Separate Account VA-5

FINANCIAL STATEMENTS

Transamerica Life Insurance Company

Separate Account VA-5

Years Ended December 31, 2023 and 2022

Transamerica Life Insurance Company

Separate Account VA-5

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		6

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Transamerica Life Insurance Company and the Contract Owners of Separate Account VA-5

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Separate Account VA-5 indicated in the table below as of December 31, 2023, and the related statements of operations and changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts of Separate Account VA-5 as of December 31, 2023, and the results of each of their operations and the changes in each of their net assets for each of the two years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.


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

Basis for Opinions

These financial statements are the responsibility of the Transamerica Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of Separate Account VA-5 based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the subaccounts of Separate Account VA-5 in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our procedures included confirmation of investments owned as of December 31, 2023 by correspondence with the transfer agent or investee mutual funds. 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 Separate Account VA-5 since 2014.

Transamerica Life Insurance Company

Separate Account VA-5

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
Allspring VT Discovery SMID Cap Growth Class 2 Shares		39,379.673	$	995,424	$	805,708	$	2	$	805,710		6,426	$	125.379675	$	125.379675
American Century VP Balanced Class I Shares		31,097.224		229,850		237,894		-		237,894		4,310		55.199548		55.199548
American Century VP Capital Appreciation Class I Shares		77,346.357		1,069,589		1,099,865		2		1,099,867		13,218		83.211853		83.211853
Columbia - Small Company Growth Class 1 Shares		55,971.843		840,388		652,072		-		652,072		8,412		77.520735		77.520735
Federated Hermes Fund for U.S. Government Securities II		22,634.213		245,550		211,630		-		211,630		9,739		21.729312		21.729312
Federated Hermes Managed Volatility II Primary Shares		49,197.849		498,222		443,765		(6)		443,759		373,238		1.188943		1.188943
Invesco V.I. Core Equity Series I Shares		110,732.170		3,179,801		3,243,345		1		3,243,346		1,043,218		3.108981		3.108981
Invesco V.I. High Yield Series I Shares		78,636.710		401,032		368,806		1		368,807		9,797		37.643377		37.643377
Janus Henderson - Research Institutional Shares		49,697.500		1,708,041		2,243,842		(2)		2,243,840		20,059		111.862729		111.862729
Schwab Government Money Market		625,226.290		625,226		625,226		(8)		625,218		423,760		1.475406		1.475406
VY JPMorgan Emerging Markets Equity		22,273.076		363,706		279,973		(5)		279,968		123,001		2.276150		2.276150


See accompanying notes.		2

Transamerica Life Insurance Company

Separate Account VA-5

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Allspring VT Discovery SMID Cap Growth Class 2 Shares Subaccount			American Century VP Balanced Class I Shares Subaccount			American Century VP Capital Appreciation Class I Shares Subaccount			Columbia - Small Company Growth Class 1 Shares Subaccount

Net Assets as of December 31, 2021:	$	1,184,528		$	259,297		$	1,325,171		$	818,179


Investment Income:
Reinvested Dividends		-			2,725			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		6,797			1,896			8,349			4,912

Net Investment Income (Loss)		(6,797	)		829			(8,349	)		(4,912	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		273,681			34,791			142,525			230,614
Realized Gain (Loss) on Investments		(208	)		125			4,452			(1,969	)

Net Realized Capital Gains (Losses) on Investments		273,473			34,916			146,977			228,645
Net Change in Unrealized Appreciation (Depreciation)		(716,390	)		(82,320	)		(515,183	)		(520,748	)

Net Gain (Loss) on Investment		(442,917	)		(47,404	)		(368,206	)		(292,103	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(449,714	)		(46,575	)		(376,555	)		(297,015	)


Increase (Decrease) in Net Assets from Contract Transactions		(57,738	)		-			(29,523	)		(1,167	)


Total Increase (Decrease) in Net Assets		(507,452	)		(46,575	)		(406,078	)		(298,182	)


Net Assets as of December 31, 2022:	$	677,076		$	212,722		$	919,093		$	519,997


Investment Income:
Reinvested Dividends		-			4,276			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		6,294			1,868			8,466			4,992

