Pledged as collateral not captured in other categories | **159** | **—** | **—** | **—** | **159** |
| Collateral assets received and on balance sheet | **13** | **—** | **—** | **—** | **13** |
| Total restricted assets | $**490** | $**—** | $**—** | $**—** | $**490** |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Percentage** | **Percentage** |
| <br>**Restricted Asset Category** | **Total From Prior Year (2024)** | **Increase/ (Decrease)** | **Total Nonadmitted Restricted** | **Total Admitted Restricted** | **Gross (Admitted & Nonadmitted) Restricted to Total Assets** | **Admitted Restricted to Total Admitted Assets** |
| Collateral held under security lending <br> agreements | $**301** | $**11** | $**—** | $**312** | **1.03%** | **1.04%** |
| FHLB capital stock | **3** | **—** | **—** | **3** | **0.01%** | **0.01%** |
| On deposit with states | **3** | **—** | **—** | **3** | **0.01%** | **0.01%** |
| Pledged as collateral not captured in other<br> categories | **160** | **(1)** | **—** | **159** | **0.53%** | **0.53%** |
| Collateral assets received and on balance sheet | **—** | **13** | **—** | **13** | **0.04%** | **0.04%** |
| Total restricted assets | $**467** | $**23** | $**—** | $**490** | **1.62%** | **1.63%** |

---

The following tables show the pledged or restricted assets in other categories as of December 31, 2025 and 2024, respectively:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** |
| | **2025** | **2025** | **2025** | **2025** | **2025** |
| **Description of Assets** | **Total G/A** | **G/A Supporting S/A Activity (a)** | **Total S/A Restricted Assets** | **S/A Assets Supporting G/A Activity (b)** | **Total** |
| Derivatives | $**159** | $**—** | $**—** | $**—** | $**159** |
| Total | $**159** | $**—** | $**—** | $**—** | $**159** |
| Total excluding derivative collateral (total minus amount of total pledged under derivative contracts) | $**159** | $**—** | $**—** | $**—** | $**159** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Percentage** | **Percentage** |
| **Description of Assets** | **Total From Prior Year (2024)** | **Increase/ (Decrease)** | **Total Admitted Restricted** | **Gross (Admitted & Nonadmitted) Restricted to Total Assets** | **Admitted Restricted to Total Admitted Assets** |
| Derivatives | $**160** | $**(1)** | $**159** | **0.53%** | **0.53%** |
| Total | $**160** | $**(1)** | $**159** | **0.53%** | **0.53%** |
| Total excluding derivative collateral (total minus amount of total pledged under derivative contracts) | $**160** | $**(1)** | $**159** | **0.53%** | **0.53%** |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

The following tables show the collateral received and reflected as assets within the financial statements as of December 31, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2025** |
| <br>**Collateral Assets** | **BACV**<br>**Collateral** | **BACV**<br>**Modco** | **BACV**<br>**FWH** | **Fair Value**<br>**Collateral** | **Fair Value**<br>**Modco** |
| **General Account** |  |  |  |  |  |
| Cash | $**13** | $**—** | $**—** | $**13** | $**—** |
| Securities lending collateral assets | **312** | **—** | **—** | **312** | **—** |
| Other | **—** | **—** | **—** | **—** | **—** |
| Total collateral assets | $**325** | $**—** | $**—** | $**325** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** |
| <br>**Collateral Assets** | **Fair Value<br> FWH** | **% of BACV to Total Assets (Admitted and Nonadmitted)** | **% of BACV to Total Admitted Assets** | **BACV FWH Including<br> Modco** |
| **General Account** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $**—** | **0.17%** | **0.17%** | $**—** |
| &nbsp;&nbsp;&nbsp;Securities lending collateral assets | **—** | **4.12%** | **4.17%** | **—** |
| &nbsp;&nbsp;&nbsp;Other | **—** | **—%** | **—%** | **—** |
| Total collateral assets | $**—** | **4.29%** | **4.34%** | $**—** |

---

---

| | | |
|:---|:---|:---|
|  | **Amount** | **% of Liability to Total Liabilities** |
| Recognized obligation to return collateral asset (General Account) | $**325** | **4.88%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** |
| <br>**Collateral Assets** |<br><br>**Carrying Value** |<br><br>**Fair Value** | **% of CV to**<br>**Total Assets**<br>**(Admitted and**<br>**Nonadmitted)** |<br>**% of CV to**<br>**Total Admitted**<br>**Assets** |
| Cash | $15 | $15 | 0.20% | 0.20% |
| Securities lending collateral assets | 301 | 301 | 4.00 | 4.05 |
| Other | 3 | 3 | 0.04 | 0.04 |
| Total collateral assets | $319 | $319 | 4.24% | 4.29% |

---

---

| | | |
|:---|:---|:---|
|  | **Amount** | **% of Liability to Total Liabilities** |
| Recognized obligation to return collateral asset | $319 | 4.84% |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

#### Net Investment Income
Detail of net investment income is presented below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **2025** | **2024** | **2023** |
| Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds | $**195** | $198 | $212 |
| &nbsp;&nbsp;&nbsp;Common stocks | **—** |  | 1 |
| &nbsp;&nbsp;&nbsp;Mortgage loans on real estate | **67** | 72 | 74 |
| &nbsp;&nbsp;&nbsp;Policy loans | **9** | 9 | 8 |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents and short-term investments | **10** | 13 | 7 |
| &nbsp;&nbsp;&nbsp;Derivatives | **25** | 24 | 25 |
| &nbsp;&nbsp;&nbsp;Other invested assets | **(2)** | 11 | 17 |
| Gross investment income | **304** | 327 | 344 |
| Less: investment expenses | **17** | 18 | 17 |
| Net investment income before amortization of IMR | **287** | 309 | 327 |
| &nbsp;&nbsp;&nbsp;Amortization of IMR | **(1)** | 1 | 3 |
| Net investment income | $**286** | $310 | $330 |

---

The gross, nonadmitted and admitted amounts for interest income due and accrued are presented in the following table:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** |
|  | **2025** | **2024** |
| Gross | $**52** | $52 |
| Nonadmitted | $**—** | $— |
| Admitted | $**52** | $52 |

---

At December 31, 2025, the Company had no cumulative amounts for paid-in-kind interest included in the principle balance. At December 31, 2024, the Company had insignificant cumulative amounts for paid-in-kind interest included in the principle balance.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

#### Realized Capital Gains (Losses)
Net realized capital gains (losses) on investments, including OTTI, are summarized below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Realized** | **Realized** | **Realized** |
|  | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **2025** | **2024** | **2023** |
| Bonds | $**(7)** | $(15) | $(10) |
| Common stocks | **—** |  | (1) |
| Derivatives | **(13)** | (92) | (94) |
| Other invested assets | **(2)** | 5 | 1 |
| Net realized capital gains (losses), before taxes | **(22)** | (102) | (104) |
| Federal income tax effect | **(1)** | 3 | (2) |
| Transfer from (to) interest maintenance reserve | **1** | 12 | 6 |
| Net realized capital gains (losses) on investments | $**(22)** | $(87) | $(100) |

---

#### Unrealized Capital Gains (Losses)
The changes in net unrealized capital gains and losses on investments, including the changes in net unrealized foreign capital gains and losses were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Change in Unrealized** | **Change in Unrealized** | **Change in Unrealized** |
|  | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **2025** | **2024** | **2023** |
| Bonds | $**20** | $(4) | $2 |
| Common stocks | **—** |  | (2) |
| Derivatives | **(26)** | (1) | (1) |
| Other invested assets | **(21)** | (15) | 19 |
| Change in unrealized capital gains (losses), before taxes | **(27)** | (20) | 18 |
| Taxes on unrealized capital gains (losses) | **3** | 3 | (4) |
| Change in unrealized capital gains (losses), net of tax | $**(24)** | $(17) | $14 |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

#### Admitted Disallowed IMR
The Company has admitted net negative (disallowed) IMR in accordance with the following criteria:

A. Fixed income investments generating IMR losses comply with the reporting entity's documented investment or liability management policies.

B. IMR losses for fixed income related derivatives are all in accordance with prudent and documented risk management procedures, in accordance with a reporting entity's derivative use plans and reflect symmetry with historical treatment in which unrealized derivative gains were reversed to IMR and amortized in lieu of being recognized as realized gains upon derivative termination.

C. Any deviation to (a) was either because of a temporary and transitory timing issue or related to a specific event, such as a reinsurance transaction, that mechanically made the cause of IMR losses not reflective of reinvestment activities.

D. Asset sales that were generating admitted negative IMR were not compelled by liquidity pressures (e.g., to fund significant cash outflows including, but not limited to excess withdrawals and collateral calls).

The aggregate net negative (disallowed) IMR allocation is presented in the following table for the years ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** | **General<br> Account** | **Insulated Separate Account** | **Non-Insulated Separate Account** |
| **2025** | $**28** | $**11** | $**17** | $— |
| 2024 | $27 | $9 | $18 | $— |

---

The allocation of the admitted negative (disallowed) IMR is presented in the following table for the years ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** | **General<br> Account** | **Insulated Separate Account** | **Non-Insulated Separate Account** |
| **2025** | $**28** | $**11** | $**17** | $— |
| 2024 | $27 | $9 | $18 | $— |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

The calculation of adjusted capital and surplus with consideration of the negative (disallowed) IMR is presented in the following table for the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Prior period, as of September 30, the most recent statement filed with the NYDFS, general account capital and surplus | $**796** | $814 |
| From prior period SAP financials: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net positive goodwill (admitted) | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDP equipment & operating system software (admitted) | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net DTAs (admitted) | **22** | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net negative (disallowed) IMR (admitted) | **11** | 8 |
| Adjusted capital and surplus | $**763** | $784 |

---

The admitted net negative (disallowed) IMR represents 3.67% and 3.44% of adjusted capital and surplus for 2025 and 2024.

The Company did not have gains/losses associated with derivatives sold allocated to IMR during 2025 and 2024.

6. Policy and Contract Attributes

#### Insurance Liabilities
Policy reserves, deposit-type contracts and policy claims at December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** |
|  | **2025** | **2024** |
| Life insurance reserves | $**1786** | $1640 |
| Annuity reserves and supplementary contracts with life contingencies | **3907** | 3942 |
| Accident and health reserves (including long term care) | **206** | 281 |
| Total policy reserves | $**5899** | $5863 |
| Deposit-type contracts | **31** | 32 |
| Policy claims | **33** | 32 |
| Total policy reserves, deposit-type contracts and claim liabilities | $**5963** | $5927 |

---

**Life Insurance Reserves**

The aggregate policy reserves for life insurance policies are based upon the 1941, 1958, 1980, 2001 and 2017 Commissioner's Standard Ordinary Mortality Tables. The reserves are calculated using interest rates ranging from 2.00 to 7.25 percent and are computed principally on the Net Level Premium Valuation and the Commissioner's Reserve Valuation Method. Reserves for universal life policies are based on account balances adjusted for the Commissioner's Reserve

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

Valuation Method. Indexed Universal Life Insurance issued after January 1, 2020, follows Valuation Manual section 20 (VM-20) reserve requirements.

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

The Company waives deduction of deferred fractional premiums upon death of the insured and returns any portion of the final premium for periods beyond the date of death.

Additional premiums are charged or additional mortality charges are assessed for policies issued on substandard lives according to underwriting classification. Generally, reserves are determined by computing the regular reserve for the plan at the true age and holding, in addition, the unearned portion of the extra premium charge for the year. For certain flexible premium and fixed premium universal life insurance products, reserves are calculated utilizing the Commissioner's Reserve Valuation Method for universal life policies and recognizing any substandard ratings.

As of December 31, 2025 and 2024, the Company had insurance in force aggregating $1,961 and $2,526, respectively, in which the gross premiums are less than the net premiums required by the valuation standards established by the NYDFS. The Company established policy reserves of $395 and $422 to cover these deficiencies as of December 31, 2025 and 2024, respectively.

The Company does not issue participating life insurance policies.

#### Annuity Reserves and Supplementary Contracts Involving Life Contingencies
Deferred annuity reserves are calculated according to the Commissioner's Annuity Reserve Valuation Method including excess interest reserves to cover situations where the future interest guarantees plus the decrease in surrender charges are in excess of the maximum valuation rates of interest.

Reserves for immediate annuities and supplementary contracts with and without life contingencies are equal to the present value of future payments assuming interest rates ranging from 1.00 to 11.25 percent and mortality rates, where appropriate, from a variety of tables.

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

For variable annuities with guaranteed living benefits and/or minimum guaranteed death benefits, the Company complies with Reg 213. Reg 213 specifies statutory reserve requirements for variable annuity contracts (VACARVM) with benefit guarantees and without benefit guarantees and related products. Examples of covered guaranteed benefits include return of premium death benefits, guaranteed minimum accumulation benefits, guaranteed minimum income benefits, guaranteed minimum withdrawal benefits and guaranteed payout annuity floors. The Reg 213 reserve calculations include standard scenario calculations from the prior Actuarial Guideline 43

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

(AG 43) as well as reserve requirements based on the NAIC Valuation Manual Section 21 (VM-21) Principles Based Reserving for Variable Annuities. The reserve for contracts falling within the scope of Reg 213 is split into pre and post January 1, 2020 contract issues and is calculated at a contract level with no aggregation. For pre 2020 business, the reserve is the greater of the VM-21 reserve or the modified AG 43 standard scenario reserve. For post 2020 business, the reserve is the greater of the VM-21 reserve and the New York Objective Floor; the New York Objective Floor is the maximum of two distinct modified AG 43 standard scenario reserves, the cash surrender value and the option value floor.

The VM-21 reserve is equal to the Conditional Tail Expectation (CTE) amount plus an additional standard projection amount if the Company's non-economic assumptions differ enough from industry assumptions. To determine the CTE amount, the Company uses 1,000 of the pre-packaged scenarios developed by the American Academy of Actuaries (AAA) and the Society of Actuaries and prudent estimate assumptions based on Company experience. The Standard Projection Amount is determined using the same CTE calculations but replaces the Company's own assumptions with prescribed assumptions and methods specified in VM-21.

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

At December 31, 2025 and 2024, the Company had no premium deficiency reserve related to accident and health policies.

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

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Unpaid Claims Liability Beginning**<br> **of Year** | **Claims<br> Incurred** | **Claims<br> Paid** | **Unpaid Claims Liability End<br> of Year** |
| **Year ended December 31, 2025** |  |  |  |  |
| 2025 | $**—** | $**80** | $**43** | $**37** |
| 2024 and prior | **41** | **2** | **34** | **9** |
|  | **41** | $**82** | $**77** | **46** |
| Active life reserve | $**255** |  |  | $**175** |
| Total accident and health reserves | $**296** |  |  | $**221** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Unpaid Claims Liability Beginning of Year** | **Claims<br> Incurred** | **Claims<br> Paid** | **Unpaid Claims Liability End<br> of Year** |
| **Year ended December 31, 2024** |  |  |  |  |
| 2024 | $— | $72 | $40 | $32 |
| 2023 and prior | 41 | (1) | 31 | 9 |
|  | 41 | $71 | $71 | 41 |
| Active life reserve | $252 |  |  | $255 |
| Total accident and health reserves | $293 |  |  | $296 |

---

The change in the Company's unpaid claims reserve was $2 and ($1) for the years ended December 31, 2025 and 2024, respectively, for health claims that were incurred prior to those Balance Sheets date. The change in 2025 was due to the LTC block releasing NY Sound Value at the end of 2025, causing a $75M reduction. There were no significant drivers of the change in 2024.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Liability** <br> **Beginning of**<br> **Year** | **Incurred** | **Paid** | **Liability** <br> **End of**<br> **Year** |
| **Year ended December 31, 2025** |  |  |  |  |
| 2025 | $**—** | $**1** | $**—** | $**1** |
| 2024 and prior | **—** | **1** | **1** | **—** |
|  | $**—** | $**2** | $**1** | $**1** |
| **Year ended December 31, 2024** |  |  |  |  |
| 2024 | $— | $1 | $1 | $— |
| 2023 and prior |  |  |  |  |
|  | $— | $1 | $1 | $— |

---

There was no significant change in the claim adjustment expense provision for insured events of prior years during 2025.

#### Premium and Annuity Considerations Deferred and Uncollected
Reserves on the Company's traditional life insurance products are computed using mean and interpolated or mid-terminal reserving methodologies. The mean methodologies result in the establishment of assets for the amount of the net valuation premiums that are anticipated to be received between the policy's paid-through date to the policy's next anniversary date. The interpolated methodologies do not require the establishment of such assets, however, it is required to hold unearned premium liabilities. At December 31, 2025 and 2024, the gross premiums and net of loading amounts related to these assets (which are reported as premiums deferred and uncollected), are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Gross** | **Net of Loading** | **Gross** | **Net of Loading** |
| Life and annuity: | $**—** | $**—** | $2 | $1 |
| Ordinary renewal business | $**—** | $**—** | $2 | $1 |

---

#### Deposit-type Contracts
Tabular interest on funds not involving life contingencies has been determined primarily by formula.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31 2025** | **December 31 2025** | **December 31 2025** | **December 31 2025** | **December 31 2025** |
|  | **General Account** | **Separate Account with Guarantees** | **Separate Account Non Guaranteed** | **Total** | **Percent** |
| **Individual Annuities:** |  |  |  |  |  |
| Subject to discretionary withdrawal with adjustment: |  |  |  |  |  |
| With fair value adjustment | $**—** | $**82** | $**—** | $**82** | **2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less surrender charge of 5% or more | **60** | **—** | **—** | **60** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | **—** | **—** | **4291** | **4291** | **83** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total with adjustment or at fair value | **60** | **82** | **4291** | **4433** | **86** |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment<br> (minimal or no charge or adjustment) | **445** |  |  | **445** | **9** |
| Not subject to discretionary withdrawal provision | **245** |  | **24** | **269** | **5** |
| Total individual annuity reserves | **750** | **82** | **4315** | **5147** | **100%** |
| Less reinsurance ceded | **134** | **—** | **—** | **134** |  |
| Net individual annuities reserves | $**616** | $**82** | $**4315** | $**5013** |  |
| Amount included in book valueless surrender charge above that will move to book value without adjustment in the year after the statement date | $**20** | $**—** | $**—** | $**20** |  |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31 2025** | **December 31 2025** | **December 31 2025** | **December 31 2025** | **December 31 2025** |
|  | **General Account** | **Separate** <br> **Account** <br> **with** <br> **Guarantees** | **Separate**<br> **Account** <br> **Non-**<br> **Guaranteed** | **Total** | **Percent** |
| **Group Annuities:** |  |  |  |  |  |
| Subject to discretionary withdrawal with adjustment: |  |  |  |  |  |
| With fair value adjustment | $**821** | $**2** | $**—** | $**823** | **4%** |
| &nbsp;&nbsp;&nbsp;At book value less surrender charge of 5% or more | **383** | **—** | **—** | **383** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | **—** | **221** | **16863** | **17084** | **81** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total with adjustment or at fair value | **1204** | **223** | **16863** | **18290** | **87** |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | **1645** | **41** | **—** | **1686** | **8** |
| Not subject to discretionary withdrawal provision | **417** | **—** | **680** | **1097** | **5** |
| Total group annuities reserves | **3266** | **264** | **17543** | **21073** | **100%** |
| Net group annuities reserves | $**3266** | $**264** | $**17543** | $**21073** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31 2025** | **December 31 2025** | **December 31 2025** | **December 31 2025** | **December 31 2025** |
|  | **General Account** | **Separate Account with Guarantees** | **Separate Account Non-Guaranteed** | **Total** | **Percent** |
| **Deposit-type contracts (no life contingencies):** |  |  |  |  |  |
| Subject to discretionary withdrawal with adjustment: |  |  |  |  |  |
| At book value without adjustment <br>(minimal or no charge or adjustment) | $**1** | $**—** | $**—** | $**1** | **2%** |
| Not subject to discretionary withdrawal provision | **43** | **—** | **2** | **45** | **98** |
| Total deposit-type contracts | **44** | **—** | **2** | **46** | **100%** |
| Less reinsurance ceded | **13** | **—** | **—** | **13** |  |
| Net deposit-type contracts | $**31** | $**—** | $**2** | $**33** |  |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

---

| | |
|:---|:---|
|  | **Amount** |
| **Reconciliation to the Annual Statement:** | |
| **Life & Accident & Health Annual Statement:** |  |
| Exhibit 5, Annuities section, total (net) | $**3825** |
| Exhibit 5, Supp contracts with life contingencies section, total (net) | **57** |
| Exhibit 7, Deposit-type contracts, net balance at the end of the current year after reinsurance | **31** |
| Subtotal | **3913** |
| **Separate Accounts Annual Statement:** |  |
| Exhibit 3, Annuities section, total | **22170** |
| Exhibit 3, Supp contracts with life contingencies section, total | **34** |
| Other contract deposit funds | **2** |
| Subtotal | **22206** |
| Combined total | $**26119** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31 2024** | **December 31 2024** | **December 31 2024** | **December 31 2024** | **December 31 2024** |
|  | **General Account** | **Separate Account with Guarantees** | **Separate Account Non-Guaranteed** | **Total** | **Percent** |
| **Individual Annuities:** |  |  |  |  |  |
| Subject to discretionary withdrawal with adjustment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $— | $17 | $— | $17 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less surrender charge of 5% or more | 51 |  |  | 51 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  |  | 4225 | 4225 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total with adjustment or at fair value | 51 | 17 | 4225 | 4293 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | 487 |  |  | 487 | 10 |
| Not subject to discretionary withdrawal provision | 229 |  | 21 | 250 | 5 |
| Total individual annuity reserves | 767 | 17 | 4246 | 5030 | 100% |
| Less reinsurance ceded | 135 |  |  | 135 |  |
| Net individual annuity reserves | $632 | $17 | $4246 | $4895 |  |
| Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date | $12 | $— | $— | $12 |  |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31 2024** | **December 31 2024** | **December 31 2024** | **December 31 2024** | **December 31 2024** |
|  | **General Account** | **Separate Account with Guarantees** | **Separate Account Non-Guaranteed** | **Total** | **Percent** |
| **Group Annuities:** |  |  |  |  |  |
| Subject to discretionary withdrawal with adjustment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $786 | $1 | $— | $787 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less surrender charge of 5% or more | 414 |  |  | 414 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 258 | 15355 | 15613 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total with adjustment or at fair value | 1200 | 259 | 15355 | 16814 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | 1666 | 46 |  | 1712 | 9 |
| &nbsp;&nbsp;&nbsp;Not subject to discretionary withdrawal provision | 444 |  | 692 | 1136 | 6 |
| Total group annuity reserves | 3310 | 305 | 16047 | 19662 | 100% |
| Net group annuity reserves | $3310 | $305 | $16047 | $19662 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31 2024** | **December 31 2024** | **December 31 2024** | **December 31 2024** | **December 31 2024** |
|  | **General Account** | **Separate Account with Guarantees** | **Separate Account Non- Guaranteed** | **Total** | **Percent** |
| **Deposit-type contracts (no life contingencies):** |  |  |  |  |  |
| Subject to discretionary withdrawal with adjustment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | $1 | $— | $— | $1 | 2% |
| Not subject to discretionary withdrawal provision | 44 |  | 1 | 45 | 98 |
| Total deposit-type contracts | 45 |  | 1 | 46 | 100% |
| Less reinsurance ceded | 13 |  |  | 13 |  |
| Net deposit-type contracts | $32 | $— | $1 | $33 |  |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

---

| | |
|:---|:---|
|  | **Amount** |
| **Reconciliation to the Annual Statement:** |  |
| &nbsp;&nbsp;&nbsp;**Life & Accident & Health Annual Statement:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Annuities section, total (net) | $3888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Supp contracts with life contingencies section, total (net) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 7, Deposit-type contracts, net balance at the end of the current year after reinsurance | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 3974 |
| &nbsp;&nbsp;&nbsp;**Separate Accounts Annual Statement:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 3, Annuities section, total | 20, 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 3, Supp contracts with life contingencies section, total | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other contract deposit funds | 1 |
| &nbsp;&nbsp;&nbsp;Subtotal | 20616 |
| &nbsp;&nbsp;&nbsp;Combined total | $24590 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31 2025** | **December 31 2025** | **December 31 2025** |
|  | **General Account** | **General Account** | **General Account** |
|  | **Account Value** | **Cash Value** | **Reserve** |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term policies with cash value | $**—** | $**1** | $**1** |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life | **691** | **675** | **735** |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life with secondary guarantees | **39** | **22** | **82** |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed universal life with secondary guarantees | **709** | **608** | **651** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other permanent cash value life insurance | **—** | **66** | **80** |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable universal life | **55** | **55** | **57** |
| Not subject to discretionary withdrawal or no cash values |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term policies without cash value | **—** | **—** | **270** |
| &nbsp;&nbsp;&nbsp;&nbsp;Accidental death benefits | **—** | **—** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - active lives | **—** | **—** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - disabled lives | **—** | **—** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous reserves | **—** | **—** | **91** |
| Total (gross) | **1494** | **1427** | **1977** |
| Reinsurance ceded | **176** | **176** | **191** |
| Total (net) | $**1318** | $**1251** | $**1786** |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

As of December 31, 2025, the Company did not hold any life reserves for separate accounts with guarantees.

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31 2025** | **December 31 2025** | **December 31 2025** |
|  | **Separate Account - Nonguaranteed** | **Separate Account - Nonguaranteed** | **Separate Account - Nonguaranteed** |
|  | **Account Value** | **Cash Value** | **Reserve** |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable universal life | $**337** | $**337** | $**337** |
| Total (net) | $**337** | $**337** | $**337** |

---

---

| | |
|:---|:---|
|  | **Amount** |
| **Reconciliation to the Annual Statement:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Life & Accident & Health Annual Statement:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Life insurance section, total (net) | $**1685** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Accidental death benefits section total (net) | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Disability - active lives section, total (net) | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Disability - disabled lives section, total (net) | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Miscellaneous reserves section, total (net) | **91** |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | **1786** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Separate Accounts Annual Statement:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 3, Life insurance section, total | **337** |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | **337** |
| &nbsp;&nbsp;&nbsp;&nbsp;Combined total | $**2123** |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31 2024** | **December 31 2024** | **December 31 2024** |
|  | **General Account** | **General Account** | **General Account** |
|  | **Account Value** | **Cash Value** | **Reserve** |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term policies with cash value | $— | $1 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life | 681 | 587 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life with secondary guarantees | 31 | 26 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed universal life with secondary guarantees | 612 | 515 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other permanent cash value life insurance |  | 66 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable universal life | 26 | 27 | 55 |
| Not subject to discretionary withdrawal or no cash values |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term policies without cash value |  |  | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - active lives |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - disabled lives |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous reserves |  |  | 56 |
| Total (gross) | 1350 | 1222 | 1833 |
| Reinsurance ceded | 176 | 176 | 192 |
| Total (net) | $1174 | $1046 | $1641 |

---

As of December 31, 2024, the Company did not hold any life reserves for separate accounts with guarantees.

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31 2024** | **December 31 2024** | **December 31 2024** |
|  | **Separate Account - Nonguaranteed** | **Separate Account - Nonguaranteed** | **Separate Account - Nonguaranteed** |
|  | **Account Value** | **Cash Value** | **Reserve** |
| Subject to discretionary withdrawal, surrender values, or policy loans: Variable universal life | $171 | $170 | $308 |
| Total (net) | $171 | $170 | $308 |

---

---

| | |
|:---|:---|
|  | **Amount** |
| **Reconciliation to the Annual Statement:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Life & Accident & Health Annual Statement:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit 5, Life insurance section, total (net) | $1575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Disability - active lives section, total (net) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Disability - disabled lives section, total (net) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Miscellaneous reserves section, total (net) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Separate Accounts Annual Statement:** |  |
| Exhibit 3, Life insurance section, total | 308 |
| &nbsp;&nbsp;&nbsp;Subtotal | 308 |
| &nbsp;&nbsp;&nbsp;Combined total | $1948 |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

#### Separate Accounts
Information regarding the separate accounts of the Company as of and for the years ended December 31, 2025, 2024 and 2023 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Guaranteed**<br> **Indexed** | **Nonindexed**<br> **Guarantee Less Than or**<br> **Equal to 4%** | **Nonguaranteed Separate Accounts** | **Total** |
| Premiums, deposits and other considerations for the year ended December 31, 2025 | $**—** | $**31** | $**3309** | $**3340** |
| &nbsp;&nbsp;&nbsp;Reserves for separate accounts as of December 31, 2025 with assets at: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value | $**—** | $**—** | $**22197** | $**22197** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortized cost | **67** | **279** | **—** | **346** |
| Total as of December 31, 2025 | $**67** | $**279** | $**22197** | $**22543** |
| Reserves for separate accounts by withdrawal characteristics as of December 31, 2025: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $**67** | $**17** | $**—** | $**84** |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | **—** | **221** | **21491** | **21712** |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without fair value adjustment and with current surrender charge of less than 5% | **—** | **41** | **—** | **41** |
| &nbsp;&nbsp;&nbsp;Subtotal | **67** | **279** | **21491** | **21837** |
| &nbsp;&nbsp;&nbsp;&nbsp;Not subject to discretionary withdrawal | **—** | **—** | **706** | **706** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total separate account reserve liabilities at December 31, 2025 | $**67** | $**279** | $**22197** | $**22543** |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Guaranteed**<br> **Indexed** | **Nonindexed**<br> **Guarantee Less Than or**<br> **Equal to 4%** | **Nonguaranteed Separate Accounts** | **Total** |
| Premiums, deposits and other considerations for the year ended December 31, 2024 | $— | $27 | $4154 | $4181 |
| Reserves for separate accounts as of December 31, 2024 with assets at: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fair value | $— | $— | $20601 | $20601 |
| &nbsp;&nbsp;&nbsp;Amortized cost | 1 | 321 |  | 322 |
| Total as of December 31, 2024 | $1 | $321 | $20601 | $20923 |
| Reserves for separate accounts by withdrawal characteristics as of December 31, 2024: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fair value adjustment | $1 | $18 | $— | $19 |
| &nbsp;&nbsp;&nbsp;At fair value |  | 258 | 19887 | 20145 |
| &nbsp;&nbsp;&nbsp;At book value without fair value adjustment and with current surrender charge of less than 5% |  | 46 |  | 46 |
| Subtotal | 1 | 322 | 19887 | 20210 |
| Not subject to discretionary withdrawal |  |  | 714 | 714 |
| Total separate account reserve liabilities at December 31, 2024 | $1 | $322 | $20601 | $20924 |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Nonindexed**<br> **Guarantee**<br> **Less Than or**<br> **Equal to 4%** | **Nonguaranteed**<br> **Separate**<br> **Accounts** | **Total** |
| Premiums, deposits and other considerations for the year ended December 31, 2023 | $48 | $2576 | $2624 |
| Reserves for separate accounts as of December 31, 2023 with assets at: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value | $— | $17995 | $17995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortized cost | 391 |  | 391 |
| Total as of December 31, 2023 | $391 | $17995 | $18386 |
| Reserves for separate accounts by withdrawal characteristics as of December 31, 2023: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $19 | $— | $19 |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | 323 | 17177 | 17500 |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without fair value adjustment and with current surrender charge of less than 5% | 49 |  | 49 |
| &nbsp;&nbsp;&nbsp;Subtotal | 391 | 17177 | 17568 |
| &nbsp;&nbsp;&nbsp;Not subject to discretionary withdrawal |  | 818 | 818 |
| Total separate account reserve liabilities at December 31, 2023 | $391 | $17995 | $18386 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **2025** | **2024** | **2023** |
| Transfer as reported in the Summary of Operations of the separate accounts statement: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers to separate accounts | $**3345** | $4187 | $2635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers from separate accounts | **4541** | 3979 | (3006) |
| Net transfers from separate accounts | **(1196)** | 208 | (371) |
| Miscellaneous reconciling adjustments | **1** | 1 | 6 |
| Net transfers as reported in the Summary<br> of Operations of the life, accident and health annual statement | $**(1195)** | $209 | $(365) |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

The legal insulation of separate account assets prevents such assets from being generally available to satisfy claims resulting from the general account. The assets legally insulated from general account claims at December 31, 2025 and 2024 are attributed to the following products:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Variable life | $**337** | $138 |
| Variable universal life | **—** | 171 |
| Variable annuities | **4640** | 4550 |
| Group annuities | **15761** | 14285 |
| Registered market value separate accounts | **618** | 608 |
| Non-registered market value separate accounts | **56** | 59 |
| Par annuities | **827** | 831 |
| Registered market value annuity product - SPL | **—** | 2 |
| Book value separate accounts | **278** | 330 |
| Total separate account assets | $**22517** | $20974 |

---

At December 31, 2025 and 2024, the Company held separate account assets not legally insulated from the general account in the amount of $86 and $19, respectively.

