TFLIC Separate Account C

FINANCIAL STATEMENTS

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

Years Ended December 31, 2023 and 2022

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

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		4
Notes to Financial Statements		13

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 C

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of TFLIC Separate Account C 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 TFLIC Separate Account C 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.


BNY Mellon Sustainable U.S. Equity Initial Shares		Fidelity® VIP Equity-Income Initial Class
BNY Mellon VIF Growth and Income Initial Shares		Fidelity® VIP Government Money Market Initial Class
Calvert VP EAFE International Index Class I Shares		Fidelity® VIP Growth Initial Class
Calvert VP SRI Balanced		NVIT Emerging Markets Class D Shares
Calvert VP SRI Mid Cap		T. Rowe Price All-Cap Opportunities
Columbia - Small Company Growth Class 1 Shares		T. Rowe Price Equity Income Service Class
DFA VA Global Bond		T. Rowe Price International Stock
DFA VA International Small		TA BlackRock Government Money Market Initial Class
DFA VA International Value		TA BlackRock Real Estate Securities Initial Class
DFA VA Short-Term Fixed		TA JPMorgan Enhanced Index Initial Class
DFA VA U.S. Large Value		TA Multi-Managed Balanced Initial Class
DFA VA U.S. Targeted Value		TA Small/Mid Cap Value Initial Class
Federated Hermes Fund for U.S. Government Securities II		TA TS&W International Equity Initial Class
Federated Hermes Government Money II Service Shares		TA WMC US Growth Initial Class
Federated Hermes High Income Bond II Primary Shares		Wanger Acorn
Federated Hermes Managed Volatility II Primary Shares		Wanger International
Fidelity® VIP Asset Manager Initial Class

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 C 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 C 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, the transfer agents or the 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 TFLIC Separate Account C since 2014.

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

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
BNY Mellon Sustainable U.S. Equity Initial Shares		0.193	$	7	$	9	$	(9)	$	-		-	$	46.846459	$	46.846459
BNY Mellon VIF Growth and Income Initial Shares		1,241.729		34,774		40,133		1		40,134		739		54.328448		54.328448
Calvert VP EAFE International Index Class I Shares		0.031		3		3		(3)		-		-		1.595229		1.595229
Calvert VP SRI Balanced		48,673.251		100,417		115,356		(16)		115,340		3,315		34.791665		34.791665
Calvert VP SRI Mid Cap		3,031.615		75,898		77,215		(1)		77,214		1,819		42.438114		42.438114
Columbia - Small Company Growth Class 1 Shares		-		-		-		-		-		-		62.085507		62.085507
DFA VA Global Bond		12,293.337		130,198		119,368		-		119,368		5,651		21.122743		21.122743
DFA VA International Small		481.922		5,529		5,725		(23)		5,702		117		48.869014		48.869014
DFA VA International Value		5,388.841		57,327		73,342		-		73,342		1,732		42.356891		42.356891
DFA VA Short-Term Fixed		3,634.774		37,129		36,457		1		36,458		2,331		15.640421		15.640421
DFA VA U.S. Large Value		1,475.443		40,370		48,011		3		48,014		675		71.150538		71.150538
DFA VA U.S. Targeted Value		630.618		13,204		14,252		-		14,252		117		121.771384		121.771384
Federated Hermes Fund for U.S. Government Securities II		669.774		6,902		6,262		(6)		6,256		310		20.196477		20.196477
Federated Hermes Government Money II Service Shares		16,030.360		16,030		16,030		6		16,036		1,160		13.822699		13.822699
Federated Hermes High Income Bond II Primary Shares		15,342.590		96,524		86,839		(11)		86,828		2,352		36.910474		36.910474
Federated Hermes Managed Volatility II Primary Shares		2,407.007		24,241		21,711		(11)		21,700		708		30.658021		30.658021
Fidelity^® VIP Asset Manager Initial Class		824.400		12,722		12,894		(4)		12,890		411		31.354374		31.354374
Fidelity^® VIP Equity-Income Initial Class		829.087		18,822		20,603		(2)		20,601		430		47.872911		47.872911
Fidelity^® VIP Government Money Market Initial Class		31,922.640		31,923		31,923		3		31,926		2,636		12.111089		12.111089
Fidelity^® VIP Growth Initial Class		347.660		23,523		32,367		19		32,386		383		84.584987		84.584987
NVIT Emerging Markets Class D Shares		593.674		6,062		6,133		(1)		6,132		564		10.872531		10.872531
T. Rowe Price All-Cap Opportunities		941.937		28,045		32,403		(1)		32,402		389		83.202531		83.202531
T. Rowe Price Equity Income Service Class		1,319.195		32,018		36,621		(1)		36,620		707		51.772028		51.772028
T. Rowe Price International Stock		2,054.393		29,552		30,836		10		30,846		1,391		22.170110		22.170110
TA BlackRock Government Money Market Initial Class		3.520		4		4		(4)		-		-		0.959321		0.959321
TA BlackRock Real Estate Securities Initial Class		3,563.892		36,282		34,641		-		34,641		699		49.592504		49.592504
TA JPMorgan Enhanced Index Initial Class		5,629.642		120,433		134,605		(6)		134,599		2,166		62.146216		62.146216
TA Multi-Managed Balanced Initial Class		10,751.555		149,463		165,251		-		165,251		52,906		3.123462		3.123462
TA Small/Mid Cap Value Initial Class		1,800.881		35,529		34,145		-		34,145		287		119.081595		119.081595
TA TS&W International Equity Initial Class		2,126.501		27,475		30,728		7		30,735		1,306		23.535977		23.535977
TA WMC US Growth Initial Class		420.519		13,727		15,076		-		15,076		332		45.475739		45.475739
Wanger Acorn		3,403.654		60,546		45,371		2		45,373		492		92.214778		92.214778
Wanger International		8,430.951		230,190		171,823		(1)		171,822		2,405		71.452661		71.452661


See accompanying notes.		2

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

Statements of Assets and Liabilities

December 31, 2023


Subaccount	Net Assets Representing: Accumulation Units		Net Assets Representing: Contracts in Payout (Annuitization) Period		Total Net Assets
BNY Mellon Sustainable U.S. Equity Initial Shares	$	-	$	-	$	-
BNY Mellon VIF Growth and Income Initial Shares		40,134		-		40,134
Calvert VP EAFE International Index Class I Shares		-		-		-
Calvert VP SRI Balanced		115,340		-		115,340
Calvert VP SRI Mid Cap		77,214		-		77,214
Columbia - Small Company Growth Class 1 Shares		-		-		-
DFA VA Global Bond		119,368		-		119,368
DFA VA International Small		5,702		-		5,702
DFA VA International Value		73,342		-		73,342
DFA VA Short-Term Fixed		36,458		-		36,458
DFA VA U.S. Large Value		48,014		-		48,014
DFA VA U.S. Targeted Value		14,252		-		14,252
Federated Hermes Fund for U.S. Government Securities II		6,256		-		6,256
Federated Hermes Government Money II Service Shares		15,367		669		16,036
Federated Hermes High Income Bond II Primary Shares		86,828		-		86,828
Federated Hermes Managed Volatility II Primary Shares		21,700		-		21,700
Fidelity^® VIP Asset Manager Initial Class		12,890		-		12,890
Fidelity^® VIP Equity-Income Initial Class		20,601		-		20,601
Fidelity^® VIP Government Money Market Initial Class		31,926		-		31,926
Fidelity^® VIP Growth Initial Class		32,386		-		32,386
NVIT Emerging Markets Class D Shares		6,132		-		6,132
T. Rowe Price All-Cap Opportunities		32,402		-		32,402
T. Rowe Price Equity Income Service Class		36,620		-		36,620
T. Rowe Price International Stock		30,846		-		30,846
TA BlackRock Government Money Market Initial Class		-		-		-
TA BlackRock Real Estate Securities Initial Class		34,641		-		34,641
TA JPMorgan Enhanced Index Initial Class		134,599		-		134,599
TA Multi-Managed Balanced Initial Class		156,150		9,101		165,251
TA Small/Mid Cap Value Initial Class		19,000		15,145		34,145
TA TS&W International Equity Initial Class		30,735		-		30,735
TA WMC US Growth Initial Class		7,978		7,098		15,076
Wanger Acorn		36,752		8,621		45,373
Wanger International		171,822		-		171,822


