TFLIC Separate Account B

FINANCIAL STATEMENTS

Transamerica Financial Life Insurance Company

TFLIC Separate Account B

Years Ended December 31, 2023 and 2022

Transamerica Financial Life Insurance Company

TFLIC Separate Account B

Financial Statements

Years Ended December 31, 2023 and 2022

Contents


Report of Independent Registered Public Accounting Firm		1

Financial Statements

Statements of Assets and Liabilities		2
Statements of Operations and Changes in Net Assets		3
Notes to Financial Statements		8

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of TFLIC Separate Account B indicated in the table below as of December 31, 2023, and the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts of TFLIC Separate Account B as of December 31, 2023, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


TA S&P 500 Index Initial Class (2)		Vanguard® International (1)
Vanguard® Balanced (1)		Vanguard® Mid-Cap Index (1)
Vanguard® Capital Growth (1)		Vanguard® Moderate Allocation (1)
Vanguard® Conservative Allocation (1)		Vanguard® Money Market (1)
Vanguard® Diversified Value (1)		Vanguard® Real Estate Index (1)
Vanguard® Equity Income (1)		Vanguard® Short-Term Investment Grade (1)
Vanguard® Equity Index (1)		Vanguard® Small Company Growth (1)
Vanguard® Global Bond Index (1)		Vanguard® Total Bond Market Index (1)
Vanguard® Growth (1)		Vanguard® Total International Stock Market Index (1)
Vanguard® High Yield Bond (1)		Vanguard® Total Stock Market Index (1)
(1) Statements of operations and changes in net assets for the years ended December 31, 2023 and 2022 (2) Statements of operations and changes in net assets for the year ended December 31, 2023 and the period May 2, 2022 (commencement of operations) through December 31, 2022

Basis for Opinions

These financial statements are the responsibility of the Transamerica Financial Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of TFLIC Separate Account B based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the subaccounts of TFLIC Separate Account B in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2023 by correspondence with the custodian or the investee mutual fund. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

April 19, 2024

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

Transamerica Financial Life Insurance Company

TFLIC Separate Account B

Statements of Assets and Liabilities

December 31, 2023


Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from General Account		Net Assets		Units Outstanding		Range of Unit Values
TA S&P 500 Index Initial Class		263,359.557	$	5,036,760	$	5,304,061	$	2	$	5,304,063		449,746	$	11.793454	$	11.793454
Vanguard^® Balanced		6,227,979.960		142,405,295		145,049,653		10		145,049,663		925,509		156.724212		156.724212
Vanguard^® Capital Growth		1,851,443.036		73,366,048		85,869,928		4		85,869,932		799,905		107.350138		107.350138
Vanguard^® Conservative Allocation		1,238,936.144		31,688,534		30,279,599		(12)		30,279,587		801,900		37.759781		37.759781
Vanguard^® Diversified Value		2,202,072.238		29,503,331		34,418,389		17		34,418,406		554,056		62.120852		62.120852
Vanguard^® Equity Income		2,858,895.432		65,087,985		68,356,190		9		68,356,199		446,365		153.139762		153.139762
Vanguard^® Equity Index		3,044,447.070		130,595,076		185,376,382		(8)		185,376,374		882,128		210.146843		210.146843
Vanguard^® Global Bond Index		648,696.640		13,553,133		12,065,758		8		12,065,766		580,676		20.778835		20.778835
Vanguard^® Growth		2,955,139.533		75,984,566		74,883,236		2		74,883,238		658,260		113.759310		113.759310
Vanguard^® High Yield Bond		3,509,762.210		26,359,144		25,866,947		-		25,866,947		616,263		41.973882		41.973882
Vanguard^® International		3,305,570.522		89,952,812		81,217,868		56		81,217,924		1,091,806		74.388631		74.388631
Vanguard^® Mid-Cap Index		2,433,809.197		55,322,656		58,241,054		12		58,241,066		593,907		98.064327		98.064327
Vanguard^® Moderate Allocation		1,440,108.089		41,074,179		41,921,546		(18)		41,921,528		903,619		46.392941		46.392941
Vanguard^® Money Market		70,417,815.449		70,417,815		70,417,815		64		70,417,879		33,447,891		2.105301		2.105301
Vanguard^® Real Estate Index		2,753,648.626		34,250,441		32,823,492		7		32,823,499		405,139		81.017903		81.017903
Vanguard^® Short-Term Investment Grade		4,995,661.996		53,128,149		51,505,275		(15)		51,505,260		2,416,937		21.310141		21.310141
Vanguard^® Small Company Growth		3,712,239.783		73,666,018		65,372,543		(13)		65,372,530		500,219		130.687843		130.687843
Vanguard^® Total Bond Market Index		7,580,362.815		89,071,911		80,579,257		(38)		80,579,219		2,005,152		40.186091		40.186091
Vanguard^® Total International Stock Market Index		1,034,380.238		22,193,362		21,815,079		24		21,815,103		863,537		25.262486		25.262486
Vanguard^® Total Stock Market Index		3,165,431.677		127,979,304		156,530,596		(13)		156,530,583		2,120,486		73.818264		73.818264


See accompanying notes.		2

Transamerica Financial Life Insurance Company

TFLIC Separate Account B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	TA S&P 500 Index Initial Class Subaccount⁽¹⁾			Vanguard^® Balanced Subaccount			Vanguard^® Capital Growth Subaccount			Vanguard^® Conservative Allocation Subaccount

Net Assets as of December 31, 2021:	$	-		$	177,729,852		$	83,288,836		$	41,374,567


Investment Income:
Reinvested Dividends		7,228			2,947,559			636,399			879,991
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,167			404,524			196,248			91,496

Net Investment Income (Loss)		6,061			2,543,035			440,151			788,495

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		7,804			14,764,813			6,876,377			1,545,565
Realized Gain (Loss) on Investments		(6,568	)		165,596			1,446,417			(297,687	)