Some separate account liabilities are guaranteed by the general account. In accordance with the guarantees provided, if the investment proceeds are insufficient to cover the rate of return guaranteed for the product, the policyholder proceeds will be remitted by the general account. To compensate the general account for the risk taken, the separate account paid risk charges of $47, $49, $49, $51 and $53, to the general account in 2025, 2024, 2023, 2022 and 2021, respectively. During the years ended December 31, 2025, 2024, 2023 and 2022, the general account of the Company had paid $1, $1, $2 and $2, respectively, toward separate account guarantees, with an insignificant amount paid in 2021.

At December 31, 2025 and 2024, the Company reported guaranteed separate account assets at amortized cost in the amount of $320 and $301, respectively, based upon the prescribed practice granted by the State of New York as described in Note 2. These assets had a fair value of $321 and $296 at December 31, 2025 and 2024, respectively, which would have resulted in an unrealized gain/(loss) of $1 and ($5), respectively, had these assets been reported at fair value.

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

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

7. Reinsurance

Certain premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The Company coinsures up to 100% of select policies or reinsures portions of the risk on certain insurance policies which exceed its established limits, thereby providing a greater diversification of risk and minimizing exposure on larger risks. The Company remains contingently liable with respect to any insurance ceded, and this would become an actual liability in the event that the assuming insurance company became unable to meet its obligation under the reinsurance treaty.

Premiums and annuity considerations include the following reinsurance amounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **2025** | **2024** | **2023** |
| Direct premiums | $**4344** | $5051 | $3527 |
| Reinsurance assumed - non affiliates | **180** | 190 | 189 |
| Reinsurance ceded - non affiliates | **(188)** | (194) | (125) |
| Reinsurance ceded - affiliates | **—** |  | (74) |
| Net premiums earned | $**4336** | $5047 | $3517 |

---

The Company received reinsurance recoveries in the amount of $234, $212 and $238 during 2025, 2024 and 2023, respectively. At December 31, 2025 and 2024, estimated amounts recoverable from reinsurers that have been deducted from policy and contract claim reserves totaled $77 and $89, respectively. The aggregate reserves for policies and contracts were reduced for reserve credits for reinsurance ceded at December 31, 2025 and 2024 of $1,444 and $1,527, respectively, of which $0 and $0 were ceded to affiliates, respectively.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

8. Income Taxes

The net deferred income tax asset at December 31, 2025 and 2024 and the change from the prior year are comprised of the following components:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Ordinary** | <br> **Capital** | **Total** |
| Gross Deferred Tax Assets | $**104** | $**10** | $**114** |
| Statutory Valuation Allowance Adjustment | **—** | **—** | **—** |
| Adjusted Gross Deferred Tax Assets | **104** | **10** | **114** |
| Deferred Tax Assets Nonadmitted | **69** | **—** | **69** |
| Subtotal (Net Deferred Tax Assets) | **35** | **10** | **45** |
| Deferred Tax Liabilities | **7** | **17** | **24** |
| Net Admitted Deferred Tax Assets (Liabilities) | $**28** | $**(7)** | $**21** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Ordinary** | **Capital** | **Total** |
| Gross Deferred Tax Assets | $99 | $10 | $109 |
| Statutory Valuation Allowance Adjustment |  |  |  |
| Adjusted Gross Deferred Tax Assets | 99 | 10 | 109 |
| Deferred Tax Assets Nonadmitted | 57 |  | 57 |
| Subtotal (Net Deferred Tax Assets) | 42 | 10 | 52 |
| Deferred Tax Liabilities | 15 | 16 | 31 |
| Net Admitted Deferred Tax Assets (Liabilities) | $27 | $(6) | $21 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** | **Change**<br> **Capital** | **Total** |
| Gross Deferred Tax Assets | $5 | $— | $5 |
| Statutory Valuation Allowance Adjustment |  |  |  |
| Adjusted Gross Deferred Tax Assets | 5 |  | 5 |
| Deferred Tax Assets Nonadmitted | 12 |  | 12 |
| Subtotal (Net Deferred Tax Assets) | (7) |  | (7) |
| Deferred Tax Liabilities | (8) | 1 | (7) |
| Net Admitted Deferred Tax Assets (Liabilities) | $1 | $(1) | $— |

---

The Company recognized all of its deferred tax liabilities as of December 31, 2025 and 2024.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** | |
|  | **2025** | **2024** |<br>**Change** |
| Deferred Tax Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves | $**58** | $60 | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | **7** | 1 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs | **34** | 32 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits accrual | **1** | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables - nonadmitted | **4** | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **—** | 1 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | **104** | 99 | 5 |
| Statutory valuation allowance adjustment | **—** |  |  |
| Nonadmitted | **69** | 57 | 12 |
| Admitted ordinary deferred tax assets | **35** | 42 | (7) |
| Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | **10** | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | **10** | 10 |  |
| Statutory valuation allowance adjustment | **—** |  |  |
| Nonadmitted | **—** |  |  |
| Admitted capital deferred tax assets | **10** | 10 |  |
| Admitted deferred tax assets | $**45** | $52 | $(7) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** | |
|  | **2025** | **2024** |<br>**Change** |
| Deferred Tax Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | $**3** | $3 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves | **4** | 12 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | **7** | 15 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | **17** | 16 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | **17** | 16 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | **24** | 31 | (7) |
| Net admitted deferred tax assets (liabilities) | $**21** | $21 | $— |

---

As a result of the 2017 Tax Cuts and Jobs Act (TCJA), the Company's tax reserve deductible temporary difference increased by $18. This change results in an offsetting $(18) taxable temporary difference that has been fully amortized into taxable income as of December 31, 2025.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

On July 4, 2025, the One Big Beautiful Bill (Bill) was passed into US law. The Company has no material tax impacts related to the Bill in its December 31, 2025 results.

The Inflation Reduction Act was enacted during the third quarter 2022 reporting period on August 16, 2022. The act included a provision which subjects high earning corporate taxpayers to the Corporate Alternative Minimum Tax (CAMT). The Company is part of an affiliated group that has determined it is a nonapplicable reporting entity for CAMT in 2023, 2024, or 2025 and has not included any impacts of the CAMT in the financial statements as of December 31, 2025.

As discussed in Note 2, for the years ended December 31, 2025 and 2024, the Company admits deferred income tax assets pursuant to SSAP No. 101. The amount of admitted adjusted gross deferred income tax assets under each component of SSAP No. 101 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Ordinary** | **Capital** | **Total** |
| Admission Calculation Components SSAP No. 101 |  |  |  |
| 2(a) Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks | $**—** | $**1** | $**1** |
| 2(b) Adjusted Gross Deferred Tax Assets Expected to be Realized (Excluding The Amount of Deferred Tax Assets From 2(a) above) After Application of the Threshold Limitation (the Lesser of 2(b)1 and 2(b)2 below) | **18** | **2** | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date | **18** | **2** | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold | **XXX** | **XXX** | **120** |
| 2(c) Adjusted Gross Deferred Tax Assets (Excluding The Amount Of Deferred Tax Assets From 2(a) and 2(b) above) Offset by Gross Deferred Tax Liabilities | **17** | **7** | **24** |
| 2(d) Deferred Tax Assets Admitted as the result of application of SSAP No. 101, Total (2(a) + 2(b) + 2(c)) | $**35** | $**10** | $**45** |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Ordinary** | **Capital** | **Total** |
| Admission Calculation Components SSAP No. 101 |  |  |  |
| 2(a) Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks | $1 | $— | $1 |
| 2(b) Adjusted Gross Deferred Tax Assets Expected to be Realized (Excluding The Amount of Deferred Tax Assets From 2(a) above) After Application of the Threshold Limitation (the Lesser of 2(b)1 and 2(b)2 below) | 18 | 3 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date | 18 | 3 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold | XXX | XXX | 122 |
| 2(c) Adjusted Gross Deferred Tax Assets (Excluding The Amount Of Deferred Tax Assets From 2(a) and 2(b) above) Offset by Gross Deferred Tax Liabilities | 23 | 7 | 30 |
| 2(d) Deferred Tax Assets Admitted as the result of application of SSAP No. 101, Total (2(a) + 2(b) + 2(c)) | $42 | $10 | $52 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** | **Change<br> Capital** | **Total** |
| Admission Calculation Components SSAP No. 101 |  |  |  |
| 2(a) Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks | $(1) | $1 | $— |
| 2(b) Adjusted Gross Deferred Tax Assets Expected to be Realized (Excluding The Amount of Deferred Tax Assets From 2(a) above) After Application of the Threshold Limitation (the Lesser of 2(b)1 and 2(b)2 below) |  | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date |  | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold | XXX | XXX | (2) |
| 2(c) Adjusted Gross Deferred Tax Assets (Excluding The Amount Of Deferred Tax Assets From 2(a) and 2(b) above) Offset by Gross Deferred Tax Liabilities | (6) |  | (6) |
| 2(d) Deferred Tax Assets Admitted as the result of application of SSAP No. 101, Total (2(a) + 2(b) + 2(c)) | $(7) | $— | $(7) |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

---

| | | |
|:---|:---|:---|
|  | **December 31** | **December 31** |
|  | **2025** | **2024** |
| Ratio Percentage Used To Determine Recovery |  |  |
| Period and Threshold Limitation Amount | **1148%** | 1203% |
| Amount of Adjusted Capital and Surplus Used To Determine Recovery Period and Threshold |  |  |
| Limitation in 2(b)2 Above | $**803** | $810 |

---

The impact of tax planning strategies at December 31, 2025 and 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Ordinary<br> Percent** | **Capital <br> Percent** | **Total Percent** |
| Impact of Tax Planning Strategies: |  |  |  |
| &nbsp;&nbsp;&nbsp;(% of Total Adjusted Gross DTAs) | **0%** | **0%** | **0%** |
| &nbsp;&nbsp;&nbsp;(% of Total Net Admitted Adjusted Gross DTAs) | **8%** | **0%** | **8%** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Ordinary <br> Percent** | **Capital <br> Percent** | **Total Percent** |
| Impact of Tax Planning Strategies: |  |  |  |
| &nbsp;&nbsp;&nbsp;(% of Total Adjusted Gross DTAs) | 0% | 0% | 0% |
| &nbsp;&nbsp;&nbsp;(% of Total Net Admitted Adjusted Gross DTAs) | 7% | 0% | 7% |

---

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

Current income taxes incurred consist of the following major components:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31** |
|  | **2025** | **2024** | **Change** |
| Current Income Tax |  |  |  |
| Federal | $**17** | $15 | $2 |
| &nbsp;&nbsp;&nbsp;Subtotal | **17** | 15 | 2 |
| Federal income tax on net capital gains | **1** | (3) | 4 |
| Federal and foreign income taxes incurred | $**18** | $12 | $6 |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31** |
|  | **2024** | **2023** | **Change** |
| Current Income Tax |  |  |  |
| Federal | $15 | $24 | $(9) |
| &nbsp;&nbsp;&nbsp;Subtotal | 15 | 24 | (9) |
| Federal income tax on net capital gains | (3) | 2 | (5) |
| Federal and foreign income taxes incurred | $12 | $26 | $(14) |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31** |
|  | **2025** | **2024** | **2023** |
| <br>Current income taxes incurred | $18 | $12 | $26 |
| Change in deferred income taxes (without tax on unrealized gains and losses) | **(9)** |  | (1) |
| &nbsp;&nbsp;&nbsp;Total income tax reported | $**9** | $12 | $25 |
| Income before taxes | $**155** | $136 | $210 |
| Federal statutory tax rate | **21.00%** | 21.00% | 21.00% |
| Expected income tax expense (benefit) at statutory rate | $33 | $29 | $44 |
| Increase (decrease) in actual tax reported resulting from: |  |  |  |
| Dividends received deduction | $**(3)** | $(2) | $(3) |
| Nondeductible expenses | **1** |  |  |
| Pre-tax items reported net of tax | **—** |  | (2) |
| Tax credits | **(14)** | (15) | (15) |
| Prior period tax return adjustment | **(2)** | 3 | (1) |
| Change in uncertain tax positions | **(2)** |  |  |
| Deferred tax change on other items in surplus | **(2)** | 4 | 2 |
| Other | **(2)** | (7) |  |
| &nbsp;&nbsp;&nbsp;Total income tax reported | $**9** | $12 | $25 |

---

The Company's federal income tax return is consolidated with other includible affiliated companies. Please see the listing of companies in Appendix A. The method of allocation between the companies is subject to a written tax allocation agreement. Under the terms of the tax allocation agreement, allocations are based on separate income tax return calculations. The Company is entitled to recoup federal income taxes paid in the event the future losses and credits reduce the greater of the Company's separately computed income tax liability or the consolidated group's income tax liability in the year generated. The Company is also entitled to recoup federal income taxes paid in the event the losses and credits reduce the greater of the Company's separately computed income tax liability or the consolidated group's income tax liability in any carryback or carryforward year when so applied. Intercompany income tax balances are settled within thirty days of payment to or filing with the Internal Revenue Service. A tax return has not been filed for 2025.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

There was an insignificant amount of operating loss and tax credit carryforwards available for tax purposes as of December 31, 2025.

The following is income tax expense for current year and preceding years that is available for recoupment in the event of future losses:

---

| | |
|:---|:---|
| | **Total** |
| 2023 | $**—** |
| 2024 | **—** |
| 2025 | **1** |

---

The Company did not have any deposits admitted under Internal Revenue Code Section 6603 for December 31, 2025 and 2024.

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

---

| | |
|:---|:---|
|  | **Unrecognized <br> Tax Benefits** |
| Balance at January 1, 2024 | $2 |
| Tax positions taken during prior period |  |
| Tax positions taken during current period |  |
| Settlements with taxing authorities |  |
| Lapse of applicable statute of limitations |  |
| Balance at December 31, 2024 | $**2** |
| Tax positions taken during prior period | **(2)** |
| Tax positions taken during current period | **—** |
| Settlements with taxing authorities | **—** |
| Lapse of applicable statute of limitations | **—** |
| Balance at December 31, 2025 | $**—** |

---

The Company is not subject to the repatriation transition tax.

The Company did not have any alternative minimum tax credit carryovers as of December 31, 2025 and 2024.

The IRS has completed its examination of 2014 - 2017 with an expected refund for 2014 pending Joint Committee on Taxation approval. The 2018 amended tax return remains under audit, and the IRS opened exam on the 2019 tax return. Federal income tax returns filed in 2020 through 2024 remain open, subject to potential future examination. The statute of limitations for all other tax years have been closed. The Company believes there are adequate defenses against, or sufficient provisions established related to any open or contested tax positions.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Interest** | **Penalties** | **Total payable (receivable)** |
| Balance at January 1, 2023 | $1 | $— | $1 |
| Balance at December 31, 2023 | $1 | $— | $1 |
| Balance at December 31, 2024 | $1 | $— | $1 |
| Interest expense (benefit) | **(1)** | **—** | **(1)** |
| Balance at December 31, 2025 | $**—** | $**—** | $**—** |

---

9. Capital and Surplus

The Company has authorized 24,000 common stock shares at $125 per share par value, of which 15,067 shares were issued and outstanding at December 31, 2025 and 2024.

The Company is subject to limitations, imposed by the State of New York, on the payment of dividends to its stockholders. Generally, dividends during any twelve-month period may not be paid, without prior regulatory approval, in excess of the greater of (a) 10 percent of the Company's statutory surplus as of the preceding December 31 (excluding any reported special surplus), or (b) the Company's statutory gain from operations before net realized capital gains (losses) on investments for the preceding year, not to exceed earned surplus as of the preceding December 31. New York law grants the Commissioner authority to approve, or in some cases non-disapprove, distributions requested in excess of these limitations.

On September 26, 2025, the Company paid an ordinary common stock dividend of $65 to TA Corp.

On March 27, 2025, the Company paid an ordinary common stock dividend of $65 to TA Corp.

On September 26, 2024, the Company paid an ordinary common stock dividend of $125 to TA Corp.

On March 28, 2024, the Company paid an ordinary common stock dividend of $75 to TA Corp.

On September 28, 2023, the Company paid an ordinary common stock dividend of $95 to TA Corp.

On March 30, 2023, the Company paid an ordinary common stock dividend of $75 to TA Corp.

Life and health insurance companies are subject to certain RBC requirements as specified by the NAIC. Under those requirements, the amount of capital and surplus maintained by a life or health insurance company is to be determined based on various risk factors. At December 31, 2025 and 2024, the Company met the minimum RBC requirements.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

The Company held special surplus funds in the amount of $15 and $14, as of December 31, 2025 and 2024, respectively, for annuitant mortality fluctuations as required under New York Regulation 47, *Separate Account and Separate Account Annuities*.

The Company held special surplus funds in the amount of $11 and $9, as of December 31, 2025 and 2024, respectively, for admitted disallowed IMR as required under INT 23-01.

10. Securities Lending

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

At December 31, 2025 and 2024, respectively, securities with a fair value of $301 and $289 were on loan under securities lending agreements. At December 31, 2025 and 2024, the collateral the Company received from securities lending activities was in the form of cash and on open terms. This cash collateral is reinvested and is not available for general corporate purposes. The reinvested cash collateral has a fair value of $312 and $301 at December 31, 2025 and 2024, respectively.

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

---

| | | |
|:---|:---|:---|
|  | **Fair Value** | **Fair Value** |
|  | **2025** | **2024** |
| Open | $**312** | $301 |
| Securities received | **—** | **—** |
| Total collateral received | $**312** | $301 |

---

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

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Amortized <br> Cost** | **Fair <br> Value** | **Amortized <br> Cost** | **Fair <br> Value** |
| Open | $**41** | $**41** | $36 | $36 |
| 30 days or less | **112** | **112** | 91 | 91 |
| 31 to 60 days | **18** | **18** | 27 | 27 |
| 61 to 90 days | **31** | **31** | 87 | 87 |
| 91 to 120 days | **13** | **13** | 8 | 8 |
| 121 to 180 days | **46** | **46** | 46 | 46 |
| 181 to 365 days | **32** | **32** | 6 | 6 |
| 2 to 3 years | **6** | **6** |  |  |
| Greater than 3 years | **13** | **13** |  |  |
| Total | **312** | **312** | 301 | 301 |
| Securities received | **—** | **—** |  |  |
| Total collateral reinvested | $**312** | $**312** | $301 | $301 |

---

For securities lending, the Company's source of cash used to return the cash collateral is dependent upon the liquidity of the current market conditions. Under current conditions, the Company has securities with a par value of $313 (fair value of $312) that are currently tradable securities that could be sold and used to pay for the $312 in collateral calls that could come due under a worst-case scenario.

The following table presents collateral associated with securities lending transactions that extend beyond one year for 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **<u>Description of collateral</u>** | **2025** | **2024** |
| ABS credit cards | $**4** | $— |
| ABS autos | **9** |  |
| ABS other non-housing | **6** |  |
| Total collateral extending beyond |  |  |
| one year of the reporting date | $**19** | $— |

---

11. Retirement and Compensation Plans

**Defined Contribution Plans**

The Company's employees participate in a contributory defined contribution plan sponsored by TA Corp which is qualified under Section 401(k) of the Internal Revenue Code. Generally, employees of the Company who customarily work at least 20 hours per week and meet the other eligibility requirements are participants of the plan. Participants may elect to contribute up to 100% of eligible earnings, subject to government or other plan restrictions for certain key employees. The Company will contribute an amount up to four percent of the participant's eligible earnings per the plan's matching formula. Participants may direct all of their contributions and plan balances to be invested in a variety of investment options. The plan is subject to the reporting and disclosure requirements of the Employee Retirement Income Security Act of 1974

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

(ERISA), as amended. Benefits expense of $1, $1 and $1 was allocated to the Company for the years ended December 31, 2025, 2024 and 2023, respectively.

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

TA Corp sponsors supplemental retirement plans to provide the Company's senior management with benefits in excess of normal pension benefits. The Company has no legal obligation for the plan. The plans are noncontributory. The benefits are based on the employee's eligible compensation. The plans provide benefits based on a cash balance formula. The plans are unfunded and nonqualified under the IRS Code.

The Company recognizes pension expense equal to its allocation from TA Corp. The pension expense related to both the qualified defined pension plan and the supplemental retirement plans is allocated among the participating companies based on International Accounting Standards 19 (IAS 19), *Accounting for Employee Benefits*, and based upon actuarial participant benefit calculations, which is within the guidelines of SSAP No. 102, *Pensions*. Pension expenses were $1, $1 and $1 for the years ended December 31, 2025, 2024 and 2023, respectively.

In addition to pension benefits, TA Corp sponsors unfunded plans that provide health care and life insurance benefits to retired Company employees meeting certain eligibility requirements. The Company has no legal obligation for the plans. Portions of the medical and dental plans are contributory. The expenses of the postretirement plans are allocated among the participating companies based on IAS 19 and based upon actuarial participant benefit calculations, which is within the guidelines of SSAP No. 92, *Postretirement Benefits Other Than Pensions.* The Company's allocation of postretirement expenses for the years ended December 31, 2025, 2024 and 2023 was insignificant.

#### Other Plans
TA Corp has established deferred compensation plans for certain key employees of the Company. The Company's allocation of expense for these plans for each of the years ended December 31, 2025, 2024 and 2023 was insignificant.

12. Related Party Transactions

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

In accordance with an agreement between TA Corp and the Company, TA Corp will ensure the maintenance of certain minimum tangible net worth, operating leverage and liquidity levels of the Company, as defined in the agreement, through the contribution of additional capital by TA Corp as needed.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

The Company and an affiliate, Transamerica Life Insurance Company, are parties to a Shared Services and Cost Sharing Agreement whereby both provide accounting, administrative, and other advisory services in accordance with the agreement. The net amount received/(paid) by the Company as a result of being a party to these agreements was ($60), $54 and $64 during 2025, 2024 and 2023, respectively. Fees charged between affiliates approximate their cost.

The Company is party to a Management and Administrative and Advisory agreement with AEGON USA Realty Advisors (AURA), LLC whereby AURA serves as the administrator and advisor for the Company's mortgage loan operations. The Company paid $5, $6 and $6 for these services during 2025, 2024 and 2023, respectively.

The Company is party to an Investment Management Agreement with AEGON USA Investment Management (AUIM), LLC whereby AUIM acts as a discretionary investment manager for the Company. The Company paid $11, $11 and $11 for these services during 2025, 2024 and 2023, respectively.

The Company has an administration service agreement with Transamerica Asset Management to provide administrative services to the Transamerica Series Trust. The Company received $6, $7 and $7 for these services during 2025, 2024 and 2023, respectively.

Transamerica Capital, LLC provides wholesaling distribution services for the Company under a distribution agreement. The Company incurred expenses under this agreement of $23 for the year ended December 31, 2025 and an insignificant amount of expenses under this agreement for the years ended December 31, 2024 and 2023.

During 2025, the Company purchased $152 of other invested assets from Transamerica Life Insurance Company (TLIC) and a modified separate account of TLIC for $130 and $22, respectively.

Receivables from (payables to) affiliates and intercompany borrowings bear interest at the thirty-day commercial paper rate. During 2025 and 2024, respectively, the Company received (paid) net interest of ($1) and ($1) from (to) affiliates. During 2023, the Company received (paid) an insignificant amount of net interest from (to) affiliates. At December 31, 2025 and 2024, respectively, the Company reported net receivables (payables) from (to) affiliates of ($41) and ($27), respectively. Terms of settlement require that these amounts are settled within 90 days of quarter-end per the requirements of SSAP No. 25, *Affiliates and Other Related Parties*.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

At December 31, 2025, the Company did not have an outstanding intercompany notes receivable.

At December 31, 2024, the Company had outstanding intercompany notes receivables of $100, as shown below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Receivable from** | **Amount** | **Transaction Date** | **Due By** | **Interest Rate** | **Transaction Repaid Date** |
| TA Corp | $50 | March 27, 2024 | March 27, 2025 | 5.33% |  |
| TA Corp | 25 | April 26, 2024 | April 26, 2025 | 5.33 |  |
| TA Corp | 25 | June 25, 2024 | June 25, 2025 | 5.30 |  |

---

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

---

| | |
|:---|:---|
|  | **Book Adjusted** <br> **Carrying Value** |
| Real Estate Alternatives Portfolio 4 HR, LLC | $**6** |
| Aegon Workforce Housing Fund 2, L.P. | **35** |
| Natural Resources Alternatives Portfolio I, LLC | **23** |
| Natural Resources Alternatives Portfolio II, LLC | **86** |
| Natural Resources Alternatives Portfolio 3, LLC | **38** |
| Zero Beta Fund, LLC | **1** |
| TA-APOP I-A, LLC | **12** |
| TA-APOP I, LLC | **55** |
|  | $**256** |

---

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

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

The following tables show the disclosures for all SCA investments, except 8bi entities, Balance Sheets value (admitted and nonadmitted) and the NAIC responses for the SCA filings as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **SCA Entity** | **Percentage of SCA Ownership** | **Gross<br> Amount** | **Admitted<br> Amount** | **Nonadmitted Amount** |
| SSAP No. 97 8a Entities |  |  |  |  |
|  | **—%** | $**—** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SSAP No. 97 8a Entities | **XXX** | $**—** | $**—** | $**—** |
| SSAP No. 97 8b(ii) Entities |  |  |  |  |
|  | **—%** | $**—** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SSAP No. 97 8b(ii) Entities | **XXX** | $**—** | $**—** | $**—** |
| SSAP No. 97 8b(iii) Entities <br> Real Estate Alternatives Portfolio 3A, Inc. | **9%** | $**—** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SSAP No. 97 8b(iii) Entities | **XXX** | $**—** | $**—** | $**—** |
| SSAP No. 97 8b(iv) Entities |  |  |  |  |
|  | **—%** | $**—** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SSAP No. 97 8b(iv) Entities | **XXX** | $**—** | $**—** | $**—** |
| Total SSAP No. 97 8b Entities (except 8bi entities) | **XXX** | $**—** | $**—** | $**—** |
| Aggregate Total | **XXX** | $**—** | $**—** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **SCA Entity** | **Percentage of <br> SCA Ownership** | **Gross Amount** | **Admitted Amount** | **Nonadmitted Amount** |
| SSAP No. 97 8a Entities |  |  |  |  |
|  | —% | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SSAP No. 97 8a Entities | XXX | $— | $— | $— |
| SSAP No. 97 8b(ii) Entities |  |  |  |  |
|  | —% | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SSAP No. 97 8b(ii) Entities | XXX | $— | $— | $— |
| SSAP No. 97 8b(iii) Entities<br> Real Estate Alternatives Portfolio 3A, Inc. | 9% | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SSAP No. 97 8b(iii) Entities | XXX | $— | $— | $— |
| SSAP No. 97 8b(iv) Entities |  |  |  |  |
|  | —% | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SSAP No. 97 8b(iv) Entities | XXX | $— | $— | $— |
| Total SSAP No. 97 8b Entities (except 8bi entities) | XXX | $— | $— | $— |
| Aggregate Total | XXX | $— | $— | $— |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **SCA Entity** | **Type of NAIC Filing\*** | **Date of Filing to <br> the NAIC** | **NAIC<br> Valuation Amount (1)** | **NAIC Response Received Y/N** | **NAIC <br> Disallowed <br> Entities<br> Valuation <br> Method,<br> Submission Required <br> Y/N** | **Code\*\*** |
| SSAP No. 97 8a Entities |  |  |  |  |  |  |
|  |  |  | $**—** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SSAP No. 97 8a Entities | **—** | **—** | $**—** | **—** | **—** | **—** |
| SSAP No. 97 8b(ii) Entities |  |  |  |  |  |  |
|  |  |  | $**—** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SSAP No. 97 8b(ii) Entities | **—** | **—** | $**—** | **—** | **—** | **—** |
| SSAP No. 97 8b(iii) Entities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate Alternatives Portfolio 3A, Inc. | **NA** |  | $**—** | **—** | **—** | **I** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SSAP No. 97 8b(iii) Entities | **—** | **—** | $**—** | **—** | **—** | **—** |
| SSAP No. 97 8b(iv) Entities |  |  |  |  |  |  |
|  |  |  | $**—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SSAP No. 97 8b(iv) Entities | **—** | **—** | $**—** | **—** | **—** | **—** |
| Total SSAP No. 97 8b Entities (except 8bi entities) | **—** | **—** | $**—** | **—** | **—** | **—** |
| Aggregate Total | **—** | **—** | $**—** | **—** | **—** | **—** |

---

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

*\*\* I – Immaterial or M – Material*

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

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **SCA Entity** | **Type of NAIC**<br> **Filing \*** | **Date of** <br> **Filing to**<br> **the NAIC** | &nbsp;&nbsp;**NAIC Valuation**<br> **Amount (1)** | **NAIC**<br> **Response Received Y/N** | **NAIC**<br> **Disallowed Entities Valuation Method,**<br> **Submission Required** <br> **Y/N** | **Code\*\*** |
| SSAP No. 97 8a Entities |  |  |  |  |  |  |
|  |  |  | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SSAP No. 97 8a Entities |  |  | $— |  |  |  |
| SSAP No. 97 8b(ii) Entities |  |  |  |  |  |  |
|  |  |  | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SSAP No. 97 8b(ii) Entities |  |  | $— |  |  |  |
| SSAP No. 97 8b(iii) Entities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate Alternatives Portfolio 3A, Inc. | NA |  | $— |  |  | I |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SSAP No. 97 8b(iii) Entities |  |  | $— |  |  |  |
| SSAP No. 97 8b(iv) Entities |  |  |  |  |  |  |
|  |  |  | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SSAP No. 97 8b(iv) Entities |  |  | $— |  |  |  |
| Total SSAP No. 97 8b Entities (except 8bi entities) |  |  | $— |  |  |  |
| Aggregate Total |  |  | $— |  |  |  |

---

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

*\*\* I – Immaterial or M – Material*

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

 

Information regarding the Company's affiliated reinsurance transactions is available in Note 7.

13. Managing General Agents and Third-Party Administrators

The Company utilizes managing general agents (MGA) and third-party administrators (TPA) in its operation. There were no MGA's/TPA's that wrote premiums in excess of 5% of the Company's surplus.