See accompanying notes.		3

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	BNY Mellon Sustainable U.S. Equity Initial Shares Subaccount			BNY Mellon VIF Growth and Income Initial Shares Subaccount			Calvert VP EAFE International Index Class I Shares Subaccount			Calvert VP SRI Balanced Subaccount

Net Assets as of December 31, 2021:	$	70,574		$	38,258		$	46,246		$	195,448


Investment Income:
Reinvested Dividends		304			268			1,396			2,086
Investment Expense:
Mortality and Expense Risk and Administrative Charges		812			464			547			2,381

Net Investment Income (Loss)		(508	)		(196	)		849			(295	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		4,162			6,641			-			16,545
Realized Gain (Loss) on Investments		264			139			95			619

Net Realized Capital Gains (Losses) on Investments		4,426			6,780			95			17,164
Net Change in Unrealized Appreciation (Depreciation)		(20,812	)		(12,701	)		(8,232	)		(49,277	)

Net Gain (Loss) on Investment		(16,386	)		(5,921	)		(8,137	)		(32,113	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(16,894	)		(6,117	)		(7,288	)		(32,408	)


Increase (Decrease) in Net Assets from Contract Transactions		(5	)		(10	)		(5	)		(22	)


Total Increase (Decrease) in Net Assets		(16,899	)		(6,127	)		(7,293	)		(32,430	)


Net Assets as of December 31, 2022:	$	53,675		$	32,131		$	38,953		$	163,018


Investment Income:
Reinvested Dividends		425			239			-			1,718
Investment Expense:
Mortality and Expense Risk and Administrative Charges		264			502			197			1,782

Net Investment Income (Loss)		161			(263	)		(197	)		(64	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		6,829			3,842			-			412
Realized Gain (Loss) on Investments		4,464			133			8,493			12,714

Net Realized Capital Gains (Losses) on Investments		11,293			3,975			8,493			13,126
Net Change in Unrealized Appreciation (Depreciation)		(8,362	)		4,300			(4,318	)		5,201

Net Gain (Loss) on Investment		2,931			8,275			4,175			18,327

Net Increase (Decrease) in Net Assets Resulting from Operations		3,092			8,012			3,978			18,263


Increase (Decrease) in Net Assets from Contract Transactions		(56,767	)		(9	)		(42,931	)		(65,941	)


Total Increase (Decrease) in Net Assets		(53,675	)		8,003			(38,953	)		(47,678	)


Net Assets as of December 31, 2023:	$	-		$	40,134		$	-		$	115,340

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Calvert VP SRI Mid Cap Subaccount			Columbia - Small Company Growth Class 1 Shares Subaccount		DFA VA Global Bond Subaccount			DFA VA International Small Subaccount

Net Assets as of December 31, 2021:	$	216,030		$	-	$	122,936		$	6,153


Investment Income:
Reinvested Dividends		-			-		1,862			133
Investment Expense:
Mortality and Expense Risk and Administrative Charges		2,514			-		752			34

Net Investment Income (Loss)		(2,514	)		-		1,110			99

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		37,925			-		-			90
Realized Gain (Loss) on Investments		(70	)		-		(60	)		12

Net Realized Capital Gains (Losses) on Investments		37,855			-		(60	)		102
Net Change in Unrealized Appreciation (Depreciation)		(79,835	)		-		(9,577	)		(1,325	)

Net Gain (Loss) on Investment		(41,980	)		-		(9,637	)		(1,223	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(44,494	)		-		(8,527	)		(1,124	)


Increase (Decrease) in Net Assets from Contract Transactions		(25	)		-		(24	)		3


Total Increase (Decrease) in Net Assets		(44,519	)		-		(8,551	)		(1,121	)


Net Assets as of December 31, 2022:	$	171,511		$	-	$	114,385		$	5,032


Investment Income:
Reinvested Dividends		141			-		4,666			170
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,514			-		754			34

Net Investment Income (Loss)		(1,373	)		-		3,912			136

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-		-			-
Realized Gain (Loss) on Investments		(32,360	)		-		(67	)		11

Net Realized Capital Gains (Losses) on Investments		(32,360	)		-		(67	)		11
Net Change in Unrealized Appreciation (Depreciation)		45,726			-		1,161			528

Net Gain (Loss) on Investment		13,366			-		1,094			539

Net Increase (Decrease) in Net Assets Resulting from Operations		11,993			-		5,006			675


Increase (Decrease) in Net Assets from Contract Transactions		(106,290	)		-		(23	)		(5	)


Total Increase (Decrease) in Net Assets		(94,297	)		-		4,983			670


Net Assets as of December 31, 2023:	$	77,214		$	-	$	119,368		$	5,702

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	DFA VA International Value Subaccount			DFA VA Short-Term Fixed Subaccount			DFA VA U.S. Large Value Subaccount			DFA VA U.S. Targeted Value Subaccount

Net Assets as of December 31, 2021:	$	65,326		$	35,605		$	46,118		$	362,360


Investment Income:
Reinvested Dividends		2,458			459			982			4,581
Investment Expense:
Mortality and Expense Risk and Administrative Charges		401			226			282			2,229

Net Investment Income (Loss)		2,057			233			700			2,352

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		683			-			531			27,132
Realized Gain (Loss) on Investments		96			(3	)		68			445

Net Realized Capital Gains (Losses) on Investments		779			(3	)		599			27,577
Net Change in Unrealized Appreciation (Depreciation)		(5,500	)		(867	)		(3,831	)		(47,435	)

Net Gain (Loss) on Investment		(4,721	)		(870	)		(3,232	)		(19,858	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(2,664	)		(637	)		(2,532	)		(17,506	)


Increase (Decrease) in Net Assets from Contract Transactions		(15	)		(8	)		(10	)		(24	)


Total Increase (Decrease) in Net Assets		(2,679	)		(645	)		(2,542	)		(17,530	)


Net Assets as of December 31, 2022:	$	62,647		$	34,960		$	43,576		$	344,830


Investment Income:
Reinvested Dividends		3,322			1,377			1,030			203
Investment Expense:
Mortality and Expense Risk and Administrative Charges		441			230			287			435

Net Investment Income (Loss)		2,881			1,147			743			(232	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		663			-			628			902
Realized Gain (Loss) on Investments		122			(1	)		67			82,735

Net Realized Capital Gains (Losses) on Investments		785			(1	)		695			83,637
Net Change in Unrealized Appreciation (Depreciation)		7,045			360			3,009			(54,881	)

Net Gain (Loss) on Investment		7,830			359			3,704			28,756

Net Increase (Decrease) in Net Assets Resulting from Operations		10,711			1,506			4,447			28,524


Increase (Decrease) in Net Assets from Contract Transactions		(16	)		(8	)		(9	)		(359,102	)


Total Increase (Decrease) in Net Assets		10,695			1,498			4,438			(330,578	)


Net Assets as of December 31, 2023:	$	73,342		$	36,458		$	48,014		$	14,252

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

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 Government Money II Service Shares Subaccount			Federated Hermes High Income Bond II Primary Shares Subaccount			Federated Hermes Managed Volatility II Primary Shares Subaccount

Net Assets as of December 31, 2021:	$	213,836		$	19,136		$	88,483		$	24,775


Investment Income:
Reinvested Dividends		3,603			208			4,435			409
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,264			119			520			142

Net Investment Income (Loss)		2,339			89			3,915			267

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			-			5,128
Realized Gain (Loss) on Investments		(171	)		-			(98	)		6