Net Realized Capital Gains (Losses) on Investments		1,236			14,930,409			8,322,794			1,247,878
Net Change in Unrealized Appreciation (Depreciation)		23,593			(42,865,629	)		(21,853,915	)		(7,994,386	)

Net Gain (Loss) on Investment		24,829			(27,935,220	)		(13,531,121	)		(6,746,508	)

Net Increase (Decrease) in Net Assets Resulting from Operations		30,890			(25,392,185	)		(13,090,970	)		(5,958,013	)


Increase (Decrease) in Net Assets from Contract Transactions		1,123,251			(13,317,327	)		(1,044,909	)		(6,351,149	)


Total Increase (Decrease) in Net Assets		1,154,141			(38,709,512	)		(14,135,879	)		(12,309,162	)


Net Assets as of December 31, 2022:	$	1,154,141		$	139,020,340		$	69,152,957		$	29,065,405


Investment Income:
Reinvested Dividends		57,599			2,939,681			808,253			581,230
Investment Expense:
Mortality and Expense Risk and Administrative Charges		8,732			380,171			204,855			78,957

Net Investment Income (Loss)		48,867			2,559,510			603,398			502,273

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		68,176			5,696,856			3,893,931			752,285
Realized Gain (Loss) on Investments		272,483			184,997			1,945,826			(327,125	)

Net Realized Capital Gains (Losses) on Investments		340,659			5,881,853			5,839,757			425,160
Net Change in Unrealized Appreciation (Depreciation)		243,709			10,158,552			12,196,552			2,464,319

Net Gain (Loss) on Investment		584,368			16,040,405			18,036,309			2,889,479

Net Increase (Decrease) in Net Assets Resulting from Operations		633,235			18,599,915			18,639,707			3,391,752


Increase (Decrease) in Net Assets from Contract Transactions		3,516,687			(12,570,592	)		(1,922,732	)		(2,177,570	)


Total Increase (Decrease) in Net Assets		4,149,922			6,029,323			16,716,975			1,214,182


Net Assets as of December 31, 2023:	$	5,304,063		$	145,049,663		$	85,869,932		$	30,279,587

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Financial Life Insurance Company

TFLIC Separate Account B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Vanguard^® Diversified Value Subaccount			Vanguard^® Equity Income Subaccount			Vanguard^® Equity Index Subaccount			Vanguard^® Global Bond Index Subaccount

Net Assets as of December 31, 2021:	$	37,079,761		$	69,695,471		$	201,721,858		$	15,991,812


Investment Income:
Reinvested Dividends		388,786			1,782,194			2,323,205			402,076
Investment Expense:
Mortality and Expense Risk and Administrative Charges		90,265			188,947			464,087			37,702

Net Investment Income (Loss)		298,521			1,593,247			1,859,118			364,374

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		3,075,843			7,576,854			7,768,236			148,496
Realized Gain (Loss) on Investments		12,738			990,070			7,134,273			(121,342	)

Net Realized Capital Gains (Losses) on Investments		3,088,581			8,566,924			14,902,509			27,154
Net Change in Unrealized Appreciation (Depreciation)		(7,875,329	)		(10,860,677	)		(53,743,818	)		(2,472,327	)

Net Gain (Loss) on Investment		(4,786,748	)		(2,293,753	)		(38,841,309	)		(2,445,173	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(4,488,227	)		(700,506	)		(36,982,191	)		(2,080,799	)


Increase (Decrease) in Net Assets from Contract Transactions		(1,112,437	)		3,484,627			(5,330,581	)		(1,622,822	)


Total Increase (Decrease) in Net Assets		(5,600,664	)		2,784,121			(42,312,772	)		(3,703,621	)


Net Assets as of December 31, 2022:	$	31,479,097		$	72,479,592		$	159,409,086		$	12,288,191


Investment Income:
Reinvested Dividends		462,462			1,856,312			2,473,384			235,491
Investment Expense:
Mortality and Expense Risk and Administrative Charges		87,109			181,068			467,870			33,059

Net Investment Income (Loss)		375,353			1,675,244			2,005,514			202,432

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,757,926			3,629,253			5,477,982			20,516
Realized Gain (Loss) on Investments		(261,916	)		1,312,850			10,946,764			(170,280	)

Net Realized Capital Gains (Losses) on Investments		1,496,010			4,942,103			16,424,746			(149,764	)
Net Change in Unrealized Appreciation (Depreciation)		4,029,691			(1,696,657	)		21,604,524			659,466

Net Gain (Loss) on Investment		5,525,701			3,245,446			38,029,270			509,702

Net Increase (Decrease) in Net Assets Resulting from Operations		5,901,054			4,920,690			40,034,784			712,134


Increase (Decrease) in Net Assets from Contract Transactions		(2,961,745	)		(9,044,083	)		(14,067,496	)		(934,559	)


Total Increase (Decrease) in Net Assets		2,939,309			(4,123,393	)		25,967,288			(222,425	)


Net Assets as of December 31, 2023:	$	34,418,406		$	68,356,199		$	185,376,374		$	12,065,766

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Financial Life Insurance Company

TFLIC Separate Account B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Vanguard^® Growth Subaccount			Vanguard^® High Yield Bond Subaccount			Vanguard^® International Subaccount			Vanguard^® Mid-Cap Index Subaccount

Net Assets as of December 31, 2021:	$	84,803,094		$	30,780,278		$	116,328,421		$	72,950,342


Investment Income:
Reinvested Dividends		-			1,297,959			1,134,858			684,333
Investment Expense:
Mortality and Expense Risk and Administrative Charges		168,323			69,608			226,601			163,049

Net Investment Income (Loss)		(168,323	)		1,228,351			908,257			521,284

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		21,290,314			-			16,823,690			6,491,937
Realized Gain (Loss) on Investments		1,050,270			(371,686	)		1,725,566			623,699