14. Commitments and Contingencies

At December 31, 2025, the Company has no mortgage loan commitments. At December 31, 2024, the Company has mortgage loan commitments of $2.

The Company has contingent commitments of $94 and $42, as of December 31, 2025 and 2024, respectively, to provide additional funding for joint ventures, partnerships and limited liability companies, which includes LIHTC commitments of $1 and $0, respectively.

The Company leases office buildings and equipment under various non-cancelable operating lease agreements. Rental expense for the years 2025 and 2024 was insignificant.

At December 31, 2025, the minimum aggregate rental commitment was insignificant.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

At December 31, 2025 and 2024, there were no private placement commitments outstanding.

The Company may pledge cash as collateral for derivative transactions. When cash is pledged as collateral, it is derecognized and a receivable is recorded to reflect the eventual return of that cash by the counterparty. There was no amount of cash collateral pledged by the Company as of December 31, 2025 and 2024.

Cash collateral received from derivative counterparties as well as the obligation to return the collateral is recorded on the Company's Balance Sheets. The amount of cash collateral received as of December 31, 2025 and 2024, respectively, was $13 and $18.

At December 31, 2025 and 2024, securities in the amount of $7 and $7, respectively, were posted to the Company as collateral from derivative counterparties. The securities were not included on the Company's Balance Sheets as the Company does not have the ability to sell or repledge the collateral.

The Company is a member of the FHLB of New York. Through its membership, the Company establishes the option to access funds through secured borrowing arrangements with the FHLB. The Company is not in an active borrowing position; therefore, collateral pledged and borrowings are not applicable for this Company.

At December 31, 2025 and 2024, the Company purchased/owned the following FHLB stock as part of the agreement:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** |
|  | **2025** | **2024** |
| Membership Stock: |  |  |
| &nbsp;&nbsp;&nbsp;Class B | $**3** | $3 |
| Total | $**3** | $3 |

---

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

At December 31, 2025 and 2024, membership stock (Class A and B) eligible for redemption and the anticipated timeframe for redemption was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Less Than 6 <br> Months** | **6 Months to <br> Less Than 1 <br> Year** | **1 to Less <br> Than 3 <br> Years** | **3 to 5 Years** |
| **December 31, 2025** |  |  |  |  |
| Membership Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class B | $**—** | $**—** | $**—** | $**3** |
| Total | $**—** | $**—** | $**—** | $**3** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Less Than 6 <br> Months** | **6 Months to <br> Less Than 1 <br> Year** | **1 to Less <br> Than 3 <br> Years** | **3 to 5 Years** |
| **December 31, 2024** |  |  |  |  |
| Membership Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class B | $— | $— | $— | $3 |
| Total | $— | $— | $— | $3 |

---

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

The Company is subject to insurance guaranty laws in the states in which it writes business. These laws provide for assessments against insurance companies for the benefit of policyholders and claimants in the event of insolvency of other insurance companies. Assessments are charged to operations when received by the Company, except where right of offset against other taxes paid is allowed by law. Amounts available for future offsets are recorded as an asset on the Company's Balance Sheets. The future obligation for known insolvencies has been accrued based on the most recent information available from the National Organization of Life and Health Insurance Guaranty Associations. Potential future obligations for unknown insolvencies are not determinable by the Company and are not required to be accrued for financial reporting purposes. The Company has established a reserve of $2 and $2 and an offsetting premium tax benefit of $1 and $1 at December 31, 2025 and 2024, respectively, for its estimated share of future guaranty fund assessments related to several major insurer insolvencies. The guaranty fund (benefit) expense was $1 for the year ended December 31, 2024 and insignificant for the years ended December 31, 2025 and 2023.

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

The Company does not maintain or utilize dollar repurchase agreements.

Transamerica Financial Life Insurance Company

Notes to Financial Statements – Statutory Basis

*(Dollars in Millions, Except per Share amounts)*

In the course of the Company's asset management, securities are sold and reacquired within 30 days of the sale date to enhance the Company's yield on its investment portfolio. The Company did not sell or reacquire any securities with an NAIC designation of 3 or below during 2025 or 2024.

16. Subsequent Events

The financial statements are adjusted to reflect events that occurred between the Balance Sheets date and the date when the financial statements are available to be issued, provided they give evidence of conditions that existed at the Balance Sheets date (Type I). The Company has not identified any Type I subsequent events for the year ended December 31, 2025 through April 9, 2026.

Events that are indicative of conditions that arose after the Balance Sheets date are disclosed, but do not result in an adjustment of the financial statements themselves (Type II). The Company has identified a Type II subsequent event for the year ended December 31, 2025. On March 26, 2026, the Company paid an ordinary common stock dividend of $65 to TA Corp.

Transamerica Financial Life Insurance Company

Appendix A – Listing of Affiliated Companies

---

| | |
|:---|:---|
| **Transamerica Corporation**<br> **EIN: 42-1484983** <br> **AFFILIATIONS SCHEDULE**<br> **YEAR ENDED DECEMBER 31, 2025** | **Transamerica Corporation**<br> **EIN: 42-1484983** <br> **AFFILIATIONS SCHEDULE**<br> **YEAR ENDED DECEMBER 31, 2025** |
| **Entity Name** | **FEIN** |
| Transamerica Corporation | 42-1484983 |
| AEGON Direct Marketing Services Inc | 42-1470697 |
| AEGON Financial Services Group Inc | 41-1479568 |
| AEGON Institutional Markets Inc | 61-1085329 |
| AEGON Management Company | 35-1113520 |
| AEGON USA Real Estate Services Inc | 61-1098396 |
| AEGON USA Realty Advisors of CA | 20-5023693 |
| AUSA Properties Inc | 27-1275705 |
| Commonwealth General Corporation | 51-0108922 |
| Creditor Resources Inc | 42-1079584 |
| CRI Solutions Inc | 52-1363611 |
| Financial Planning Services Inc | 23-2130174 |
| Garnet Assurance Corporation | 11-3674132 |
| Garnet Assurance Corporation II | 14-1893533 |
| Garnet Assurance Corporation III | 01-0947856 |
| Ironwood Re Corp | 47-1703149 |
| LIICA RE II | 20-5927773 |
| Money Services Inc | 42-1079580 |
| Monumental General Administrators Inc | 52-1243288 |
| Pearl Holdings Inc I | 20-1063558 |
| Pearl Holdings Inc II | 20-1063571 |
| Real Estate Alternatives Portfolio 3A Inc | 20-1627078 |
| River Ridge Insurance Company | 20-0877184 |
| Stonebridge Benefit Services Inc | 75-2548428 |
| TLIC Oakbrook Reinsurance Inc. | 47-1026613 |
| TLIC Watertree Reinsurance, Inc. | 81-3715574 |
| Transamerica Affordable Housing Inc | 94-3252196 |
| Transamerica Asset Management | 59-3403585 |
| Transamerica Bermuda Re, Ltd | 98-1701849 |
| Transamerica Casualty Insurance Company | 31-4423946 |
| Transamerica Corporation (OREGON) | 98-6021219 |
| Transamerica Finance Corporation | 95-1077235 |
| Transamerica Financial Life Insurance Company | 36-6071399 |

---

Transamerica Financial Life Insurance Company

Appendix A – Listing of Affiliated Companies

---

| | |
|:---|:---|
| **Transamerica Corporation**<br> **EIN: 42-1484983** <br> **AFFILIATIONS SCHEDULE**<br> **YEAR ENDED DECEMBER 31, 2025** | **Transamerica Corporation**<br> **EIN: 42-1484983** <br> **AFFILIATIONS SCHEDULE**<br> **YEAR ENDED DECEMBER 31, 2025** |
| **Entity Name** | **FEIN** |
| Transamerica Fund Services Inc | 59-3403587 |
| Transamerica Life Insurance Company | 39-0989781 |
| Transamerica Pacific Re, Inc. | 85-1028131 |
| Transamerica Resources Inc | 52-1525601 |
| Transamerica Stable Value Solutions Inc | 27-0648897 |
| Transamerica Trust Company | 42-0947998 |
| Transamerica United Financial Services LLC | 52-1263786 |
| World Fin Group Ins Agency of Massachusetts Inc | 04-3182849 |
| World Financial Group Inc | 42-1518386 |
| World Financial Group Ins Agency of Hawaii Inc | 99-0277127 |
| World Financial Group Insurance Agency of WY Inc | 42-1519076 |
| Zahorik Company Inc | 95-2775959 |
| Zero Beta Fund LLC | 26-1298094 |

---

Statutory-Basis Financial <br> Statement Schedules

![](ey_logo.gif)

**Report of Independent Auditors**

The Board of Directors

Transamerica Financial Life Insurance Company

We have audited the statutory-basis financial statements of Transamerica Financial Life Insurance Company (the Company) as of December 31, 2025 and 2024 and for the years then ended, and have issued our report thereon dated April 9, 2026. Our audit of the statutory-basis financial statements included the financial statement supplementary information, which includes Schedule I Summary of Investments – Other Than Investments in Related Parties, Schedule III – Supplementary Insurance Information, and Schedule IV - Reinsurance (the "supplementary information"). These schedules are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's supplementary information based on our audit.

In our opinion, the supplementary information present fairly, in all material respects, the information set forth therein when considered in conjunction with the statutory-basis financial statements.

/s/ Ernst & Young LLP

April 9, 2026

Philadelphia, PA

Transamerica Financial Life Insurance Company

Summary of Investments – Other Than

Investments in Related Parties

*(Dollars in Millions)*

December 31, 2025

**SCHEDULE I**

---

| | | | |
|:---|:---|:---|:---|
| **Type of Investment** | **Cost (1)** | **Fair<br> Value** | **Amount at Which Shown in the <br> Balance Sheet <sup>(2)</sup>** |
| **Fixed maturities** |  |  |  |
| Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States government and government agencies and authorities | $**241** | $**237** | $**281** |
| &nbsp;&nbsp;&nbsp;&nbsp;States, municipalities and political subdivisions | **4** | **4** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign governments | **97** | **84** | **97** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid securities | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;All other corporate bonds | **4347** | **3896** | **4347** |
| Preferred stocks | **3** | **4** | **4** |
| Total fixed maturities | **4692** | **4225** | **4733** |
| **Equity securities** |  |  |  |
| Common stocks: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial, miscellaneous and all other | **3** | **3** | **3** |
| Total equity securities | **3** | **3** | **3** |
| Mortgage loans on real estate | **1539** |  | **1539** |
| Policy loans | **172** |  | **172** |
| Other long-term investments | **42** |  | **42** |
| Receivable for securities | **—** |  | **—** |
| Securities lending | **312** |  | **312** |
| Cash, cash equivalents and short-term investments | **210** |  | **210** |
| Total investments | $**6970** |  | $**7011** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Original cost of equity securities and, as to fixed maturities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts.

(2) Bonds of $2 are held at fair value rather than amortized cost. Preferred stock of $4 are held at fair value.

Transamerica Financial Life Insurance Company

Supplementary Insurance Information

*(Dollars in Millions)*

 

**SCHEDULE III** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Future Policy Benefits and Expenses** | **Unearned Premiums** | **Policy and Contract Liabilities** | **Premium Revenue** | **Net Investment Income\*** | **Benefits, Claims Losses and Settlement Expenses** | **Other Operating Expenses\*** |
| **Year ended December 31, 2025** |  |  |  |  |  |  |  |
| Individual life | $**1677** | $**—** | $**14** | $**173** | $**81** | $**243** | $**43** |
| Individual health | **120** | **4** | **11** | **82** | **13** | **(26)** | **27** |
| Group life and health | **190** | **1** | **7** | **67** | **4** | **50** | **19** |
| Annuity | **3907** | **—** | **1** | **4014** | **188** | **5362** | **(1023)** |
|  | $**5894** | $**5** | $**33** | $**4336** | $**286** | $**5629** | $**(934)** |
| **Year ended December 31, 2024**  |  |  |  |  |  |  |  |
| Individual life | $1540 | $— | $14 | $176 | $72 | $178 | $43 |
| Individual health | 195 | 3 | 11 | 78 | 12 | 48 | 25 |
| Group life and health | 182 | 1 | 7 | 63 | 8 | 47 | 18 |
| Annuity | 3942 |  |  | 4730 | 218 | 4618 | 396 |
|  | $5859 | $4 | $32 | $5047 | $310 | $4891 | $482 |
| **Year ended December 31, 2023**  |  |  |  |  |  |  |  |
| Individual life | $1477 | $— | $20 | $174 | $73 | $234 | $44 |
| Individual health | 189 | 4 | 14 | 74 | 9 | 57 | 24 |
| Group life and health | 176 | 2 | 2 | 54 | 8 | (36) | 15 |
| Annuity | 4325 |  | 1 | 3215 | 240 | 3639 | (206) |
|  | $6167 | $6 | $37 | $3517 | $330 | $3894 | $(123) |

---

 

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

Transamerica Financial Life Insurance Company

Reinsurance

*(Dollars in Millions)*

 

#### SCHEDULE IV

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross<br> Amount** | **Ceded to<br> Other Companies** | **Assumed<br> From Other Companies** | **Net Amount** | **Percentage of Amount Assumed to Net** |
| **Year ended December 31, 2025** | | | | | |
| Life insurance in force | $**25912** | $**41751** | $**40447** | $**24608** | **164%** |
| Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Individual life | $**182** | $**188** | $**179** | $**173** | **104%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Individual health | **82** | **—** | **—** | **82** | **0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Group life and health | **66** | **—** | **1** | **67** | **1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Annuity | **4014** | **—** | **—** | **4014** | **0%** |
|  | $**4344** | $**188** | $**180** | $**4336** | **4%** |
| **Year ended December 31, 2024** |  |  |  |  |  |
| Life insurance in force | $25875 | $49127 | $47711 | $24459 | 195% |
| Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Individual life | $185 | $194 | $185 | $176 | 105% |
| &nbsp;&nbsp;&nbsp;&nbsp;Individual health | 78 |  |  | 78 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Group life and health | 62 |  | 1 | 63 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Annuity | 4726 |  | 4 | 4730 | 0% |
|  | $5051 | $194 | $190 | $5047 | 4% |
| **Year ended December 31, 2023** |  |  |  |  |  |
| Life insurance in force | $26006 | $55692 | $53925 | $24239 | 222% |
| Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Individual life | $187 | $199 | $184 | $174 | 106% |
| &nbsp;&nbsp;&nbsp;&nbsp;Individual health | 74 |  |  | 74 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Group life and health | 54 |  | 1 | 54 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Annuity | 3212 |  | 4 | 3215 | 0% |
|  | $3527 | $199 | $189 | $3517 | 5% |

---

**FINANCIAL STATEMENTS** 

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Years Ended December 31, 2025 and 2024** 

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Financial Statements** 

**Years Ended December 31, 2025 and 2024** 

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#tocAnchor0) | 3 |
| [Statements of Assets and Liabilities](#tocAnchor1) | 4 |
| [Statements of Operations and Changes in Net Assets](#tocAnchor2) | 6 |
| [Notes to Financial Statements](#tocAnchor3) | 25 |

---

![](ey_logo.gif)

#### Report of Independent Registered Public Accounting Firm
To the Board of Directors of Transamerica Financial Life Insurance Company and

Contract Owners of TFLIC Series Life Account

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the table below that comprise TFLIC Series Life Account (the Separate Account), as of December 31, 2025, the related statements of operations and changes in net assets for each of the periods indicated in the table below, and 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 subaccount as of December 31, 2025, the results of its operations and changes in its net assets for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | |
|:---|:---|
| Subaccounts | Subaccounts |
| &nbsp;&nbsp; AB Balanced Hedged Allocation Class B Shares (1) | &nbsp;&nbsp; ProFund VP Utilities (1) |
| &nbsp;&nbsp; American Funds - Growth Class 2 Shares (1) | &nbsp;&nbsp; TA Aegon Bond Initial Class (1) |
| &nbsp;&nbsp; American Funds - Growth-Income Class 2 Shares (1) | &nbsp;&nbsp; TA Aegon Core Bond Initial Class (1) |
| &nbsp;&nbsp; American Funds - International Class 2 Shares (1) | &nbsp;&nbsp; TA Aegon High Yield Bond Initial Class (1) |
| &nbsp;&nbsp; Fidelity® VIP Contrafund® Service Class 2 (1) | &nbsp;&nbsp; TA Aegon Sustainable Equity Income Initial Class (1) |
| &nbsp;&nbsp; Fidelity® VIP Equity-Income Service Class 2 (1) | &nbsp;&nbsp; TA Aegon U.S. Government Securities Initial Class (1) |
| &nbsp;&nbsp; Fidelity® VIP Growth Opportunities Service Class 2 (1) | &nbsp;&nbsp; TA BlackRock Government Money Market Initial Class (1) |
| &nbsp;&nbsp; Fidelity® VIP Index 500 Service Class 2 (1) | &nbsp;&nbsp; TA BlackRock iShares Active Asset Allocation - Conservative Initial Class (1) |
| &nbsp;&nbsp; Franklin Allocation Class 4 Shares (1) | &nbsp;&nbsp; TA BlackRock iShares Active Asset Allocation - Moderate Initial Class (1) |
| &nbsp;&nbsp; ProFund Access VP High Yield (1) | &nbsp;&nbsp; TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Asia 30 (1) | &nbsp;&nbsp; TA BlackRock iShares Edge 40 Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Bull (1) | &nbsp;&nbsp; TA BlackRock iShares Tactical - Balanced Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Communication Services (1) | &nbsp;&nbsp; TA BlackRock iShares Tactical - Conservative Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Consumer Discretionary (1) | &nbsp;&nbsp; TA BlackRock iShares Tactical - Growth Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Emerging Markets (1) | &nbsp;&nbsp; TA BlackRock Real Estate Securities Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Energy (1) | &nbsp;&nbsp; TA BlackRock Tactical Allocation Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Europe 30 (1) | &nbsp;&nbsp; TA Goldman Sachs Managed Risk - Balanced ETF Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Falling U.S. Dollar (1) | &nbsp;&nbsp; TA Goldman Sachs Managed Risk - Conservative ETF Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Financials (1) | &nbsp;&nbsp; TA Goldman Sachs Managed Risk - Growth ETF Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Government Money Market (1) | &nbsp;&nbsp; TA International Focus Initial Class (1) |
| &nbsp;&nbsp; ProFund VP International (1) | &nbsp;&nbsp; TA Janus Balanced Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Japan (1) | &nbsp;&nbsp; TA Janus Mid-Cap Growth Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Materials (1) | &nbsp;&nbsp; TA JPMorgan Asset Allocation - Conservative Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Mid-Cap (1) | &nbsp;&nbsp; TA JPMorgan Asset Allocation - Moderate Initial Class (1) |
| &nbsp;&nbsp; ProFund VP NASDAQ-100 (1) | &nbsp;&nbsp; TA JPMorgan Asset Allocation - Moderate Growth Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Pharmaceuticals (1) | &nbsp;&nbsp; TA JPMorgan Diversified Equity Allocation Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Precious Metals (1) | &nbsp;&nbsp; TA JPMorgan Enhanced Index Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Short Emerging Markets (1) | &nbsp;&nbsp; TA JPMorgan International Moderate Growth Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Short International (1) | &nbsp;&nbsp; TA JPMorgan Tactical Allocation Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Short NASDAQ-100 (1) | &nbsp;&nbsp; TA Morgan Stanley Capital Growth Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Short Small-Cap (1) | &nbsp;&nbsp; TA Morgan Stanley Global Allocation Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Small-Cap (1) | &nbsp;&nbsp; TA Multi-Managed Balanced Initial Class (1) |
| &nbsp;&nbsp; ProFund VP Small-Cap Value (1) | &nbsp;&nbsp; TA Small/Mid Cap Value Initial Class (1) |
| &nbsp;&nbsp; ProFund VP U.S. Government Plus (1) | &nbsp;&nbsp; TA T. Rowe Price Small Cap Initial Class (1) |
| &nbsp;&nbsp; ProFund VP UltraNASDAQ-100 (1) | &nbsp;&nbsp; TA TSW Mid Cap Value Opportunities Initial Class (1) |
| &nbsp;&nbsp; ProFund VP UltraSmall-Cap (1) | &nbsp;&nbsp; TA WMC US Growth Initial Class (1) |
| &nbsp;&nbsp; (1) Statements of operations and changes in net assets for the years ended December 31, 2025 and 2024 | &nbsp;&nbsp; (1) Statements of operations and changes in net assets for the years ended December 31, 2025 and 2024 |

---

#### Basis for Opinion
These financial statements are the responsibility of the Separate Account's management. Our responsibility is to express an opinion on each of the subaccounts' financial statements 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 the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits 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 procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the fund companies or their transfer agents, as applicable. 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. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of the Separate Account since 2024.

Chicago, IL

April 24, 2026

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Statements of Assets and Liabilities** 

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Number of Shares** | **Cost** | **Assets at Market Value** | **Due (to)/from General Account** | **Net Assets** | **Units Outstanding** | **Range of Unit Values** | **Range of Unit Values** |
| AB Balanced Hedged Allocation Class B Shares | 8798.940 | $86634 | $86494 | $(2) | $86492 | 2551 | $28.710524 | $34.018214 |
| American Funds - Growth Class 2 Shares | 34.351 | 3154 | 4768 | 1 | 4769 | 78 | 61.100116 | 61.100116 |
| American Funds - Growth-Income Class 2 Shares | 44.795 | 2653 | 2969 | 1 | 2970 | 73 | 40.618523 | 40.618523 |
| American Funds - International Class 2 Shares | 189.999 | 3403 | 4222 | (1) | 4221 | 231 | 18.260223 | 18.260223 |
| Fidelity® VIP Contrafund® Service Class 2 | 32018.845 | 1431921 | 1820592 | (54) | 1820538 | 21649 | 82.568337 | 87.251093 |
| Fidelity® VIP Equity-Income Service Class 2 | 23867.949 | 566180 | 671405 | (5) | 671400 | 13892 | 47.400501 | 50.089230 |
| Fidelity® VIP Growth Opportunities Service Class 2 | 11407.262 | 683031 | 1099660 | 38 | 1099698 | 13217 | 81.569797 | 86.195371 |
| Fidelity® VIP Index 500 Service Class 2 | 11727.251 | 6149541 | 7625176 | (86) | 7625090 | 100338 | 71.846709 | 80.310425 |
| Franklin Allocation Class 4 Shares | 6808.827 | 35376 | 39355 | 1 | 39356 | 1122 | 30.006121 | 35.553295 |
| ProFund Access VP High Yield | 2216.861 | 54828 | 57306 | (93) | 57213 | 2385 | 21.387751 | 24.147973 |
| ProFund VP Asia 30 | 17016.901 | 710069 | 791456 | (61) | 791395 | 59387 | 11.921057 | 21.940091 |
| ProFund VP Bull | 3127.623 | 187663 | 200293 | (48) | 200245 | 4097 | 46.682818 | 56.730235 |
| ProFund VP Communication Services | 1447.747 | 74568 | 88559 |  | 88559 | 3073 | 26.397936 | 32.755233 |
| ProFund VP Consumer Discretionary | 3700.249 | 249939 | 267195 | 4 | 267199 | 4597 | 53.034112 | 69.571087 |
| ProFund VP Emerging Markets | 10046.274 | 366707 | 405769 |  | 405769 | 33714 | 11.287284 | 22.246383 |
| ProFund VP Energy | 8240.436 | 325454 | 302836 | (76) | 302760 | 23592 | 11.705202 | 16.666916 |
| ProFund VP Europe 30 | 2317.221 | 69856 | 72599 | (17) | 72582 | 4267 | 15.929799 | 24.254955 |
| ProFund VP Falling U.S. Dollar | 644.491 | 9685 | 9745 | (2) | 9743 | 1746 | 5.206450 | 5.598303 |
| ProFund VP Financials | 2371.435 | 121592 | 139962 | (53) | 139909 | 4875 | 26.157295 | 40.374604 |
| ProFund VP Government Money Market | 408331.860 | 408332 | 408332 | (20) | 408312 | 37624 | 8.904887 | 11.136991 |
| ProFund VP International | 6365.897 | 150460 | 158702 | (14) | 158688 | 11809 | 12.557195 | 19.833840 |
| ProFund VP Japan | 2021.426 | 123112 | 141581 | (50) | 141531 | 4817 | 27.414815 | 40.690049 |
| ProFund VP Materials | 2065.426 | 168866 | 161661 | (25) | 161636 | 8494 | 17.947038 | 31.808903 |
| ProFund VP Mid-Cap | 6969.966 | 127575 | 126575 | (9) | 126566 | 3941 | 29.989035 | 42.409427 |
| ProFund VP NASDAQ-100 | 74130.271 | 4484140 | 5152795 | (32) | 5152763 | 41954 | 114.933118 | 126.528630 |
| ProFund VP Pharmaceuticals | 3963.943 | 133664 | 162006 | 2 | 162008 | 4828 | 31.269937 | 34.849274 |
| ProFund VP Precious Metals | 4673.159 | 247130 | 299970 | (9) | 299961 | 24556 | 11.318789 | 25.908992 |
| ProFund VP Short Emerging Markets | 26690.658 | 391043 | 391819 | (5) | 391814 | 279862 | 0.714043 | 1.409929 |
| ProFund VP Short International | 70.095 | 2143 | 1363 | 2 | 1365 | 881 | 1.087967 | 1.888659 |
| ProFund VP Short NASDAQ-100 | 11317.555 | 96303 | 85334 | (4) | 85330 | 336549 | 0.171514 | 0.255324 |
| ProFund VP Short Small-Cap | 10.352 | 232 | 176 | (5) | 171 | 275 | 0.430462 | 0.650910 |
| ProFund VP Small-Cap | 6872.231 | 266223 | 279150 | 2 | 279152 | 9202 | 28.064991 | 36.419641 |
| ProFund VP Small-Cap Value | 4818.035 | 214312 | 216185 | (34) | 216151 | 7004 | 28.790373 | 36.887704 |
| ProFund VP U.S. Government Plus | 4141.258 | 45605 | 43607 | 1 | 43608 | 4056 | 8.520784 | 10.914241 |
| ProFund VP UltraNASDAQ-100 | 87767.505 | 3841458 | 4475265 | (93) | 4475172 | 14244 | 275.432684 | 319.142782 |
| ProFund VP UltraSmall-Cap | 15066.351 | 231707 | 255224 | (7) | 255217 | 7965 | 30.027898 | 64.068111 |
| ProFund VP Utilities | 6478.235 | 306960 | 325078 | (14) | 325064 | 11173 | 27.057020 | 33.890040 |
| TA Aegon Bond Initial Class | 68055.739 | 668781 | 646530 | (1) | 646529 | 37468 | 14.559585 | 19.075324 |
| TA Aegon Core Bond Initial Class | 54383.806 | 655002 | 596047 | 1 | 596048 | 33639 | 14.006130 | 23.499854 |
| TA Aegon High Yield Bond Initial Class | 146248.877 | 1039388 | 1031055 | (12) | 1031043 | 34135 | 29.164385 | 32.458825 |
| TA Aegon Sustainable Equity Income Initial Class | 77090.447 | 1547296 | 1746870 | (14) | 1746856 | 47142 | 32.903414 | 42.790969 |
| TA Aegon U.S. Government Securities Initial Class | 12383.668 | 112212 | 111082 |  | 111082 | 7422 | 11.629422 | 15.511105 |

---

*See accompanying notes*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Transamerica Financial Life Insurance Company** | **Transamerica Financial Life Insurance Company** | **Transamerica Financial Life Insurance Company** | **Transamerica Financial Life Insurance Company** | **Transamerica Financial Life Insurance Company** | **Transamerica Financial Life Insurance Company** | **Transamerica Financial Life Insurance Company** | **Transamerica Financial Life Insurance Company** | **Transamerica Financial Life Insurance Company** |
| **TFLIC Series Life Account** | **TFLIC Series Life Account** | **TFLIC Series Life Account** | **TFLIC Series Life Account** | **TFLIC Series Life Account** | **TFLIC Series Life Account** | **TFLIC Series Life Account** | **TFLIC Series Life Account** | **TFLIC Series Life Account** |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Subaccount** | **Number of Shares** | **Cost** | **Assets at Market Value** | **Due (to)/from General Account** | **Net Assets** | **Units Outstanding** | **Range of Unit Values** | **Range of Unit Values** |
| TA BlackRock Government Money Market Initial Class | 1422040.330 | $1422040 | $1422040 | $(51) | $1421989 | 117180 | $9.411375 | $13.123412 |
| TA BlackRock iShares Active Asset Allocation - Conservative Initial Class | 4095.834 | 39217 | 40754 | (5) | 40749 | 2497 | 14.372940 | 17.485663 |
| TA BlackRock iShares Active Asset Allocation - Moderate Initial Class | 5976.458 | 61901 | 68132 | 7 | 68139 | 3876 | 15.210618 | 18.504804 |
| TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class | 78509.865 | 832121 | 979018 | (2) | 979016 | 54962 | 15.627890 | 19.012495 |
| TA BlackRock iShares Edge 40 Initial Class | 6911.390 | 63631 | 63723 | (12) | 63711 | 2661 | 22.291073 | 25.739067 |
| TA BlackRock iShares Tactical - Balanced Initial Class | 23378.699 | 242730 | 261608 |  | 261608 | 13210 | 17.029748 | 21.027655 |
| TA BlackRock iShares Tactical - Conservative Initial Class | 16549.151 | 168222 | 174759 | 1 | 174760 | 10289 | 15.178796 | 18.742257 |
| TA BlackRock iShares Tactical - Growth Initial Class | 17684.530 | 193482 | 212568 | 2 | 212570 | 9499 | 19.251598 | 23.771056 |
| TA BlackRock Real Estate Securities Initial Class | 91214.532 | 973776 | 945895 | (3) | 945892 | 36141 | 24.181370 | 51.811243 |
| TA BlackRock Tactical Allocation Initial Class | 171426.297 | 1001145 | 1014844 |  | 1014844 | 43657 | 20.369937 | 23.771230 |
| TA Goldman Sachs Managed Risk - Balanced ETF Initial Class | 499.524 | 5755 | 6309 | (51) | 6258 | 282 | 20.750470 | 23.950552 |
| TA Goldman Sachs Managed Risk - Conservative ETF Initial Class |  |  |  |  |  |  | 16.256948 | 16.256948 |
| TA Goldman Sachs Managed Risk - Growth ETF Initial Class | 28660.617 | 309851 | 344787 | (13) | 344774 | 12951 | 24.905460 | 31.958690 |
| TA International Focus Initial Class | 167807.537 | 1386658 | 1282050 | (12) | 1282038 | 71977 | 17.533508 | 25.116666 |
| TA Janus Balanced Initial Class | 20032.706 | 342350 | 351574 | (126) | 351448 | 11192 | 27.238735 | 32.234097 |
| TA Janus Mid-Cap Growth Initial Class | 444169.166 | 14141985 | 14022421 | (4) | 14022417 | 230299 | 49.593523 | 63.390145 |
| TA JPMorgan Asset Allocation - Conservative Initial Class | 79533.215 | 747358 | 754770 | (4) | 754766 | 31688 | 21.312811 | 25.482748 |
| TA JPMorgan Asset Allocation - Moderate Initial Class | 512686.481 | 5827206 | 6049700 | 67 | 6049767 | 206228 | 25.799991 | 30.705780 |
| TA JPMorgan Asset Allocation - Moderate Growth Initial Class | 2262563.504 | 25880057 | 27558023 | (12) | 27558011 | 767995 | 32.162159 | 36.792869 |
| TA JPMorgan Diversified Equity Allocation Initial Class | 2781733.181 | 32066471 | 37219590 | (30) | 37219560 | 765696 | 45.524586 | 49.183397 |
| TA JPMorgan Enhanced Index Initial Class | 44692.326 | 1195985 | 1306357 | (33) | 1306324 | 16708 | 75.224877 | 78.765186 |
| TA JPMorgan International Moderate Growth Initial Class | 128322.538 | 1179015 | 1337121 | (8) | 1337113 | 70457 | 17.573366 | 23.536885 |
| TA JPMorgan Tactical Allocation Initial Class | 89878.886 | 1231271 | 1181907 | (9) | 1181898 | 64426 | 17.159518 | 31.712338 |
| TA Morgan Stanley Capital Growth Initial Class | 734609.911 | 5608903 | 7081640 | (2) | 7081638 | 73373 | 95.094363 | 118.179070 |
| TA Morgan Stanley Global Allocation Initial Class | 22245.373 | 128724 | 116566 |  | 116566 | 5808 | 19.105089 | 22.295329 |
| TA Multi-Managed Balanced Initial Class | 103582.824 | 1595543 | 1667683 | (12) | 1667671 | 32359 | 47.014095 | 53.570566 |
| TA Small/Mid Cap Value Initial Class | 315679.994 | 6083855 | 6098937 | (3) | 6098934 | 84355 | 59.494957 | 74.835251 |
| TA T. Rowe Price Small Cap Initial Class | 218099.817 | 2640463 | 2534320 | (10) | 2534310 | 34275 | 70.919229 | 75.861304 |
| TA TSW Mid Cap Value Opportunities Initial Class | 37173.876 | 517439 | 392928 | 3 | 392931 | 7298 | 53.793879 | 67.555771 |
| TA WMC US Growth Initial Class | 1051348.284 | 35590810 | 44009439 | (86) | 44009353 | 480657 | 88.953668 | 100.121487 |