Net Investment Income (Loss)		(6,294	)		2,408			(8,466	)		(4,992	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			1,438			-
Realized Gain (Loss) on Investments		(1,106	)		364			726			(3,973	)

Net Realized Capital Gains (Losses) on Investments		(1,106	)		364			2,164			(3,973	)
Net Change in Unrealized Appreciation (Depreciation)		136,899			29,193			187,132			141,881

Net Gain (Loss) on Investment		135,793			29,557			189,296			137,908

Net Increase (Decrease) in Net Assets Resulting from Operations		129,499			31,965			180,830			132,916


Increase (Decrease) in Net Assets from Contract Transactions		(865	)		(6,793	)		(56	)		(841	)


Total Increase (Decrease) in Net Assets		128,634			25,172			180,774			132,075


Net Assets as of December 31, 2023:	$	805,710		$	237,894		$	1,099,867		$	652,072

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Life Insurance Company

Separate Account VA-5

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Federated Hermes Fund for U.S. Government Securities II Subaccount			Federated Hermes Managed Volatility II Primary Shares Subaccount			Invesco V.I. Core Equity Series I Shares Subaccount			Invesco V.I. High Yield Series I Shares Subaccount

Net Assets as of December 31, 2021:	$	258,574		$	517,946		$	3,595,898		$	379,517


Investment Income:
Reinvested Dividends		4,355			8,399			28,064			16,552
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,935			3,791			25,507			2,978

Net Investment Income (Loss)		2,420			4,608			2,557			13,574

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			105,296			476,943			-
Realized Gain (Loss) on Investments		(2,092	)		(1,605	)		9,362			(906	)

Net Realized Capital Gains (Losses) on Investments		(2,092	)		103,691			486,305			(906	)
Net Change in Unrealized Appreciation (Depreciation)		(34,049	)		(182,455	)		(1,249,045	)		(52,336	)

Net Gain (Loss) on Investment		(36,141	)		(78,764	)		(762,740	)		(53,242	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(33,721	)		(74,156	)		(760,183	)		(39,668	)


Increase (Decrease) in Net Assets from Contract Transactions		(10,845	)		(17,433	)		(27,301	)		5,001


Total Increase (Decrease) in Net Assets		(44,566	)		(91,589	)		(787,484	)		(34,667	)


Net Assets as of December 31, 2022:	$	214,008		$	426,357		$	2,808,414		$	344,850


Investment Income:
Reinvested Dividends		5,292			7,880			22,119			18,595
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,776			3,583			25,529			2,986

Net Investment Income (Loss)		3,516			4,297			(3,410	)		15,609

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			71,381			-
Realized Gain (Loss) on Investments		(2,702	)		(4,555	)		7,747			(840	)

Net Realized Capital Gains (Losses) on Investments		(2,702	)		(4,555	)		79,128			(840	)
Net Change in Unrealized Appreciation (Depreciation)		5,938			32,246			526,798			16,704

Net Gain (Loss) on Investment		3,236			27,691			605,926			15,864

Net Increase (Decrease) in Net Assets Resulting from Operations		6,752			31,988			602,516			31,473


Increase (Decrease) in Net Assets from Contract Transactions		(9,130	)		(14,586	)		(167,584	)		(7,516	)


Total Increase (Decrease) in Net Assets		(2,378	)		17,402			434,932			23,957


Net Assets as of December 31, 2023:	$	211,630		$	443,759		$	3,243,346		$	368,807

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Life Insurance Company

Separate Account VA-5

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Janus Henderson - Research Institutional Shares Subaccount			Schwab Government Money Market Subaccount			VY JPMorgan Emerging Markets Equity Subaccount

Net Assets as of December 31, 2021:	$	2,867,261		$	454,746		$	371,359


Investment Income:
Reinvested Dividends		15,472			6,298			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		18,552			3,745			2,396

Net Investment Income (Loss)		(3,080	)		2,553			(2,396	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		378,394			-			78,186
Realized Gain (Loss) on Investments		37,569			-			975

Net Realized Capital Gains (Losses) on Investments		415,963			-			79,161
Net Change in Unrealized Appreciation (Depreciation)		(1,279,369	)		-			(174,785	)