Net Realized Capital Gains (Losses) on Investments		(171	)		-			(98	)		5,134
Net Change in Unrealized Appreciation (Depreciation)		(30,208	)		-			(14,743	)		(8,947	)

Net Gain (Loss) on Investment		(30,379	)		-			(14,841	)		(3,813	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(28,040	)		89			(10,926	)		(3,546	)


Increase (Decrease) in Net Assets from Contract Transactions		(12	)		(1,231	)		(12	)		(22	)


Total Increase (Decrease) in Net Assets		(28,052	)		(1,142	)		(10,938	)		(3,568	)


Net Assets as of December 31, 2022:	$	185,784		$	17,994		$	77,545		$	21,207


Investment Income:
Reinvested Dividends		152			776			4,682			399
Investment Expense:
Mortality and Expense Risk and Administrative Charges		222			113			525			137

Net Investment Income (Loss)		(70	)		663			4,157			262

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			-			-
Realized Gain (Loss) on Investments		(36,415	)		-			(128	)		(86	)

Net Realized Capital Gains (Losses) on Investments		(36,415	)		-			(128	)		(86	)
Net Change in Unrealized Appreciation (Depreciation)		36,910			-			5,268			1,424

Net Gain (Loss) on Investment		495			-			5,140			1,338

Net Increase (Decrease) in Net Assets Resulting from Operations		425			663			9,297			1,600


Increase (Decrease) in Net Assets from Contract Transactions		(179,953	)		(2,621	)		(14	)		(1,107	)


Total Increase (Decrease) in Net Assets		(179,528	)		(1,958	)		9,283			493


Net Assets as of December 31, 2023:	$	6,256		$	16,036		$	86,828		$	21,700

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Fidelity^® VIP Asset Manager Initial Class Subaccount			Fidelity^® VIP Equity-Income Initial Class Subaccount			Fidelity^® VIP Government Money Market Initial Class Subaccount			Fidelity^® VIP Growth Initial Class Subaccount

Net Assets as of December 31, 2021:	$	13,802		$	20,151		$	30,866		$	32,371


Investment Income:
Reinvested Dividends		255			363			439			163
Investment Expense:
Mortality and Expense Risk and Administrative Charges		169			262			426			368

Net Investment Income (Loss)		86			101			13			(205	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		803			636			-			1,963
Realized Gain (Loss) on Investments		(1	)		20			-			179

Net Realized Capital Gains (Losses) on Investments		802			656			-			2,142
Net Change in Unrealized Appreciation (Depreciation)		(3,113	)		(2,020	)		-			(10,186	)

Net Gain (Loss) on Investment		(2,311	)		(1,364	)		-			(8,044	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(2,225	)		(1,263	)		13			(8,249	)


Increase (Decrease) in Net Assets from Contract Transactions		(1	)		(5	)		(9	)		(12	)


Total Increase (Decrease) in Net Assets		(2,226	)		(1,268	)		4			(8,261	)


Net Assets as of December 31, 2022:	$	11,576		$	18,883		$	30,870		$	24,110


Investment Income:
Reinvested Dividends		290			379			1,499			37
Investment Expense:
Mortality and Expense Risk and Administrative Charges		168			267			434			389

Net Investment Income (Loss)		122			112			1,065			(352	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		129			569			-			1,342
Realized Gain (Loss) on Investments		(6	)		17			-			195

Net Realized Capital Gains (Losses) on Investments		123			586			-			1,537
Net Change in Unrealized Appreciation (Depreciation)		1,073			1,026			-			7,092

Net Gain (Loss) on Investment		1,196			1,612			-			8,629

Net Increase (Decrease) in Net Assets Resulting from Operations		1,318			1,724			1,065			8,277


Increase (Decrease) in Net Assets from Contract Transactions		(4	)		(6	)		(9	)		(1	)


Total Increase (Decrease) in Net Assets		1,314			1,718			1,056			8,276


Net Assets as of December 31, 2023:	$	12,890		$	20,601		$	31,926		$	32,386

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	NVIT Emerging Markets Class D Shares Subaccount			T. Rowe Price All-Cap Opportunities Subaccount			T. Rowe Price Equity Income Service Class Subaccount			T. Rowe Price International Stock Subaccount

Net Assets as of December 31, 2021:	$	7,981		$	32,929		$	35,579		$	32,427


Investment Income:
Reinvested Dividends		11			-			644			217
Investment Expense:
Mortality and Expense Risk and Administrative Charges		42			380			475			384

Net Investment Income (Loss)		(31	)		(380	)		169			(167	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			1,417			1,753			656
Realized Gain (Loss) on Investments		4			96			145			(7	)

Net Realized Capital Gains (Losses) on Investments		4			1,513			1,898			649
Net Change in Unrealized Appreciation (Depreciation)		(2,006	)		(8,572	)		(3,730	)		(5,985	)

Net Gain (Loss) on Investment		(2,002	)		(7,059	)		(1,832	)		(5,336	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(2,033	)		(7,439	)		(1,663	)		(5,503	)


Increase (Decrease) in Net Assets from Contract Transactions		(1	)		(8	)		(9	)		(9	)


Total Increase (Decrease) in Net Assets		(2,034	)		(7,447	)		(1,672	)		(5,512	)


Net Assets as of December 31, 2022:	$	5,947		$	25,482		$	33,907		$	26,915


Investment Income:
Reinvested Dividends		87			74			720			293
Investment Expense:
Mortality and Expense Risk and Administrative Charges		39			400			474			402

Net Investment Income (Loss)		48			(326	)		246			(109	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			2,134			1,490			-
Realized Gain (Loss) on Investments		1			104			121			4

Net Realized Capital Gains (Losses) on Investments		1			2,238			1,611			4
Net Change in Unrealized Appreciation (Depreciation)		137			5,015			866			4,043

Net Gain (Loss) on Investment		138			7,253			2,477			4,047

Net Increase (Decrease) in Net Assets Resulting from Operations		186			6,927			2,723			3,938


Increase (Decrease) in Net Assets from Contract Transactions		(1	)		(7	)		(10	)		(7	)


Total Increase (Decrease) in Net Assets		185			6,920			2,713			3,931


Net Assets as of December 31, 2023:	$	6,132		$	32,402		$	36,620		$	30,846

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	TA BlackRock Government Money Market Initial Class Subaccount			TA BlackRock Real Estate Securities Initial Class Subaccount			TA JPMorgan Enhanced Index Initial Class Subaccount			TA Multi-Managed Balanced Initial Class Subaccount

Net Assets as of December 31, 2021:	$	1,922		$	43,133		$	162,736		$	185,561


Investment Income:
Reinvested Dividends		27			1,223			953			1,806
Investment Expense:
Mortality and Expense Risk and Administrative Charges		26			228			910			1,020

Net Investment Income (Loss)		1			995			43			786

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			16,813			17,916
Realized Gain (Loss) on Investments		-			18			134			1,151

Net Realized Capital Gains (Losses) on Investments		-			18			16,947			19,067
Net Change in Unrealized Appreciation (Depreciation)		-			(13,371	)		(47,709	)		(50,424	)

Net Gain (Loss) on Investment		-			(13,353	)		(30,762	)		(31,357	)

Net Increase (Decrease) in Net Assets Resulting from Operations		1			(12,358	)		(30,719	)		(30,571	)


Increase (Decrease) in Net Assets from Contract Transactions		(1	)		(5	)		(19	)		(13,677	)


Total Increase (Decrease) in Net Assets		-			(12,363	)		(30,738	)		(44,248	)


Net Assets as of December 31, 2022:	$	1,922		$	30,770		$	131,998		$	141,313


Investment Income:
Reinvested Dividends		28			1,890			986			2,431
Investment Expense:
Mortality and Expense Risk and Administrative Charges		9			203			801			985

Net Investment Income (Loss)		19			1,687			185			1,446

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			5,673			5,137
Realized Gain (Loss) on Investments		-			(16	)		(585	)		69