---

*See accompanying notes*

#### Transamerica Financial Life Insurance Company

#### TFLIC Series Life Account

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AB Balanced Hedged Allocation Class B Shares | American Funds - Growth Class 2 Shares | American Funds - Growth-Income Class 2 Shares | American Funds - International Class 2 Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$69652** | **$2689** | **$1981** | **$2721** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 1306 | 11 | 26 | 37 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 222 |  |  |  |
| Net Investment Income (Loss) | 1084 | 11 | 26 | 37 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 1504 | 73 | 109 |  |
| Realized Gain (Loss) on Investments | (279) |  | 30 | (63) |
| Net Realized Capital Gains (Losses) on Investments | 1225 | 73 | 139 | (63) |
| Net Change in Unrealized Appreciation (Depreciation) | 3414 | 799 | 332 | 121 |
| Net Gain (Loss) on Investment | 4639 | 872 | 471 | 58 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 5723 | 883 | 497 | 95 |
| Increase (Decrease) in Net Assets from Contract Transactions | (575) | 209 | 15 | 228 |
| Total Increase (Decrease) in Net Assets | 5148 | 1092 | 512 | 323 |
| **Net Assets as of December 31, 2024:** | **$74800** | **$3781** | **$2493** | **$3044** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 1533 | 6 | 25 | 51 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 242 |  |  |  |
| Net Investment Income (Loss) | 1291 | 6 | 25 | 51 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 4248 | 327 | 421 |  |
| Realized Gain (Loss) on Investments | (11) |  | 100 | (104) |
| Net Realized Capital Gains (Losses) on Investments | 4237 | 327 | 521 | (104) |
| Net Change in Unrealized Appreciation (Depreciation) | 7146 | 457 | (109) | 899 |
| Net Gain (Loss) on Investment | 11383 | 784 | 412 | 795 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 12674 | 790 | 437 | 846 |
| Increase (Decrease) in Net Assets from Contract Transactions | (982) | 198 | 40 | 331 |
| Total Increase (Decrease) in Net Assets | 11692 | 988 | 477 | 1177 |
| **Net Assets as of December 31, 2025:** | **$86492** | **$4769** | **$2970** | **$4221** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Statements of Operations and Changes in Net Assets

#### TFLIC Series Life Account

#### Transamerica Financial Life Insurance Company

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fidelity® VIP Contrafund® Service Class 2 | Fidelity® VIP Equity-Income Service Class 2 | Fidelity® VIP Growth Opportunities Service Class 2 | Fidelity® VIP Index 500 Service Class 2 |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$1187475** | **$614115** | **$740274** | **$4615476** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 452 | 10002 |  | 59645 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 10570 | 4555 | 6587 | 33242 |
| Net Investment Income (Loss) | (10118) | 5447 | (6587) | 26403 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 179454 | 37538 |  | 3618 |
| Realized Gain (Loss) on Investments | 19861 | 11203 | 15692 | 391805 |
| Net Realized Capital Gains (Losses) on Investments | 199315 | 48741 | 15692 | 395423 |
| Net Change in Unrealized Appreciation (Depreciation) | 192264 | 27065 | 273173 | 671404 |
| Net Gain (Loss) on Investment | 391579 | 75806 | 288865 | 1066827 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 381461 | 81253 | 282278 | 1093230 |
| Increase (Decrease) in Net Assets from Contract Transactions | (17673) | (65308) | 27229 | 832415 |
| Total Increase (Decrease) in Net Assets | 363788 | 15945 | 309507 | 1925645 |
| **Net Assets as of December 31, 2024:** | **$1551263** | **$630060** | **$1049781** | **$6541121** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends |  | 10442 |  | 64076 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 11998 | 4597 | 7584 | 36717 |
| Net Investment Income (Loss) | (11998) | 5845 | (7584) | 27359 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 275590 | 37081 | 15579 | 35843 |
| Realized Gain (Loss) on Investments | 58327 | 12328 | 102981 | 1066779 |
| Net Realized Capital Gains (Losses) on Investments | 333917 | 49409 | 118560 | 1102622 |
| Net Change in Unrealized Appreciation (Depreciation) | (29849) | 44183 | 78100 | (10190) |
| Net Gain (Loss) on Investment | 304068 | 93592 | 196660 | 1092432 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 292070 | 99437 | 189076 | 1119791 |
| Increase (Decrease) in Net Assets from Contract Transactions | (22795) | (58097) | (139159) | (35822) |
| Total Increase (Decrease) in Net Assets | 269275 | 41340 | 49917 | 1083969 |
| **Net Assets as of December 31, 2025:** | **$1820538** | **$671400** | **$1099698** | **$7625090** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Years Ended December 31, 2025 and 2024

#### Statements of Operations and Changes in Net Assets

#### TFLIC Series Life Account

#### Transamerica Financial Life Insurance Company

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin Allocation Class 4 Shares | ProFund Access VP High Yield | ProFund VP Asia 30 | ProFund VP Bull |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$63069** | **$56006** | **$460348** | **$136544** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 1481 | 3546 | 4980 | 1219 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 357 | 389 | 2888 | 1345 |
| Net Investment Income (Loss) | 1124 | 3157 | 2092 | (126) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  |  |  | 8147 |
| Realized Gain (Loss) on Investments | 426 | 22 | (27120) | (556) |
| Net Realized Capital Gains (Losses) on Investments | 426 | 22 | (27120) | 7591 |
| Net Change in Unrealized Appreciation (Depreciation) | 4639 | 511 | 82268 | 24022 |
| Net Gain (Loss) on Investment | 5065 | 533 | 55148 | 31613 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 6189 | 3690 | 57240 | 31487 |
| Increase (Decrease) in Net Assets from Contract Transactions | 5109 | (4751) | 28386 | 83544 |
| Total Increase (Decrease) in Net Assets | 11298 | (1061) | 85626 | 115031 |
| **Net Assets as of December 31, 2024:** | **$74367** | **$54945** | **$545974** | **$251575** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 1357 | 1338 | 35766 | 772 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 273 | 205 | 3694 | 1547 |
| Net Investment Income (Loss) | 1084 | 1133 | 32072 | (775) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 3028 |  |  | 9864 |
| Realized Gain (Loss) on Investments | 4774 | 245 | 33166 | (5876) |
| Net Realized Capital Gains (Losses) on Investments | 7802 | 245 | 33166 | 3988 |
| Net Change in Unrealized Appreciation (Depreciation) | 110 | 1760 | 88841 | 15105 |
| Net Gain (Loss) on Investment | 7912 | 2005 | 122007 | 19093 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 8996 | 3138 | 154079 | 18318 |
| Increase (Decrease) in Net Assets from Contract Transactions | (44007) | (870) | 91342 | (69648) |
| Total Increase (Decrease) in Net Assets | (35011) | 2268 | 245421 | (51330) |
| **Net Assets as of December 31, 2025:** | **$39356** | **$57213** | **$791395** | **$200245** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Years Ended December 31, 2025 and 2024

#### Statements of Operations and Changes in Net Assets

#### TFLIC Series Life Account

#### Transamerica Financial Life Insurance Company

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ProFund VP Communication Services | ProFund VP Consumer Discretionary | ProFund VP Emerging Markets | ProFund VP Energy |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$94062** | **$234409** | **$70430** | **$495155** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends |  |  | 2777 | 9504 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 586 | 1366 | 239 | 2706 |
| Net Investment Income (Loss) | (586) | (1366) | 2538 | 6798 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  | 20815 |  | 20697 |
| Realized Gain (Loss) on Investments | 12752 | (5756) | 2781 | 70670 |
| Net Realized Capital Gains (Losses) on Investments | 12752 | 15059 | 2781 | 91367 |
| Net Change in Unrealized Appreciation (Depreciation) | 14370 | 35649 | (3858) | (64433) |
| Net Gain (Loss) on Investment | 27122 | 50708 | (1077) | 26934 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 26536 | 49342 | 1461 | 33732 |
| Increase (Decrease) in Net Assets from Contract Transactions | (46935) | (27464) | (33632) | (127234) |
| Total Increase (Decrease) in Net Assets | (20399) | 21878 | (32171) | (93502) |
| **Net Assets as of December 31, 2024:** | **$73663** | **$256287** | **$38259** | **$401653** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends |  |  | 3777 | 6121 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 484 | 1448 | 877 | 1697 |
| Net Investment Income (Loss) | (484) | (1448) | 2900 | 4424 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  | 19951 |  | 34159 |
| Realized Gain (Loss) on Investments | 24669 | 3361 | 38741 | (17818) |
| Net Realized Capital Gains (Losses) on Investments | 24669 | 23312 | 38741 | 16341 |
| Net Change in Unrealized Appreciation (Depreciation) | (9004) | (3945) | 40232 | 1348 |
| Net Gain (Loss) on Investment | 15665 | 19367 | 78973 | 17689 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 15181 | 17919 | 81873 | 22113 |
| Increase (Decrease) in Net Assets from Contract Transactions | (285) | (7007) | 285637 | (121006) |
| Total Increase (Decrease) in Net Assets | 14896 | 10912 | 367510 | (98893) |
| **Net Assets as of December 31, 2025:** | **$88559** | **$267199** | **$405769** | **$302760** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Years Ended December 31, 2025 and 2024

#### Statements of Operations and Changes in Net Assets

#### TFLIC Series Life Account

#### Transamerica Financial Life Insurance Company

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ProFund VP Europe 30 | ProFund VP Falling U.S. Dollar | ProFund VP Financials | ProFund VP Government Money Market |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$25621** | **$9714** | **$252438** | **$262299** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 117 | 171 | 609 | 9330 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 143 | 26 | 1005 | 1204 |
| Net Investment Income (Loss) | (26) | 145 | (396) | 8126 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 209 |  | 20649 |  |
| Realized Gain (Loss) on Investments | 2983 |  | 6356 |  |
| Net Realized Capital Gains (Losses) on Investments | 3192 |  | 27005 |  |
| Net Change in Unrealized Appreciation (Depreciation) | (1834) | (1305) | 17304 |  |
| Net Gain (Loss) on Investment | 1358 | (1305) | 44309 |  |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1332 | (1160) | 43913 | 8126 |
| Increase (Decrease) in Net Assets from Contract Transactions | (20831) | 14890 | (85764) | 8513 |
| Total Increase (Decrease) in Net Assets | (19499) | 13730 | (41851) | 16639 |
| **Net Assets as of December 31, 2024:** | **$6122** | **$23444** | **$210587** | **$278938** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 778 | 2342 | 11 | 12531 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 366 | 76 | 766 | 1990 |
| Net Investment Income (Loss) | 412 | 2266 | (755) | 10541 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 1094 |  | 2268 |  |
| Realized Gain (Loss) on Investments | 11454 | (3272) | 22967 |  |
| Net Realized Capital Gains (Losses) on Investments | 12548 | (3272) | 25235 |  |
| Net Change in Unrealized Appreciation (Depreciation) | 2634 | 1285 | (3511) |  |
| Net Gain (Loss) on Investment | 15182 | (1987) | 21724 |  |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 15594 | 279 | 20969 | 10541 |
| Increase (Decrease) in Net Assets from Contract Transactions | 50866 | (13980) | (91647) | 118833 |
| Total Increase (Decrease) in Net Assets | 66460 | (13701) | (70678) | 129374 |
| **Net Assets as of December 31, 2025:** | **$72582** | **$9743** | **$139909** | **$408312** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Years Ended December 31, 2025 and 2024

#### Statements of Operations and Changes in Net Assets

#### TFLIC Series Life Account

#### Transamerica Financial Life Insurance Company

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ProFund VP International | ProFund VP Japan | ProFund VP Materials | ProFund VP Mid-Cap |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$29304** | **$22862** | **$206264** | **$165498** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 554 | 673 | 848 | 3178 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 149 | 293 | 933 | 541 |
| Net Investment Income (Loss) | 405 | 380 | (85) | 2637 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  | 3437 | 152 |  |
| Realized Gain (Loss) on Investments | (982) | (4494) | 23406 | 22456 |
| Net Realized Capital Gains (Losses) on Investments | (982) | (1057) | 23558 | 22456 |
| Net Change in Unrealized Appreciation (Depreciation) | (2028) | 197 | (19362) | (8424) |
| Net Gain (Loss) on Investment | (3010) | (860) | 4196 | 14032 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (2605) | (480) | 4111 | 16669 |
| Increase (Decrease) in Net Assets from Contract Transactions | (10987) | 7154 | (5900) | (59085) |
| Total Increase (Decrease) in Net Assets | (13592) | 6674 | (1789) | (42416) |
| **Net Assets as of December 31, 2024:** | **$15712** | **$29536** | **$204475** | **$123082** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 1753 | 656 | 285 | 4855 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 275 | 346 | 639 | 388 |
| Net Investment Income (Loss) | 1478 | 310 | (354) | 4467 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  | 2443 | 16878 |  |
| Realized Gain (Loss) on Investments | 2960 | 22204 | (6587) | 1144 |
| Net Realized Capital Gains (Losses) on Investments | 2960 | 24647 | 10291 | 1144 |
| Net Change in Unrealized Appreciation (Depreciation) | 8844 | 17838 | (1774) | (3112) |
| Net Gain (Loss) on Investment | 11804 | 42485 | 8517 | (1968) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 13282 | 42795 | 8163 | 2499 |
| Increase (Decrease) in Net Assets from Contract Transactions | 129694 | 69200 | (51002) | 985 |
| Total Increase (Decrease) in Net Assets | 142976 | 111995 | (42839) | 3484 |
| **Net Assets as of December 31, 2025:** | **$158688** | **$141531** | **$161636** | **$126566** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Years Ended December 31, 2025 and 2024

#### Statements of Operations and Changes in Net Assets

#### TFLIC Series Life Account

#### Transamerica Financial Life Insurance Company

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ProFund VP NASDAQ-100 | ProFund VP Pharmaceuticals | ProFund VP Precious Metals | ProFund VP Short Emerging Markets |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$3748643** | **$200395** | **$169598** | **$2901** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 15978 |  | 5603 | 172 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 21804 | 1596 | 993 | 87 |
| Net Investment Income (Loss) | (5826) | (1596) | 4610 | 85 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 471409 | 17472 |  |  |
| Realized Gain (Loss) on Investments | 328342 | (12645) | (32806) | 6907 |
| Net Realized Capital Gains (Losses) on Investments | 799751 | 4827 | (32806) | 6907 |
| Net Change in Unrealized Appreciation (Depreciation) | 35007 | 1528 | 18641 | 155 |
| Net Gain (Loss) on Investment | 834758 | 6355 | (14165) | 7062 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 828932 | 4759 | (9555) | 7147 |
| Increase (Decrease) in Net Assets from Contract Transactions | (55550) | (57064) | (51863) | (8885) |
| Total Increase (Decrease) in Net Assets | 773382 | (52305) | (61418) | (1738) |
| **Net Assets as of December 31, 2024:** | **$4522025** | **$148090** | **$108180** | **$1163** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 17496 | 337 | 3993 | 65 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 24073 | 1165 | 1306 | 11 |
| Net Investment Income (Loss) | (6577) | (828) | 2687 | 54 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 305776 |  |  |  |
| Realized Gain (Loss) on Investments | 244115 | 5724 | 143495 | (1142) |
| Net Realized Capital Gains (Losses) on Investments | 549891 | 5724 | 143495 | (1142) |
| Net Change in Unrealized Appreciation (Depreciation) | 165514 | 40715 | 64482 | 806 |
| Net Gain (Loss) on Investment | 715405 | 46439 | 207977 | (336) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 708828 | 45611 | 210664 | (282) |
| Increase (Decrease) in Net Assets from Contract Transactions | (78090) | (31693) | (18883) | 390933 |
| Total Increase (Decrease) in Net Assets | 630738 | 13918 | 191781 | 390651 |
| **Net Assets as of December 31, 2025:** | **$5152763** | **$162008** | **$299961** | **$391814** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Years Ended December 31, 2025 and 2024

#### Statements of Operations and Changes in Net Assets

#### TFLIC Series Life Account

#### Transamerica Financial Life Insurance Company

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ProFund VP Short International | ProFund VP Short NASDAQ-100 | ProFund VP Short Small-Cap | ProFund VP Small-Cap |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$2685** | **$167208** | **$358140** | **$241545** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 99 | 12677 | 8361 | 2219 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 28 | 813 | 505 | 963 |
| Net Investment Income (Loss) | 71 | 11864 | 7856 | 1256 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  |  |  |  |
| Realized Gain (Loss) on Investments | (22) | (68205) | (37248) | 24022 |
| Net Realized Capital Gains (Losses) on Investments | (22) | (68205) | (37248) | 24022 |
| Net Change in Unrealized Appreciation (Depreciation) | 17 | 26382 | 21403 | (15743) |
| Net Gain (Loss) on Investment | (5) | (41823) | (15845) | 8279 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 66 | (29959) | (7989) | 9535 |
| Increase (Decrease) in Net Assets from Contract Transactions | 28 | (129999) | (349959) | (68988) |
| Total Increase (Decrease) in Net Assets | 94 | (159958) | (357948) | (59453) |
| **Net Assets as of December 31, 2024:** | **$2779** | **$7250** | **$192** | **$182092** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 13 | 4021 | 14285 | 1406 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 13 | 583 | 179 | 938 |
| Net Investment Income (Loss) |  | 3438 | 14106 | 468 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  |  |  |  |
| Realized Gain (Loss) on Investments | (168) | 17464 | (51749) | 2646 |
| Net Realized Capital Gains (Losses) on Investments | (168) | 17464 | (51749) | 2646 |
| Net Change in Unrealized Appreciation (Depreciation) | (263) | (8727) | (27) | 14268 |
| Net Gain (Loss) on Investment | (431) | 8737 | (51776) | 16914 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (431) | 12175 | (37670) | 17382 |
| Increase (Decrease) in Net Assets from Contract Transactions | (983) | 65905 | 37649 | 79678 |
| Total Increase (Decrease) in Net Assets | (1414) | 78080 | (21) | 97060 |
| **Net Assets as of December 31, 2025:** | **$1365** | **$85330** | **$171** | **$279152** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Years Ended December 31, 2025 and 2024

#### Statements of Operations and Changes in Net Assets

#### TFLIC Series Life Account

#### Transamerica Financial Life Insurance Company

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ProFund VP Small-Cap Value | ProFund VP U.S. Government Plus | ProFund VP UltraNASDAQ-100 | ProFund VP UltraSmall-Cap |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$191956** | **$120876** | **$2159632** | **$426630** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 363 | 2025 | 9231 | 1647 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 510 | 264 | 12922 | 1521 |
| Net Investment Income (Loss) | (147) | 1761 | (3691) | 126 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 590 |  |  |  |
| Realized Gain (Loss) on Investments | 6877 | (28550) | 825922 | 29270 |
| Net Realized Capital Gains (Losses) on Investments | 7467 | (28550) | 825922 | 29270 |
| Net Change in Unrealized Appreciation (Depreciation) | (6481) | 13060 | 133223 | (44910) |
| Net Gain (Loss) on Investment | 986 | (15490) | 959145 | (15640) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 839 | (13729) | 955454 | (15514) |
| Increase (Decrease) in Net Assets from Contract Transactions | (47645) | (62115) | (198593) | 41032 |
| Total Increase (Decrease) in Net Assets | (46806) | (75844) | 756861 | 25518 |
| **Net Assets as of December 31, 2024:** | **$145150** | **$45032** | **$2916493** | **$452148** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 350 | 1604 | 8649 | 2060 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 439 | 219 | 15359 | 1001 |
| Net Investment Income (Loss) | (89) | 1385 | (6710) | 1059 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 4486 |  | 379902 |  |
| Realized Gain (Loss) on Investments | 1585 | (10335) | 849574 | 54600 |
| Net Realized Capital Gains (Losses) on Investments | 6071 | (10335) | 1229476 | 54600 |
| Net Change in Unrealized Appreciation (Depreciation) | 1172 | 6978 | (177551) | 28841 |
| Net Gain (Loss) on Investment | 7243 | (3357) | 1051925 | 83441 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 7154 | (1972) | 1045215 | 84500 |
| Increase (Decrease) in Net Assets from Contract Transactions | 63847 | 548 | 513464 | (281431) |
| Total Increase (Decrease) in Net Assets | 71001 | (1424) | 1558679 | (196931) |
| **Net Assets as of December 31, 2025:** | **$216151** | **$43608** | **$4475172** | **$255217** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Years Ended December 31, 2025 and 2024

#### Statements of Operations and Changes in Net Assets

#### TFLIC Series Life Account

#### Transamerica Financial Life Insurance Company

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ProFund VP Utilities | TA Aegon Bond Initial Class | TA Aegon Core Bond Initial Class | TA Aegon High Yield Bond Initial Class |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$137498** | **$401173** | **$594210** | **$898570** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 3503 | 23578 | 33114 | 45918 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 1114 | 3562 | 4530 | 5637 |
| Net Investment Income (Loss) | 2389 | 20016 | 28584 | 40281 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  |  |  |  |
| Realized Gain (Loss) on Investments | 6460 | 100 | (12308) | (6037) |
| Net Realized Capital Gains (Losses) on Investments | 6460 | 100 | (12308) | (6037) |
| Net Change in Unrealized Appreciation (Depreciation) | 36073 | (16931) | (12442) | 25116 |
| Net Gain (Loss) on Investment | 42533 | (16831) | (24750) | 19079 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 44922 | 3185 | 3834 | 59360 |
| Increase (Decrease) in Net Assets from Contract Transactions | 52074 | 117049 | (10856) | 14644 |
| Total Increase (Decrease) in Net Assets | 96996 | 120234 | (7022) | 74004 |
| **Net Assets as of December 31, 2024:** | **$234494** | **$521407** | **$587188** | **$972574** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 3128 | 31225 | 15926 | 65389 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 1175 | 3548 | 4465 | 5331 |
| Net Investment Income (Loss) | 1953 | 27677 | 11461 | 60058 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 101 |  |  |  |
| Realized Gain (Loss) on Investments | 35104 | (8272) | (25219) | (24189) |
| Net Realized Capital Gains (Losses) on Investments | 35205 | (8272) | (25219) | (24189) |
| Net Change in Unrealized Appreciation (Depreciation) | (3663) | 5509 | 49679 | 35301 |
| Net Gain (Loss) on Investment | 31542 | (2763) | 24460 | 11112 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 33495 | 24914 | 35921 | 71170 |
| Increase (Decrease) in Net Assets from Contract Transactions | 57075 | 100208 | (27061) | (12701) |
| Total Increase (Decrease) in Net Assets | 90570 | 125122 | 8860 | 58469 |
| **Net Assets as of December 31, 2025:** | **$325064** | **$646529** | **$596048** | **$1031043** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Years Ended December 31, 2025 and 2024

#### Statements of Operations and Changes in Net Assets

#### TFLIC Series Life Account

#### Transamerica Financial Life Insurance Company

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TA Aegon Sustainable Equity Income Initial Class | TA Aegon U.S. Government Securities Initial Class | TA BlackRock Government Money Market Initial Class | TA BlackRock iShares Active Asset Allocation - Conservative Initial Class |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$1266615** | **$127543** | **$1084863** | **$54225** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 29958 | 4811 | 63217 | 1405 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 10436 | 938 | 7516 | 558 |
| Net Investment Income (Loss) | 19522 | 3873 | 55701 | 847 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  |  |  |  |
| Realized Gain (Loss) on Investments | 20483 | (539) |  | (497) |
| Net Realized Capital Gains (Losses) on Investments | 20483 | (539) |  | (497) |
| Net Change in Unrealized Appreciation (Depreciation) | 171362 | (3823) |  | 2664 |
| Net Gain (Loss) on Investment | 191845 | (4362) |  | 2167 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 211367 | (489) | 55701 | 3014 |
| Increase (Decrease) in Net Assets from Contract Transactions | 39968 | 2366 | 269250 | (183) |
| Total Increase (Decrease) in Net Assets | 251335 | 1877 | 324951 | 2831 |
| **Net Assets as of December 31, 2024:** | **$1517950** | **$129420** | **$1409814** | **$57056** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 26673 | 4557 | 54302 | 1612 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 11535 | 746 | 7564 | 479 |
| Net Investment Income (Loss) | 15138 | 3811 | 46738 | 1133 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 15234 |  |  |  |
| Realized Gain (Loss) on Investments | 20105 | (1177) |  | (2665) |
| Net Realized Capital Gains (Losses) on Investments | 35339 | (1177) |  | (2665) |
| Net Change in Unrealized Appreciation (Depreciation) | 102720 | 3286 |  | 5988 |
| Net Gain (Loss) on Investment | 138059 | 2109 |  | 3323 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 153197 | 5920 | 46738 | 4456 |
| Increase (Decrease) in Net Assets from Contract Transactions | 75709 | (24258) | (34563) | (20763) |
| Total Increase (Decrease) in Net Assets | 228906 | (18338) | 12175 | (16307) |
| **Net Assets as of December 31, 2025:** | **$1746856** | **$111082** | **$1421989** | **$40749** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Years Ended December 31, 2025 and 2024

#### Statements of Operations and Changes in Net Assets

#### TFLIC Series Life Account

#### Transamerica Financial Life Insurance Company

---

| | | | |
|:---|:---|:---|:---|
|  | TA BlackRock iShares Active Asset Allocation - Moderate Initial Class | TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class | TA BlackRock iShares Edge 40 Initial Class |
|  | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$69647** | **$944480** | **$47043** |
| Investment Income: |  |  |  |
| Reinvested Dividends | 1858 | 18599 | 1403 |
| Investment Expense: |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 693 | 6650 | 175 |
| Net Investment Income (Loss) | 1165 | 11949 | 1228 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |
| Capital Gain Distributions |  |  | 782 |
| Realized Gain (Loss) on Investments | (912) | 8281 | (550) |
| Net Realized Capital Gains (Losses) on Investments | (912) | 8281 | 232 |
| Net Change in Unrealized Appreciation (Depreciation) | 6788 | 93821 | 1544 |
| Net Gain (Loss) on Investment | 5876 | 102102 | 1776 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 7041 | 114051 | 3004 |
| Increase (Decrease) in Net Assets from Contract Transactions | 15220 | 11023 | 4917 |
| Total Increase (Decrease) in Net Assets | 22261 | 125074 | 7921 |
| **Net Assets as of December 31, 2024:** | **$91908** | **$1069554** | **$54964** |
| Investment Income: |  |  |  |
| Reinvested Dividends | 2471 | 21142 | 1840 |
| Investment Expense: |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 681 | 6021 | 249 |
| Net Investment Income (Loss) | 1790 | 15121 | 1591 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |
| Capital Gain Distributions |  |  | 2136 |
| Realized Gain (Loss) on Investments | (97) | 41074 | (337) |
| Net Realized Capital Gains (Losses) on Investments | (97) | 41074 | 1799 |
| Net Change in Unrealized Appreciation (Depreciation) | 6649 | 40891 | 2762 |
| Net Gain (Loss) on Investment | 6552 | 81965 | 4561 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 8342 | 97086 | 6152 |
| Increase (Decrease) in Net Assets from Contract Transactions | (32111) | (187624) | 2595 |
| Total Increase (Decrease) in Net Assets | (23769) | (90538) | 8747 |
| **Net Assets as of December 31, 2025:** | **$68139** | **$979016** | **$63711** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Years Ended December 31, 2025 and 2024

#### Statements of Operations and Changes in Net Assets

#### TFLIC Series Life Account

#### Transamerica Financial Life Insurance Company

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TA BlackRock iShares Tactical - Balanced Initial Class | TA BlackRock iShares Tactical - Conservative Initial Class | TA BlackRock iShares Tactical - Growth Initial Class | TA BlackRock Real Estate Securities Initial Class |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$244499** | **$168509** | **$329284** | **$930835** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 9139 | 6496 | 8470 | 19580 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 1184 | 1654 | 1681 | 5057 |
| Net Investment Income (Loss) | 7955 | 4842 | 6789 | 14523 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  |  |  |  |
| Realized Gain (Loss) on Investments | (5620) | (1560) | (28551) | (22325) |
| Net Realized Capital Gains (Losses) on Investments | (5620) | (1560) | (28551) | (22325) |
| Net Change in Unrealized Appreciation (Depreciation) | 16481 | 5710 | 45097 | 13694 |
| Net Gain (Loss) on Investment | 10861 | 4150 | 16546 | (8631) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 18816 | 8992 | 23335 | 5892 |
| Increase (Decrease) in Net Assets from Contract Transactions | 14801 | (10054) | (112552) | (37745) |
| Total Increase (Decrease) in Net Assets | 33617 | (1062) | (89217) | (31853) |
| **Net Assets as of December 31, 2024:** | **$278116** | **$167447** | **$240067** | **$898982** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 9601 | 6573 | 8122 | 16583 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 1306 | 1567 | 1461 | 4850 |
| Net Investment Income (Loss) | 8295 | 5006 | 6661 | 11733 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  |  |  |  |
| Realized Gain (Loss) on Investments | (7761) | (10962) | 14445 | (20844) |
| Net Realized Capital Gains (Losses) on Investments | (7761) | (10962) | 14445 | (20844) |
| Net Change in Unrealized Appreciation (Depreciation) | 33186 | 23357 | 14413 | 86966 |
| Net Gain (Loss) on Investment | 25425 | 12395 | 28858 | 66122 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 33720 | 17401 | 35519 | 77855 |
| Increase (Decrease) in Net Assets from Contract Transactions | (50228) | (10088) | (63016) | (30945) |
| Total Increase (Decrease) in Net Assets | (16508) | 7313 | (27497) | 46910 |
| **Net Assets as of December 31, 2025:** | **$261608** | **$174760** | **$212570** | **$945892** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Years Ended December 31, 2025 and 2024