Net Gain (Loss) on Investment		(863,406	)		-			(95,624	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(866,486	)		2,553			(98,020	)


Increase (Decrease) in Net Assets from Contract Transactions		(48,252	)		(18,238	)		(8,997	)


Total Increase (Decrease) in Net Assets		(914,738	)		(15,685	)		(107,017	)


Net Assets as of December 31, 2022:	$	1,952,523		$	439,061		$	264,342


Investment Income:
Reinvested Dividends		3,203			25,282			5,300
Investment Expense:
Mortality and Expense Risk and Administrative Charges		18,168			4,404			2,299

Net Investment Income (Loss)		(14,965	)		20,878			3,001

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			1			-
Realized Gain (Loss) on Investments		107,439			-			(648	)

Net Realized Capital Gains (Losses) on Investments		107,439			1			(648	)
Net Change in Unrealized Appreciation (Depreciation)		657,323			-			13,274

Net Gain (Loss) on Investment		764,762			1			12,626

Net Increase (Decrease) in Net Assets Resulting from Operations		749,797			20,879			15,627


Increase (Decrease) in Net Assets from Contract Transactions		(458,480	)		165,278			(1	)


Total Increase (Decrease) in Net Assets		291,317			186,157			15,626


Net Assets as of December 31, 2023:	$	2,243,840		$	625,218		$	279,968

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Life Insurance Company

Separate Account VA-5

Notes to Financial Statements

December 31, 2023

1. Organization

Separate Account VA-5 (the Separate Account) is a segregated investment account of Transamerica Life Insurance Company (TLIC), an indirect wholly owned subsidiary of Aegon N.V., a holding company organized under the laws of the Netherlands.

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

Subaccount Investment by Mutual Fund:


Subaccount		Mutual Fund
Allspring Variable Trust:		Allspring Variable Trust:
Allspring VT Discovery SMID Cap Growth Class 2 Shares		Allspring VT Discovery SMID Cap Growth Fund Class 2 Shares
American Century Investments Variable Portfolios, Inc.:		American Century Investments Variable Portfolios, Inc.:
American Century VP Balanced Class I Shares		American Century VP Balanced Class I Shares
American Century VP Capital Appreciation Class I Shares		American Century VP Capital Appreciation Class I Shares
Columbia Funds Variable Insurance Trust:		Columbia Funds Variable Insurance Trust:
Columbia - Small Company Growth Class 1 Shares		Columbia - Small Company Growth Fund Class 1 Shares
Federated Insurance Series:		Federated Insurance Series:
Federated Hermes Fund for U.S. Government Securities II		Federated Hermes Fund for U.S. Government Securities II
Federated Hermes Managed Volatility II Primary Shares		Federated Hermes Managed Volatility II Primary Shares
AIM Variable Insurance Funds (Invesco Variable Insurance Funds):		AIM Variable Insurance Funds (Invesco Variable Insurance Funds):
Invesco V.I. Core Equity Series I Shares		Invesco V.I. Core Equity Fund Series I Shares
Invesco V.I. High Yield Series I Shares		Invesco V.I. High Yield Fund Series I Shares
Janus Aspen Series:		Janus Aspen Series:
Janus Henderson - Research Institutional Shares		Janus Henderson - Research Portfolio Institutional Shares
Schwab Annuity Portfolios:		Schwab Annuity Portfolios:
Schwab Government Money Market		Schwab Government Money Market Portfolio
Voya Investors Trust:		Voya Investors Trust:
VY JPMorgan Emerging Markets Equity		VY JPMorgan Emerging Markets Equity Portfolio

The following subaccount name changes were made effective during the fiscal year ended December 31, 2023:


Subaccount		Formerly
Allspring VT Discovery SMID Cap Growth Class 2 Shares		Allspring VT Discovery Class 2 Shares