Net Realized Capital Gains (Losses) on Investments		-			(16	)		5,088			5,206
Net Change in Unrealized Appreciation (Depreciation)		-			2,204			24,230			18,663

Net Gain (Loss) on Investment		-			2,188			29,318			23,869

Net Increase (Decrease) in Net Assets Resulting from Operations		19			3,875			29,503			25,315


Increase (Decrease) in Net Assets from Contract Transactions		(1,941	)		(4	)		(26,902	)		(1,377	)


Total Increase (Decrease) in Net Assets		(1,922	)		3,871			2,601			23,938


Net Assets as of December 31, 2023:	$	-		$	34,641		$	134,599		$	165,251

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	TA Small/Mid Cap Value Initial Class Subaccount			TA TS&W International Equity Initial Class Subaccount			TA WMC US Growth Initial Class Subaccount			Wanger Acorn Subaccount

Net Assets as of December 31, 2021:	$	64,682		$	31,508		$	28,119		$	73,934


Investment Income:
Reinvested Dividends		241			922			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		330			175			119			320

Net Investment Income (Loss)		(89	)		747			(119	)		(320	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		6,203			1,089			2,359			18,576
Realized Gain (Loss) on Investments		1,311			17			878			(11,061	)

Net Realized Capital Gains (Losses) on Investments		7,514			1,106			3,237			7,515
Net Change in Unrealized Appreciation (Depreciation)		(12,595	)		(6,562	)		(11,148	)		(31,509	)

Net Gain (Loss) on Investment		(5,081	)		(5,456	)		(7,911	)		(23,994	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(5,170	)		(4,709	)		(8,030	)		(24,314	)


Increase (Decrease) in Net Assets from Contract Transactions		(22,810	)		(6	)		(8,714	)		(11,220	)


Total Increase (Decrease) in Net Assets		(27,980	)		(4,715	)		(16,744	)		(35,534	)


Net Assets as of December 31, 2022:	$	36,702		$	26,793		$	11,375		$	38,400


Investment Income:
Reinvested Dividends		388			314			5			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		233			186			87			272

Net Investment Income (Loss)		155			128			(82	)		(272	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		3,571			-			383			-
Realized Gain (Loss) on Investments		(186	)		20			(299	)		(1,899	)

Net Realized Capital Gains (Losses) on Investments		3,385			20			84			(1,899	)
Net Change in Unrealized Appreciation (Depreciation)		293			3,797			4,609			10,192

Net Gain (Loss) on Investment		3,678			3,817			4,693			8,293

Net Increase (Decrease) in Net Assets Resulting from Operations		3,833			3,945			4,611			8,021


Increase (Decrease) in Net Assets from Contract Transactions		(6,390	)		(3	)		(910	)		(1,048	)


Total Increase (Decrease) in Net Assets		(2,557	)		3,942			3,701			6,973


Net Assets as of December 31, 2023:	$	34,145		$	30,735		$	15,076		$	45,373

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Wanger International Subaccount

Net Assets as of December 31, 2021:	$	228,417


Investment Income:
Reinvested Dividends		1,481
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,051

Net Investment Income (Loss)		430

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		29,291
Realized Gain (Loss) on Investments		(624	)

Net Realized Capital Gains (Losses) on Investments		28,667
Net Change in Unrealized Appreciation (Depreciation)		(107,378	)

Net Gain (Loss) on Investment		(78,711	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(78,281	)


Increase (Decrease) in Net Assets from Contract Transactions		(41	)


Total Increase (Decrease) in Net Assets		(78,322	)


Net Assets as of December 31, 2022:	$	150,095


Investment Income:
Reinvested Dividends		518
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,041

Net Investment Income (Loss)		(523	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-
Realized Gain (Loss) on Investments		(2,548	)

Net Realized Capital Gains (Losses) on Investments		(2,548	)
Net Change in Unrealized Appreciation (Depreciation)		27,064

Net Gain (Loss) on Investment		24,516

Net Increase (Decrease) in Net Assets Resulting from Operations		23,993


Increase (Decrease) in Net Assets from Contract Transactions		(2,266	)


Total Increase (Decrease) in Net Assets		21,727


Net Assets as of December 31, 2023:	$	171,822

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

Notes to Financial Statements

December 31, 2023

1. Organization

TFLIC Separate Account C (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 Advisor’s Edge^SM Variable Annuity (NY), Prism^SM Variable Annuity (NY), and Marquee^SM Variable Annuity (NY).

Subaccount Investment by Mutual Fund:


Subaccount		Mutual Fund
BNY Mellon Funds		BNY Mellon Funds
BNY Mellon Sustainable U.S. Equity Initial Shares		BNY Mellon Sustainable U.S. Equity Initial Shares
BNY Mellon VIF Growth and Income Initial Shares		BNY Mellon VIF Growth and Income Portfolio Initial Shares
Calvert Variable Products, Inc.		Calvert Variable Products, Inc.
Calvert VP EAFE International Index Class I Shares		Calvert VP EAFE International Index Portfolio
Calvert Variable Series, Inc.		Calvert Variable Series, Inc.
Calvert VP SRI Balanced		Calvert VP SRI Balanced Portfolio
Calvert VP SRI Mid Cap		Calvert VP SRI Mid-Cap Portfolio
Columbia Funds Variable Insurance Trust - Class 1 Shares		Columbia Funds Variable Insurance Trust
Columbia - Small Company Growth Class 1 Shares		Columbia Variable Portfolio-Small Company Growth Fund
DFA Investment Dimensions Group, Inc.		DFA Investment Dimensions Group, Inc.
DFA VA Global Bond		DFA VA Global Bond Portfolio
DFA VA International Small		DFA VA International Small Portfolio
DFA VA International Value		DFA VA International Value Portfolio
DFA VA Short-Term Fixed		DFA VA Short-Term Fixed Portfolio
DFA VA U.S. Large Value		DFA VA U.S. Large Value Portfolio
DFA VA U.S. Targeted Value		DFA VA U.S. Targeted Value Portfolio
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 Government Money II Service Shares		Federated Hermes Government Money Fund II Service Shares
Federated Hermes High Income Bond II Primary Shares		Federated Hermes High Income Bond Fund II Primary Shares
Federated Hermes Managed Volatility II Primary Shares		Federated Hermes Managed Volatility Fund II Primary Shares
Fidelity^® Variable Insurance Products Fund		Fidelity^® Variable Insurance Products Fund
Fidelity^® VIP Asset Manager Initial Class		Fidelity^® VIP Asset Manager Portfolio Initial Class
Fidelity^® VIP Equity-Income Initial Class		Fidelity^® VIP Equity-Income Portfolio Initial Class
Fidelity^® VIP Government Money Market Initial Class		Fidelity^® VIP Government Money Market Portfolio Initial Class
Fidelity^® VIP Growth Initial Class		Fidelity^® VIP Growth Portfolio Initial Class
Nationwide Variable Insurance Trust		Nationwide Variable Insurance Trust
NVIT Emerging Markets Class D Shares		NVIT Emerging Markets Class D Shares

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

Notes to Financial Statements

December 31, 2023

1. Organization (continued)

Subaccount Investment by Mutual Fund:


Subaccount		Mutual Fund
T. Rowe Price, Inc.		T. Rowe Price, Inc.
T. Rowe Price All-Cap Opportunities		T. Rowe Price All-Cap Opportunities Portfolio
T. Rowe Price Equity Income Service Class		T. Rowe Price Equity Income Portfolio Service Class
T. Rowe Price International Stock		T. Rowe Price International Stock Portfolio
Transamerica Series Trust		Transamerica Series Trust
TA BlackRock Government Money Market Initial Class		Transamerica BlackRock Government Money Market VP Initial Class
TA BlackRock Real Estate Securities Initial Class		Transamerica BlackRock Real Estate Securities VP Initial Class
TA JPMorgan Enhanced Index Initial Class		Transamerica JPMorgan Enhanced Index 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 TS&W International Equity Initial Class		Transamerica TS&W International Equity VP Initial Class
TA WMC US Growth Initial Class		Transamerica WMC Diversified Growth VP Initial Class
Wanger Advisors Trust		Wanger Advisors Trust
Wanger Acorn		Wanger Acorn
Wanger International		Wanger International