#### Statements of Operations and Changes in Net Assets

#### TFLIC Series Life Account

#### Transamerica Financial Life Insurance Company

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TA BlackRock Tactical Allocation Initial Class | TA Goldman Sachs Managed Risk - Balanced ETF Initial Class | TA Goldman Sachs Managed Risk - Conservative ETF Initial Class | TA Goldman Sachs Managed Risk - Growth ETF Initial Class |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$872224** | **$6259** | **$-** | **$291330** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 43630 | 161 |  | 6534 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 5116 | 19 |  | 1401 |
| Net Investment Income (Loss) | 38514 | 142 |  | 5133 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  | 77 |  | 3854 |
| Realized Gain (Loss) on Investments | (58275) | 52 |  | 3157 |
| Net Realized Capital Gains (Losses) on Investments | (58275) | 129 |  | 7011 |
| Net Change in Unrealized Appreciation (Depreciation) | 124620 | 288 |  | 26191 |
| Net Gain (Loss) on Investment | 66345 | 417 |  | 33202 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 104859 | 559 |  | 38335 |
| Increase (Decrease) in Net Assets from Contract Transactions | (4999) | (121) |  | 2023 |
| Total Increase (Decrease) in Net Assets | 99860 | 438 |  | 40358 |
| **Net Assets as of December 31, 2024:** | **$972084** | **$6697** | **$-** | **$331688** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 59783 | 173 |  | 7958 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 5031 | 19 |  | 1379 |
| Net Investment Income (Loss) | 54752 | 154 |  | 6579 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  | 256 |  | 22058 |
| Realized Gain (Loss) on Investments | (82501) | 134 |  | 15720 |
| Net Realized Capital Gains (Losses) on Investments | (82501) | 390 |  | 37778 |
| Net Change in Unrealized Appreciation (Depreciation) | 130167 | 128 |  | (2377) |
| Net Gain (Loss) on Investment | 47666 | 518 |  | 35401 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 102418 | 672 |  | 41980 |
| Increase (Decrease) in Net Assets from Contract Transactions | (59658) | (1111) |  | (28894) |
| Total Increase (Decrease) in Net Assets | 42760 | (439) |  | 13086 |
| **Net Assets as of December 31, 2025:** | **$1014844** | **$6258** | **$-** | **$344774** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Years Ended December 31, 2025 and 2024

#### Statements of Operations and Changes in Net Assets

#### TFLIC Series Life Account

#### Transamerica Financial Life Insurance Company

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TA International Focus Initial Class | TA Janus Balanced Initial Class | TA Janus Mid-Cap Growth Initial Class | TA JPMorgan Asset Allocation - Conservative Initial Class |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$1553946** | **$285439** | **$13573212** | **$716542** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 35815 | 6084 | 18467 | 15641 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 9588 | 1691 | 97400 | 3631 |
| Net Investment Income (Loss) | 26227 | 4393 | (78933) | 12010 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 49319 | 7223 | 825815 |  |
| Realized Gain (Loss) on Investments | 4415 | 1100 | (153022) | (9342) |
| Net Realized Capital Gains (Losses) on Investments | 53734 | 8323 | 672793 | (9342) |
| Net Change in Unrealized Appreciation (Depreciation) | (100280) | 28227 | 1198128 | 35980 |
| Net Gain (Loss) on Investment | (46546) | 36550 | 1870921 | 26638 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (20319) | 40943 | 1791988 | 38648 |
| Increase (Decrease) in Net Assets from Contract Transactions | (87022) | (14958) | (807146) | (3013) |
| Total Increase (Decrease) in Net Assets | (107341) | 25985 | 984842 | 35635 |
| **Net Assets as of December 31, 2024:** | **$1446605** | **$311424** | **$14558054** | **$752177** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 26956 | 6836 | 1224 | 31027 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 9293 | 1626 | 97471 | 3729 |
| Net Investment Income (Loss) | 17663 | 5210 | (96247) | 27298 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 159556 | 38990 | 1600134 |  |
| Realized Gain (Loss) on Investments | (21602) | 3721 | 178691 | (16877) |
| Net Realized Capital Gains (Losses) on Investments | 137954 | 42711 | 1778825 | (16877) |
| Net Change in Unrealized Appreciation (Depreciation) | (63094) | (8147) | (672948) | 65017 |
| Net Gain (Loss) on Investment | 74860 | 34564 | 1105877 | 48140 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 92523 | 39774 | 1009630 | 75438 |
| Increase (Decrease) in Net Assets from Contract Transactions | (257090) | 250 | (1545267) | (72849) |
| Total Increase (Decrease) in Net Assets | (164567) | 40024 | (535637) | 2589 |
| **Net Assets as of December 31, 2025:** | **$1282038** | **$351448** | **$14022417** | **$754766** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Years Ended December 31, 2025 and 2024

#### Statements of Operations and Changes in Net Assets

#### TFLIC Series Life Account

#### Transamerica Financial Life Insurance Company

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TA JPMorgan Asset Allocation - Moderate Initial Class | TA JPMorgan Asset Allocation - Moderate Growth Initial Class | TA JPMorgan Diversified Equity Allocation Initial Class | TA JPMorgan Enhanced Index Initial Class |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$5304082** | **$24215908** | **$28805887** | **$585321** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 87083 | 312298 | 418425 | 5119 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 24085 | 101677 | 135777 | 3840 |
| Net Investment Income (Loss) | 62998 | 210621 | 282648 | 1279 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  |  | 583529 | 25231 |
| Realized Gain (Loss) on Investments | (47363) | (241449) | (162315) | 10835 |
| Net Realized Capital Gains (Losses) on Investments | (47363) | (241449) | 421214 | 36066 |
| Net Change in Unrealized Appreciation (Depreciation) | 381238 | 2582392 | 3810191 | 110368 |
| Net Gain (Loss) on Investment | 333875 | 2340943 | 4231405 | 146434 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 396873 | 2551564 | 4514053 | 147713 |
| Increase (Decrease) in Net Assets from Contract Transactions | (186135) | (882848) | (963124) | 220663 |
| Total Increase (Decrease) in Net Assets | 210738 | 1668716 | 3550929 | 368376 |
| **Net Assets as of December 31, 2024:** | **$5514820** | **$25884624** | **$32356816** | **$953697** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 189694 | 709862 | 504953 | 8569 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 24630 | 98452 | 141140 | 5413 |
| Net Investment Income (Loss) | 165064 | 611410 | 363813 | 3156 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  |  | 960412 | 143591 |
| Realized Gain (Loss) on Investments | (17858) | (344993) | (31785) | 58464 |
| Net Realized Capital Gains (Losses) on Investments | (17858) | (344993) | 928627 | 202055 |
| Net Change in Unrealized Appreciation (Depreciation) | 477969 | 2886805 | 4751202 | (19212) |
| Net Gain (Loss) on Investment | 460111 | 2541812 | 5679829 | 182843 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 625175 | 3153222 | 6043642 | 185999 |
| Increase (Decrease) in Net Assets from Contract Transactions | (90228) | (1479835) | (1180898) | 166628 |
| Total Increase (Decrease) in Net Assets | 534947 | 1673387 | 4862744 | 352627 |
| **Net Assets as of December 31, 2025:** | **$6049767** | **$27558011** | **$37219560** | **$1306324** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Years Ended December 31, 2025 and 2024

#### Statements of Operations and Changes in Net Assets

#### TFLIC Series Life Account

#### Transamerica Financial Life Insurance Company

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TA JPMorgan International Moderate Growth Initial Class | TA JPMorgan Tactical Allocation Initial Class | TA Morgan Stanley Capital Growth Initial Class | TA Morgan Stanley Global Allocation Initial Class |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$1231103** | **$1028805** | **$4517371** | **$172386** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 28473 | 29478 |  | 20175 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 4866 | 7250 | 31279 | 1454 |
| Net Investment Income (Loss) | 23607 | 22228 | (31279) | 18721 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  |  |  |  |
| Realized Gain (Loss) on Investments | (33776) | (1045) | (1293041) | (10841) |
| Net Realized Capital Gains (Losses) on Investments | (33776) | (1045) | (1293041) | (10841) |
| Net Change in Unrealized Appreciation (Depreciation) | 31611 | 17754 | 3071271 | 2868 |
| Net Gain (Loss) on Investment | (2165) | 16709 | 1778230 | (7973) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 21442 | 38937 | 1746951 | 10748 |
| Increase (Decrease) in Net Assets from Contract Transactions | (98532) | (20715) | (506167) | (2719) |
| Total Increase (Decrease) in Net Assets | (77090) | 18222 | 1240784 | 8029 |
| **Net Assets as of December 31, 2024:** | **$1154013** | **$1047027** | **$5758155** | **$180415** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 42789 | 37153 |  | 26038 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 4578 | 7538 | 42807 | 1399 |
| Net Investment Income (Loss) | 38211 | 29615 | (42807) | 24639 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  |  |  |  |
| Realized Gain (Loss) on Investments | (2403) | 534 | (1869) | (33048) |
| Net Realized Capital Gains (Losses) on Investments | (2403) | 534 | (1869) | (33048) |
| Net Change in Unrealized Appreciation (Depreciation) | 165914 | 56373 | 1134889 | 33116 |
| Net Gain (Loss) on Investment | 163511 | 56907 | 1133020 | 68 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 201722 | 86522 | 1090213 | 24707 |
| Increase (Decrease) in Net Assets from Contract Transactions | (18622) | 48349 | 233270 | (88556) |
| Total Increase (Decrease) in Net Assets | 183100 | 134871 | 1323483 | (63849) |
| **Net Assets as of December 31, 2025:** | **$1337113** | **$1181898** | **$7081638** | **$116566** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Years Ended December 31, 2025 and 2024

#### Statements of Operations and Changes in Net Assets

#### TFLIC Series Life Account

#### Transamerica Financial Life Insurance Company

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TA Multi-Managed Balanced Initial Class | TA Small/Mid Cap Value Initial Class | TA T. Rowe Price Small Cap Initial Class | TA TSW Mid Cap Value Opportunities Initial Class |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$1469028** | **$6332654** | **$2261821** | **$370264** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 30029 | 57066 |  | 5456 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 10099 | 33571 | 15088 | 2804 |
| Net Investment Income (Loss) | 19930 | 23495 | (15088) | 2652 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 65450 | 190970 | 97509 | 60819 |
| Realized Gain (Loss) on Investments | 14955 | (116595) | 94226 | (6849) |
| Net Realized Capital Gains (Losses) on Investments | 80405 | 74375 | 191735 | 53970 |
| Net Change in Unrealized Appreciation (Depreciation) | 101658 | 400574 | 123632 | (28864) |
| Net Gain (Loss) on Investment | 182063 | 474949 | 315367 | 25106 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 201993 | 498444 | 300279 | 27758 |
| Increase (Decrease) in Net Assets from Contract Transactions | (104803) | (905389) | (45525) | (19899) |
| Total Increase (Decrease) in Net Assets | 97190 | (406945) | 254754 | 7859 |
| **Net Assets as of December 31, 2024:** | **$1566218** | **$5925709** | **$2516575** | **$378123** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 34812 | 72935 |  | 4935 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 10439 | 31513 | 13432 | 2862 |
| Net Investment Income (Loss) | 24373 | 41422 | (13432) | 2073 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 206169 | 610956 | 359919 | 101138 |
| Realized Gain (Loss) on Investments | 16368 | (83187) | (8374) | (14252) |
| Net Realized Capital Gains (Losses) on Investments | 222537 | 527769 | 351545 | 86886 |
| Net Change in Unrealized Appreciation (Depreciation) | (54033) | (46503) | (120861) | (56244) |
| Net Gain (Loss) on Investment | 168504 | 481266 | 230684 | 30642 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 192877 | 522688 | 217252 | 32715 |
| Increase (Decrease) in Net Assets from Contract Transactions | (91424) | (349463) | (199517) | (17907) |
| Total Increase (Decrease) in Net Assets | 101453 | 173225 | 17735 | 14808 |
| **Net Assets as of December 31, 2025:** | **$1667671** | **$6098934** | **$2534310** | **$392931** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Years Ended December 31, 2025 and 2024

#### Statements of Operations and Changes in Net Assets

#### TFLIC Series Life Account

#### Transamerica Financial Life Insurance Company

---

| | |
|:---|:---|
|  | TA WMC US Growth Initial Class |
|  | Subaccount |
| **Net Assets as of December 31, 2023:** | **$31663072** |
| Investment Income: |  |
| Reinvested Dividends | 4063 |
| Investment Expense: |  |
| Mortality and Expense Risk and Administrative Charges | 249424 |
| Net Investment Income (Loss) | (245361) |
| Increase (Decrease) in Net Assets from Operations: |  |
| Capital Gain Distributions | 3308658 |
| Realized Gain (Loss) on Investments | 598068 |
| Net Realized Capital Gains (Losses) on Investments | 3906726 |
| Net Change in Unrealized Appreciation (Depreciation) | 5139968 |
| Net Gain (Loss) on Investment | 9046694 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 8801333 |
| Increase (Decrease) in Net Assets from Contract Transactions | (706478) |
| Total Increase (Decrease) in Net Assets | 8094855 |
| **Net Assets as of December 31, 2024:** | **$39757927** |
| Investment Income: |  |
| Reinvested Dividends |  |
| Investment Expense: |  |
| Mortality and Expense Risk and Administrative Charges | 276756 |
| Net Investment Income (Loss) | (276756) |
| Increase (Decrease) in Net Assets from Operations: |  |
| Capital Gain Distributions | 6658494 |
| Realized Gain (Loss) on Investments | 1350896 |
| Net Realized Capital Gains (Losses) on Investments | 8009390 |
| Net Change in Unrealized Appreciation (Depreciation) | (1183021) |
| Net Gain (Loss) on Investment | 6826369 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 6549613 |
| Increase (Decrease) in Net Assets from Contract Transactions | (2298187) |
| Total Increase (Decrease) in Net Assets | 4251426 |
| **Net Assets as of December 31, 2025:** | **$44009353** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

**December 31, 2025** 

**1. Organization** 

The TFLIC Series Life Account (the Separate Account) is a segregated investment account of Transamerica Financial Life Insurance Company (TFLIC), an indirect wholly owned subsidiary of Aegon Ltd., a holding company organized under the laws of the Bermuda.

The Separate Account is registered with the Securities and Exchange Commission as a Unit Investment Trust pursuant to provisions of the Investment Company Act of 1940. TFLIC and the Separate Account are regulated by the Securities and Exchange Commission. The assets and liabilities of the Separate Account are clearly identified and distinguished from TFLIC's other assets and liabilities. The Separate Account consists of multiple investment subaccounts. Each subaccount invests exclusively in the corresponding portfolio of a Mutual Fund. Each Mutual Fund is registered as an open-end management investment company under the Investment Company Act of 1940, as amended. Activity in these specified investment subaccounts is available to contract owners of TFLIC Financial Freedom Builder, TFLIC Freedom Elite Builder, TFLIC Freedom Elite Builder II, and TFLIC Freedom Wealth Protector.

---

| | |
|:---|:---|
| **Subaccount Investment by Mutual Fund:** | **Subaccount Investment by Mutual Fund:** |
| **<u>Subaccount</u>** | **<u>Mutual Fund</u>** |
| AB Variable Products Series Fund | AB Variable Products Series Fund |
| AB Balanced Hedged Allocation Class B Shares | AB Balanced Hedged Allocation Portfolio Class B Shares |
| American Funds Insurance Series® | American Funds Insurance Series® |
| American Funds - Growth Class 2 Shares | American Funds - Growth Fund Class 2 Shares |
| American Funds - Growth-Income Class 2 Shares | American Funds - Growth-Income Fund Class 2 Shares |
| American Funds - International Class 2 Shares | American Funds - International Fund Class 2 Shares |
| Fidelity® Variable Insurance Products Fund | Fidelity® Variable Insurance Products Fund - Service Class 2 |
| Fidelity® VIP Contrafund® Service Class 2 | Fidelity® VIP Contrafund® Portfolio Service Class 2 |
| Fidelity® VIP Equity-Income Service Class 2 | Fidelity® VIP Equity-Income Portfolio Class 2 |
| Fidelity® VIP Growth Opportunities Service Class 2 | Fidelity® VIP Growth Opportunities Portfolio Service Class 2 |
| Fidelity® VIP Index 500 Service Class 2 | Fidelity® VIP Index 500 Portfolio Service Class 2 |
| Franklin Templeton Variable Insurance Products Trust | Franklin Templeton Variable Insurance Products Trust |
| Franklin Allocation Class 4 Shares | Franklin Allocation Fund Class 4 Shares |
| ProFunds | ProFunds |
| ProFund Access VP High Yield | ProFund Access VP High Yield |
| ProFund VP Asia 30 | ProFund VP Asia 30 |
| ProFund VP Bull | ProFund VP Bull |
| ProFund VP Communication Services | ProFund VP Communication Services |
| ProFund VP Consumer Discretionary | ProFund VP Consumer Discretionary |
| ProFund VP Emerging Markets | ProFund VP Emerging Markets |
| ProFund VP Energy | ProFund VP Energy |
| ProFund VP Europe 30 | ProFund VP Europe 30 |
| ProFund VP Falling U.S. Dollar | ProFund VP Falling U.S. Dollar |
| ProFund VP Financials | ProFund VP Financials |
| ProFund VP Government Money Market | ProFund VP Government Money Market |
| ProFund VP International | ProFund VP International |
| ProFund VP Japan | ProFund VP Japan |
| ProFund VP Materials | ProFund VP Materials |
| ProFund VP Mid-Cap | ProFund VP Mid-Cap |
| ProFund VP NASDAQ-100 | ProFund VP NASDAQ-100 |
| ProFund VP Pharmaceuticals | ProFund VP Pharmaceuticals |
| ProFund VP Precious Metals | ProFund VP Precious Metals |
| ProFund VP Short Emerging Markets | ProFund VP Short Emerging Markets |
| ProFund VP Short International | ProFund VP Short International |
| ProFund VP Short NASDAQ-100 | ProFund VP Short NASDAQ-100 |
| ProFund VP Short Small-Cap | ProFund VP Short Small-Cap |
| ProFund VP Small-Cap | ProFund VP Small-Cap |
| ProFund VP Small-Cap Value | ProFund VP Small-Cap Value |
| ProFund VP U.S. Government Plus | ProFund VP U.S. Government Plus |
| ProFund VP UltraNASDAQ-100 | ProFund VP UltraNASDAQ-100 |
| ProFund VP UltraSmall-Cap | ProFund VP UltraSmall-Cap |
| ProFund VP Utilities | ProFund VP Utilities |

---

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

**December 31, 2025**

**1. Organization (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount Investment by Mutual Fund:** | **Subaccount Investment by Mutual Fund:** | **Subaccount Investment by Mutual Fund:** | **Subaccount Investment by Mutual Fund:** |
| **<u>Subaccount</u>** | **<u>Mutual Fund</u>** | **<u>Mutual Fund</u>** | **<u>Mutual Fund</u>** |
| Transamerica Series Trust |  | Transamerica Series Trust | Transamerica Series Trust |
| TA Aegon Bond Initial Class |  |  | Transamerica Aegon Bond VP Initial Class |
| TA Aegon Core Bond Initial Class |  |  | Transamerica Aegon Core Bond VP Initial Class |
| TA Aegon High Yield Bond Initial Class |  |  | Transamerica Aegon High Yield Bond VP Initial Class |
| TA Aegon Sustainable Equity Income Initial Class |  |  | Transamerica Aegon Sustainable Equity Income VP Initial Class |
| TA Aegon U.S. Government Securities Initial Class |  |  | Transamerica Aegon U.S. Government Securities VP Initial Class |
| TA BlackRock Government Money Market Initial Class |  |  | Transamerica BlackRock Government Money Market VP Initial Class |
| TA BlackRock iShares Active Asset Allocation - Conservative Initial Class |  |  | Transamerica BlackRock iShares Active Asset Allocation - Conservative VP Initial Class |
| TA BlackRock iShares Active Asset Allocation - Moderate Initial Class |  |  | Transamerica BlackRock iShares Active Asset Allocation - Moderate VP Initial Class |
| TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class |  |  | Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP Initial Class |
| TA BlackRock iShares Edge 40 Initial Class |  |  | Transamerica BlackRock iShares Edge 40 VP Initial Class |
| TA BlackRock iShares Tactical - Balanced Initial Class |  |  | Transamerica BlackRock iShares Tactical - Balanced VP Initial Class |
| TA BlackRock iShares Tactical - Conservative Initial Class | TA BlackRock iShares Tactical - Conservative Initial Class |  | Transamerica BlackRock iShares Tactical - Conservative VP Initial Class |
| TA BlackRock iShares Tactical - Growth Initial Class |  |  | Transamerica BlackRock iShares Tactical - Growth VP Initial Class |
| TA BlackRock Real Estate Securities Initial Class |  |  | Transamerica BlackRock Real Estate Securities VP Initial Class |
| TA BlackRock Tactical Allocation Initial Class |  |  | Transamerica BlackRock Tactical Allocation VP Initial Class |
| TA Goldman Sachs Managed Risk - Balanced ETF Initial Class | TA Goldman Sachs Managed Risk - Balanced ETF Initial Class | TA Goldman Sachs Managed Risk - Balanced ETF Initial Class | Transamerica Goldman Sachs Managed Risk - Balanced ETF VP Initial Class |
| TA Goldman Sachs Managed Risk - Conservative ETF Initial Class | TA Goldman Sachs Managed Risk - Conservative ETF Initial Class | TA Goldman Sachs Managed Risk - Conservative ETF Initial Class | Transamerica Goldman Sachs Managed Risk - Conservative ETF VP Initial Class |
| TA Goldman Sachs Managed Risk - Growth ETF Initial Class | TA Goldman Sachs Managed Risk - Growth ETF Initial Class |  | Transamerica Goldman Sachs Managed Risk - Growth ETF VP Initial Class |
| TA International Focus Initial Class |  |  | Transamerica International Focus VP Initial Class |
| TA Janus Balanced Initial Class |  |  | Transamerica Janus Balanced VP Initial Class |
| TA Janus Mid-Cap Growth Initial Class |  |  | Transamerica Janus Mid-Cap Growth VP Initial Class |
| TA JPMorgan Asset Allocation - Conservative Initial Class | TA JPMorgan Asset Allocation - Conservative Initial Class |  | Transamerica JPMorgan Asset Allocation - Conservative VP Initial Class |
| TA JPMorgan Asset Allocation - Moderate Initial Class |  |  | Transamerica JPMorgan Asset Allocation - Moderate VP Initial Class |
| TA JPMorgan Asset Allocation - Moderate Growth Initial Class | TA JPMorgan Asset Allocation - Moderate Growth Initial Class | TA JPMorgan Asset Allocation - Moderate Growth Initial Class | Transamerica JPMorgan Asset Allocation - Moderate Growth VP Initial Class |
| TA JPMorgan Diversified Equity Allocation Initial Class |  |  | Transamerica JPMorgan Diversified Equity Allocation VP Initial Class |
| TA JPMorgan Enhanced Index Initial Class |  |  | Transamerica JPMorgan Enhanced Index VP Initial Class |
| TA JPMorgan International Moderate Growth Initial Class | TA JPMorgan International Moderate Growth Initial Class |  | Transamerica JPMorgan International Moderate Growth VP Initial Class |
| TA JPMorgan Tactical Allocation Initial Class |  |  | Transamerica JPMorgan Tactical Allocation VP Initial Class |
| TA Morgan Stanley Capital Growth Initial Class |  |  | Transamerica Morgan Stanley Capital Growth VP Initial Class |
| TA Morgan Stanley Global Allocation Initial Class |  |  | Transamerica Morgan Stanley Global Allocation VP Initial Class |
| TA Multi-Managed Balanced Initial Class |  |  | Transamerica Multi-Managed Balanced VP Initial Class |
| TA Small/Mid Cap Value Initial Class |  |  | Transamerica Small/Mid Cap Value VP Initial Class |
| TA T. Rowe Price Small Cap Initial Class |  |  | Transamerica T. Rowe Price Small Cap VP Initial Class |
| TA TSW Mid Cap Value Opportunities Initial Class |  |  | Transamerica TSW Mid Cap Value Opportunities VP Initial Class |
| TA WMC US Growth Initial Class |  |  | Transamerica WMC US Growth VP Initial Class |

---

The following subaccount name changes were made effective during the fiscal year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Subaccount</u>** | **<u>Subaccount</u>** | **<u>Formerly</u>** | **<u>Formerly</u>** |
|  | TA JPMorgan Diversified Equity Allocation Initial Class |  | TA JPMorgan Asset Allocation - Growth Initial Class |

---

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

**December 31, 2025** 

**2. Summary of Significant Accounting Policies** 

The financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for variable life separate accounts registered as unit investment trusts. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions regarding matters that affect the reported amount of assets and liabilities. Actual results could differ from those estimates.

**Investments**

Net purchase payments received by the Separate Account are invested in the portfolios of the Mutual Funds as selected by the contract owner. Investments are stated at the closing net asset values per share on December 31, 2025.

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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;c) Inputs other than quoted market prices that are observable

&nbsp;&nbsp;&nbsp;&nbsp;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, 2025.

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

**December 31, 2025** 

3. Investments

The aggregate cost of purchases and proceeds from sales of investments for the period ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Purchases** | **Sales** |
| AB Balanced Hedged Allocation Class B Shares | $7087 | $2530 |
| American Funds - Growth Class 2 Shares | 531 |  |
| American Funds - Growth-Income Class 2 Shares | 1016 | 530 |
| American Funds - International Class 2 Shares | 765 | 383 |
| Fidelity® VIP Contrafund® Service Class 2 | 391993 | 151188 |
| Fidelity® VIP Equity-Income Service Class 2 | 71197 | 86367 |
| Fidelity® VIP Growth Opportunities Service Class 2 | 86449 | 217618 |
| Fidelity® VIP Index 500 Service Class 2 | 3040288 | 3012878 |
| Franklin Allocation Class 4 Shares | 11269 | 51165 |
| ProFund Access VP High Yield | 16523 | 16254 |
| ProFund VP Asia 30 | 1226628 | 1103203 |
| ProFund VP Bull | 15158 | 75720 |
| ProFund VP Communication Services | 67108 | 67878 |
| ProFund VP Consumer Discretionary | 280985 | 269480 |
| ProFund VP Emerging Markets | 692525 | 403988 |
| ProFund VP Energy | 503996 | 586415 |
| ProFund VP Europe 30 | 493832 | 441455 |
| ProFund VP Falling U.S. Dollar | 204260 | 215974 |
| ProFund VP Financials | 20479 | 110604 |
| ProFund VP Government Money Market | 298460 | 169109 |
| ProFund VP International | 242068 | 110892 |
| ProFund VP Japan | 429548 | 357576 |
| ProFund VP Materials | 106374 | 140854 |
| ProFund VP Mid-Cap | 74655 | 69202 |
| ProFund VP NASDAQ-100 | 1772005 | 1550888 |
| ProFund VP Pharmaceuticals | 757891 | 790412 |
| ProFund VP Precious Metals | 4618674 | 4634860 |
| ProFund VP Short Emerging Markets | 404006 | 13021 |
| ProFund VP Short International | 102 | 1086 |
| ProFund VP Short NASDAQ-100 | 6209296 | 6139953 |
| ProFund VP Short Small-Cap | 3943564 | 3891809 |
| ProFund VP Small-Cap | 153539 | 73395 |
| ProFund VP Small-Cap Value | 143976 | 75733 |
| ProFund VP U.S. Government Plus | 357836 | 355911 |
| ProFund VP UltraNASDAQ-100 | 8386207 | 7499529 |
| ProFund VP UltraSmall-Cap | 5079597 | 5359968 |

---

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

**December 31, 2025** 

3. Investments (continued)

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Purchases** | **Sales** |
| ProFund VP Utilities | 302937 | 243804 |
| TA Aegon Bond Initial Class | $676164 | $548278 |
| TA Aegon Core Bond Initial Class | 164079 | 179681 |
| TA Aegon High Yield Bond Initial Class | 381454 | 334096 |
| TA Aegon Sustainable Equity Income Initial Class | 379940 | 273856 |
| TA Aegon U.S. Government Securities Initial Class | 98283 | 118729 |
| TA BlackRock Government Money Market Initial Class | 697113 | 684923 |
| TA BlackRock iShares Active Asset Allocation - Conservative Initial Class | 37291 | 56919 |
| TA BlackRock iShares Active Asset Allocation - Moderate Initial Class | 18761 | 49085 |
| TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class | 298696 | 471198 |
| TA BlackRock iShares Edge 40 Initial Class | 18647 | 12324 |
| TA BlackRock iShares Tactical - Balanced Initial Class | 47785 | 89717 |
| TA BlackRock iShares Tactical - Conservative Initial Class | 85664 | 90748 |
| TA BlackRock iShares Tactical - Growth Initial Class | 128486 | 184840 |
| TA BlackRock Real Estate Securities Initial Class | 85679 | 104891 |
| TA BlackRock Tactical Allocation Initial Class | 263935 | 268841 |
| TA Goldman Sachs Managed Risk - Balanced ETF Initial Class | 808 | 1503 |
| TA Goldman Sachs Managed Risk - Conservative ETF Initial Class |  |  |
| TA Goldman Sachs Managed Risk - Growth ETF Initial Class | 131452 | 131706 |
| TA International Focus Initial Class | 350917 | 430786 |
| TA Janus Balanced Initial Class | 115617 | 71153 |
| TA Janus Mid-Cap Growth Initial Class | 2396680 | 2438057 |
| TA JPMorgan Asset Allocation - Conservative Initial Class | 83546 | 129096 |
| TA JPMorgan Asset Allocation - Moderate Initial Class | 516571 | 441741 |
| TA JPMorgan Asset Allocation - Moderate Growth Initial Class | 2839523 | 3712810 |
| TA JPMorgan Diversified Equity Allocation Initial Class | 4181607 | 4038350 |
| TA JPMorgan Enhanced Index Initial Class | 673246 | 359864 |
| TA JPMorgan International Moderate Growth Initial Class | 171622 | 152032 |
| TA JPMorgan Tactical Allocation Initial Class | 219234 | 141270 |
| TA Morgan Stanley Capital Growth Initial Class | 783652 | 593188 |
| TA Morgan Stanley Global Allocation Initial Class | 38863 | 102781 |
| TA Multi-Managed Balanced Initial Class | 432294 | 293171 |
| TA Small/Mid Cap Value Initial Class | 1084505 | 781588 |
| TA T. Rowe Price Small Cap Initial Class | 1119320 | 972350 |
| TA TSW Mid Cap Value Opportunities Initial Class | 106073 | 20769 |
| TA WMC US Growth Initial Class | 7753041 | 3669480 |

