GENWORTH LIFE VA SEPARATE ACCOUNT

Financial Statements

Year ended December 31, 2023

(With Report of Independent Registered Public Accounting Firm Thereon)

GENWORTH LIFE VA SEPARATE ACCOUNT

Table of Contents

Year ended December 31, 2023

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Genworth Life Insurance Company and Contract Owners of Genworth Life VA Separate Account

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the subaccounts listed in the Appendix that comprise the Genworth Life VA Separate Account (the Separate Account), as of December 31, 2023, the related statements of operations for the year then ended and changes in net assets for each of the years in the two-year period then ended, and the related notes including the financial highlights in Note 6 for each of the years presented in the five-year period then ended (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights in Note 6 for each of the years presented in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights 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 and financial highlights, 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 and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2023, by correspondence with the transfer agent of the underlying mutual funds. 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 and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Separate Account’s auditor since 1993.

Richmond, Virginia

April 18, 2024

F-1

Appendix

Statement of assets and liabilities as of December 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for the five year period then ended.

Franklin Templeton Variable Insurance Products Trust

Templeton Foreign VIP Fund – Class 1 Shares

Goldman Sachs Variable Insurance Trust

Goldman Sachs Government Money Market Fund – Service Shares

State Street Variable Insurance Series Funds, Inc.

Income V.I.S. Fund – Class 1 Shares

Premier Growth Equity V.I.S. Fund – Class 1 Shares

U.S. Equity V.I.S. Fund – Class 1 Shares

F-2

GENWORTH LIFE VA SEPARATE ACCOUNT

Statements of Assets and Liabilities

December 31, 2023

See accompanying notes to financial statements.

F-3

GENWORTH LIFE VA SEPARATE ACCOUNT

Statements of Operations

See accompanying notes to financial statements.

F-4

[THIS PAGE INTENTIONALLY LEFT BLANK]

GENWORTH LIFE VA SEPARATE ACCOUNT

Statements of Changes in Net Assets

See accompanying notes to financial statements.

F-6

GENWORTH LIFE VA SEPARATE ACCOUNT

Statements of Changes in Net Assets — Continued

See accompanying notes to financial statements.

F-7

GENWORTH LIFE VA SEPARATE ACCOUNT

Notes to Financial Statements

December 31, 2023

Genworth Life VA Separate Account (the “Separate Account”) is a separate investment account established in 1981 by Genworth Life Insurance Company (“Genworth Life”), pursuant to the laws of the State of Washington. Genworth Life is a stock life insurance company incorporated under the laws of Delaware on September 28, 1956. Genworth Life is licensed to do business in the District of Columbia and all states except New York. Genworth Life is wholly-owned by Genworth North America Corporation, which is indirectly wholly-owned by Genworth Financial, Inc. (“Genworth”). Genworth is a financial services company dedicated to helping meet the homeownership and long-term care needs of its customers.

Genworth Life’s principal products are long-term care insurance (“LTC”), life insurance and fixed deferred and immediate annuities. LTC products are intended to protect against the significant and escalating costs of LTC services provided in the insured’s home or assisted living or nursing facilities. Genworth Life currently offers individual LTC policies to customers who contact it directly (subject to state availability); however, it no longer accepts applications for new group long-term care insurance policies but will accept new applications and issue new coverage certificates on current open group cases on certain group policy forms.

Life insurance products provide protection against financial hardship primarily after the death of an insured. Deferred annuities are intended for contract owners who want to accumulate tax-deferred assets for retirement, desire a tax-efficient source of income and seek to protect against outliving their assets. Immediate annuities provide a fixed amount of income for one of the following: a defined number of years, the annuitant’s lifetime or the longer of a defined number of years and the annuitant’s lifetime. In March 2016, Genworth Life suspended sales of traditional life insurance and fixed annuity products. Genworth Life, however, continues to service its existing retained and reinsured blocks of business. Genworth Life continues to offer LTC products.

Genworth Life also has other products which have not been actively sold since 2011, but it continues to service its existing blocks of business. Those products include variable annuities, corporate-owned life insurance and funding agreements. Genworth Life’s variable annuities include a guaranteed minimum death benefit.

The Separate Account currently has subaccounts that invest in series or portfolios (“Portfolios”) of open-end mutual funds (“Funds”). Such Portfolios are not sold directly to the general public. The Portfolios are sold to Genworth Life, and they may also be sold to other insurance companies that issue variable annuity contracts and variable life insurance policies, including affiliated insurance companies of Genworth Life. In addition, the Portfolios may be sold to retirement plans. Genworth Life uses the Separate Account to support the flexible premium deferred annuity contracts, as well as for other purposes permitted by law.

Currently, there are multiple subaccounts of the Separate Account available under the contract. Each subaccount invests exclusively in shares representing an interest in a separate corresponding Portfolio (a division of a Fund, the assets of which are separate from other Portfolios that may be available in the Fund).

The assets of the Separate Account belong to Genworth Life. However, Genworth Life does not charge the assets in the Separate Account attributable to the contracts (including any certificates issued thereunder) with liabilities arising out of any other business that Genworth Life may conduct. The assets of the Separate Account will, however, be available to cover the liabilities of Genworth Life’s General Account to the extent that the assets of the Separate Account exceed the liabilities arising under the contracts supported by it. Income and both realized and unrealized gains or losses from the assets of the Separate Account are credited to or charged against the Separate Account without regard to the income, gains or losses arising out of any other business Genworth Life may conduct.