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


Subaccount		Formerly
TA BlackRock Real Estate Securities Initial Class		TA BlackRock Global Real Estate Securities Initial Class

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

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 C

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

BNY Mellon Sustainable U.S. Equity Initial Shares	$	7,254	$	57,029

BNY Mellon VIF Growth and Income Initial Shares		4,082		512

Calvert VP EAFE International Index Class I Shares		-		43,129

Calvert VP SRI Balanced		2,129		67,720

Calvert VP SRI Mid Cap		141		107,804

Columbia - Small Company Growth Class 1 Shares		-		-

DFA VA Global Bond		4,666		777

DFA VA International Small		171		37

DFA VA International Value		3,985		457

DFA VA Short-Term Fixed		1,377		237

DFA VA U.S. Large Value		1,658		297

DFA VA U.S. Targeted Value		1,105		359,536

Federated Hermes Fund for U.S. Government Securities II		152		180,174

Federated Hermes Government Money II Service Shares		919		2,878

Federated Hermes High Income Bond II Primary Shares		4,682		538

Federated Hermes Managed Volatility II Primary Shares		399		1,243

Fidelity^® VIP Asset Manager Initial Class		420		172

Fidelity^® VIP Equity-Income Initial Class		947		272

Fidelity^® VIP Government Money Market Initial Class		1,500		443

Fidelity^® VIP Growth Initial Class		1,379		397

NVIT Emerging Markets Class D Shares		88		40

T. Rowe Price All-Cap Opportunities		2,209		408

T. Rowe Price Equity Income Service Class		2,210		483

T. Rowe Price International Stock		293		410

TA BlackRock Government Money Market Initial Class		29		1,950

TA BlackRock Real Estate Securities Initial Class		1,890		207

TA JPMorgan Enhanced Index Initial Class		6,660		27,703

TA Multi-Managed Balanced Initial Class		9,337		4,132

TA Small/Mid Cap Value Initial Class		6,933		9,598

TA TS&W International Equity Initial Class		315		191

TA WMC US Growth Initial Class		1,644		2,255

Wanger Acorn		1,645		2,967

Wanger International		518		3,307

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

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)

BNY Mellon Sustainable U.S. Equity Initial Shares		-		(1,399	)		(1,399	)		-		-			-

BNY Mellon VIF Growth and Income Initial Shares		-		-			-			-		-			-

Calvert VP EAFE International Index Class I Shares		-		(28,362	)		(28,362	)		-		(4	)		(4	)

Calvert VP SRI Balanced		-		(2,083	)		(2,083	)		-		(1	)		(1	)

Calvert VP SRI Mid Cap		-		(2,631	)		(2,631	)		-		-			-

Columbia - Small Company Growth Class 1 Shares		-		-			-			-		-			-

DFA VA Global Bond		-		(1	)		(1	)		-		(1	)		(1	)

DFA VA International Small		-		-			-			-		-			-

DFA VA International Value		-		-			-			-		-			-

DFA VA Short-Term Fixed		-		-			-			-		(1	)		(1	)

DFA VA U.S. Large Value		-		-			-			-		-			-

DFA VA U.S. Targeted Value		-		(3,260	)		(3,260	)		-		-			-

Federated Hermes Fund for U.S. Government Securities II		-		(9,212	)		(9,212	)		-		(1	)		(1	)

Federated Hermes Government Money II Service Shares		11		(203	)		(192	)		5		(98	)		(93	)

Federated Hermes High Income Bond II Primary Shares		-		(1	)		(1	)		-		-			-

Federated Hermes Managed Volatility II Primary Shares		-		(39	)		(39	)		-		(1	)		(1	)

Fidelity^® VIP Asset Manager Initial Class		-		-			-			-		-			-

Fidelity^® VIP Equity-Income Initial Class		-		-			-			-		(1	)		(1	)

Fidelity^® VIP Government Money Market Initial Class		-		(1	)		(1	)		-		(1	)		(1	)

Fidelity^® VIP Growth Initial Class		-		-			-			-		-			-

NVIT Emerging Markets Class D Shares		-		-			-			-		-			-

T. Rowe Price All-Cap Opportunities		-		(1	)		(1	)		-		-			-

T. Rowe Price Equity Income Service Class		-		(1	)		(1	)		-		-			-

T. Rowe Price International Stock		-		(1	)		(1	)		-		-			-

TA BlackRock Government Money Market Initial Class		-		(2,072	)		(2,072	)		-		-			-

TA BlackRock Real Estate Securities Initial Class		-		-			-			-		-			-

TA JPMorgan Enhanced Index Initial Class		-		(528	)		(528	)		-		-			-

TA Multi-Managed Balanced Initial Class		631		(1,095	)		(464	)		273		(5,197	)		(4,924	)

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

Notes to Financial Statements

4. Change in Units (continued)


	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 Small/Mid Cap Value Initial Class		27		(84	)		(57	)		12		(221	)		(209	)

TA TS&W International Equity Initial Class		-		-			-			-		-			-

TA WMC US Growth Initial Class		34		(55	)		(21	)		14		(256	)		(242	)

Wanger Acorn		20		(32	)		(12	)		8		(145	)		(137	)

Wanger International		-		(36	)		(36	)		-		(1	)		(1	)

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

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)

BNY Mellon Sustainable U.S. Equity Initial Shares	$	-	$	(56,767	)	$	(56,767	)	$	-	$	(5	)	$	(5	)

BNY Mellon VIF Growth and Income Initial Shares		-		(9	)		(9	)		-		(10	)		(10	)

Calvert VP EAFE International Index Class I Shares		-		(42,931	)		(42,931	)		-		(5	)		(5	)

Calvert VP SRI Balanced		-		(65,941	)		(65,941	)		-		(22	)		(22	)

Calvert VP SRI Mid Cap		-		(106,290	)		(106,290	)		-		(25	)		(25	)

Columbia - Small Company Growth Class 1 Shares		-		-			-			-		-			-

DFA VA Global Bond		-		(23	)		(23	)		-		(24	)		(24	)

DFA VA International Small		-		(5	)		(5	)		-		3			3

DFA VA International Value		-		(16	)		(16	)		-		(15	)		(15	)

DFA VA Short-Term Fixed		-		(8	)		(8	)		-		(8	)		(8	)

DFA VA U.S. Large Value		-		(9	)		(9	)		-		(10	)		(10	)

DFA VA U.S. Targeted Value		-		(359,102	)		(359,102	)		-		(24	)		(24	)

Federated Hermes Fund for U.S. Government Securities II		-		(179,953	)		(179,953	)		-		(12	)		(12	)

Federated Hermes Government Money II Service Shares		143		(2,764	)		(2,621	)		61		(1,292	)		(1,231	)

Federated Hermes High Income Bond II Primary Shares		-		(14	)		(14	)		-		(12	)		(12	)

Federated Hermes Managed Volatility II Primary Shares		-		(1,107	)		(1,107	)		-		(22	)		(22	)

Fidelity^® VIP Asset Manager Initial Class		-		(4	)		(4	)		-		(1	)		(1	)

Fidelity^® VIP Equity-Income Initial Class		-		(6	)		(6	)		-		(5	)		(5	)

Fidelity^® VIP Government Money Market Initial Class		-		(9	)		(9	)		-		(9	)		(9	)

Fidelity^® VIP Growth Initial Class		-		(1	)		(1	)		-		(12	)		(12	)

NVIT Emerging Markets Class D Shares		-		(1	)		(1	)		-		(1	)		(1	)