Net Realized Capital Gains (Losses) on Investments		22,340,584			(371,686	)		18,549,256			7,115,636
Net Change in Unrealized Appreciation (Depreciation)		(49,962,274	)		(3,660,829	)		(54,279,762	)		(21,288,819	)

Net Gain (Loss) on Investment		(27,621,690	)		(4,032,515	)		(35,730,506	)		(14,173,183	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(27,790,013	)		(2,804,164	)		(34,822,249	)		(13,651,899	)


Increase (Decrease) in Net Assets from Contract Transactions		(4,061,536	)		(2,802,702	)		(6,121,205	)		(2,623,277	)


Total Increase (Decrease) in Net Assets		(31,851,549	)		(5,606,866	)		(40,943,454	)		(16,275,176	)


Net Assets as of December 31, 2022:	$	52,951,545		$	25,173,412		$	75,384,967		$	56,675,166


Investment Income:
Reinvested Dividends		153,640			1,244,883			1,234,468			807,989
Investment Expense:
Mortality and Expense Risk and Administrative Charges		176,207			67,034			217,741			149,163

Net Investment Income (Loss)		(22,567	)		1,177,849			1,016,727			658,826

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			2,661,884			1,013,956
Realized Gain (Loss) on Investments		(1,333,576	)		(403,925	)		719,919			829,557

Net Realized Capital Gains (Losses) on Investments		(1,333,576	)		(403,925	)		3,381,803			1,843,513
Net Change in Unrealized Appreciation (Depreciation)		22,968,268			1,950,777			6,045,884			5,565,735

Net Gain (Loss) on Investment		21,634,692			1,546,852			9,427,687			7,409,248

Net Increase (Decrease) in Net Assets Resulting from Operations		21,612,125			2,724,701			10,444,414			8,068,074


Increase (Decrease) in Net Assets from Contract Transactions		319,568			(2,031,166	)		(4,611,457	)		(6,502,174	)


Total Increase (Decrease) in Net Assets		21,931,693			693,535			5,832,957			1,565,900


Net Assets as of December 31, 2023:	$	74,883,238		$	25,866,947		$	81,217,924		$	58,241,066

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Financial Life Insurance Company

TFLIC Separate Account B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Vanguard^® Moderate Allocation Subaccount			Vanguard^® Money Market Subaccount			Vanguard^® Real Estate Index Subaccount			Vanguard^® Short-Term Investment Grade Subaccount

Net Assets as of December 31, 2021:	$	40,855,872		$	63,709,988		$	46,156,810		$	61,400,463


Investment Income:
Reinvested Dividends		863,579			1,023,799			717,749			941,602
Investment Expense:
Mortality and Expense Risk and Administrative Charges		95,963			181,904			101,549			150,057

Net Investment Income (Loss)		767,616			841,895			616,200			791,545

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,609,066			2,165			1,621,174			449,426
Realized Gain (Loss) on Investments		452			-			189,103			(337,506	)

Net Realized Capital Gains (Losses) on Investments		1,609,518			2,165			1,810,277			111,920
Net Change in Unrealized Appreciation (Depreciation)		(9,035,895	)		-			(14,542,439	)		(4,516,930	)

Net Gain (Loss) on Investment		(7,426,377	)		2,165			(12,732,162	)		(4,405,010	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(6,658,761	)		844,060			(12,115,962	)		(3,613,465	)


Increase (Decrease) in Net Assets from Contract Transactions		(975,149	)		3,921,466			(1,437,109	)		(4,983,981	)


Total Increase (Decrease) in Net Assets		(7,633,910	)		4,765,526			(13,553,071	)		(8,597,446	)


Net Assets as of December 31, 2022:	$	33,221,962		$	68,475,514		$	32,603,739		$	52,803,017


Investment Income:
Reinvested Dividends		715,763			3,525,141			786,506			1,093,540
Investment Expense:
Mortality and Expense Risk and Administrative Charges		98,807			191,826			83,970			136,903

Net Investment Income (Loss)		616,956			3,333,315			702,536			956,637

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,140,822			810			1,483,795			-
Realized Gain (Loss) on Investments		(278,886	)		-			(986,624	)		(406,780	)

Net Realized Capital Gains (Losses) on Investments		861,936			810			497,171			(406,780	)
Net Change in Unrealized Appreciation (Depreciation)		3,726,353			-			2,198,170			2,376,636

Net Gain (Loss) on Investment		4,588,289			810			2,695,341			1,969,856

Net Increase (Decrease) in Net Assets Resulting from Operations		5,205,245			3,334,125			3,397,877			2,926,493


Increase (Decrease) in Net Assets from Contract Transactions		3,494,321			(1,391,760	)		(3,178,117	)		(4,224,250	)


Total Increase (Decrease) in Net Assets		8,699,566			1,942,365			219,760			(1,297,757	)


Net Assets as of December 31, 2023:	$	41,921,528		$	70,417,879		$	32,823,499		$	51,505,260

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Financial Life Insurance Company

TFLIC Separate Account B

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Vanguard^® Small Company Growth Subaccount			Vanguard^® Total Bond Market Index Subaccount			Vanguard^® Total International Stock Market Index Subaccount			Vanguard^® Total Stock Market Index Subaccount

Net Assets as of December 31, 2021:	$	86,806,956		$	101,158,452		$	22,978,275		$	170,487,138


Investment Income:
Reinvested Dividends		179,515			1,831,848			691,054			1,955,425
Investment Expense:
Mortality and Expense Risk and Administrative Charges		181,769			240,925			52,482			388,806

Net Investment Income (Loss)		(2,254	)		1,590,923			638,572			1,566,619

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		19,249,709			650,011			723,409			10,474,441
Realized Gain (Loss) on Investments		193,935			(790,669	)		139,310			3,413,239