---

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

4. Change in Units

The change in units outstanding were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>**Subaccount** | **Units Purchased** | **Units Redeemed and Transferred to/from** | **Net Increase (Decrease)** | **Units Purchased** | **Units Redeemed and Transferred to/from** | **Net Increase (Decrease)** |
| AB Balanced Hedged Allocation Class B Shares | 43 | (74) | (31) | 128 | (150) | (22) |
| American Funds - Growth Class 2 Shares | 4 |  | 4 | 5 | (1) | 4 |
| American Funds - Growth-Income Class 2 Shares | 15 | (14) | 1 | 20 | (20) |  |
| American Funds - International Class 2 Shares | 45 | (25) | 20 | 53 | (37) | 16 |
| Fidelity® VIP Contrafund® Service Class 2 | 1504 | (2050) | (546) | 413 | (724) | (311) |
| Fidelity® VIP Equity-Income Service Class 2 | 572 | (2050) | (1478) | 465 | (2209) | (1744) |
| Fidelity® VIP Growth Opportunities Service Class 2 | 1024 | (3045) | (2021) | 975 | (519) | 456 |
| Fidelity® VIP Index 500 Service Class 2 | 43747 | (44115) | (368) | 30171 | (17565) | 12606 |
| Franklin Allocation Class 4 Shares | 212 | (1459) | (1247) | 782 | (594) | 188 |
| ProFund Access VP High Yield | 657 | (716) | (59) | 888 | (1139) | (251) |
| ProFund VP Asia 30 | 104781 | (94682) | 10099 | 116159 | (112369) | 3790 |
| ProFund VP Bull | 99 | (1861) | (1762) | 2152 | (202) | 1950 |
| ProFund VP Communication Services | 2615 | (2644) | (29) | 252 | (2359) | (2107) |
| ProFund VP Consumer Discretionary | 5139 | (5064) | 75 | 382 | (992) | (610) |
| ProFund VP Emerging Markets | 65974 | (36411) | 29563 | 22771 | (26961) | (4190) |
| ProFund VP Energy | 40509 | (49465) | (8956) | 145084 | (152633) | (7549) |
| ProFund VP Europe 30 | 33552 | (29691) | 3861 | 1321 | (2521) | (1200) |
| ProFund VP Falling U.S. Dollar | 35922 | (38818) | (2896) | 9076 | (6253) | 2823 |
| ProFund VP Financials | 694 | (3864) | (3170) | 14260 | (18648) | (4388) |
| ProFund VP Government Money Market | 26805 | (15480) | 11325 | 26533 | (26255) | 278 |
| ProFund VP International | 19011 | (8558) | 10453 | 11350 | (12182) | (832) |
| ProFund VP Japan | 18200 | (14469) | 3731 | 5898 | (5867) | 31 |
| ProFund VP Materials | 4695 | (7587) | (2892) | 11729 | (11674) | 55 |
| ProFund VP Mid-Cap | 2199 | (2265) | (66) | 8600 | (10372) | (1772) |
| ProFund VP NASDAQ-100 | 13368 | (14804) | (1436) | 14232 | (15023) | (791) |
| ProFund VP Pharmaceuticals | 31349 | (32139) | (790) | 1595 | (3719) | (2124) |
| ProFund VP Precious Metals | 552619 | (549239) | 3380 | 397818 | (412153) | (14335) |

---

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

4. Change in Units (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>**Subaccount** | **Units Purchased** | **Units Redeemed and Transferred to/from** | **Net Increase (Decrease)** | **Units Purchased** | **Units Redeemed and Transferred to/from** | **Net Increase (Decrease)** |
| ProFund VP Short Emerging Markets | 286756 | (7503) | 279253 | 310699 | (311539) | (840) |
| ProFund VP Short International | 43 | (822) | (779) | 38 | (44) | (6) |
| ProFund VP Short NASDAQ-100 | 21226248 | (20914973) | 311275 | 15525174 | (15973977) | (448803) |
| ProFund VP Short Small-Cap | 5530403 | (5530403) |  | 4574086 | (5040988) | (466902) |
| ProFund VP Small-Cap | 5217 | (2551) | 2666 | 7634 | (10785) | (3151) |
| ProFund VP Small-Cap Value | 4621 | (2514) | 2107 | 5809 | (7752) | (1943) |
| ProFund VP U.S. Government Plus | 32852 | (33009) | (157) | 9688 | (15322) | (5634) |
| ProFund VP UltraNASDAQ-100 | 31705 | (29477) | 2228 | 27169 | (27677) | (508) |
| ProFund VP UltraSmall-Cap | 185307 | (193117) | (7810) | 154785 | (155077) | (292) |
| ProFund VP Utilities | 10761 | (8710) | 2051 | 24721 | (21887) | 2834 |
| TA Aegon Bond Initial Class | 36735 | (32054) | 4681 | 33144 | (26548) | 6596 |
| TA Aegon Core Bond Initial Class | 8431 | (11098) | (2667) | 2166 | (2786) | (620) |
| TA Aegon High Yield Bond Initial Class | 10776 | (11345) | (569) | 2146 | (1689) | 457 |
| TA Aegon Sustainable Equity Income Initial Class | 9321 | (7537) | 1784 | 10375 | (8969) | 1406 |
| TA Aegon U.S. Government Securities Initial Class | 6315 | (8312) | (1997) | 530 | (356) | 174 |
| TA BlackRock Government Money Market Initial Class | 52780 | (56609) | (3829) | 36339 | (13238) | 23101 |
| TA BlackRock iShares Active Asset Allocation - Conservative Initial Class | 2269 | (3780) | (1511) | 308 | (332) | (24) |
| TA BlackRock iShares Active Asset Allocation - Moderate Initial Class | 964 | (3064) | (2100) | 1522 | (478) | 1044 |
| TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class | 16690 | (29116) | (12426) | 8650 | (8286) | 364 |
| TA BlackRock iShares Edge 40 Initial Class | 654 | (545) | 109 | 463 | (227) | 236 |
| TA BlackRock iShares Tactical - Balanced Initial Class | 2074 | (4751) | (2677) | 2939 | (2300) | 639 |
| TA BlackRock iShares Tactical - Conservative Initial Class | 4830 | (5758) | (928) | 1799 | (2456) | (657) |
| TA BlackRock iShares Tactical - Growth Initial Class | 5773 | (9019) | (3246) | 3296 | (10052) | (6756) |
| TA BlackRock Real Estate Securities Initial Class | 2824 | (4158) | (1334) | 2020 | (3669) | (1649) |
| TA BlackRock Tactical Allocation Initial Class | 9237 | (12558) | (3321) | 4503 | (4895) | (392) |
| TA Goldman Sachs Managed Risk - Balanced ETF Initial Class | 19 | (71) | (52) | 40 | (46) | (6) |
| TA Goldman Sachs Managed Risk - Conservative ETF Initial Class |  |  |  |  |  |  |

---

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

4. Change in Units (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>**Subaccount** | **Units Purchased** | **Units Redeemed and Transferred to/from** | **Net Increase (Decrease)** | **Units Purchased** | **Units Redeemed and Transferred to/from** | **Net Increase (Decrease)** |
| TA Goldman Sachs Managed Risk - Growth ETF Initial Class | 4263 | (5253) | (990) | 1432 | (1291) | 141 |
| TA International Focus Initial Class | 9257 | (22901) | (13644) | 4201 | (9035) | (4834) |
| TA Janus Balanced Initial Class | 2322 | (2443) | (121) | 1599 | (2221) | (622) |
| TA Janus Mid-Cap Growth Initial Class | 13916 | (39823) | (25907) | 16000 | (30990) | (14990) |
| TA JPMorgan Asset Allocation - Conservative Initial Class | 2354 | (5377) | (3023) | 2977 | (3025) | (48) |
| TA JPMorgan Asset Allocation - Moderate Initial Class | 12102 | (15695) | (3593) | 7697 | (14973) | (7276) |
| TA JPMorgan Asset Allocation - Moderate Growth Initial Class | 65282 | (111700) | (46418) | 33718 | (63120) | (29402) |
| TA JPMorgan Diversified Equity Allocation Initial Class | 63011 | (89947) | (26936) | 43177 | (68583) | (25406) |
| TA JPMorgan Enhanced Index Initial Class | 7614 | (4991) | 2623 | 4658 | (1263) | 3395 |
| TA JPMorgan International Moderate Growth Initial Class | 7645 | (8413) | (768) | 8282 | (14405) | (6123) |
| TA JPMorgan Tactical Allocation Initial Class | 10263 | (7754) | 2509 | 11892 | (13019) | (1127) |
| TA Morgan Stanley Capital Growth Initial Class | 8291 | (6201) | 2090 | 4977 | (13733) | (8756) |
| TA Morgan Stanley Global Allocation Initial Class | 652 | (4955) | (4303) | 667 | (846) | (179) |
| TA Multi-Managed Balanced Initial Class | 4030 | (5889) | (1859) | 1844 | (4237) | (2393) |
| TA Small/Mid Cap Value Initial Class | 6028 | (11291) | (5263) | 11641 | (25965) | (14324) |
| TA T. Rowe Price Small Cap Initial Class | 10649 | (13682) | (3033) | 14658 | (14988) | (330) |
| TA TSW Mid Cap Value Opportunities Initial Class |  | (340) | (340) |  | (415) | (415) |
| TA WMC US Growth Initial Class | 14086 | (41449) | (27363) | 16565 | (26987) | (10422) |

---

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

4. Change in Unit Dollars (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>**Subaccount** | **Units Purchased in Dollars** | **Units Redeemed and Transferred to/from in Dollars** | **Dollar Net Increase (Decrease)** | **Units Purchased in Dollars** | **Units Redeemed and Transferred to/from in Dollars** | **Dollar Net Increase (Decrease)** |
| AB Balanced Hedged Allocation Class B Shares | $1334 | $(2316) | $(982) | $3556 | $(4131) | $(575) |
| American Funds - Growth Class 2 Shares | 198 |  | 198 | 208 | 1 | 209 |
| American Funds - Growth-Income Class 2 Shares | 570 | (530) | 40 | 629 | (614) | 15 |
| American Funds - International Class 2 Shares | 714 | (383) | 331 | 787 | (559) | 228 |
| Fidelity® VIP Contrafund® Service Class 2 | 120894 | (143689) | (22795) | 26345 | (44018) | (17673) |
| Fidelity® VIP Equity-Income Service Class 2 | 25221 | (83318) | (58097) | 18022 | (83330) | (65308) |
| Fidelity® VIP Growth Opportunities Service Class 2 | 73216 | (212375) | (139159) | 59766 | (32537) | 27229 |
| Fidelity® VIP Index 500 Service Class 2 | 2953938 | (2989760) | (35822) | 1842257 | (1009842) | 832415 |
| Franklin Allocation Class 4 Shares | 6965 | (50972) | (44007) | 22118 | (17009) | 5109 |
| ProFund Access VP High Yield | 15202 | (16072) | (870) | 18980 | (23731) | (4751) |
| ProFund VP Asia 30 | 1192156 | (1100814) | 91342 | 1162333 | (1133947) | 28386 |
| ProFund VP Bull | 4549 | (74197) | (69648) | 92788 | (9244) | 83544 |
| ProFund VP Communication Services | 67152 | (67437) | (285) | 5269 | (52204) | (46935) |
| ProFund VP Consumer Discretionary | 261290 | (268297) | (7007) | 17281 | (44745) | (27464) |
| ProFund VP Emerging Markets | 688996 | (403359) | 285637 | 198670 | (232302) | (33632) |
| ProFund VP Energy | 464114 | (585120) | (121006) | 1700410 | (1827644) | (127234) |
| ProFund VP Europe 30 | 492031 | (441165) | 50866 | 17865 | (38696) | (20831) |
| ProFund VP Falling U.S. Dollar | 201931 | (215911) | (13980) | 47954 | (33064) | 14890 |
| ProFund VP Financials | 18276 | (109923) | (91647) | 361929 | (447693) | (85764) |
| ProFund VP Government Money Market | 286130 | (167297) | 118833 | 284049 | (275536) | 8513 |
| ProFund VP International | 240363 | (110669) | 129694 | 124561 | (135548) | (10987) |
| ProFund VP Japan | 426481 | (357281) | 69200 | 133616 | (126462) | 7154 |
| ProFund VP Materials | 89326 | (140328) | (51002) | 213255 | (219155) | (5900) |
| ProFund VP Mid-Cap | 69955 | (68970) | 985 | 254615 | (313700) | (59085) |
| ProFund VP NASDAQ-100 | 1457550 | (1535640) | (78090) | 1364983 | (1420533) | (55550) |
| ProFund VP Pharmaceuticals | 757666 | (789359) | (31693) | 41956 | (99020) | (57064) |
| ProFund VP Precious Metals | 4614860 | (4633743) | (18883) | 2039293 | (2091156) | (51863) |

---

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

4. Change in Unit Dollars (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>**Subaccount** | **Units Purchased in Dollars** | **Units Redeemed and Transferred to/from in Dollars** | **Dollar Net Increase (Decrease)** | **Units Purchased in Dollars** | **Units Redeemed and Transferred to/from in Dollars** | **Dollar Net Increase (Decrease)** |
| ProFund VP Short Emerging Markets | 403941 | (13008) | 390933 | 540779 | (549664) | (8885) |
| ProFund VP Short International | $89 | $(1072) | $(983) | $85 | $(57) | $28 |
| ProFund VP Short NASDAQ-100 | 6205356 | (6139451) | 65905 | 5002415 | (5132414) | (129999) |
| ProFund VP Short Small-Cap | 3929291 | (3891642) | 37649 | 3384489 | (3734448) | (349959) |
| ProFund VP Small-Cap | 152319 | (72641) | 79678 | 211283 | (280271) | (68988) |
| ProFund VP Small-Cap Value | 139245 | (75398) | 63847 | 167546 | (215191) | (47645) |
| ProFund VP U.S. Government Plus | 356281 | (355733) | 548 | 115012 | (177127) | (62115) |
| ProFund VP UltraNASDAQ-100 | 8002623 | (7489159) | 513464 | 5679929 | (5878522) | (198593) |
| ProFund VP UltraSmall-Cap | 5077745 | (5359176) | (281431) | 4101005 | (4059973) | 41032 |
| ProFund VP Utilities | 299989 | (242914) | 57075 | 529989 | (477915) | 52074 |
| TA Aegon Bond Initial Class | 645804 | (545596) | 100208 | 558059 | (441010) | 117049 |
| TA Aegon Core Bond Initial Class | 149658 | (176719) | (27061) | 35889 | (46745) | (10856) |
| TA Aegon High Yield Bond Initial Class | 317160 | (329861) | (12701) | 59346 | (44702) | 14644 |
| TA Aegon Sustainable Equity Income Initial Class | 341382 | (265673) | 75709 | 334365 | (294397) | 39968 |
| TA Aegon U.S. Government Securities Initial Class | 93744 | (118002) | (24258) | 7383 | (5017) | 2366 |
| TA BlackRock Government Money Market Initial Class | 644904 | (679467) | (34563) | 423593 | (154343) | 269250 |
| TA BlackRock iShares Active Asset Allocation - Conservative Initial Class | 35709 | (56472) | (20763) | 4529 | (4712) | (183) |
| TA BlackRock iShares Active Asset Allocation - Moderate Initial Class | 16300 | (48411) | (32111) | 22368 | (7148) | 15220 |
| TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class | 279342 | (466966) | (187624) | 136923 | (125900) | 11023 |
| TA BlackRock iShares Edge 40 Initial Class | 14688 | (12093) | 2595 | 9613 | (4696) | 4917 |
| TA BlackRock iShares Tactical - Balanced Initial Class | 38414 | (88642) | (50228) | 50779 | (35978) | 14801 |
| TA BlackRock iShares Tactical - Conservative Initial Class | 79557 | (89645) | (10088) | 26871 | (36925) | (10054) |
| TA BlackRock iShares Tactical - Growth Initial Class | 120593 | (183609) | (63016) | 61332 | (173884) | (112552) |
| TA BlackRock Real Estate Securities Initial Class | 71428 | (102373) | (30945) | 48242 | (85987) | (37745) |
| TA BlackRock Tactical Allocation Initial Class | 206102 | (265760) | (59658) | 91081 | (96080) | (4999) |

---

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

4. Change in Unit Dollars (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>**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 Goldman Sachs Managed Risk - Balanced ETF Initial Class | 380 | (1491) | (1111) | 781 | (902) | (121) |
| TA Goldman Sachs Managed Risk - Conservative ETF Initial Class | $- | $- | $- | $- | $- | $- |
| TA Goldman Sachs Managed Risk - Growth ETF Initial Class | 101653 | (130547) | (28894) | 33830 | (31807) | 2023 |
| TA International Focus Initial Class | 169093 | (426183) | (257090) | 76114 | (163136) | (87022) |
| TA Janus Balanced Initial Class | 70025 | (69775) | 250 | 43853 | (58811) | (14958) |
| TA Janus Mid-Cap Growth Initial Class | 826780 | (2372047) | (1545267) | 902527 | (1709673) | (807146) |
| TA JPMorgan Asset Allocation - Conservative Initial Class | 53434 | (126283) | (72849) | 62804 | (65817) | (3013) |
| TA JPMorgan Asset Allocation - Moderate Initial Class | 336209 | (426437) | (90228) | 194561 | (380696) | (186135) |
| TA JPMorgan Asset Allocation - Moderate Growth Initial Class | 2175441 | (3655276) | (1479835) | 1021340 | (1904188) | (882848) |
| TA JPMorgan Diversified Equity Allocation Initial Class | 2779887 | (3960785) | (1180898) | 1671895 | (2635019) | (963124) |
| TA JPMorgan Enhanced Index Initial Class | 522928 | (356300) | 166628 | 297417 | (76754) | 220663 |
| TA JPMorgan International Moderate Growth Initial Class | 130820 | (149442) | (18622) | 133143 | (231675) | (98532) |
| TA JPMorgan Tactical Allocation Initial Class | 185673 | (137324) | 48349 | 198745 | (219460) | (20715) |
| TA Morgan Stanley Capital Growth Initial Class | 796655 | (563385) | 233270 | 325125 | (831292) | (506167) |
| TA Morgan Stanley Global Allocation Initial Class | 13017 | (101573) | (88556) | 12074 | (14793) | (2719) |
| TA Multi-Managed Balanced Initial Class | 194818 | (286242) | (91424) | 81260 | (186063) | (104803) |
| TA Small/Mid Cap Value Initial Class | 413503 | (762966) | (349463) | 765556 | (1670945) | (905389) |
| TA T. Rowe Price Small Cap Initial Class | 764393 | (963910) | (199517) | 959232 | (1004757) | (45525) |
| TA TSW Mid Cap Value Opportunities Initial Class |  | (17907) | (17907) |  | (19899) | (19899) |
| TA WMC US Growth Initial Class | 1168239 | (3466426) | (2298187) | 1233486 | (1939964) | (706478) |

---

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

**December 31, 2025** 

**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** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
| | |  | |  | | | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
| | |  | |  | | | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
| | |  | |  | | | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| <br>**Subaccount** | <br>**Units** | | **Unit Fair Value**<br>**Corresponding to**<br>**Lowest to Highest**<br>**Expense Ratio** | | <br>**Net**<br>**Assets** | <br>**Investment**<br>**Income**<br>**Ratio\*** | **Highest** | **Highest** | **Highest** | | **Expense Ratio** | |
| AB Balanced Hedged Allocation Class B Shares | AB Balanced Hedged Allocation Class B Shares | AB Balanced Hedged Allocation Class B Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 2551 | $34.02 | to | $28.71 | $86492 | 1.90% | 0.00% | to | 1.50% | 17.36% | to | 15.63% |
| 12/31/2024 | 2582 | 28.99 | to | 24.83 | 74800 | 1.78 | 0.30 | to | 1.50 | 8.25 | to | 6.96 |
| 12/31/2023 | 2604 | 26.77 | to | 23.21 | 69652 | 0.83 | 0.30 | to | 1.50 | 12.32 | to | 11.00 |
| 12/31/2022 | 2635 | 23.83 | to | 20.91 | 62755 | 3.09 | 0.30 | to | 1.50 | (19.41) | to | (20.36) |
| 12/31/2021 | 2848 | 29.57 | to | 26.26 | 81292 | 0.26 | 0.30 | to | 1.50 | 13.03 | to | 11.69 |
| American Funds - Growth Class 2 Shares | American Funds - Growth Class 2 Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 78 | 61.10 | to | 61.10 | 4769 | 0.15 | 0.00 | to | 0.00 | 20.23 | to | 20.23 |
| 12/31/2024 | 74 | 50.82 | to | 50.82 | 3781 | 0.34 | 0.00 | to | 0.00 | 31.63 | to | 31.63 |
| 12/31/2023 | 70 | 38.61 | to | 38.61 | 2689 | 0.38 | 0.00 | to | 0.00 | 38.48 | to | 38.48 |
| 12/31/2022 | 63 | 27.88 | to | 27.88 | 1756 | 0.34 | 0.00 | to | 0.00 | (29.94) | to | (29.94) |
| 12/31/2021 | 56 | 39.79 | to | 39.79 | 2230 | 0.23 | 0.00 | to | 0.00 | 21.99 | to | 21.99 |
| American Funds - Growth-Income Class 2 Shares | American Funds - Growth-Income Class 2 Shares | American Funds - Growth-Income Class 2 Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 73 | 40.62 | to | 40.62 | 2970 | 0.96 | 0.00 | to | 0.00 | 18.06 | to | 18.06 |
| 12/31/2024 | 72 | 34.40 | to | 34.40 | 2493 | 1.11 | 0.00 | to | 0.00 | 24.23 | to | 24.23 |
| 12/31/2023 | 72 | 27.69 | to | 27.69 | 1981 | 1.34 | 0.00 | to | 0.00 | 26.14 | to | 26.14 |
| 12/31/2022 | 79 | 21.96 | to | 21.96 | 1734 | 1.42 | 0.00 | to | 0.00 | (16.49) | to | (16.49) |
| 12/31/2021 | 61 | 26.29 | to | 26.29 | 1616 | 0.97 | 0.00 | to | 0.00 | 24.10 | to | 24.10 |
| American Funds - International Class 2 Shares | American Funds - International Class 2 Shares | American Funds - International Class 2 Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 231 | 18.26 | to | 18.26 | 4221 | 1.45 | 0.00 | to | 0.00 | 26.76 | to | 26.76 |
| 12/31/2024 | 211 | 14.40 | to | 14.40 | 3044 | 1.21 | 0.00 | to | 0.00 | 3.16 | to | 3.16 |
| 12/31/2023 | 195 | 13.96 | to | 13.96 | 2721 | 1.35 | 0.00 | to | 0.00 | 15.84 | to | 15.84 |
| 12/31/2022 | 183 | 12.05 | to | 12.05 | 2202 | 1.95 | 0.00 | to | 0.00 | (20.79) | to | (20.79) |
| 12/31/2021 | 134 | 15.22 | to | 15.22 | 2040 | 2.27 | 0.00 | to | 0.00 | (1.50) | to | (1.50) |
| Fidelity® VIP Contrafund® Service Class 2 | Fidelity® VIP Contrafund® Service Class 2 | Fidelity® VIP Contrafund® Service Class 2 |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 21649 | 87.25 | to | 82.57 | 1820538 |  | 0.30 | to | 0.90 | 20.83 | to | 20.11 |
| 12/31/2024 | 22195 | 72.21 | to | 68.74 | 1551263 | 0.03 | 0.30 | to | 0.90 | 33.05 | to | 32.25 |
| 12/31/2023 | 22506 | 54.27 | to | 51.98 | 1187475 | 0.26 | 0.30 | to | 0.90 | 32.72 | to | 31.93 |
| 12/31/2022 | 22471 | 40.89 | to | 39.40 | 897301 | 0.27 | 0.30 | to | 0.90 | (26.71) | to | (27.14) |
| 12/31/2021 | 22911 | 55.79 | to | 54.07 | 1253720 | 0.03 | 0.30 | to | 0.90 | 27.13 | to | 26.37 |
| Fidelity® VIP Equity-Income Service Class 2 | Fidelity® VIP Equity-Income Service Class 2 | Fidelity® VIP Equity-Income Service Class 2 |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 13892 | 50.09 | to | 47.40 | 671400 | 1.64 | 0.30 | to | 0.90 | 18.39 | to | 17.69 |
| 12/31/2024 | 15370 | 42.31 | to | 40.28 | 630060 | 1.60 | 0.30 | to | 0.90 | 14.71 | to | 14.03 |
| 12/31/2023 | 17114 | 36.88 | to | 35.32 | 614115 | 1.73 | 0.30 | to | 0.90 | 10.05 | to | 9.40 |
| 12/31/2022 | 17426 | 33.51 | to | 32.29 | 570685 | 1.75 | 0.30 | to | 0.90 | (5.53) | to | (6.09) |
| 12/31/2021 | 16906 | 35.48 | to | 34.38 | 588563 | 1.68 | 0.30 | to | 0.90 | 24.23 | to | 23.49 |
| Fidelity® VIP Growth Opportunities Service Class 2 | Fidelity® VIP Growth Opportunities Service Class 2 | Fidelity® VIP Growth Opportunities Service Class 2 | Fidelity® VIP Growth Opportunities Service Class 2 |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 13217 | 86.20 | to | 81.57 | 1099698 |  | 0.30 | to | 0.90 | 21.27 | to | 20.55 |
| 12/31/2024 | 15238 | 71.08 | to | 67.66 | 1049781 |  | 0.30 | to | 0.90 | 38.14 | to | 37.32 |
| 12/31/2023 | 14782 | 51.45 | to | 49.28 | 740274 |  | 0.30 | to | 0.90 | 44.87 | to | 44.01 |
| 12/31/2022 | 13427 | 35.52 | to | 34.22 | 466297 |  | 0.30 | to | 0.90 | (38.50) | to | (38.87) |
| 12/31/2021 | 13205 | 57.75 | to | 55.97 | 748249 |  | 0.30 | to | 0.90 | 11.34 | to | 10.67 |
| Fidelity® VIP Index 500 Service Class 2 | Fidelity® VIP Index 500 Service Class 2 |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 100338 | 80.31 | to | 74.96 | 7625090 | 0.91 | 0.00 | to | 1.50 | 17.48 | to | 15.75 |
| 12/31/2024 | 100706 | 68.36 | to | 64.76 | 6541121 | 1.11 | 0.00 | to | 1.50 | 24.59 | to | 22.74 |
| 12/31/2023 | 88100 | 54.87 | to | 52.77 | 4615476 | 1.29 | 0.00 | to | 1.50 | 25.88 | to | 24.03 |
| 12/31/2022 | 83913 | 43.59 | to | 42.55 | 3482330 | 1.25 | 0.00 | to | 1.50 | (18.42) | to | (19.62) |
| 12/31/2021 | 76420 | 53.43 | to | 52.93 | 3911275 | 1.05 | 0.00 | to | 1.50 | 28.26 | to | 26.36 |

---

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

**December 31, 2025**

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
| | |  | |  | | | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
| | |  | |  | | | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
| | |  | |  | | | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| <br>**Subaccount** | <br>**Units** | | **Unit Fair Value**<br>**Corresponding to**<br>**Lowest to Highest**<br>**Expense Ratio** | | <br>**Net**<br>**Assets** | <br>**Investment**<br>**Income**<br>**Ratio\*** | **Highest** | **Highest** | **Highest** | | **Expense Ratio** | |
| Franklin Allocation Class 4 Shares | Franklin Allocation Class 4 Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1122 | $35.55 | to | $30.01 | $39356 | 1.87% | 0.00% | to | 1.50% | 12.53% | to | 10.86% |
| 12/31/2024 | 2369 | 31.60 | to | 27.07 | 74367 | 1.95 | 0.00 | to | 1.50 | 8.56 | to | 7.27 |
| 12/31/2023 | 2181 | 29.09 | to | 25.23 | 63069 | 1.31 | 0.30 | to | 1.50 | 14.28 | to | 12.93 |
| 12/31/2022 | 2029 | 25.46 | to | 22.34 | 51363 | 1.49 | 0.30 | to | 1.50 | (16.44) | to | (17.43) |
| 12/31/2021 | 1879 | 30.47 | to | 27.06 | 56797 | 1.56 | 0.30 | to | 1.50 | 11.20 | to | 9.89 |
| ProFund Access VP High Yield | ProFund Access VP High Yield |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 2385 | 24.15 | to | 21.39 | 57213 | 2.42 | 0.00 | to | 1.50 | 6.24 | to | 4.67 |
| 12/31/2024 | 2444 | 22.73 | to | 20.43 | 54945 | 5.86 | 0.00 | to | 1.50 | 5.99 | to | 4.73 |
| 12/31/2023 | 2695 | 21.44 | to | 19.51 | 56006 | 5.25 | 0.30 | to | 1.50 | 10.10 | to | 8.80 |
| 12/31/2022 | 2571 | 19.47 | to | 17.93 | 49659 | 2.98 | 0.30 | to | 1.50 | (8.24) | to | (9.32) |
| 12/31/2021 | 3320 | 21.22 | to | 19.78 | 69378 | 2.42 | 0.30 | to | 1.50 | (0.03) | to | (1.21) |
| ProFund VP Asia 30 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 59387 | 12.82 | to | 21.94 | 791395 | 4.68 | 0.00 | to | 1.50 | 24.12 | to | 22.29 |
| 12/31/2024 | 49288 | 10.33 | to | 17.94 | 545974 | 0.97 | 0.00 | to | 1.50 | 11.22 | to | 9.90 |
| 12/31/2023 | 45498 | 9.28 | to | 16.32 | 460348 | 0.10 | 0.30 | to | 1.50 | 4.00 | to | 2.78 |
| 12/31/2022 | 48390 | 8.92 | to | 15.88 | 469301 | 0.49 | 0.30 | to | 1.50 | (24.65) | to | (25.54) |
| 12/31/2021 | 41119 | 11.84 | to | 21.33 | 535532 |  | 0.30 | to | 1.50 | (18.76) | to | (19.73) |
| ProFund VP Bull |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 4097 | 50.32 | to | 56.73 | 200245 | 0.37 | 0.00 | to | 1.50 | 15.56 | to | 13.86 |
| 12/31/2024 | 5859 | 43.55 | to | 49.83 | 251575 | 0.68 | 0.00 | to | 1.50 | 22.13 | to | 20.68 |
| 12/31/2023 | 3909 | 35.64 | to | 41.29 | 136544 |  | 0.30 | to | 1.50 | 23.37 | to | 21.92 |
| 12/31/2022 | 3973 | 28.89 | to | 33.87 | 112648 |  | 0.30 | to | 1.50 | (19.98) | to | (20.92) |
| 12/31/2021 | 3868 | 36.10 | to | 42.83 | 136367 |  | 0.30 | to | 1.50 | 25.96 | to | 24.47 |
| ProFund VP Communication Services | ProFund VP Communication Services |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 3073 | 28.38 | to | 32.76 | 88559 |  | 0.00 | to | 1.50 | 20.91 | to | 19.13 |
| 12/31/2024 | 3102 | 23.47 | to | 27.50 | 73663 |  | 0.00 | to | 1.50 | 32.24 | to | 30.67 |
| 12/31/2023 | 5209 | 17.75 | to | 21.04 | 94062 | 0.95 | 0.30 | to | 1.50 | 31.42 | to | 29.88 |
| 12/31/2022 | 4819 | 13.50 | to | 16.20 | 66522 | 2.06 | 0.30 | to | 1.50 | (21.45) | to | (22.38) |
| 12/31/2021 | 1241 | 17.19 | to | 20.87 | 24577 | 0.84 | 0.30 | to | 1.50 | 18.06 | to | 16.66 |
| ProFund VP Consumer Discretionary | ProFund VP Consumer Discretionary |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 4597 | 57.02 | to | 69.57 | 267199 |  | 0.00 | to | 1.50 | 5.51 | to | 3.95 |
| 12/31/2024 | 4522 | 54.05 | to | 66.93 | 256287 |  | 0.00 | to | 1.50 | 24.06 | to | 22.59 |
| 12/31/2023 | 5132 | 43.55 | to | 54.59 | 234409 |  | 0.30 | to | 1.50 | 31.66 | to | 30.11 |
| 12/31/2022 | 5245 | 33.08 | to | 41.96 | 180785 |  | 0.30 | to | 1.50 | (31.74) | to | (32.54) |
| 12/31/2021 | 5681 | 48.45 | to | 62.20 | 283463 |  | 0.30 | to | 1.50 | 9.90 | to | 8.60 |
| ProFund VP Emerging Markets | ProFund VP Emerging Markets |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 33714 | 12.14 | to | 22.25 | 405769 | 1.18 | 0.00 | to | 1.50 | 36.13 | to | 34.12 |
| 12/31/2024 | 4151 | 8.92 | to | 16.59 | 38259 | 4.10 | 0.00 | to | 1.50 | 7.53 | to | 6.25 |
| 12/31/2023 | 8341 | 8.29 | to | 15.61 | 70430 | 1.35 | 0.30 | to | 1.50 | 14.97 | to | 13.61 |
| 12/31/2022 | 27898 | 7.21 | to | 13.74 | 202105 | 0.45 | 0.30 | to | 1.50 | (16.44) | to | (17.43) |
| 12/31/2021 | 7046 | 8.63 | to | 16.64 | 69120 |  | 0.30 | to | 1.50 | (18.26) | to | (19.23) |
| ProFund VP Energy |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 23592 | 12.59 | to | 16.67 | 302760 | 1.86 | 0.00 | to | 1.50 | 5.86 | to | 4.30 |
| 12/31/2024 | 32548 | 11.89 | to | 15.98 | 401653 | 1.89 | 0.00 | to | 1.50 | 3.46 | to | 2.23 |
| 12/31/2023 | 40097 | 11.49 | to | 15.63 | 495155 | 2.38 | 0.30 | to | 1.50 | (2.79) | to | (3.93) |
| 12/31/2022 | 61634 | 11.82 | to | 16.27 | 751560 | 1.09 | 0.30 | to | 1.50 | 58.95 | to | 57.08 |
| 12/31/2021 | 56714 | 7.43 | to | 10.36 | 435697 | 2.11 | 0.30 | to | 1.50 | 51.48 | to | 49.69 |
| ProFund VP Europe 30 |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 4267 | 17.13 | to | 24.25 | 72582 | 0.93 | 0.00 | to | 1.50 | 29.59 | to | 27.68 |
| 12/31/2024 | 406 | 13.22 | to | 19.00 | 6122 | 0.83 | 0.00 | to | 1.50 | 4.04 | to | 2.80 |
| 12/31/2023 | 1606 | 12.70 | to | 18.48 | 25621 | 0.80 | 0.30 | to | 1.50 | 17.12 | to | 15.74 |
| 12/31/2022 | 1781 | 10.84 | to | 15.97 | 23818 | 1.66 | 0.30 | to | 1.50 | (8.04) | to | (9.12) |
| 12/31/2021 | 1522 | 11.79 | to | 17.57 | 22509 | 0.34 | 0.30 | to | 1.50 | 24.16 | to | 22.69 |