T. Rowe Price All-Cap Opportunities		-		(7	)		(7	)		-		(8	)		(8	)

T. Rowe Price Equity Income Service Class		-		(10	)		(10	)		-		(9	)		(9	)

T. Rowe Price International Stock		-		(7	)		(7	)		-		(9	)		(9	)

TA BlackRock Government Money Market Initial Class		-		(1,941	)		(1,941	)		-		(1	)		(1	)

TA BlackRock Real Estate Securities Initial Class		-		(4	)		(4	)		-		(5	)		(5	)

TA JPMorgan Enhanced Index Initial Class		-		(26,902	)		(26,902	)		-		(19	)		(19	)

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

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 Multi-Managed Balanced Initial Class	$	1,771	$	(3,148	)	$	(1,377	)	$	775	$	(14,452	)	$	(13,677	)

TA Small/Mid Cap Value Initial Class		2,975		(9,365	)		(6,390	)		1,327		(24,137	)		(22,810	)

TA TS&W International Equity Initial Class		-		(3	)		(3	)		-		(6	)		(6	)

TA WMC US Growth Initial Class		1,256		(2,166	)		(910	)		528		(9,242	)		(8,714	)

Wanger Acorn		1,646		(2,694	)		(1,048	)		672		(11,892	)		(11,220	)

Wanger International		-		(2,266	)		(2,266	)		-		(41	)		(41	)

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

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**


BNY Mellon Sustainable U.S. Equity Initial Shares
	12/31/2023		-	$	46.85	to	$	46.85	$	-		2.29	%		1.40	%	to	1.40	%		22.12	%	to	22.12	%
	12/31/2022		1,399		38.36	to		38.36		53,675		0.52			1.40		to	1.40			(23.94	)	to	(23.94	)
	12/31/2021		1,399		50.43	to		50.43		70,574		0.74			1.40		to	1.40			25.24		to	25.24
	12/31/2020		1,399		40.27	to		40.27		56,355		1.07			1.40		to	1.40			22.43		to	22.43
	12/31/2019		1,400		32.89	to		32.89		46,035		1.43			1.40		to	1.40			32.50		to	32.50
BNY Mellon VIF Growth and Income Initial Shares
	12/31/2023		739		54.33	to		54.33		40,134		0.66			1.40		to	1.40			24.94		to	24.94
	12/31/2022		739		43.48	to		43.48		32,131		0.80			1.40		to	1.40			(15.99	)	to	(15.99	)
	12/31/2021		739		51.76	to		51.76		38,258		0.48			1.40		to	1.40			23.90		to	23.90
	12/31/2020		739		41.78	to		41.78		30,887		0.78			1.40		to	1.40			22.91		to	22.91
	12/31/2019		740		33.99	to		33.99		25,138		1.08			1.40		to	1.40			27.34		to	27.34
Calvert VP EAFE International Index Class I Shares
	12/31/2023		-		1.60	to		1.60		-		-			1.40		to	1.40			16.15		to	16.15
	12/31/2022		28,362		1.37	to		1.37		38,953		3.55			1.40		to	1.40			(15.76	)	to	(15.76	)
	12/31/2021		28,366		1.63	to		1.63		46,246		1.78			1.40		to	1.40			9.34		to	9.34
	12/31/2020		28,369		1.49	to		1.49		42,298		3.40			1.40		to	1.40			6.28		to	6.28
	12/31/2019		28,372		1.40	to		1.40		39,802		2.66			1.40		to	1.40			19.59		to	19.59
Calvert VP SRI Balanced
	12/31/2023		3,315		34.79	to		34.79		115,340		1.34			1.40		to	1.40			15.21		to	15.21
	12/31/2022		5,398		30.20	to		30.20		163,018		1.22			1.40		to	1.40			(16.58	)	to	(16.58	)
	12/31/2021		5,399		36.20	to		36.20		195,448		1.18			1.40		to	1.40			13.53		to	13.53
	12/31/2020		5,400		31.89	to		31.89		172,179		1.54			1.40		to	1.40			13.67		to	13.67
	12/31/2019		5,401		28.05	to		28.05		151,499		1.57			1.40		to	1.40			22.69		to	22.69
Calvert VP SRI Mid Cap
	12/31/2023		1,819		42.44	to		42.44		77,214		0.13			1.40		to	1.40			10.10		to	10.10
	12/31/2022		4,450		38.54	to		38.54		171,511		-			1.40		to	1.40			(20.60	)	to	(20.60	)
	12/31/2021		4,450		48.54	to		48.54		216,030		0.20			1.40		to	1.40			13.44		to	13.44
	12/31/2020		4,451		42.79	to		42.79		190,458		0.45			1.40		to	1.40			10.70		to	10.70
	12/31/2019		4,452		38.66	to		38.66		172,075		0.45			1.40		to	1.40			29.55		to	29.55
Columbia - Small Company Growth Class 1 Shares
	12/31/2023		-		62.09	to		62.09		-		-			0.65		to	0.65			25.82		to	25.82
	12/31/2022		-		49.35	to		49.35		-		-			0.65		to	0.65			(36.18	)	to	(36.18	)
	12/31/2021		-		77.32	to		77.32		-		-			0.65		to	0.65			(3.53	)	to	(3.53	)
	12/31/2020		-		80.15	to		80.15		-		-			0.65		to	0.65			70.02		to	70.02
	12/31/2019		-		47.14	to		47.14		-		-			0.65		to	0.65			39.79		to	39.79
DFA VA Global Bond
	12/31/2023		5,651		21.12	to		21.12		119,368		3.99			0.65		to	0.65			4.38		to	4.38
	12/31/2022		5,652		20.24	to		20.24		114,385		1.60			0.65		to	0.65			(6.94	)	to	(6.94	)
	12/31/2021		5,653		21.75	to		21.75		122,936		0.57			0.65		to	0.65			(1.68	)	to	(1.68	)
	12/31/2020		9,108		22.12	to		22.12		201,432		0.03			0.65		to	0.65			0.80		to	0.80
	12/31/2019		9,391		21.94	to		21.94		206,038		2.62			0.65		to	0.65			3.51		to	3.51
DFA VA International Small
	12/31/2023		117		48.87	to		48.87		5,702		3.19			0.65		to	0.65			13.38		to	13.38
	12/31/2022		117		43.10	to		43.10		5,032		2.57			0.65		to	0.65			(18.17	)	to	(18.17	)
	12/31/2021		117		52.68	to		52.68		6,153		2.61			0.65		to	0.65			13.83		to	13.83
	12/31/2020		117		46.28	to		46.28		5,408		2.23			0.65		to	0.65			8.71		to	8.71
	12/31/2019		117		42.57	to		42.57		4,978		2.80			0.65		to	0.65			23.10		to	23.10