Net Realized Capital Gains (Losses) on Investments		19,443,644			(140,658	)		862,719			13,887,680
Net Change in Unrealized Appreciation (Depreciation)		(40,978,801	)		(14,849,938	)		(5,316,390	)		(49,235,296	)

Net Gain (Loss) on Investment		(21,535,157	)		(14,990,596	)		(4,453,671	)		(35,347,616	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(21,537,411	)		(13,399,673	)		(3,815,099	)		(33,780,997	)


Increase (Decrease) in Net Assets from Contract Transactions		(4,335,743	)		(4,083,693	)		(953,225	)		(5,414,947	)


Total Increase (Decrease) in Net Assets		(25,873,154	)		(17,483,366	)		(4,768,324	)		(39,195,944	)


Net Assets as of December 31, 2022:	$	60,933,802		$	83,675,086		$	18,209,951		$	131,291,194


Investment Income:
Reinvested Dividends		262,084			1,988,828			573,648			1,650,786
Investment Expense:
Mortality and Expense Risk and Administrative Charges		169,734			218,623			54,011			385,565

Net Investment Income (Loss)		92,350			1,770,205			519,637			1,265,221

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			240,215			8,045,486
Realized Gain (Loss) on Investments		(3,142,367	)		(1,879,576	)		55,821			4,036,202

Net Realized Capital Gains (Losses) on Investments		(3,142,367	)		(1,879,576	)		296,036			12,081,688
Net Change in Unrealized Appreciation (Depreciation)		14,236,090			4,223,013			1,980,384			19,538,836

Net Gain (Loss) on Investment		11,093,723			2,343,437			2,276,420			31,620,524

Net Increase (Decrease) in Net Assets Resulting from Operations		11,186,073			4,113,642			2,796,057			32,885,745


Increase (Decrease) in Net Assets from Contract Transactions		(6,747,345	)		(7,209,509	)		809,095			(7,646,356	)


Total Increase (Decrease) in Net Assets		4,438,728			(3,095,867	)		3,605,152			25,239,389


Net Assets as of December 31, 2023:	$	65,372,530		$	80,579,219		$	21,815,103		$	156,530,583

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Financial Life Insurance Company

TFLIC Separate Account B

Notes to Financial Statements

December 31, 2023

1. Organization

TFLIC Separate Account B (the Separate Account) is a segregated investment account of Transamerica Financial Life Insurance Company (TFLIC), an indirect wholly owned subsidiary of Aegon N.V., a holding company organized under the laws of the Netherlands.

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

Subaccount Investment by Mutual Fund:


Subaccount		Mutual Fund
Transamerica Series Trust		Transamerica Series Trust
TA S&P 500 Index Initial Class		Transamerica S&P 500 Index VP Initial Class
Vanguard^® Variable Insurance Fund:		Vanguard^® Variable Insurance Fund:
Vanguard^® Balanced		Vanguard^® Balanced Portfolio
Vanguard^® Capital Growth		Vanguard^® Capital Growth Portfolio
Vanguard^® Conservative Allocation		Vanguard^® Conservative Allocation Portfolio
Vanguard^® Diversified Value		Vanguard^® Diversified Value Portfolio
Vanguard^® Equity Income		Vanguard^® Equity Income Portfolio
Vanguard^® Equity Index		Vanguard^® Equity Index Portfolio
Vanguard^® Global Bond Index		Vanguard^® Global Bond Index Portfolio
Vanguard^® Growth		Vanguard^® Growth Portfolio
Vanguard^® High Yield Bond		Vanguard^® High Yield Bond Portfolio
Vanguard^® International		Vanguard^® International Portfolio
Vanguard^® Mid-Cap Index		Vanguard^® Mid-Cap Index Portfolio
Vanguard^® Moderate Allocation		Vanguard^® Moderate Allocation Portfolio
Vanguard^® Money Market		Vanguard^® Money Market Portfolio
Vanguard^® Real Estate Index		Vanguard^® Real Estate Index Portfolio
Vanguard^® Short-Term Investment Grade		Vanguard^® Short-Term Investment Grade Portfolio
Vanguard^® Small Company Growth		Vanguard^® Small Company Growth Portfolio
Vanguard^® Total Bond Market Index		Vanguard^® Total Bond Market Index Portfolio
Vanguard^® Total International Stock Market Index		Vanguard^® Total International Stock Market Index Portfolio
Vanguard^® Total Stock Market Index		Vanguard^® Total Stock Market Index Portfolio

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


Subaccount		Inception Date
TA S&P 500 Index Initial Class		May 2, 2022

Transamerica Financial Life Insurance Company

TFLIC Separate Account B

Notes to Financial Statements

December 31, 2023

2. Summary of Significant Accounting Policies

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

Investments

Net purchase payments received by the Separate Account are invested in the portfolios of the Mutual Funds as selected by the contract owner. Investments are stated at the closing net asset values per share on December 31, 2023.

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

Dividend Income

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

Fair Value Measurements and Fair Value Hierarchy

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

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

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

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

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

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

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

c) Inputs other than quoted market prices that are observable

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

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

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2023.