Transamerica Life Insurance Company

Separate Account VA-5

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 Life Insurance Company

Separate Account VA-5

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

Allspring VT Discovery SMID Cap Growth Class 2 Shares	$	-	$	7,160

American Century VP Balanced Class I Shares		4,276		8,661

American Century VP Capital Appreciation Class I Shares		1,438		8,523

Columbia - Small Company Growth Class 1 Shares		-		5,833

Federated Hermes Fund for U.S. Government Securities II		5,293		10,906

Federated Hermes Managed Volatility II Primary Shares		7,880		18,169

Invesco V.I. Core Equity Series I Shares		93,500		193,112

Invesco V.I. High Yield Series I Shares		18,595		10,502

Janus Henderson - Research Institutional Shares		3,204		476,647

Schwab Government Money Market		190,538		4,374

VY JPMorgan Emerging Markets Equity		5,300		2,299

Transamerica Life Insurance Company

Separate Account VA-5

Notes to Financial Statements

4. Change in Units

The change in units outstanding were as follows:


	Year Ended December 31, 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)

Allspring VT Discovery SMID Cap Growth Class 2 Shares		-		(7	)		(7	)		-		(503	)		(503	)

American Century VP Balanced Class I Shares		-		(138	)		(138	)		-		-			-

American Century VP Capital Appreciation Class I Shares		-		-			-			-		(368	)		(368	)

Columbia - Small Company Growth Class 1 Shares		-		(11	)		(11	)		-		(18	)		(18	)

Federated Hermes Fund for U.S. Government Securities II		-		(436	)		(436	)		-		(486	)		(486	)

Federated Hermes Managed Volatility II Primary Shares		-		(13,222	)		(13,222	)		-		(15,033	)		(15,033	)

Invesco V.I. Core Equity Series I Shares		-		(61,789	)		(61,789	)		-		(9,677	)		(9,677	)

Invesco V.I. High Yield Series I Shares		-		(211	)		(211	)		776		(646	)		130

Janus Henderson - Research Institutional Shares		-		(4,721	)		(4,721	)		-		(518	)		(518	)

Schwab Government Money Market		114,258		-			114,258			-		(12,971	)		(12,971	)

VY JPMorgan Emerging Markets Equity		-		-			-			-		(3,975	)		(3,975	)

Transamerica Life Insurance Company

Separate Account VA-5

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)

Allspring VT Discovery SMID Cap Growth Class 2 Shares	$	-	$	(865)		$	(865)		$	-	$	(57,738)		$	(57,738)

American Century VP Balanced Class I Shares		-		(6,793	)		(6,793	)		-		-			-

American Century VP Capital Appreciation Class I Shares		-		(56	)		(56	)		-		(29,523	)		(29,523	)

Columbia - Small Company Growth Class 1 Shares		-		(841	)		(841	)		-		(1,167	)		(1,167	)

Federated Hermes Fund for U.S. Government Securities II		-		(9,130	)		(9,130	)		-		(10,845	)		(10,845	)

Federated Hermes Managed Volatility II Primary Shares		-		(14,586	)		(14,586	)		-		(17,433	)		(17,433	)

Invesco V.I. Core Equity Series I Shares		-		(167,584	)		(167,584	)		-		(27,301	)		(27,301	)

Invesco V.I. High Yield Series I Shares		-		(7,516	)		(7,516	)		28,110		(23,109	)		5,001

Janus Henderson - Research Institutional Shares		-		(458,480	)		(458,480	)		-		(48,252	)		(48,252	)

Schwab Government Money Market		165,287		(9	)		165,278			-		(18,238	)		(18,238	)

VY JPMorgan Emerging Markets Equity		-		(1	)		(1	)		-		(8,997	)		(8,997	)