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

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**


DFA VA International Value
	12/31/2023		1,732		$42.36	to	$42.36	$	73,342		4.86	%		0.65	%	to	0.65	%		17.10	%	to	17.10	%
	12/31/2022		1,732		36.17	to	36.17		62,647		3.96			0.65		to	0.65			(4.08	)	to	(4.08	)
	12/31/2021		1,732		37.71	to	37.71		65,326		4.05			0.65		to	0.65			17.35		to	17.35
	12/31/2020		1,733		32.13	to	32.13		55,680		2.53			0.65		to	0.65			(2.40	)	to	(2.40	)
	12/31/2019		1,733		32.92	to	32.92		57,064		3.58			0.65		to	0.65			15.11		to	15.11
DFA VA Short-Term Fixed
	12/31/2023		2,331		15.64	to	15.64		36,458		3.86			0.65		to	0.65			4.31		to	4.31
	12/31/2022		2,331		14.99	to	14.99		34,960		1.31			0.65		to	0.65			(1.79	)	to	(1.79	)
	12/31/2021		2,332		15.27	to	15.27		35,605		0.01			0.65		to	0.65			(0.83	)	to	(0.83	)
	12/31/2020		2,332		15.40	to	15.40		35,910		0.59			0.65		to	0.65			(0.05	)	to	(0.05	)
	12/31/2019		2,333		15.40	to	15.40		35,936		2.28			0.65		to	0.65			1.85		to	1.85
DFA VA U.S. Large Value
	12/31/2023		675		71.15	to	71.15		48,014		2.32			0.65		to	0.65			10.21		to	10.21
	12/31/2022		675		64.56	to	64.56		43,576		2.25			0.65		to	0.65			(5.49	)	to	(5.49	)
	12/31/2021		675		68.31	to	68.31		46,118		1.39			0.65		to	0.65			26.22		to	26.22
	12/31/2020		1,079		54.12	to	54.12		58,394		2.28			0.65		to	0.65			(2.01	)	to	(2.01	)
	12/31/2019		1,112		55.23	to	55.23		61,422		1.90			0.65		to	0.65			24.97		to	24.97
DFA VA U.S. Targeted Value
	12/31/2023		117		121.77	to	121.77		14,252		0.32			0.65		to	0.65			19.26		to	19.26
	12/31/2022		3,377		102.11	to	102.11		344,830		1.33			0.65		to	0.65			(4.83	)	to	(4.83	)
	12/31/2021		3,377		107.29	to	107.29		362,360		1.43			0.65		to	0.65			38.78		to	38.78
	12/31/2020		3,460		77.31	to	77.31		267,503		4.60			0.65		to	0.65			3.31		to	3.31
	12/31/2019		862		74.83	to	74.83		64,499		1.49			0.65		to	0.65			21.77		to	21.77
Federated Hermes Fund for U.S. Government Securities II
	12/31/2023		310		20.20	to	20.20		6,256		0.47			0.65		to	0.65			3.52		to	3.52
	12/31/2022		9,522		19.51	to	19.51		185,784		1.84			0.65		to	0.65			(13.11	)	to	(13.11	)
	12/31/2021		9,523		22.45	to	22.45		213,836		2.02			0.65		to	0.65			(2.68	)	to	(2.68	)
	12/31/2020		9,524		23.07	to	23.07		219,734		1.83			0.65		to	0.65			4.53		to	4.53
	12/31/2019		3,143		22.07	to	22.07		69,369		2.38			0.65		to	0.65			5.21		to	5.21
Federated Hermes Government Money II Service Shares
	12/31/2023		1,160		13.82	to	13.82		16,036		4.42			0.65		to	0.65			3.85		to	3.85
	12/31/2022		1,352		13.31	to	13.31		17,994		1.12			0.65		to	0.65			0.51		to	0.51
	12/31/2021		1,445		13.24	to	13.24		19,136		-			0.65		to	0.65			(0.64	)	to	(0.64	)
	12/31/2020		1,458		13.33	to	13.33		19,437		0.21			0.65		to	0.65			(0.44	)	to	(0.44	)
	12/31/2019		1,472		13.39	to	13.39		19,715		1.63			0.65		to	0.65			0.99		to	0.99
Federated Hermes High Income Bond II Primary Shares
	12/31/2023		2,352		36.91	to	36.91		86,828		5.76			0.65		to	0.65			11.99		to	11.99
	12/31/2022		2,353		32.96	to	32.96		77,545		5.52			0.65		to	0.65			(12.35	)	to	(12.35	)
	12/31/2021		2,353		37.60	to	37.60		88,483		4.83			0.65		to	0.65			4.17		to	4.17
	12/31/2020		2,353		36.10	to	36.10		84,953		5.83			0.65		to	0.65			4.91		to	4.91
	12/31/2019		2,354		34.41	to	34.41		80,995		5.98			0.65		to	0.65			13.80		to	13.80
Federated Hermes Managed Volatility II Primary Shares
	12/31/2023		708		30.66	to	30.66		21,700		1.88			0.65		to	0.65			7.98		to	7.98
	12/31/2022		747		28.39	to	28.39		21,207		1.86			0.65		to	0.65			(14.31	)	to	(14.31	)
	12/31/2021		748		33.13	to	33.13		24,775		1.75			0.65		to	0.65			17.75		to	17.75
	12/31/2020		749		28.14	to	28.14		21,063		2.54			0.65		to	0.65			0.28		to	0.28
	12/31/2019		749		28.06	to	28.06		21,030		2.04			0.65		to	0.65			19.45		to	19.45

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

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**


Fidelity^® VIP Asset Manager Initial Class
	12/31/2023		411		$31.35	to	$31.35	$	12,890		2.39	%		1.40	%	to	1.40	%		11.39	%	to	11.39	%
	12/31/2022		411		28.15	to	28.15		11,576		2.10			1.40		to	1.40			(16.11	)	to	(16.11	)
	12/31/2021		411		33.55	to	33.55		13,802		1.64			1.40		to	1.40			8.40		to	8.40
	12/31/2020		411		30.95	to	30.95		12,736		1.54			1.40		to	1.40			13.28		to	13.28
	12/31/2019		412		27.32	to	27.32		11,247		1.82			1.40		to	1.40			16.62		to	16.62
Fidelity^® VIP Equity-Income Initial Class
	12/31/2023		430		47.87	to	47.87		20,601		1.97			1.40		to	1.40			9.12		to	9.12
	12/31/2022		430		43.87	to	43.87		18,883		1.92			1.40		to	1.40			(6.27	)	to	(6.27	)
	12/31/2021		431		46.80	to	46.80		20,151		1.92			1.40		to	1.40			23.17		to	23.17
	12/31/2020		431		38.00	to	38.00		16,364		1.84			1.40		to	1.40			5.22		to	5.22
	12/31/2019		431		36.11	to	36.11		15,557		2.04			1.40		to	1.40			25.68		to	25.68
Fidelity^® VIP Government Money Market Initial Class
	12/31/2023		2,636		12.11	to	12.11		31,926		4.79			1.40		to	1.40			3.45		to	3.45
	12/31/2022		2,637		11.71	to	11.71		30,870		1.43			1.40		to	1.40			0.04		to	0.04
	12/31/2021		2,638		11.70	to	11.70		30,866		0.01			1.40		to	1.40			(1.37	)	to	(1.37	)
	12/31/2020		2,638		11.87	to	11.87		31,304		0.26			1.40		to	1.40			(1.07	)	to	(1.07	)
	12/31/2019		1,878		11.99	to	11.99		22,523		2.00			1.40		to	1.40			0.61		to	0.61
Fidelity^® VIP Growth Initial Class
	12/31/2023		383		84.58	to	84.58		32,386		0.13			1.40		to	1.40			34.36		to	34.36
	12/31/2022		383		62.95	to	62.95		24,110		0.61			1.40		to	1.40			(25.50	)	to	(25.50	)
	12/31/2021		383		84.50	to	84.50		32,371		-			1.40		to	1.40			21.51		to	21.51
	12/31/2020		383		69.54	to	69.54		26,647		0.07			1.40		to	1.40			41.91		to	41.91
	12/31/2019		383		49.00	to	49.00		18,784		0.26			1.40		to	1.40			32.46		to	32.46
NVIT Emerging Markets Class D Shares
	12/31/2023		564		10.87	to	10.87		6,132		1.44			0.65		to	0.65			3.13		to	3.13
	12/31/2022		564		10.54	to	10.54		5,947		0.17			0.65		to	0.65			(25.48	)	to	(25.48	)
	12/31/2021		564		14.15	to	14.15		7,981		0.95			0.65		to	0.65			(8.19	)	to	(8.19	)
	12/31/2020		564		15.41	to	15.41		8,693		1.65			0.65		to	0.65			12.19		to	12.19
	12/31/2019		564		13.73	to	13.73		7,749		2.17			0.65		to	0.65			21.79		to	21.79
T. Rowe Price All-Cap Opportunities
	12/31/2023		389		83.20	to	83.20		32,402		0.26			1.40		to	1.40			27.19		to	27.19
	12/31/2022		390		65.42	to	65.42		25,482		-			1.40		to	1.40			(22.59	)	to	(22.59	)
	12/31/2021		390		84.51	to	84.51		32,929		-			1.40		to	1.40			19.13		to	19.13
	12/31/2020		390		70.94	to	70.94		27,649		-			1.40		to	1.40			42.38		to	42.38
	12/31/2019		390		49.82	to	49.82		19,426		0.42			1.40		to	1.40			33.07		to	33.07
T. Rowe Price Equity Income Service Class
	12/31/2023		707		51.77	to	51.77		36,620		2.11			1.40		to	1.40			8.03		to	8.03
	12/31/2022		708		47.92	to	47.92		33,907		1.88			1.40		to	1.40			(4.67	)	to	(4.67	)
	12/31/2021		708		50.27	to	50.27		35,579		1.58			1.40		to	1.40			23.82		to	23.82
	12/31/2020		708		40.60	to	40.60		28,743		2.36			1.40		to	1.40			(0.21	)	to	(0.21	)
	12/31/2019		708		40.69	to	40.69		28,814		2.33			1.40		to	1.40			24.65		to	24.65
T. Rowe Price International Stock
	12/31/2023		1,391		22.17	to	22.17		30,846		1.01			1.40		to	1.40			14.64		to	14.64
	12/31/2022		1,392		19.34	to	19.34		26,915		0.79			1.40		to	1.40			(16.98	)	to	(16.98	)
	12/31/2021		1,392		23.29	to	23.29		32,427		0.58			1.40		to	1.40			(0.08	)	to	(0.08	)
	12/31/2020		1,392		23.31	to	23.31		32,460		0.59			1.40		to	1.40			12.87		to	12.87
	12/31/2019		1,393		20.65	to	20.65		28,768		2.46			1.40		to	1.40			26.01		to	26.01