---

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

**December 31, 2025** 

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
| | |  | |  | | | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
| | |  | |  | | | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
| | |  | |  | | | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| <br>**Subaccount** | <br>**Units** | | **Unit Fair Value**<br>**Corresponding to**<br>**Lowest to Highest**<br>**Expense Ratio** | | <br>**Net**<br>**Assets** | <br>**Investment**<br>**Income**<br>**Ratio\*** | **Highest** | **Highest** | **Highest** | | **Expense Ratio** | |
| ProFund VP Falling U.S. Dollar | ProFund VP Falling U.S. Dollar |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1746 | $5.60 | to | $5.39 | $9743 | 9.25% | 0.00% | to | 1.50% | 10.81% | to | 9.17% |
| 12/31/2024 | 4642 | 5.05 | to | 4.94 | 23444 | 1.94 | 0.00 | to | 1.50 | (5.41) | to | (6.53) |
| 12/31/2023 | 1819 | 5.34 | to | 5.28 | 9714 |  | 0.30 | to | 1.50 | 2.94 | to | 1.72 |
| 12/31/2022 | 518 | 5.19 | to | 5.19 | 2688 |  | 0.30 | to | 1.50 | (9.03) | to | (10.11) |
| 12/31/2021 | 3054 | 5.70 | to | 5.78 | 17205 |  | 0.30 | to | 1.50 | (8.31) | to | (9.39) |
| ProFund VP Financials |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 4875 | 28.13 | to | 40.37 | 139909 | 0.01 | 0.00 | to | 1.50 | 12.90 | to | 11.24 |
| 12/31/2024 | 8045 | 24.91 | to | 36.30 | 210587 | 0.30 | 0.00 | to | 1.50 | 28.06 | to | 26.54 |
| 12/31/2023 | 12433 | 19.45 | to | 28.68 | 252438 | 0.46 | 0.30 | to | 1.50 | 13.54 | to | 12.21 |
| 12/31/2022 | 13741 | 17.13 | to | 25.56 | 245038 | 0.09 | 0.30 | to | 1.50 | (15.39) | to | (16.39) |
| 12/31/2021 | 14034 | 20.24 | to | 30.58 | 299445 | 0.36 | 0.30 | to | 1.50 | 29.71 | to | 28.18 |
| ProFund VP Government Money Market | ProFund VP Government Money Market | ProFund VP Government Money Market |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 37624 | 11.14 | to | 8.90 | 408312 | 3.21 | 0.00 | to | 1.50 | 3.27 | to | 1.75 |
| 12/31/2024 | 26299 | 10.78 | to | 8.75 | 278938 | 4.18 | 0.00 | to | 1.50 | 3.99 | to | 2.75 |
| 12/31/2023 | 26021 | 10.37 | to | 8.52 | 262299 | 4.08 | 0.30 | to | 1.50 | 3.84 | to | 2.61 |
| 12/31/2022 | 24827 | 9.98 | to | 8.30 | 240886 | 0.98 | 0.30 | to | 1.50 | 0.74 | to | (0.45) |
| 12/31/2021 | 20307 | 9.91 | to | 8.34 | 194561 | 0.01 | 0.30 | to | 1.50 | (0.29) | to | (1.47) |
| ProFund VP International | ProFund VP International |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 11809 | 13.50 | to | 19.83 | 158688 | 2.15 | 0.00 | to | 1.50 | 27.97 | to | 26.08 |
| 12/31/2024 | 1356 | 10.55 | to | 15.73 | 15712 | 2.09 | 0.00 | to | 1.50 | 0.57 | to | (0.62) |
| 12/31/2023 | 2188 | 10.49 | to | 15.83 | 29304 |  | 0.30 | to | 1.50 | 15.21 | to | 13.85 |
| 12/31/2022 | 18465 | 9.10 | to | 13.90 | 169237 |  | 0.30 | to | 1.50 | (16.70) | to | (17.68) |
| 12/31/2021 | 862 | 10.93 | to | 16.89 | 11055 |  | 0.30 | to | 1.50 | 8.50 | to | 7.21 |
| ProFund VP Japan |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 4817 | 29.48 | to | 40.69 | 141531 | 0.57 | 0.00 | to | 1.50 | 30.69 | to | 28.76 |
| 12/31/2024 | 1086 | 22.56 | to | 31.60 | 29536 | 1.87 | 0.00 | to | 1.50 | 21.85 | to | 20.40 |
| 12/31/2023 | 1055 | 18.50 | to | 26.25 | 22862 |  | 0.30 | to | 1.50 | 34.11 | to | 32.53 |
| 12/31/2022 | 11444 | 13.80 | to | 19.80 | 157696 |  | 0.30 | to | 1.50 | (10.19) | to | (11.25) |
| 12/31/2021 |  | 15.36 | to | 22.32 |  |  | 0.30 | to | 1.50 | 3.58 | to | 2.36 |
| ProFund VP Materials |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 8494 | 19.30 | to | 31.81 | 161636 | 0.20 | 0.00 | to | 1.50 | 8.05 | to | 6.45 |
| 12/31/2024 | 11386 | 17.86 | to | 29.88 | 204475 | 0.38 | 0.00 | to | 1.50 | (1.84) | to | (3.01) |
| 12/31/2023 | 11331 | 18.19 | to | 30.81 | 206264 | 0.49 | 0.30 | to | 1.50 | 12.04 | to | 10.72 |
| 12/31/2022 | 7351 | 16.23 | to | 27.82 | 119026 | 0.22 | 0.30 | to | 1.50 | (9.41) | to | (10.48) |
| 12/31/2021 | 11583 | 17.92 | to | 31.08 | 202990 | 0.23 | 0.30 | to | 1.50 | 25.25 | to | 23.77 |
| ProFund VP Mid-Cap |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 3941 | 32.25 | to | 42.41 | 126566 | 3.87 | 0.00 | to | 1.50 | 4.78 | to | 3.23 |
| 12/31/2024 | 4007 | 30.77 | to | 41.08 | 123082 | 1.91 | 0.00 | to | 1.50 | 10.80 | to | 9.48 |
| 12/31/2023 | 5779 | 27.77 | to | 37.52 | 165498 |  | 0.30 | to | 1.50 | 13.49 | to | 12.15 |
| 12/31/2022 | 5194 | 24.47 | to | 33.46 | 126966 |  | 0.30 | to | 1.50 | (15.17) | to | (16.17) |
| 12/31/2021 | 7398 | 28.84 | to | 39.91 | 212634 |  | 0.30 | to | 1.50 | 21.84 | to | 20.40 |
| ProFund VP NASDAQ-100 | ProFund VP NASDAQ-100 |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 41954 | 123.89 | to | 126.53 | 5152763 | 0.38 | 0.00 | to | 1.50 | 18.62 | to | 16.87 |
| 12/31/2024 | 43390 | 104.45 | to | 108.27 | 4522025 | 0.39 | 0.00 | to | 1.50 | 23.06 | to | 21.60 |
| 12/31/2023 | 44181 | 84.85 | to | 89.04 | 3748643 |  | 0.30 | to | 1.50 | 51.72 | to | 49.94 |
| 12/31/2022 | 39115 | 55.92 | to | 59.38 | 2143134 |  | 0.30 | to | 1.50 | (34.11) | to | (34.89) |
| 12/31/2021 | 39250 | 84.87 | to | 91.20 | 3285239 |  | 0.30 | to | 1.50 | 24.43 | to | 22.96 |
| ProFund VP Pharmaceuticals | ProFund VP Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 4828 | 33.62 | to | 34.85 | 162008 | 0.23 | 0.00 | to | 1.50 | 29.34 | to | 27.44 |
| 12/31/2024 | 5618 | 25.99 | to | 27.35 | 148090 |  | 0.00 | to | 1.50 | 3.10 | to | 1.87 |
| 12/31/2023 | 7742 | 25.21 | to | 26.84 | 200395 | 0.52 | 0.30 | to | 1.50 | (5.77) | to | (6.89) |
| 12/31/2022 | 7820 | 26.75 | to | 28.83 | 214655 | 0.08 | 0.30 | to | 1.50 | (6.41) | to | (7.51) |
| 12/31/2021 | 9826 | 28.58 | to | 31.17 | 287919 | 0.28 | 0.30 | to | 1.50 | 10.87 | to | 9.56 |

---

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

**December 31, 2025** 

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
| | |  | |  | | | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
| | |  | |  | | | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
| | |  | |  | | | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| <br>**Subaccount** | <br>**Units** | | **Unit Fair Value**<br>**Corresponding to**<br>**Lowest to Highest**<br>**Expense Ratio** | | <br>**Net**<br>**Assets** | <br>**Investment**<br>**Income**<br>**Ratio\*** | **Highest** | **Highest** | **Highest** | | **Expense Ratio** | |
| ProFund VP Precious Metals | ProFund VP Precious Metals |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 24556 | $12.17 | to | $25.91 | $299961 | 1.59% | 0.00% | to | 1.50% | 150.31% | to | 146.63% |
| 12/31/2024 | 21176 | 4.86 | to | 10.51 | 108180 | 3.57 | 0.00 | to | 1.50 | 6.26 | to | 4.99 |
| 12/31/2023 | 35511 | 4.57 | to | 10.01 | 169598 |  | 0.30 | to | 1.50 | 1.18 | to | (0.02) |
| 12/31/2022 | 34958 | 4.52 | to | 10.01 | 165804 |  | 0.30 | to | 1.50 | (11.29) | to | (12.33) |
| 12/31/2021 | 33152 | 5.10 | to | 11.42 | 188220 |  | 0.30 | to | 1.50 | (9.21) | to | (10.28) |
| ProFund VP Short Emerging Markets | ProFund VP Short Emerging Markets |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 279862 | 1.41 | to | 0.71 | 391814 | 1.16 | 0.00 | to | 1.50 | (26.15) | to | (27.24) |
| 12/31/2024 | 609 | 1.91 | to | 0.98 | 1163 | 1.14 | 0.00 | to | 1.50 | (4.93) | to | (6.06) |
| 12/31/2023 | 1449 | 2.01 | to | 1.04 | 2901 | 0.32 | 0.30 | to | 1.50 | (12.04) | to | (13.08) |
| 12/31/2022 | 19057 | 2.28 | to | 1.20 | 43434 |  | 0.30 | to | 1.50 | 6.37 | to | 5.12 |
| 12/31/2021 | 30179 | 2.15 | to | 1.14 | 64682 |  | 0.30 | to | 1.50 | 9.63 | to | 8.33 |
| ProFund VP Short International | ProFund VP Short International |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 881 | 1.89 | to | 1.09 | 1365 | 0.80 | 0.00 | to | 1.50 | (20.81) | to | (21.98) |
| 12/31/2024 | 1660 | 2.39 | to | 1.39 | 2779 | 3.75 | 0.00 | to | 1.50 | 3.19 | to | 1.96 |
| 12/31/2023 | 1666 | 2.31 | to | 1.37 | 2685 | 1.71 | 0.30 | to | 1.50 | (10.56) | to | (11.62) |
| 12/31/2022 | 1300 | 2.58 | to | 1.55 | 2462 |  | 0.30 | to | 1.50 | 12.12 | to | 10.80 |
| 12/31/2021 | 368 | 2.30 | to | 1.40 | 848 |  | 0.30 | to | 1.50 | (13.66) | to | (14.68) |
| ProFund VP Short NASDAQ-100 | ProFund VP Short NASDAQ-100 |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 336549 | 0.26 | to | 0.17 | 85330 | 3.14 | 0.00 | to | 1.50 | (15.80) | to | (17.05) |
| 12/31/2024 | 25274 | 0.30 | to | 0.21 | 7250 | 6.47 | 0.00 | to | 1.50 | (16.46) | to | (17.45) |
| 12/31/2023 | 474077 | 0.36 | to | 0.25 | 167208 |  | 0.30 | to | 1.50 | (32.60) | to | (33.40) |
| 12/31/2022 | 291721 | 0.54 | to | 0.38 | 156478 |  | 0.30 | to | 1.50 | 34.66 | to | 33.08 |
| 12/31/2021 | 516277 | 0.40 | to | 0.28 | 206076 |  | 0.30 | to | 1.50 | (25.35) | to | (26.24) |
| ProFund VP Short Small-Cap | ProFund VP Short Small-Cap |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 275 | 0.65 | to | 0.43 | 171 | 31.61 | 0.00 | to | 1.50 | (10.08) | to | (11.41) |
| 12/31/2024 | 275 | 0.72 | to | 0.49 | 192 | 6.30 | 0.00 | to | 1.50 | (6.79) | to | (7.90) |
| 12/31/2023 | 467177 | 0.78 | to | 0.53 | 358140 | 0.24 | 0.30 | to | 1.50 | (11.14) | to | (12.19) |
| 12/31/2022 | 52302 | 0.87 | to | 0.60 | 45628 |  | 0.30 | to | 1.50 | 17.46 | to | 16.07 |
| 12/31/2021 | 52683 | 0.74 | to | 0.52 | 38228 |  | 0.30 | to | 1.50 | (19.29) | to | (20.25) |
| ProFund VP Small-Cap |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9202 | 30.25 | to | 36.42 | 279152 | 0.86 | 0.00 | to | 1.50 | 10.86 | to | 9.23 |
| 12/31/2024 | 6536 | 27.29 | to | 33.34 | 182092 | 1.20 | 0.00 | to | 1.50 | 9.13 | to | 7.83 |
| 12/31/2023 | 9687 | 25.00 | to | 30.92 | 241545 |  | 0.30 | to | 1.50 | 14.57 | to | 13.21 |
| 12/31/2022 | 5850 | 21.82 | to | 27.31 | 127640 |  | 0.30 | to | 1.50 | (22.08) | to | (23.00) |
| 12/31/2021 | 5737 | 28.00 | to | 35.47 | 160222 |  | 0.30 | to | 1.50 | 12.54 | to | 11.21 |
| ProFund VP Small-Cap Value | ProFund VP Small-Cap Value |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 7004 | 30.96 | to | 36.89 | 216151 | 0.29 | 0.00 | to | 1.50 | 5.00 | to | 3.44 |
| 12/31/2024 | 4897 | 29.48 | to | 35.66 | 145150 | 0.27 | 0.00 | to | 1.50 | 5.56 | to | 4.30 |
| 12/31/2023 | 6840 | 27.92 | to | 34.19 | 191956 | 0.02 | 0.30 | to | 1.50 | 12.60 | to | 11.27 |
| 12/31/2022 | 4421 | 24.80 | to | 30.73 | 113324 |  | 0.30 | to | 1.50 | (12.67) | to | (13.71) |
| 12/31/2021 | 9114 | 28.40 | to | 35.61 | 257915 | 0.09 | 0.30 | to | 1.50 | 28.17 | to | 26.66 |
| ProFund VP U.S. Government Plus | ProFund VP U.S. Government Plus |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 4056 | 10.91 | to | 8.52 | 43608 | 2.94 | 0.00 | to | 1.50 | 1.17 | to | (0.32) |
| 12/31/2024 | 4213 | 10.79 | to | 8.55 | 45032 | 3.40 | 0.00 | to | 1.50 | (13.09) | to | (14.12) |
| 12/31/2023 | 9847 | 12.41 | to | 9.95 | 120876 | 4.26 | 0.30 | to | 1.50 | (0.26) | to | (1.43) |
| 12/31/2022 | 3360 | 12.44 | to | 10.10 | 40485 |  | 0.30 | to | 1.50 | (41.87) | to | (42.56) |
| 12/31/2021 | 3498 | 21.40 | to | 17.58 | 72262 |  | 0.30 | to | 1.50 | (7.36) | to | (8.46) |
| ProFund VP UltraNASDAQ-100 | ProFund VP UltraNASDAQ-100 |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 14244 | 319.14 | to | 275.43 | 4475172 | 0.24 | 0.00 | to | 1.50 | 29.25 | to | 27.34 |
| 12/31/2024 | 12016 | 246.92 | to | 216.29 | 2916493 | 0.34 | 0.00 | to | 1.50 | 40.99 | to | 39.31 |
| 12/31/2023 | 12524 | 175.08 | to | 155.26 | 2159632 |  | 0.30 | to | 1.50 | 114.82 | to | 112.29 |
| 12/31/2022 | 15443 | 81.50 | to | 73.13 | 1235118 |  | 0.30 | to | 1.50 | (61.05) | to | (61.51) |
| 12/31/2021 | 11636 | 209.22 | to | 190.00 | 2369588 |  | 0.30 | to | 1.50 | 52.05 | to | 50.26 |

---

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

**December 31, 2025** 

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
| | |  | |  | | | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
| | |  | |  | | | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
| | |  | |  | | | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| <br>**Subaccount** | <br>**Units** | | **Unit Fair Value**<br>**Corresponding to**<br>**Lowest to Highest**<br>**Expense Ratio** | | <br>**Net**<br>**Assets** | <br>**Investment**<br>**Income**<br>**Ratio\*** | **Highest** | **Highest** | **Highest** | | **Expense Ratio** | |
| ProFund VP UltraSmall-Cap | ProFund VP UltraSmall-Cap |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 7965 | $32.29 | to | $64.07 | $255217 | 0.79% | 0.00% | to | 1.50% | 12.93% | to | 11.26% |
| 12/31/2024 | 15775 | 28.59 | to | 57.58 | 452148 | 0.46 | 0.00 | to | 1.50 | 10.36 | to | 9.05 |
| 12/31/2023 | 16067 | 25.90 | to | 52.80 | 426630 |  | 0.30 | to | 1.50 | 22.06 | to | 20.62 |
| 12/31/2022 | 16142 | 21.22 | to | 43.77 | 354639 |  | 0.30 | to | 1.50 | (43.85) | to | (44.52) |
| 12/31/2021 | 16264 | 37.79 | to | 78.90 | 624968 |  | 0.30 | to | 1.50 | 22.94 | to | 21.48 |
| ProFund VP Utilities |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 11173 | 29.09 | to | 33.89 | 325064 | 1.10 | 0.00 | to | 1.50 | 13.98 | to | 12.30 |
| 12/31/2024 | 9122 | 25.52 | to | 30.18 | 234494 | 1.60 | 0.00 | to | 1.50 | 20.91 | to | 19.47 |
| 12/31/2023 | 6288 | 21.10 | to | 25.26 | 137498 | 1.26 | 0.30 | to | 1.50 | (8.86) | to | (9.94) |
| 12/31/2022 | 10138 | 23.16 | to | 28.05 | 240238 | 0.92 | 0.30 | to | 1.50 | (0.55) | to | (1.72) |
| 12/31/2021 | 9565 | 23.28 | to | 28.54 | 228566 | 1.70 | 0.30 | to | 1.50 | 15.06 | to | 13.70 |
| TA Aegon Bond Initial Class | TA Aegon Bond Initial Class |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 37468 | 18.98 | to | 14.56 | 646529 | 5.98 | 0.00 | to | 1.50 | 7.13 | to | 5.54 |
| 12/31/2024 | 32787 | 17.72 | to | 13.79 | 521407 | 5.11 | 0.00 | to | 1.50 | 2.14 | to | 0.62 |
| 12/31/2023 | 26191 | 17.35 | to | 13.71 | 401173 | 0.80 | 0.00 | to | 1.50 | 6.45 | to | 4.88 |
| 12/31/2022 | 36227 | 16.30 | to | 13.07 | 527216 | 2.72 | 0.00 | to | 1.50 | (14.84) | to | (16.10) |
| 12/31/2021 | 40166 | 19.14 | to | 15.58 | 698815 | 1.32 | 0.00 | to | 1.50 | (0.87) | to | (2.34) |
| TA Aegon Core Bond Initial Class | TA Aegon Core Bond Initial Class |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 33639 | 19.21 | to | 14.01 | 596048 | 2.63 | 0.00 | to | 1.50 | 6.99 | to | 5.41 |
| 12/31/2024 | 36306 | 17.96 | to | 13.29 | 587188 | 5.54 | 0.00 | to | 1.50 | 1.38 | to | (0.12) |
| 12/31/2023 | 36926 | 17.71 | to | 13.30 | 594210 | 2.79 | 0.00 | to | 1.50 | 6.04 | to | 4.47 |
| 12/31/2022 | 38993 | 16.71 | to | 12.73 | 596967 | 2.82 | 0.00 | to | 1.50 | (12.77) | to | (14.05) |
| 12/31/2021 | 44250 | 19.15 | to | 14.82 | 785560 | 2.87 | 0.00 | to | 1.50 | (1.03) | to | (2.49) |
| TA Aegon High Yield Bond Initial Class | TA Aegon High Yield Bond Initial Class |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 34135 | 30.54 | to | 29.58 | 1031043 | 6.86 | 0.00 | to | 1.50 | 8.46 | to | 6.86 |
| 12/31/2024 | 34704 | 28.16 | to | 27.68 | 972574 | 5.01 | 0.00 | to | 1.50 | 7.11 | to | 5.84 |
| 12/31/2023 | 34247 | 26.28 | to | 26.15 | 898570 | 4.57 | 0.30 | to | 1.50 | 10.78 | to | 9.47 |
| 12/31/2022 | 35191 | 23.72 | to | 23.89 | 836863 | 5.82 | 0.30 | to | 1.50 | (11.39) | to | (12.43) |
| 12/31/2021 | 36958 | 26.77 | to | 27.28 | 998147 | 5.25 | 0.30 | to | 1.50 | 6.03 | to | 4.78 |
| TA Aegon Sustainable Equity Income Initial Class | TA Aegon Sustainable Equity Income Initial Class | TA Aegon Sustainable Equity Income Initial Class |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 47142 | 40.71 | to | 32.90 | 1746856 | 1.67 | 0.00 | to | 1.50 | 11.26 | to | 9.61 |
| 12/31/2024 | 45358 | 36.59 | to | 30.02 | 1517950 | 2.07 | 0.00 | to | 1.50 | 16.93 | to | 15.19 |
| 12/31/2023 | 43952 | 31.29 | to | 26.06 | 1266615 | 2.40 | 0.00 | to | 1.50 | 6.28 | to | 4.71 |
| 12/31/2022 | 48358 | 29.44 | to | 24.89 | 1329167 | 2.08 | 0.00 | to | 1.50 | (11.63) | to | (12.93) |
| 12/31/2021 | 49161 | 33.32 | to | 28.58 | 1547393 | 2.05 | 0.00 | to | 1.50 | 22.42 | to | 20.61 |
| TA Aegon U.S. Government Securities Initial Class | TA Aegon U.S. Government Securities Initial Class | TA Aegon U.S. Government Securities Initial Class |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 7422 | 15.33 | to | 11.63 | 111082 | 3.94 | 0.00 | to | 1.50 | 5.85 | to | 4.29 |
| 12/31/2024 | 9419 | 14.48 | to | 11.15 | 129420 | 3.69 | 0.00 | to | 1.50 | 0.03 | to | (1.16) |
| 12/31/2023 | 9245 | 14.47 | to | 11.28 | 127543 | 1.16 | 0.30 | to | 1.50 | 3.69 | to | 2.47 |
| 12/31/2022 | 2454 | 13.96 | to | 11.01 | 31569 | 1.05 | 0.30 | to | 1.50 | (13.29) | to | (14.31) |
| 12/31/2021 | 2728 | 16.10 | to | 12.85 | 40090 | 1.94 | 0.30 | to | 1.50 | (2.68) | to | (3.83) |
| TA BlackRock Government Money Market Initial Class | TA BlackRock Government Money Market Initial Class | TA BlackRock Government Money Market Initial Class | TA BlackRock Government Money Market Initial Class | TA BlackRock Government Money Market Initial Class |  |  |  |  |  |  |  |  |
| 12/31/2025 | 117180 | 13.12 | to | 9.41 | 1421989 | 3.99 | 0.00 | to | 1.50 | 4.07 | to | 2.53 |
| 12/31/2024 | 121009 | 12.61 | to | 9.18 | 1409814 | 4.91 | 0.00 | to | 1.50 | 5.04 | to | 3.48 |
| 12/31/2023 | 97908 | 12.01 | to | 8.87 | 1084863 | 4.77 | 0.00 | to | 1.50 | 4.86 | to | 3.31 |
| 12/31/2022 | 76970 | 11.45 | to | 8.59 | 828294 | 1.35 | 0.00 | to | 1.50 | 1.40 | to | (0.09) |
| 12/31/2021 | 84534 | 11.29 | to | 8.59 | 901588 |  | 0.00 | to | 1.50 | 0.00 | to | (1.47) |
| TA BlackRock iShares Active Asset Allocation - Conservative Initial Class | TA BlackRock iShares Active Asset Allocation - Conservative Initial Class | TA BlackRock iShares Active Asset Allocation - Conservative Initial Class | TA BlackRock iShares Active Asset Allocation - Conservative Initial Class | TA BlackRock iShares Active Asset Allocation - Conservative Initial Class | TA BlackRock iShares Active Asset Allocation - Conservative Initial Class |  |  |  |  |  |  |  |
| 12/31/2025 | 2497 | 17.49 | to | 14.37 | 40749 | 2.91 | 0.00 | to | 1.50 | 9.02 | to | 7.41 |
| 12/31/2024 | 4008 | 16.04 | to | 13.38 | 57056 | 2.52 | 0.00 | to | 1.50 | 6.71 | to | 5.12 |
| 12/31/2023 | 4032 | 15.03 | to | 12.73 | 54225 | 1.76 | 0.00 | to | 1.50 | 10.21 | to | 8.58 |
| 12/31/2022 | 3993 | 13.64 | to | 11.72 | 49178 | 1.63 | 0.00 | to | 1.50 | (15.06) | to | (16.32) |
| 12/31/2021 | 3737 | 16.06 | to | 14.01 | 54649 | 1.43 | 0.00 | to | 1.50 | 5.98 | to | 4.41 |