Transamerica Life Insurance Company

Separate Account VA-5

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**

Allspring VT Discovery SMID Cap Growth Class 2 Shares
	12/31/2023		6,426	$	125.38	to	$	125.38	$	805,710		-	%		0.85	%	to	0.85	%		19.13	%	to	19.13	%
	12/31/2022		6,433		105.24	to		105.24		677,076		-			0.85		to	0.85			(38.37	)	to	(38.37	)
	12/31/2021		6,936		170.77	to		170.77		1,184,528		-			0.85		to	0.85			(5.84	)	to	(5.84	)
	12/31/2020		6,946		181.37	to		181.37		1,259,746		-			0.85		to	0.85			61.28		to	61.28
	12/31/2019		6,954		112.46	to		112.46		782,046		-			0.85		to	0.85			37.85		to	37.85
American Century VP Balanced Class I Shares
	12/31/2023		4,310		55.20	to		55.20		237,894		1.93			0.85		to	0.85			15.43		to	15.43
	12/31/2022		4,448		47.82	to		47.82		212,722		1.21			0.85		to	0.85			(17.96	)	to	(17.96	)
	12/31/2021		4,448		58.29	to		58.29		259,297		0.72			0.85		to	0.85			14.79		to	14.79
	12/31/2020		4,448		50.78	to		50.78		225,880		1.18			0.85		to	0.85			11.58		to	11.58
	12/31/2019		4,448		45.51	to		45.51		202,440		1.44			0.85		to	0.85			18.84		to	18.84
American Century VP Capital Appreciation Class I Shares
	12/31/2023		13,218		83.21	to		83.21		1,099,867		-			0.85		to	0.85			19.68		to	19.68
	12/31/2022		13,218		69.53	to		69.53		919,093		-			0.85		to	0.85			(28.72	)	to	(28.72	)
	12/31/2021		13,586		97.54	to		97.54		1,325,171		-			0.85		to	0.85			10.22		to	10.22
	12/31/2020		13,586		88.50	to		88.50		1,202,341		-			0.85		to	0.85			41.26		to	41.26
	12/31/2019		13,578		62.65	to		62.65		850,700		-			0.85		to	0.85			34.42		to	34.42
Columbia - Small Company Growth Class 1 Shares
	12/31/2023		8,412		77.52	to		77.52		652,072		-			0.85		to	0.85			25.57		to	25.57
	12/31/2022		8,423		61.74	to		61.74		519,997		-			0.85		to	0.85			(36.31	)	to	(36.31	)
	12/31/2021		8,441		96.93	to		96.93		818,179		-			0.85		to	0.85			(3.72	)	to	(3.72	)
	12/31/2020		8,454		100.67	to		100.67		851,089		-			0.85		to	0.85			69.68		to	69.68
	12/31/2019		8,799		59.33	to		59.33		522,073		-			0.85		to	0.85			39.51		to	39.51
Federated Hermes Fund for U.S. Government Securities II
	12/31/2023		9,739		21.73	to		21.73		211,630		2.52			0.85		to	0.85			3.31		to	3.31
	12/31/2022		10,175		21.03	to		21.03		214,008		1.90			0.85		to	0.85			(13.28	)	to	(13.28	)
	12/31/2021		10,661		24.25	to		24.25		258,574		2.02			0.85		to	0.85			(2.87	)	to	(2.87	)
	12/31/2020		10,661		24.97	to		24.97		266,216		2.10			0.85		to	0.85			4.33		to	4.33
	12/31/2019		8,744		23.94	to		23.94		209,307		2.35			0.85		to	0.85			5.01		to	5.01
Federated Hermes Managed Volatility II Primary Shares
	12/31/2023		373,238		1.19	to		1.19		443,759		1.86			0.85		to	0.85			7.77		to	7.77
	12/31/2022		386,460		1.10	to		1.10		426,357		1.87			0.85		to	0.85			(14.48	)	to	(14.48	)
	12/31/2021		401,493		1.29	to		1.29		517,946		1.77			0.85		to	0.85			17.51		to	17.51
	12/31/2020		412,741		1.10	to		1.10		453,108		2.56			0.85		to	0.85			0.08		to	0.08
	12/31/2019		425,299		1.10	to		1.10		466,519		2.07			0.85		to	0.85			19.21		to	19.21
Invesco V.I. Core Equity Series I Shares
	12/31/2023		1,043,218		3.11	to		3.11		3,243,346		0.73			0.85		to	0.85			22.33		to	22.33
	12/31/2022		1,105,007		2.54	to		2.54		2,808,414		0.93			0.85		to	0.85			(21.22	)	to	(21.22	)
	12/31/2021		1,114,684		3.23	to		3.23		3,595,898		0.67			0.85		to	0.85			26.66		to	26.66
	12/31/2020		1,115,421		2.55	to		2.55		2,840,829		1.38			0.85		to	0.85			12.89		to	12.89
	12/31/2019		1,115,983		2.26	to		2.26		2,517,710		0.95			0.85		to	0.85			27.88		to	27.88
Invesco V.I. High Yield Series I Shares
	12/31/2023		9,797		37.64	to		37.64		368,807		5.26			0.85		to	0.85			9.25		to	9.25
	12/31/2022		10,008		34.46	to		34.46		344,850		4.70			0.85		to	0.85			(10.32	)	to	(10.32	)
	12/31/2021		9,878		38.42	to		38.42		379,517		4.78			0.85		to	0.85			3.50		to	3.50
	12/31/2020		9,879		37.12	to		37.12		366,703		6.05			0.85		to	0.85			2.45		to	2.45
	12/31/2019		9,879		36.23	to		36.23		357,944		5.86			0.85		to	0.85			12.55		to	12.55