Transamerica Financial Life Insurance Company

TFLIC Separate Account B

Notes to Financial Statements

December 31, 2023

3. Investments

The aggregate cost of purchases and proceeds from sales of investments for the period ended December 31, 2023 were as follows:


Subaccount	Purchases		Sales

TA S&P 500 Index Initial Class	$	6,343,268	$	2,709,539

Vanguard^® Balanced		13,788,823		18,103,055

Vanguard^® Capital Growth		9,125,423		6,550,826

Vanguard^® Conservative Allocation		4,026,874		4,949,880

Vanguard^® Diversified Value		4,366,586		5,195,052

Vanguard^® Equity Income		9,196,021		12,935,606

Vanguard^® Equity Index		14,351,892		20,935,894

Vanguard^® Global Bond Index		766,911		1,478,524

Vanguard^® Growth		11,048,495		10,751,494

Vanguard^® High Yield Bond		2,695,397		3,548,710

Vanguard^® International		8,025,113		8,957,972

Vanguard^® Mid-Cap Index		4,769,939		9,599,335

Vanguard^® Moderate Allocation		8,978,229		3,726,127

Vanguard^® Money Market		24,815,948		22,873,612

Vanguard^® Real Estate Index		3,377,317		4,369,104

Vanguard^® Short-Term Investment Grade		3,843,742		7,111,345

Vanguard^® Small Company Growth		2,403,928		9,058,918

Vanguard^® Total Bond Market Index		6,587,058		12,026,355

Vanguard^® Total International Stock Market Index		5,459,451		3,890,513

Vanguard^® Total Stock Market Index		15,261,914		13,597,564

Transamerica Financial Life Insurance Company

TFLIC Separate Account B

Notes to Financial Statements

4. Change in Units

The change in units outstanding were as follows:


	Year Ended December 31, 2023								Year Ended December 31, 2022
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)

TA S&P 500 Index Initial Class		578,178		(251,495	)		326,683			169,445		(46,382	)		123,063

Vanguard^® Balanced		36,485		(122,365	)		(85,880	)		29,948		(123,657	)		(93,709	)

Vanguard^® Capital Growth		46,015		(68,330	)		(22,315	)		28,037		(40,513	)		(12,476	)

Vanguard^® Conservative Allocation		76,469		(138,273	)		(61,804	)		50,657		(230,474	)		(179,817	)

Vanguard^® Diversified Value		38,943		(91,975	)		(53,032	)		82,515		(106,669	)		(24,154	)

Vanguard^® Equity Income		26,292		(90,170	)		(63,878	)		67,736		(43,580	)		24,156

Vanguard^® Equity Index		34,506		(106,464	)		(71,958	)		37,220		(67,724	)		(30,504	)

Vanguard^® Global Bond Index		25,672		(73,228	)		(47,556	)		39,679		(119,787	)		(80,108	)

Vanguard^® Growth		115,766		(108,042	)		7,724			26,734		(68,561	)		(41,827	)

Vanguard^® High Yield Bond		37,392		(89,037	)		(51,645	)		67,268		(137,576	)		(70,308	)

Vanguard^® International		58,450		(125,414	)		(66,964	)		34,738		(122,133	)		(87,395	)

Vanguard^® Mid-Cap Index		33,373		(107,095	)		(73,722	)		32,249		(60,358	)		(28,109	)

Vanguard^® Moderate Allocation		163,612		(85,216	)		78,396			88,341		(114,024	)		(25,683	)

Vanguard^® Money Market		10,420,035		(11,049,601	)		(629,566	)		15,588,446		(13,608,819	)		1,979,627

Vanguard^® Real Estate Index		15,040		(58,196	)		(43,156	)		22,824		(41,028	)		(18,204	)

Vanguard^® Short-Term Investment Grade		135,127		(341,535	)		(206,408	)		215,330		(460,175	)		(244,845	)

Vanguard^® Small Company Growth		18,325		(74,463	)		(56,138	)		17,664		(51,368	)		(33,704	)

Vanguard^® Total Bond Market Index		120,288		(307,553	)		(187,265	)		109,297		(210,976	)		(101,679	)

Vanguard^® Total International Stock Market Index		198,263		(165,352	)		32,911			135,872		(183,162	)		(47,290	)

Vanguard^® Total Stock Market Index		86,622		(200,243	)		(113,621	)		109,045		(201,377	)		(92,332	)

Transamerica Financial Life Insurance Company

TFLIC Separate Account B

Notes to Financial Statements

4. Change in Unit Dollars (continued)


	Year Ended December 31, 2023								Year Ended December 31, 2022
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 S&P 500 Index Initial Class	$	6,219,692	$	(2,703,005	)	$	3,516,687		$	1,579,748	$	(456,497	)	$	1,123,251

Vanguard^® Balanced		5,205,535		(17,776,127	)		(12,570,592	)		4,273,271		(17,590,598	)		(13,317,327	)

Vanguard^® Capital Growth		4,478,430		(6,401,162	)		(1,922,732	)		2,517,127		(3,562,036	)		(1,044,909	)

Vanguard^® Conservative Allocation		2,701,680		(4,879,250	)		(2,177,570	)		1,794,329		(8,145,478	)		(6,351,149	)

Vanguard^® Diversified Value		2,161,684		(5,123,429	)		(2,961,745	)		4,689,422		(5,801,859	)		(1,112,437	)

Vanguard^® Equity Income		3,753,667		(12,797,750	)		(9,044,083	)		9,555,395		(6,070,768	)		3,484,627

Vanguard^® Equity Index		6,484,745		(20,552,241	)		(14,067,496	)		6,880,180		(12,210,761	)		(5,330,581	)

Vanguard^® Global Bond Index		517,831		(1,452,390	)		(934,559	)		841,364		(2,464,186	)		(1,622,822	)

Vanguard^® Growth		10,954,580		(10,635,012	)		319,568			2,486,263		(6,547,799	)		(4,061,536	)

Vanguard^® High Yield Bond		1,465,801		(3,496,967	)		(2,031,166	)		2,622,079		(5,424,781	)		(2,802,702	)

Vanguard^® International		4,178,151		(8,789,608	)		(4,611,457	)		2,680,194		(8,801,399	)		(6,121,205	)

Vanguard^® Mid-Cap Index		2,985,429		(9,487,603	)		(6,502,174	)		3,009,929		(5,633,206	)		(2,623,277	)

Vanguard^® Moderate Allocation		7,134,658		(3,640,337	)		3,494,321			3,737,930		(4,713,079	)		(975,149	)