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

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**


TA BlackRock Government Money Market Initial Class
	12/31/2023		-		$0.96	to	$0.96	$	-		4.34	%		1.40	%	to	1.40	%		3.42	%	to	3.42	%
	12/31/2022		2,072		0.93	to	0.93		1,922		1.40			1.40		to	1.40			0.01		to	0.01
	12/31/2021		2,072		0.93	to	0.93		1,922		-			1.40		to	1.40			(1.38	)	to	(1.38	)
	12/31/2020		2,073		0.94	to	0.94		1,949		0.29			1.40		to	1.40			(1.10	)	to	(1.10	)
	12/31/2019		2,073		0.95	to	0.95		1,971		1.95			1.40		to	1.40			0.57		to	0.57
TA BlackRock Real Estate Securities Initial Class
	12/31/2023		699		49.59	to	49.59		34,641		6.02			0.65		to	0.65			12.60		to	12.60
	12/31/2022		699		44.04	to	44.04		30,770		3.47			0.65		to	0.65			(28.65	)	to	(28.65	)
	12/31/2021		699		61.73	to	61.73		43,133		2.51			0.65		to	0.65			25.41		to	25.41
	12/31/2020		699		49.23	to	49.23		34,398		12.53			0.65		to	0.65			(0.96	)	to	(0.96	)
	12/31/2019		699		49.70	to	49.70		34,736		0.91			0.65		to	0.65			24.38		to	24.38
TA JPMorgan Enhanced Index Initial Class
	12/31/2023		2,166		62.15	to	62.15		134,599		0.80			0.65		to	0.65			26.84		to	26.84
	12/31/2022		2,694		49.00	to	49.00		131,998		0.68			0.65		to	0.65			(18.88	)	to	(18.88	)
	12/31/2021		2,694		60.40	to	60.40		162,736		0.79			0.65		to	0.65			29.28		to	29.28
	12/31/2020		2,695		46.72	to	46.72		125,899		1.70			0.65		to	0.65			19.39		to	19.39
	12/31/2019		9,980		39.13	to	39.13		390,520		1.20			0.65		to	0.65			30.19		to	30.19
TA Multi-Managed Balanced Initial Class
	12/31/2023		52,906		3.12	to	3.12		165,251		1.59			0.65		to	0.65			17.96		to	17.96
	12/31/2022		53,370		2.65	to	2.65		141,313		1.15			0.65		to	0.65			(16.82	)	to	(16.82	)
	12/31/2021		58,294		3.18	to	3.18		185,561		1.15			0.65		to	0.65			16.28		to	16.28
	12/31/2020		58,958		2.74	to	2.74		161,397		1.58			0.65		to	0.65			15.15		to	15.15
	12/31/2019		59,667		2.38	to	2.38		141,848		1.65			0.65		to	0.65			20.98		to	20.98
TA Small/Mid Cap Value Initial Class
	12/31/2023		287		119.08	to	119.08		34,145		1.08			0.65		to	0.65			11.67		to	11.67
	12/31/2022		344		106.63	to	106.63		36,702		0.47			0.65		to	0.65			(8.90	)	to	(8.90	)
	12/31/2021		553		117.05	to	117.05		64,682		0.65			0.65		to	0.65			27.30		to	27.30
	12/31/2020		581		91.95	to	91.95		53,410		1.20			0.65		to	0.65			3.37		to	3.37
	12/31/2019		611		88.96	to	88.96		54,357		0.97			0.65		to	0.65			24.47		to	24.47
TA TS&W International Equity Initial Class
	12/31/2023		1,306		23.54	to	23.54		30,735		1.09			0.65		to	0.65			14.73		to	14.73
	12/31/2022		1,306		20.51	to	20.51		26,793		3.41			0.65		to	0.65			(14.95	)	to	(14.95	)
	12/31/2021		1,306		24.12	to	24.12		31,508		1.82			0.65		to	0.65			12.68		to	12.68
	12/31/2020		1,306		21.41	to	21.41		27,967		3.18			0.65		to	0.65			5.85		to	5.85
	12/31/2019		1,307		20.22	to	20.22		26,425		1.44			0.65		to	0.65			20.28		to	20.28
TA WMC US Growth Initial Class
	12/31/2023		332		45.48	to	45.48		15,076		0.04			0.65		to	0.65			41.17		to	41.17
	12/31/2022		353		32.21	to	32.21		11,375		-			0.65		to	0.65			(31.79	)	to	(31.79	)
	12/31/2021		595		47.23	to	47.23		28,119		0.08			0.65		to	0.65			19.89		to	19.89
	12/31/2020		629		39.39	to	39.39		24,761		0.11			0.65		to	0.65			36.41		to	36.41
	12/31/2019		664		28.88	to	28.88		19,177		0.13			0.65		to	0.65			39.14		to	39.14
Wanger Acorn
	12/31/2023		492		92.21	to	92.21		45,373		-			0.65		to	0.65			20.95		to	20.95
	12/31/2022		504		76.24	to	76.24		38,400		-			0.65		to	0.65			(33.89	)	to	(33.89	)
	12/31/2021		641		115.33	to	115.33		73,934		0.76			0.65		to	0.65			8.20		to	8.20
	12/31/2020		660		106.59	to	106.59		70,347		-			0.65		to	0.65			23.43		to	23.43
	12/31/2019		681		86.36	to	86.36		58,783		0.26			0.65		to	0.65			30.26		to	30.26
Wanger International
	12/31/2023		2,405		71.45	to	71.45		171,822		0.32			0.65		to	0.65			16.20		to	16.20
	12/31/2022		2,441		61.49	to	61.49		150,095		0.91			0.65		to	0.65			(34.27	)	to	(34.27	)
	12/31/2021		2,442		93.55	to	93.55		228,417		0.55			0.65		to	0.65			18.04		to	18.04
	12/31/2020		2,442		79.25	to	79.25		193,542		2.00			0.65		to	0.65			13.63		to	13.63
	12/31/2019		2,443		69.75	to	69.75		170,374		0.85			0.65		to	0.65			29.15		to	29.15

Transamerica Financial Life Insurance Company

TFLIC Separate Account C

Notes to Financial Statements

December 31, 2023

5. Financial Highlights (continued)

⁽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 C

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 0.15% 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 $30, proportionately from the subaccounts’ unit values. An annual charge ranging from 0.50% to 1.25% 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 Separate Account. 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 C

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.