Transamerica Life Insurance Company

Separate Account VA-5

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**

Janus Henderson - Research Institutional Shares
	12/31/2023		20,059	$	111.86	to	$	111.86	$	2,243,840		0.15	%		0.85	%	to	0.85	%		41.97	%	to	41.97	%
	12/31/2022		24,780		78.79	to		78.79		1,952,523		0.71			0.85		to	0.85			(30.48	)	to	(30.48	)
	12/31/2021		25,298		113.34	to		113.34		2,867,261		0.10			0.85		to	0.85			19.32		to	19.32
	12/31/2020		25,108		94.99	to		94.99		2,385,053		0.54			0.85		to	0.85			31.83		to	31.83
	12/31/2019		25,161		72.05	to		72.05		1,812,917		0.46			0.85		to	0.85			34.38		to	34.38
Schwab Government Money Market
	12/31/2023		423,760		1.48	to		1.48		625,218		4.82			0.85		to	0.85			4.00		to	4.00
	12/31/2022		309,502		1.42	to		1.42		439,061		1.42			0.85		to	0.85			0.60		to	0.60
	12/31/2021		322,473		1.41	to		1.41		454,746		0.06			0.85		to	0.85			(0.78	)	to	(0.78	)
	12/31/2020		322,473		1.42	to		1.42		458,334		0.46			0.85		to	0.85			(0.56	)	to	(0.56	)
	12/31/2019		677,460		1.43	to		1.43		968,333		1.89			0.85		to	0.85			1.05		to	1.05
VY JPMorgan Emerging Markets Equity
	12/31/2023		123,001		2.28	to		2.28		279,968		1.95			0.85		to	0.85			5.91		to	5.91
	12/31/2022		123,001		2.15	to		2.15		264,342		-			0.85		to	0.85			(26.52	)	to	(26.52	)
	12/31/2021		126,976		2.92	to		2.92		371,359		-			0.85		to	0.85			(10.60	)	to	(10.60	)
	12/31/2020		135,096		3.27	to		3.27		441,975		0.59			0.85		to	0.85			32.61		to	32.61
	12/31/2019		145,124		2.47	to		2.47		358,017		0.14			0.85		to	0.85			31.00		to	31.00

⁽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 Life Insurance Company

Separate Account VA-5

Notes to Financial Statements

December 31, 2023

6. Administrative and Mortality and Expense Risk Charges

TLIC deducts an annual charge during the accumulation phase, not to exceed $25, proportionately from the subaccounts’ unit values. An annual charge of 0.85% is deducted from the unit values of the subaccounts of the Separate Account for TLIC’s assumption of certain mortality and expense risks incurred in connection with the contract. The charge is assessed daily based on the net asset value of the Mutual Fund. Charges for administrative and mortality and expense risk are an expense of the subaccount. Charges reflected above are those currently assessed and may be subject to change. Contract owners should see their actual policy and any related attachments to determine their specific charges.

7. Income Tax

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

Transamerica Life Insurance Company

Separate Account VA-5

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 TLIC and an indirect wholly owned subsidiary of Aegon N.V. TCI distributes TLIC’s products through broker-dealers and other financial intermediaries.

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

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