Vanguard^® Money Market		21,361,055		(22,752,815	)		(1,391,760	)		30,987,576		(27,066,110	)		3,921,466

Vanguard^® Real Estate Index		1,135,204		(4,313,321	)		(3,178,117	)		2,003,126		(3,440,235	)		(1,437,109	)

Vanguard^® Short-Term Investment Grade		2,777,063		(7,001,313	)		(4,224,250	)		4,430,918		(9,414,899	)		(4,983,981	)

Vanguard^® Small Company Growth		2,181,491		(8,928,836	)		(6,747,345	)		2,190,148		(6,525,891	)		(4,335,743	)

Vanguard^® Total Bond Market Index		4,666,002		(11,875,511	)		(7,209,509	)		4,413,855		(8,497,548	)		(4,083,693	)

Vanguard^® Total International Stock Market Index		4,660,252		(3,851,157	)		809,095			3,189,386		(4,142,611	)		(953,225	)

Vanguard^® Total Stock Market Index		5,648,044		(13,294,400	)		(7,646,356	)		7,051,257		(12,466,204	)		(5,414,947	)

Transamerica Financial Life Insurance Company

TFLIC Separate Account B

Notes to Financial Statements

December 31, 2023

5. Financial Highlights

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


			At December 31								For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio				Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio

TA S&P 500 Index Initial Class
	12/31/2023			449,746		$11.79	to	$11.79	$	5,304,063		1.75	%		0.27	%	to	0.27	%		25.75	%	to	25.75	%
	12/31/2022	⁽¹⁾		123,063		9.38	to	9.38		1,154,141		1.11			0.27		to	0.27			-		to	-
Vanguard^® Balanced
	12/31/2023			925,509		156.72	to	156.72		145,049,663		2.08			0.27		to	0.27			14.02		to	14.02
	12/31/2022			1,011,389		137.45	to	137.45		139,020,340		1.96			0.27		to	0.27			(14.53	)	to	(14.53	)
	12/31/2021			1,105,098		160.83	to	160.83		177,729,852		1.80			0.27		to	0.27			18.70		to	18.70
	12/31/2020			1,190,560		135.50	to	135.50		161,315,889		2.70			0.27		to	0.27			10.38		to	10.38
	12/31/2019			1,283,143		122.75	to	122.75		157,509,426		2.74			0.27		to	0.27			22.15		to	22.15
Vanguard^® Capital Growth
	12/31/2023			799,905		107.35	to	107.35		85,869,932		1.06			0.27		to	0.27			27.64		to	27.64
	12/31/2022			822,220		84.11	to	84.11		69,152,957		0.87			0.27		to	0.27			(15.71	)	to	(15.71	)
	12/31/2021			834,696		99.78	to	99.78		83,288,836		0.94			0.27		to	0.27			21.21		to	21.21
	12/31/2020			855,947		82.32	to	82.32		70,461,635		1.47			0.27		to	0.27			17.16		to	17.16
	12/31/2019			937,628		70.27	to	70.27		65,882,775		1.12			0.27		to	0.27			26.16		to	26.16
Vanguard^® Conservative Allocation
	12/31/2023			801,900		37.76	to	37.76		30,279,587		1.98			0.27		to	0.27			12.21		to	12.21
	12/31/2022			863,704		33.65	to	33.65		29,065,405		2.59			0.27		to	0.27			(15.13	)	to	(15.13	)
	12/31/2021			1,043,521		39.65	to	39.65		41,374,567		1.49			0.27		to	0.27			5.70		to	5.70
	12/31/2020			1,141,787		37.51	to	37.51		42,828,234		2.23			0.27		to	0.27			11.43		to	11.43
	12/31/2019			983,001		33.66	to	33.66		33,090,415		2.18			0.27		to	0.27			15.52		to	15.52
Vanguard^® Diversified Value
	12/31/2023			554,056		62.12	to	62.12		34,418,406		1.43			0.27		to	0.27			19.80		to	19.80
	12/31/2022			607,088		51.85	to	51.85		31,479,097		1.16			0.27		to	0.27			(11.73	)	to	(11.73	)
	12/31/2021			631,242		58.74	to	58.74		37,079,761		1.09			0.27		to	0.27			30.11		to	30.11
	12/31/2020			608,227		45.15	to	45.15		27,458,843		2.77			0.27		to	0.27			11.48		to	11.48
	12/31/2019			658,887		40.50	to	40.50		26,683,327		2.89			0.27		to	0.27			25.36		to	25.36
Vanguard^® Equity Income
	12/31/2023			446,365		153.14	to	153.14		68,356,199		2.76			0.27		to	0.27			7.81		to	7.81
	12/31/2022			510,243		142.05	to	142.05		72,479,592		2.54			0.27		to	0.27			(0.93	)	to	(0.93	)
	12/31/2021			486,087		143.38	to	143.38		69,695,471		1.95			0.27		to	0.27			24.99		to	24.99
	12/31/2020			516,280		114.71	to	114.71		59,224,741		2.91			0.27		to	0.27			2.97		to	2.97
	12/31/2019			554,898		111.41	to	111.41		61,818,821		2.47			0.27		to	0.27			24.09		to	24.09
Vanguard^® Equity Index
	12/31/2023			882,128		210.15	to	210.15		185,376,374		1.42			0.27		to	0.27			25.78		to	25.78
	12/31/2022			954,086		167.08	to	167.08		159,409,086		1.35			0.27		to	0.27			(18.45	)	to	(18.45	)
	12/31/2021			984,590		204.88	to	204.88		201,721,858		1.24			0.27		to	0.27			28.20		to	28.20
	12/31/2020			1,029,803		159.81	to	159.81		164,570,918		1.70			0.27		to	0.27			17.88		to	17.88
	12/31/2019			1,051,977		135.57	to	135.57		142,612,219		1.90			0.27		to	0.27			30.95		to	30.95
Vanguard^® Global Bond Index
	12/31/2023			580,676		20.78	to	20.78		12,065,766		1.92			0.27		to	0.27			6.23		to	6.23
	12/31/2022			628,232		19.56	to	19.56		12,288,191		2.87			0.27		to	0.27			(13.36	)	to	(13.36	)
	12/31/2021			708,340		22.58	to	22.58		15,991,812		1.78			0.27		to	0.27			(2.10	)	to	(2.10	)
	12/31/2020			697,731		23.06	to	23.06		16,090,989		1.49			0.27		to	0.27			6.38		to	6.38
	12/31/2019			698,345		21.68	to	21.68		15,138,980		1.36			0.27		to	0.27			8.12		to	8.12
Vanguard^® Growth
	12/31/2023			658,260		113.76	to	113.76		74,883,238		0.23			0.27		to	0.27			39.76		to	39.76
	12/31/2022			650,536		81.40	to	81.40		52,951,545		-			0.27		to	0.27			(33.54	)	to	(33.54	)
	12/31/2021			692,363		122.48	to	122.48		84,803,094		0.03			0.27		to	0.27			17.54		to	17.54
	12/31/2020			766,901		104.20	to	104.20		79,913,162		0.34			0.27		to	0.27			42.71		to	42.71
	12/31/2019			751,607		73.02	to	73.02		54,880,825		0.39			0.27		to	0.27			33.46		to	33.46