---

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

**December 31, 2025**

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
| | |  | |  | | | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
| | |  | |  | | | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
| | |  | |  | | | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| <br>**Subaccount** | <br>**Units** | | **Unit Fair Value**<br>**Corresponding to**<br>**Lowest to Highest**<br>**Expense Ratio** | | <br>**Net**<br>**Assets** | <br>**Investment**<br>**Income**<br>**Ratio\*** | **Highest** | **Highest** | **Highest** | | **Expense Ratio** | |
| TA BlackRock iShares Active Asset Allocation - Moderate Initial Class | TA BlackRock iShares Active Asset Allocation - Moderate Initial Class | TA BlackRock iShares Active Asset Allocation - Moderate Initial Class | TA BlackRock iShares Active Asset Allocation - Moderate Initial Class | TA BlackRock iShares Active Asset Allocation - Moderate Initial Class | TA BlackRock iShares Active Asset Allocation - Moderate Initial Class |  |  |  |  |  |  |  |
| 12/31/2025 | 3876 | $18.50 | to | $15.21 | $68139 | 2.64% | 0.00% | to | 1.50% | 9.70% | to | 8.08% |
| 12/31/2024 | 5976 | 16.87 | to | 14.07 | 91908 | 2.13 | 0.00 | to | 1.50 | 9.44 | to | 7.82 |
| 12/31/2023 | 4932 | 15.41 | to | 13.05 | 69647 | 1.80 | 0.00 | to | 1.50 | 13.55 | to | 11.88 |
| 12/31/2022 | 5824 | 13.57 | to | 11.67 | 73539 | 1.63 | 0.00 | to | 1.50 | (16.86) | to | (18.09) |
| 12/31/2021 | 5601 | 16.33 | to | 14.24 | 85752 | 1.15 | 0.00 | to | 1.50 | 8.52 | to | 6.92 |
| TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class | TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class | TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class | TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class | TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class | TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class |  |  |  |  |  |  |  |
| 12/31/2025 | 54962 | 19.01 | to | 15.63 | 979016 | 2.04 | 0.00 | to | 1.50 | 10.87 | to | 9.24 |
| 12/31/2024 | 67388 | 17.15 | to | 14.31 | 1069554 | 1.82 | 0.00 | to | 1.50 | 12.79 | to | 11.11 |
| 12/31/2023 | 67024 | 15.20 | to | 12.88 | 944480 | 1.69 | 0.00 | to | 1.50 | 17.94 | to | 16.20 |
| 12/31/2022 | 73417 | 12.89 | to | 11.08 | 876584 | 1.44 | 0.00 | to | 1.50 | (18.16) | to | (19.36) |
| 12/31/2021 | 94002 | 15.75 | to | 13.74 | 1379378 | 0.82 | 0.00 | to | 1.50 | 7.94 | to | 6.34 |
| TA BlackRock iShares Edge 40 Initial Class | TA BlackRock iShares Edge 40 Initial Class | TA BlackRock iShares Edge 40 Initial Class |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 2661 | 24.19 | to | 22.29 | 63711 | 3.15 | 0.00 | to | 1.50 | 11.64 | to | 9.99 |
| 12/31/2024 | 2552 | 21.67 | to | 20.27 | 54964 | 2.75 | 0.00 | to | 1.50 | 6.39 | to | 5.12 |
| 12/31/2023 | 2316 | 20.36 | to | 19.28 | 47043 | 2.35 | 0.30 | to | 1.50 | 9.12 | to | 7.84 |
| 12/31/2022 | 2077 | 18.66 | to | 17.88 | 38746 | 1.88 | 0.30 | to | 1.50 | (14.50) | to | (15.51) |
| 12/31/2021 | 2146 | 21.82 | to | 21.16 | 46724 | 1.81 | 0.30 | to | 1.50 | 5.77 | to | 4.52 |
| TA BlackRock iShares Tactical - Balanced Initial Class | TA BlackRock iShares Tactical - Balanced Initial Class | TA BlackRock iShares Tactical - Balanced Initial Class | TA BlackRock iShares Tactical - Balanced Initial Class |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 13210 | 21.03 | to | 17.03 | 261608 | 3.44 | 0.00 | to | 1.50 | 13.23 | to | 11.56 |
| 12/31/2024 | 15887 | 18.57 | to | 15.26 | 278116 | 3.65 | 0.00 | to | 1.50 | 8.90 | to | 7.28 |
| 12/31/2023 | 15248 | 17.05 | to | 14.23 | 244499 | 1.34 | 0.00 | to | 1.50 | 10.99 | to | 9.35 |
| 12/31/2022 | 14523 | 15.36 | to | 13.01 | 212316 | 0.84 | 0.00 | to | 1.50 | (19.42) | to | (20.61) |
| 12/31/2021 | 16228 | 19.07 | to | 16.39 | 295139 |  | 0.00 | to | 1.50 | 6.62 | to | 5.04 |
| TA BlackRock iShares Tactical - Conservative Initial Class | TA BlackRock iShares Tactical - Conservative Initial Class | TA BlackRock iShares Tactical - Conservative Initial Class | TA BlackRock iShares Tactical - Conservative Initial Class | TA BlackRock iShares Tactical - Conservative Initial Class |  |  |  |  |  |  |  |  |
| 12/31/2025 | 10289 | 18.74 | to | 15.18 | 174760 | 3.68 | 0.00 | to | 1.50 | 11.03 | to | 9.39 |
| 12/31/2024 | 11217 | 16.88 | to | 13.88 | 167447 | 3.85 | 0.00 | to | 1.50 | 6.42 | to | 4.84 |
| 12/31/2023 | 11874 | 15.86 | to | 13.24 | 168509 | 1.48 | 0.00 | to | 1.50 | 7.57 | to | 5.98 |
| 12/31/2022 | 14109 | 14.75 | to | 12.49 | 189501 | 1.37 | 0.00 | to | 1.50 | (17.12) | to | (18.34) |
| 12/31/2021 | 14090 | 17.79 | to | 15.29 | 230688 | 1.23 | 0.00 | to | 1.50 | 4.43 | to | 2.89 |
| TA BlackRock iShares Tactical - Growth Initial Class | TA BlackRock iShares Tactical - Growth Initial Class | TA BlackRock iShares Tactical - Growth Initial Class | TA BlackRock iShares Tactical - Growth Initial Class |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9499 | 23.77 | to | 19.25 | 212570 | 3.31 | 0.00 | to | 1.50 | 15.81 | to | 14.10 |
| 12/31/2024 | 12745 | 20.53 | to | 16.87 | 240067 | 3.60 | 0.00 | to | 1.50 | 11.95 | to | 10.29 |
| 12/31/2023 | 19501 | 18.33 | to | 15.30 | 329284 | 1.10 | 0.00 | to | 1.50 | 14.25 | to | 12.57 |
| 12/31/2022 | 23585 | 16.05 | to | 13.59 | 352188 |  | 0.00 | to | 1.50 | (17.80) | to | (19.01) |
| 12/31/2021 | 24501 | 19.52 | to | 16.78 | 447365 |  | 0.00 | to | 1.50 | 9.51 | to | 7.89 |
| TA BlackRock Real Estate Securities Initial Class | TA BlackRock Real Estate Securities Initial Class | TA BlackRock Real Estate Securities Initial Class |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 36141 | 26.82 | to | 24.18 | 945892 | 1.80 | 0.00 | to | 1.50 | 9.51 | to | 7.90 |
| 12/31/2024 | 37475 | 24.49 | to | 22.41 | 898982 | 2.14 | 0.00 | to | 1.50 | 0.95 | to | (0.25) |
| 12/31/2023 | 39124 | 24.25 | to | 22.47 | 930835 | 6.01 | 0.30 | to | 1.50 | 12.99 | to | 11.66 |
| 12/31/2022 | 38085 | 21.46 | to | 20.12 | 804850 | 3.44 | 0.30 | to | 1.50 | (28.40) | to | (29.25) |
| 12/31/2021 | 38969 | 29.98 | to | 28.44 | 1195453 | 2.50 | 0.30 | to | 1.50 | 25.85 | to | 24.36 |
| TA BlackRock Tactical Allocation Initial Class | TA BlackRock Tactical Allocation Initial Class | TA BlackRock Tactical Allocation Initial Class |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 43657 | 23.77 | to | 20.37 | 1014844 | 6.11 | 0.00 | to | 1.50 | 11.94 | to | 10.28 |
| 12/31/2024 | 46978 | 21.24 | to | 18.47 | 972084 | 4.68 | 0.00 | to | 1.50 | 12.42 | to | 11.08 |
| 12/31/2023 | 47370 | 18.88 | to | 16.63 | 872224 | 6.57 | 0.30 | to | 1.50 | 14.97 | to | 13.61 |
| 12/31/2022 | 46742 | 16.43 | to | 14.64 | 746363 | 7.94 | 0.30 | to | 1.50 | (16.31) | to | (17.30) |
| 12/31/2021 | 49897 | 19.63 | to | 17.70 | 950929 | 5.19 | 0.30 | to | 1.50 | 7.58 | to | 6.31 |
| TA Goldman Sachs Managed Risk - Balanced ETF Initial Class | TA Goldman Sachs Managed Risk - Balanced ETF Initial Class | TA Goldman Sachs Managed Risk - Balanced ETF Initial Class | TA Goldman Sachs Managed Risk - Balanced ETF Initial Class | TA Goldman Sachs Managed Risk - Balanced ETF Initial Class |  |  |  |  |  |  |  |  |
| 12/31/2025 | 282 | 23.25 | to | 23.95 | 6258 | 2.63 | 0.00 | to | 1.50 | 11.17 | to | 9.52 |
| 12/31/2024 | 334 | 20.91 | to | 21.87 | 6697 | 2.47 | 0.00 | to | 1.50 | 9.39 | to | 7.77 |
| 12/31/2023 | 340 | 19.12 | to | 20.29 | 6259 | 1.74 | 0.00 | to | 1.50 | 13.41 | to | 11.74 |
| 12/31/2022 | 338 | 16.85 | to | 18.16 | 5496 | 1.06 | 0.00 | to | 1.50 | (14.07) | to | (15.34) |
| 12/31/2021 | 1391 | 19.62 | to | 21.45 | 26141 | 1.22 | 0.00 | to | 1.50 | 9.65 | to | 8.03 |

---

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

**December 31, 2025**

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
| | |  | |  | | | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
| | |  | |  | | | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
| | |  | |  | | | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| <br>**Subaccount** | <br>**Units** | | **Unit Fair Value**<br>**Corresponding to**<br>**Lowest to Highest**<br>**Expense Ratio** | | <br>**Net**<br>**Assets** | <br>**Investment**<br>**Income**<br>**Ratio\*** | **Highest** | **Highest** | **Highest** | | **Expense Ratio** | |
| TA Goldman Sachs Managed Risk - Conservative ETF Initial Class | TA Goldman Sachs Managed Risk - Conservative ETF Initial Class | TA Goldman Sachs Managed Risk - Conservative ETF Initial Class | TA Goldman Sachs Managed Risk - Conservative ETF Initial Class | TA Goldman Sachs Managed Risk - Conservative ETF Initial Class | TA Goldman Sachs Managed Risk - Conservative ETF Initial Class |  |  |  |  |  |  |  |
| 12/31/2025 |  | $16.26 | to | $16.26 | $- | -% | 0.00% | to | 0.00% | 10.27% | to | 10.27% |
| 12/31/2024 |  | 14.74 | to | 14.74 |  |  | 0.00 | to | 0.00 | 7.01 | to | 7.01 |
| 12/31/2023 |  | 13.78 | to | 13.78 |  |  | 0.00 | to | 0.00 | 10.91 | to | 10.91 |
| 12/31/2022 |  | 12.42 | to | 12.42 |  |  | 0.00 | to | 0.00 | (11.66) | to | (11.66) |
| 12/31/2021 |  | 14.06 | to | 14.06 |  |  | 0.00 | to | 0.00 | 3.00 | to | 3.00 |
| TA Goldman Sachs Managed Risk - Growth ETF Initial Class | TA Goldman Sachs Managed Risk - Growth ETF Initial Class | TA Goldman Sachs Managed Risk - Growth ETF Initial Class | TA Goldman Sachs Managed Risk - Growth ETF Initial Class | TA Goldman Sachs Managed Risk - Growth ETF Initial Class |  |  |  |  |  |  |  |  |
| 12/31/2025 | 12951 | 27.90 | to | 31.96 | 344774 | 2.26 | 0.00 | to | 1.50 | 12.49 | to | 10.83 |
| 12/31/2024 | 13941 | 24.80 | to | 28.84 | 331688 | 2.04 | 0.00 | to | 1.50 | 13.52 | to | 11.83 |
| 12/31/2023 | 13800 | 21.85 | to | 25.78 | 291330 | 1.70 | 0.00 | to | 1.50 | 18.08 | to | 16.34 |
| 12/31/2022 | 13473 | 18.50 | to | 22.16 | 237019 | 1.64 | 0.00 | to | 1.50 | (14.32) | to | (15.58) |
| 12/31/2021 | 14995 | 21.59 | to | 26.25 | 309758 | 1.17 | 0.00 | to | 1.50 | 14.25 | to | 12.56 |
| TA International Focus Initial Class | TA International Focus Initial Class |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 71977 | 18.36 | to | 25.12 | 1282038 | 1.80 | 0.00 | to | 1.50 | 6.47 | to | 4.90 |
| 12/31/2024 | 85621 | 17.24 | to | 23.94 | 1446605 | 2.31 | 0.00 | to | 1.50 | (1.35) | to | (2.52) |
| 12/31/2023 | 90455 | 17.47 | to | 24.56 | 1553946 | 1.90 | 0.30 | to | 1.50 | 12.20 | to | 10.88 |
| 12/31/2022 | 105653 | 15.57 | to | 22.15 | 1631107 | 3.03 | 0.30 | to | 1.50 | (20.28) | to | (21.22) |
| 12/31/2021 | 100399 | 19.54 | to | 28.12 | 1996669 | 1.22 | 0.30 | to | 1.50 | 10.49 | to | 9.18 |
| TA Janus Balanced Initial Class | TA Janus Balanced Initial Class |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 11192 | 32.23 | to | 27.24 | 351448 | 2.11 | 0.00 | to | 1.50 | 13.72 | to | 12.04 |
| 12/31/2024 | 11313 | 28.35 | to | 24.31 | 311424 | 2.00 | 0.00 | to | 1.50 | 14.81 | to | 13.44 |
| 12/31/2023 | 11935 | 24.68 | to | 21.43 | 285439 | 1.40 | 0.30 | to | 1.50 | 14.89 | to | 13.54 |
| 12/31/2022 | 11312 | 21.48 | to | 18.88 | 235075 | 0.99 | 0.30 | to | 1.50 | (16.75) | to | (17.74) |
| 12/31/2021 | 13512 | 25.81 | to | 22.95 | 339266 | 1.40 | 0.30 | to | 1.50 | 15.36 | to | 14.00 |
| TA Janus Mid-Cap Growth Initial Class | TA Janus Mid-Cap Growth Initial Class |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 230299 | 63.39 | to | 62.79 | 14022417 | 0.01 | 0.00 | to | 1.50 | 8.11 | to | 6.51 |
| 12/31/2024 | 256206 | 58.64 | to | 58.95 | 14558054 | 0.13 | 0.00 | to | 1.50 | 14.04 | to | 12.69 |
| 12/31/2023 | 271196 | 51.40 | to | 52.31 | 13573212 |  | 0.30 | to | 1.50 | 16.69 | to | 15.32 |
| 12/31/2022 | 272396 | 44.05 | to | 45.36 | 11704693 |  | 0.30 | to | 1.50 | (16.96) | to | (17.94) |
| 12/31/2021 | 281355 | 53.04 | to | 55.28 | 14535478 | 0.28 | 0.30 | to | 1.50 | 16.95 | to | 15.57 |
| TA JPMorgan Asset Allocation - Conservative Initial Class | TA JPMorgan Asset Allocation - Conservative Initial Class | TA JPMorgan Asset Allocation - Conservative Initial Class | TA JPMorgan Asset Allocation - Conservative Initial Class | TA JPMorgan Asset Allocation - Conservative Initial Class |  |  |  |  |  |  |  |  |
| 12/31/2025 | 31688 | 24.36 | to | 21.31 | 754766 | 4.04 | 0.00 | to | 1.50 | 10.63 | to | 8.99 |
| 12/31/2024 | 34711 | 22.02 | to | 19.55 | 752177 | 2.07 | 0.00 | to | 1.50 | 5.40 | to | 4.15 |
| 12/31/2023 | 34759 | 20.89 | to | 18.78 | 716542 | 2.24 | 0.30 | to | 1.50 | 6.73 | to | 5.47 |
| 12/31/2022 | 27178 | 19.57 | to | 17.80 | 527244 | 5.52 | 0.30 | to | 1.50 | (15.61) | to | (16.60) |
| 12/31/2021 | 30496 | 23.19 | to | 21.35 | 703712 | 2.40 | 0.30 | to | 1.50 | 5.58 | to | 4.34 |
| TA JPMorgan Asset Allocation - Moderate Initial Class | TA JPMorgan Asset Allocation - Moderate Initial Class | TA JPMorgan Asset Allocation - Moderate Initial Class | TA JPMorgan Asset Allocation - Moderate Initial Class | TA JPMorgan Asset Allocation - Moderate Initial Class |  |  |  |  |  |  |  |  |
| 12/31/2025 | 206228 | 29.80 | to | 25.80 | 6049767 | 3.32 | 0.00 | to | 1.50 | 11.89 | to | 10.24 |
| 12/31/2024 | 209821 | 26.63 | to | 23.40 | 5514820 | 1.59 | 0.00 | to | 1.50 | 7.70 | to | 6.42 |
| 12/31/2023 | 217097 | 24.72 | to | 21.99 | 5304082 | 2.08 | 0.30 | to | 1.50 | 8.78 | to | 7.50 |
| 12/31/2022 | 228324 | 22.73 | to | 20.46 | 5139141 | 5.37 | 0.30 | to | 1.50 | (16.33) | to | (17.31) |
| 12/31/2021 | 243598 | 27.16 | to | 24.74 | 6592498 | 1.88 | 0.30 | to | 1.50 | 8.85 | to | 7.57 |
| TA JPMorgan Asset Allocation - Moderate Growth Initial Class | TA JPMorgan Asset Allocation - Moderate Growth Initial Class | TA JPMorgan Asset Allocation - Moderate Growth Initial Class | TA JPMorgan Asset Allocation - Moderate Growth Initial Class | TA JPMorgan Asset Allocation - Moderate Growth Initial Class |  |  |  |  |  |  |  |  |
| 12/31/2025 | 767995 | 36.26 | to | 32.16 | 27558011 | 2.72 | 0.00 | to | 1.50 | 13.13 | to | 11.46 |
| 12/31/2024 | 814413 | 32.05 | to | 28.85 | 25884624 | 1.22 | 0.00 | to | 1.50 | 10.71 | to | 9.40 |
| 12/31/2023 | 843815 | 28.94 | to | 26.38 | 24215908 | 1.99 | 0.30 | to | 1.50 | 11.88 | to | 10.56 |
| 12/31/2022 | 869308 | 25.86 | to | 23.86 | 22363306 | 5.33 | 0.30 | to | 1.50 | (17.60) | to | (18.57) |
| 12/31/2021 | 903350 | 31.39 | to | 29.30 | 28301401 | 2.16 | 0.30 | to | 1.50 | 13.61 | to | 12.26 |
| TA JPMorgan Diversified Equity Allocation Initial Class | TA JPMorgan Diversified Equity Allocation Initial Class | TA JPMorgan Diversified Equity Allocation Initial Class | TA JPMorgan Diversified Equity Allocation Initial Class | TA JPMorgan Diversified Equity Allocation Initial Class |  |  |  |  |  |  |  |  |
| 12/31/2025 | 765696 | 49.18 | to | 45.52 | 37219560 | 1.47 | 0.00 | to | 1.50 | 19.45 | to | 17.69 |
| 12/31/2024 | 792632 | 41.17 | to | 38.68 | 32356816 | 1.34 | 0.00 | to | 1.50 | 16.02 | to | 14.64 |
| 12/31/2023 | 818038 | 35.48 | to | 33.74 | 28805887 | 1.73 | 0.30 | to | 1.50 | 19.98 | to | 18.57 |
| 12/31/2022 | 848386 | 29.57 | to | 28.46 | 24957722 | 6.05 | 0.30 | to | 1.50 | (22.80) | to | (23.71) |
| 12/31/2021 | 850053 | 38.30 | to | 37.30 | 32496140 | 1.68 | 0.30 | to | 1.50 | 19.28 | to | 17.87 |

---

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

**December 31, 2025**

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
| | |  | |  | | | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
| | |  | |  | | | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
| | |  | |  | | | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| <br>**Subaccount** | <br>**Units** | | **Unit Fair Value**<br>**Corresponding to**<br>**Lowest to Highest**<br>**Expense Ratio** | | <br>**Net**<br>**Assets** | <br>**Investment**<br>**Income**<br>**Ratio\*** | **Highest** | **Highest** | **Highest** | | **Expense Ratio** | |
| TA JPMorgan Enhanced Index Initial Class | TA JPMorgan Enhanced Index Initial Class | TA JPMorgan Enhanced Index Initial Class |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 16708 | $78.77 | to | $77.89 | $1306324 | 0.74% | 0.00% | to | 1.50% | 16.21% | to | 14.50% |
| 12/31/2024 | 14085 | 67.78 | to | 68.02 | 953697 | 0.69 | 0.00 | to | 1.50 | 23.86 | to | 22.39 |
| 12/31/2023 | 10690 | 54.70 | to | 55.58 | 585321 | 0.90 | 0.30 | to | 1.50 | 27.28 | to | 25.78 |
| 12/31/2022 | 10213 | 42.98 | to | 44.19 | 439771 | 0.63 | 0.30 | to | 1.50 | (18.59) | to | (19.56) |
| 12/31/2021 | 11402 | 52.79 | to | 54.93 | 604376 | 0.79 | 0.30 | to | 1.50 | 29.73 | to | 28.20 |
| TA JPMorgan International Moderate Growth Initial Class | TA JPMorgan International Moderate Growth Initial Class | TA JPMorgan International Moderate Growth Initial Class | TA JPMorgan International Moderate Growth Initial Class | TA JPMorgan International Moderate Growth Initial Class |  |  |  |  |  |  |  |  |
| 12/31/2025 | 70457 | 18.95 | to | 23.54 | 1337113 | 3.41 | 0.00 | to | 1.50 | 18.02 | to | 16.27 |
| 12/31/2024 | 71225 | 16.05 | to | 20.24 | 1154013 | 2.36 | 0.00 | to | 1.50 | 1.73 | to | 0.52 |
| 12/31/2023 | 77348 | 15.78 | to | 20.14 | 1231103 | 1.58 | 0.30 | to | 1.50 | 8.84 | to | 7.56 |
| 12/31/2022 | 85723 | 14.50 | to | 18.72 | 1247974 | 5.13 | 0.30 | to | 1.50 | (17.53) | to | (18.50) |
| 12/31/2021 | 88259 | 17.58 | to | 22.97 | 1536111 | 1.53 | 0.30 | to | 1.50 | 8.92 | to | 7.64 |
| TA JPMorgan Tactical Allocation Initial Class | TA JPMorgan Tactical Allocation Initial Class | TA JPMorgan Tactical Allocation Initial Class |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 64426 | 19.07 | to | 17.16 | 1181898 | 3.34 | 0.00 | to | 1.50 | 9.10 | to | 7.48 |
| 12/31/2024 | 61917 | 17.48 | to | 15.96 | 1047027 | 2.79 | 0.00 | to | 1.50 | 3.95 | to | 2.72 |
| 12/31/2023 | 63044 | 16.81 | to | 15.54 | 1028805 | 2.15 | 0.30 | to | 1.50 | 8.58 | to | 7.30 |
| 12/31/2022 | 73899 | 15.49 | to | 14.49 | 1118059 | 1.85 | 0.30 | to | 1.50 | (15.06) | to | (16.06) |
| 12/31/2021 | 74483 | 18.23 | to | 17.26 | 1332209 | 1.79 | 0.30 | to | 1.50 | 4.59 | to | 3.36 |
| TA Morgan Stanley Capital Growth Initial Class | TA Morgan Stanley Capital Growth Initial Class | TA Morgan Stanley Capital Growth Initial Class |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 73373 | 99.57 | to | 97.66 | 7081638 |  | 0.00 | to | 1.50 | 20.20 | to | 18.43 |
| 12/31/2024 | 71283 | 82.84 | to | 82.47 | 5758155 |  | 0.00 | to | 1.50 | 43.81 | to | 42.10 |
| 12/31/2023 | 80039 | 57.58 | to | 58.03 | 4517371 |  | 0.30 | to | 1.50 | 46.27 | to | 44.54 |
| 12/31/2022 | 78235 | 39.37 | to | 40.15 | 3056086 |  | 0.30 | to | 1.50 | (59.96) | to | (60.44) |
| 12/31/2021 | 81701 | 98.33 | to | 101.48 | 8051745 |  | 0.30 | to | 1.50 | (0.83) | to | (2.00) |
| TA Morgan Stanley Global Allocation Initial Class | TA Morgan Stanley Global Allocation Initial Class | TA Morgan Stanley Global Allocation Initial Class |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 5808 | 22.30 | to | 19.11 | 116566 | 15.99 | 0.00 | to | 1.50 | 17.85 | to | 16.11 |
| 12/31/2024 | 10111 | 18.92 | to | 16.45 | 180415 | 11.39 | 0.00 | to | 1.50 | 6.94 | to | 5.67 |
| 12/31/2023 | 10290 | 17.68 | to | 15.57 | 172386 |  | 0.30 | to | 1.50 | 13.55 | to | 12.21 |
| 12/31/2022 | 10733 | 15.57 | to | 13.88 | 156733 | 0.77 | 0.30 | to | 1.50 | (17.76) | to | (18.73) |
| 12/31/2021 | 10302 | 18.94 | to | 17.07 | 183879 | 1.26 | 0.30 | to | 1.50 | 8.10 | to | 6.82 |
| TA Multi-Managed Balanced Initial Class | TA Multi-Managed Balanced Initial Class | TA Multi-Managed Balanced Initial Class |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 32359 | 53.39 | to | 47.01 | 1667671 | 2.13 | 0.00 | to | 1.50 | 13.06 | to | 11.39 |
| 12/31/2024 | 34218 | 47.22 | to | 42.21 | 1566218 | 1.94 | 0.00 | to | 1.50 | 14.59 | to | 13.23 |
| 12/31/2023 | 36611 | 41.19 | to | 37.27 | 1469028 | 1.59 | 0.30 | to | 1.50 | 18.37 | to | 16.98 |
| 12/31/2022 | 37458 | 34.80 | to | 31.86 | 1273909 | 1.19 | 0.30 | to | 1.50 | (16.53) | to | (17.52) |
| 12/31/2021 | 40813 | 41.69 | to | 38.63 | 1671428 | 1.14 | 0.30 | to | 1.50 | 16.69 | to | 15.31 |
| TA Small/Mid Cap Value Initial Class | TA Small/Mid Cap Value Initial Class |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 84355 | 74.84 | to | 59.49 | 6098934 | 1.24 | 0.00 | to | 1.50 | 9.81 | to | 8.19 |
| 12/31/2024 | 89618 | 68.15 | to | 54.99 | 5925709 | 0.93 | 0.00 | to | 1.50 | 8.53 | to | 7.24 |
| 12/31/2023 | 103942 | 62.77 | to | 51.28 | 6332654 | 1.05 | 0.30 | to | 1.50 | 12.06 | to | 10.74 |
| 12/31/2022 | 107516 | 56.01 | to | 46.30 | 5841002 | 0.60 | 0.30 | to | 1.50 | (8.58) | to | (9.66) |
| 12/31/2021 | 108236 | 61.27 | to | 51.26 | 6428119 | 0.65 | 0.30 | to | 1.50 | 27.74 | to | 26.23 |
| TA T. Rowe Price Small Cap Initial Class | TA T. Rowe Price Small Cap Initial Class |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 34275 | 75.86 | to | 72.62 | 2534310 |  | 0.00 | to | 1.50 | 10.27 | to | 8.64 |
| 12/31/2024 | 37308 | 68.80 | to | 66.85 | 2516575 |  | 0.00 | to | 1.50 | 12.44 | to | 11.10 |
| 12/31/2023 | 37638 | 61.16 | to | 60.16 | 2261821 |  | 0.30 | to | 1.50 | 20.84 | to | 19.41 |
| 12/31/2022 | 36976 | 50.62 | to | 50.38 | 1840918 |  | 0.30 | to | 1.50 | (22.62) | to | (23.53) |
| 12/31/2021 | 36882 | 65.41 | to | 65.89 | 2376196 |  | 0.30 | to | 1.50 | 11.04 | to | 9.73 |
| TA TSW Mid Cap Value Opportunities Initial Class | TA TSW Mid Cap Value Opportunities Initial Class | TA TSW Mid Cap Value Opportunities Initial Class |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 7298 | 56.33 | to | 67.56 | 392931 | 1.27 | 0.00 | to | 0.90 | 9.56 | to | 8.58 |
| 12/31/2024 | 7638 | 51.41 | to | 62.22 | 378123 | 1.44 | 0.00 | to | 0.90 | 8.15 | to | 7.51 |
| 12/31/2023 | 8053 | 47.52 | to | 57.87 | 370264 | 1.51 | 0.30 | to | 0.90 | 10.48 | to | 9.82 |
| 12/31/2022 | 9835 | 43.01 | to | 52.69 | 411289 | 0.83 | 0.30 | to | 0.90 | (8.51) | to | (9.05) |
| 12/31/2021 | 10083 | 47.01 | to | 57.94 | 462848 | 0.77 | 0.30 | to | 0.90 | 28.80 | to | 28.04 |

---

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

**December 31, 2025**

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
| | |  | |  | | | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
| | |  | |  | | | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
| | |  | |  | | | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| <br>**Subaccount** | <br>**Units** | | **Unit Fair Value**<br>**Corresponding to**<br>**Lowest to Highest**<br>**Expense Ratio** | | <br>**Net**<br>**Assets** | <br>**Investment**<br>**Income**<br>**Ratio\*** | **Highest** | **Highest** | **Highest** | | **Expense Ratio** | |
| TA WMC US Growth Initial Class | TA WMC US Growth Initial Class |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 480657 | $99.21 | to | $88.95 | $44009353 | -% | 0.00% | to | 1.50% | 17.76% | to | 16.02% |
| 12/31/2024 | 508020 | 84.25 | to | 76.67 | 39757927 | 0.01 | 0.00 | to | 1.50 | 28.99 | to | 27.08 |
| 12/31/2023 | 518442 | 65.32 | to | 60.33 | 31663072 | 0.04 | 0.00 | to | 1.50 | 42.08 | to | 39.99 |
| 12/31/2022 | 523269 | 45.97 | to | 43.10 | 22650321 |  | 0.00 | to | 1.50 | (31.35) | to | (32.36) |
| 12/31/2021 | 535814 | 66.96 | to | 63.72 | 34026763 | 0.08 | 0.00 | to | 1.50 | 20.67 | to | 18.88 |

---

*(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.

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

**December 31, 2025** 

**6. Administrative and Mortality and Expense Risk Charges** 

Under some forms of the policies, a sales charge and premium taxes are deducted by TFLIC prior to allocation of policy owner payments to the subaccounts. Contingent surrender charges may also apply. Under all forms of the policy, monthly charges against policy cash values are made to compensate TFLIC for costs of insurance provided. A daily charge equal to an annual rate ranging from 0.00% to 1.50% of average daily net assets is assessed to compensate TFLIC for assumption of mortality and expense risks in connection with the issuance and administration of the policies. This charge (not assessed at the individual contract level) effectively reduces the value of a unit outstanding during the year. Charges reflected above are those currently assessed and may be subject to change. Contract owners should see their actual policy and any related attachments to determine their specific charges.

**7. Income Tax** 

Operations of the Separate Account form a part of TFLIC, which is taxed as a life insurance company under Subchapter L of the Internal Revenue Code of 1986, as amended (the Code). The operations of the Separate Account are accounted for separately from other operations of TFLIC for purposes of federal income taxation. The Separate Account is not separately taxable as a regulated investment company under Subchapter M of the Code and is not otherwise taxable as an entity separate from TFLIC. Under existing federal income tax laws, the income of the Separate Account is not taxable to TFLIC, as long as earnings are credited under the variable life contracts.

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

**December 31, 2025** 

**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 TFLIC and an indirect wholly owned subsidiary of Aegon Ltd. TCI distributes TFLIC's products through broker-dealers and other financial intermediaries.

The subaccounts invest in the mutual funds listed in Footnote 1. These investments include funds managed by Transamerica Asset Management, Inc. (TAM). Transamerica Fund Services, Inc. (TFS) serves as a transfer agent to TAM, and Aegon USA Asset Management Holding, LLC (AAM) serves as a sub-advisor for certain funds managed by TAM. TAM, TFS and AAM are affiliated entities of TFLIC and indirect wholly owned subsidiaries of Aegon Ltd. 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.

**Transamerica Financial Life Insurance Company** 

**TFLIC Series Life Account** 

**Notes to Financial Statements** 

**December 31, 2025** 

**10. Segment Reporting** 

Each fund of the Separate Account constitutes a single operating segment and therefore, a single reportable segment because the Chief Operating Decision Maker (CODM) manages the activities of the Separate Account using information of each fund. The Separate Account is engaged in a single line of business as a registered unit investment trust. The Separate Account is a funding vehicle for individual variable annuity contracts with the assets owned by TFLIC to support the liabilities of the applicable insurance contracts. The subaccounts have identified the President and Chief Operating Officer as the CODM as the Separate Account does not have employees and is not a separate legal entity.

The CODM uses increase (decrease) in net assets from operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the funds within the Separate Account. The Accounting policies used to measure profit and loss of the segments are the same as those described in the Summary of Significant Accounting Policies (see note 2). The measure of segment assets is reported on the balance sheet as total consolidated assets. Refer to the Statements of Operations and Changes in Net Assets for each fund's operating segment and related footnotes for significant expenses principle and the existing segment requirements as of December 31, 2025 and for the year ended December 31, 2025 and December 31, 2024.