Transamerica Financial Life Insurance Company

TFLIC Separate Account B

Notes to Financial Statements

December 31, 2023

5. Financial Highlights (continued)


		At December 31									For the Year Ended December 31
Subaccount		Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio

Vanguard^® High Yield Bond
	12/31/2023		616,263	$	41.97	to	$	41.97	$	25,866,947		5.00	%		0.27	%	to	0.27	%		11.37	%	to	11.37	%
	12/31/2022		667,908		37.69	to		37.69		25,173,412		5.02			0.27		to	0.27			(9.61	)	to	(9.61	)
	12/31/2021		738,216		41.70	to		41.70		30,780,278		4.40			0.27		to	0.27			3.40		to	3.40
	12/31/2020		839,119		40.32	to		40.32		33,837,296		5.63			0.27		to	0.27			5.39		to	5.39
	12/31/2019		983,002		38.26	to		38.26		37,613,151		5.69			0.27		to	0.27			15.36		to	15.36
Vanguard^® International
	12/31/2023		1,091,806		74.39	to		74.39		81,217,924		1.53			0.27		to	0.27			14.35		to	14.35
	12/31/2022		1,158,770		65.06	to		65.06		75,384,967		1.35			0.27		to	0.27			(30.31	)	to	(30.31	)
	12/31/2021		1,246,165		93.35	to		93.35		116,328,421		0.28			0.27		to	0.27			(1.81	)	to	(1.81	)
	12/31/2020		1,339,678		95.07	to		95.07		127,359,267		1.22			0.27		to	0.27			57.16		to	57.16
	12/31/2019		1,454,005		60.49	to		60.49		87,955,837		1.44			0.27		to	0.27			30.86		to	30.86
Vanguard^® Mid-Cap Index
	12/31/2023		593,907		98.06	to		98.06		58,241,066		1.46			0.27		to	0.27			15.52		to	15.52
	12/31/2022		667,629		84.89	to		84.89		56,675,166		1.13			0.27		to	0.27			(19.04	)	to	(19.04	)
	12/31/2021		695,738		104.85	to		104.85		72,950,342		1.09			0.27		to	0.27			24.02		to	24.02
	12/31/2020		726,169		84.54	to		84.54		61,393,811		1.52			0.27		to	0.27			17.75		to	17.75
	12/31/2019		810,378		71.80	to		71.80		58,184,134		1.47			0.27		to	0.27			30.52		to	30.52
Vanguard^® Moderate Allocation
	12/31/2023		903,619		46.39	to		46.39		41,921,528		1.95			0.27		to	0.27			15.24		to	15.24
	12/31/2022		825,223		40.26	to		40.26		33,221,962		2.42			0.27		to	0.27			(16.15	)	to	(16.15	)
	12/31/2021		850,906		48.01	to		48.01		40,855,872		1.49			0.27		to	0.27			9.78		to	9.78
	12/31/2020		934,652		43.74	to		43.74		40,879,962		2.45			0.27		to	0.27			13.46		to	13.46
	12/31/2019		1,094,906		38.55	to		38.55		42,206,586		2.05			0.27		to	0.27			19.21		to	19.21
Vanguard^® Money Market
	12/31/2023		33,447,891		2.11	to		2.11		70,417,879		4.94			0.27		to	0.27			4.77		to	4.77
	12/31/2022		34,077,457		2.01	to		2.01		68,475,514		1.51			0.27		to	0.27			1.24		to	1.24
	12/31/2021		32,097,830		1.98	to		1.98		63,709,988		0.01			0.27		to	0.27			(0.25	)	to	(0.25	)
	12/31/2020		41,932,062		1.99	to		1.99		83,440,779		0.49			0.27		to	0.27			0.25		to	0.25
	12/31/2019		41,804,321		1.99	to		1.99		82,982,371		2.24			0.27		to	0.27			1.99		to	1.99
Vanguard^® Real Estate Index
	12/31/2023		405,139		81.02	to		81.02		32,823,499		2.52			0.27		to	0.27			11.40		to	11.40
	12/31/2022		448,295		72.73	to		72.73		32,603,739		1.91			0.27		to	0.27			(26.49	)	to	(26.49	)
	12/31/2021		466,499		98.94	to		98.94		46,156,810		1.96			0.27		to	0.27			39.83		to	39.83
	12/31/2020		479,621		70.76	to		70.76		33,938,164		2.64			0.27		to	0.27			(5.11	)	to	(5.11	)
	12/31/2019		538,949		74.57	to		74.57		40,189,772		2.57			0.27		to	0.27			28.46		to	28.46
Vanguard^® Short-Term Investment Grade
	12/31/2023		2,416,937		21.31	to		21.31		51,505,260		2.15			0.27		to	0.27			5.87		to	5.87
	12/31/2022		2,623,345		20.13	to		20.13		52,803,017		1.69			0.27		to	0.27			(5.98	)	to	(5.98	)
	12/31/2021		2,868,190		21.41	to		21.41		61,400,463		2.11			0.27		to	0.27			(0.72	)	to	(0.72	)
	12/31/2020		3,090,700		21.56	to		21.56		66,644,587		2.50			0.27		to	0.27			5.21		to	5.21
	12/31/2019		3,082,584		20.50	to		20.50		63,177,960		2.68			0.27		to	0.27			5.41		to	5.41
Vanguard^® Small Company Growth
	12/31/2023		500,219		130.69	to		130.69		65,372,530		0.42			0.27		to	0.27			19.32		to	19.32
	12/31/2022		556,357		109.52	to		109.52		60,933,802		0.27			0.27		to	0.27			(25.55	)	to	(25.55	)
	12/31/2021		590,061		147.12	to		147.12		86,806,956		0.38			0.27		to	0.27			13.91		to	13.91
	12/31/2020		610,711		129.15	to		129.15		78,873,988		0.67			0.27		to	0.27			22.85		to	22.85
	12/31/2019		675,937		105.13	to		105.13		71,059,720		0.50			0.27		to	0.27			27.76		to	27.76
Vanguard^® Total Bond Market Index
	12/31/2023		2,005,152		40.19	to		40.19		80,579,219		2.45			0.27		to	0.27			5.29		to	5.29
	12/31/2022		2,192,417		38.17	to		38.17		83,675,086		2.05			0.27		to	0.27			(13.45	)	to	(13.45	)
	12/31/2021		2,294,096		44.10	to		44.10		101,158,452		2.09			0.27		to	0.27			(1.98	)	to	(1.98	)
	12/31/2020		2,497,123		44.99	to		44.99		112,337,229		2.38			0.27		to	0.27			7.29		to	7.29
	12/31/2019		2,476,127		41.93	to		41.93		103,822,898		2.54			0.27		to	0.27			8.38		to	8.38

Transamerica Financial Life Insurance Company

TFLIC Separate Account B

Notes to Financial Statements

December 31, 2023

5. Financial Highlights (continued)


		At December 31									For the Year Ended December 31
Subaccount		Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio

Vanguard^® Total International Stock Market Index
	12/31/2023		863,537	$	25.26	to	$	25.26	$	21,815,103		2.85	%		0.27	%	to	0.27	%		15.23	%	to	15.23	%
	12/31/2022		830,626		21.92	to		21.92		18,209,951		3.55			0.27		to	0.27			(16.24	)	to	(16.24	)
	12/31/2021		877,916		26.17	to		26.17		22,978,275		1.62			0.27		to	0.27			8.24		to	8.24
	12/31/2020		641,404		24.18	to		24.18		15,510,428		2.18			0.27		to	0.27			10.88		to	10.88
	12/31/2019		680,181		21.81	to		21.81		14,834,217		1.73			0.27		to	0.27			21.23		to	21.23
Vanguard^® Total Stock Market Index
	12/31/2023		2,120,486		73.82	to		73.82		156,530,583		1.15			0.27		to	0.27			25.61		to	25.61
	12/31/2022		2,234,107		58.77	to		58.77		131,291,194		1.36			0.27		to	0.27			(19.81	)	to	(19.81	)
	12/31/2021		2,326,439		73.28	to		73.28		170,487,138		1.19			0.27		to	0.27			25.30		to	25.30
	12/31/2020		2,379,621		58.49	to		58.49		139,174,582		1.60			0.27		to	0.27			20.23		to	20.23
	12/31/2019		2,482,505		48.65	to		48.65		120,762,656		1.55			0.27		to	0.27			30.40		to	30.40

⁽¹⁾

See Footnote 1

These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the Mutual Fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the Mutual Fund in which the subaccounts invest.

These amounts represent the annualized contract expenses of the subaccount, consisting primarily of mortality and expense charges, for each period indicated. These ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the Mutual Fund have been excluded.

***

These amounts represent the total return for the periods indicated, including changes in the value of the Mutual Fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. Total returns reflect a full twelve month period and total returns for subaccounts opened during the year have not been disclosed as they may not be indicative of a full year return. Expense ratios not in effect for the full twelve months are not reflected in the total return as they may not be indicative of a full year return.

Transamerica Financial Life Insurance Company

TFLIC Separate Account B

Notes to Financial Statements

December 31, 2023

6. Administrative and Mortality and Expense Risk Charges

TFLIC deducts a daily administrative charge equal to an annual rate of 0.10% of the daily net assets value of each subaccount for administrative expenses. TFLIC also deducts an annual charge during the accumulation phase, not to exceed $25, proportionately from the subaccounts’ unit values. An annual charge of 0.17% is deducted (based on the death benefit selected) from the unit values of the subaccounts of the Separate Account for TFLIC’s assumption of certain mortality and expense risks incurred in connection with the contract. The charge is assessed daily based on the net asset value of the Mutual Fund. Charges for administrative and mortality and expense risk are an expense of the subaccount. Charges reflected above are those currently assessed and may be subject to change. Contract owners should see their actual policy and any related attachments to determine their specific charges.

7. Income Tax

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

Transamerica Financial Life Insurance Company

TFLIC Separate Account B

Notes to Financial Statements

December 31, 2023

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 N.V. TCI distributes TFLIC’s products through broker-dealers and other financial intermediaries.

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

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

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