The Separate Account is registered with the U.S. Securities and Exchange Commission (“SEC”) as a unit investment trust under the Investment Company Act of 1940, as amended. The Separate Account meets the definition of a separate account under the Federal securities laws. Registration with the SEC does not involve supervision of the management or investment practices or policies of the Separate Account by the SEC. Contract owners assume the full investment risk for amounts allocated by contract owners to the Separate Account.

F-8

GENWORTH LIFE VA SEPARATE ACCOUNT

Notes to Financial Statements — Continued

December 31, 2023

All designated Portfolios listed above are series type mutual funds.

(a) Basis of Presentation

These financial statements have been prepared on the basis of U.S. generally accepted accounting principles (“U.S. GAAP”). Preparing financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts and disclosures reported therein. Actual results could differ from those estimates. The Separate Account is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies.

(b) Investments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Separate Account, generally, uses a market approach as the valuation technique due to the nature of the mutual fund investments offered in the Separate Account. This technique maximizes the use of observable inputs and minimizes the use of unobservable inputs. Investments in mutual funds are valued at the mutual fund’s closing net asset value per share on the day of valuation.

Valuation Inputs: Various inputs are used to determine the value of the mutual fund’s investments. These inputs are summarized in the three broad levels listed below:

The investments of the Separate Account are measured at fair value on a recurring basis. All investments are categorized as Level 1 as of December 31, 2023 and there were no transfers between the levels during 2023.

Purchases and redemptions of investments in mutual funds are recorded on the Valuation Day that the request for the purchase or redemption is received. A Valuation Day is any day that the New York Stock Exchange is open for regular trading, except for days on which a Portfolio does not value its shares. Income distributions, and gains from realized gain distributions, are recorded on the ex-dividend date. Realized gains and losses on investments are determined on the average cost basis. Units and unit values are disclosed as of the last Valuation Day of the applicable year or period.

(c) Unit Class

The Separate Account has one unit class within the subaccounts. No new contracts are issued in the Separate Account. Existing contract owners can, however, continue to add purchase payments to their contract or certificate as applicable.

(d) Federal Income Taxes

The operations of the Separate Account are a part of, and are taxed with, the operations of Genworth Life. Therefore, the Separate Account is not separately taxed as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (“the Code”). Under existing federal income tax laws, investment income and capital gains of the Separate Account are not taxed. Accordingly, the Separate Account paid no federal income taxes and no federal income tax payment was required. Genworth Life is taxed as a life insurance company under the Code.

F-9

GENWORTH LIFE VA SEPARATE ACCOUNT

Notes to Financial Statements — Continued

December 31, 2023

(e) Subsequent Events

No material subsequent events have occurred since December 31, 2023 through April 18, 2024, the date the financial statements were available to be issued, that would require adjustment to the financial statements.

The aggregate cost of investments acquired, and the aggregate proceeds of investments sold for the year December 31, 2023 were:

(a) Genworth Life

Net purchase payments (premiums) transferred from Genworth Life to the Separate Account represent gross premiums recorded by Genworth Life on its deferred variable annuity contracts less deductions retained as compensation for premium taxes. The deduction for premium taxes is deferred until the contracts are surrendered. During the period of January 1, 2022 to December 31, 2023, there were no premiums received.

Contract owners may elect to allocate assets to the Fixed Modified Guaranteed Annuity (“MGA”) Account that is part of the General Account of Genworth Life. Amounts allocated to the Fixed MGA Account earn interest at the interest rate in effect at the time of such allocation or transfer. The interest rate remains in effect for a guaranteed period of time (at least a period of one year), after which a new rate may be declared. Contract owners may transfer amounts from the Fixed MGA Account to the subaccounts of the Separate Account and from the subaccounts of the Separate Account to the Fixed MGA Account. Any amount transferred or surrendered from the Fixed MGA Account prior to an allocation period of 12 months is subject to a market value adjustment, which may be negative or positive depending on market conditions at the time of transfer or surrender. Under no circumstances will the market adjustment cause the amount transferred or surrendered to fall below the guaranteed interest rate as stated in the contract.

Generally, charges are assessed under the contracts to cover surrenders, certain administrative expenses, and the mortality and expense risks that Genworth Life assumes, and the death benefit provided under the contract. The fees charged to cover administrative expenses and mortality and expense risk charges are assessed through the daily unit value calculation. The fees are assessed on a daily basis through the daily net asset value. Note 6 demonstrates the total charge percentage. Other charges assessed to cover certain other administrative expenses are assessed by the redemption of units.

A charge attributable to each contract, if a group contract is issued, is equal to an annual effective rate of 1.40% of the average daily net assets allocated to the contract owner’s account and is assessed through the reduction of unit values. This charge consists of a mortality and expense risk charge equal to an annual effective rate of 1.25% of the average daily net assets of the contract owner’s account and an administrative charge equal to an annual effective rate of 0.15% of the average daily net assets allocated to the contract owner’s account.

F-10

GENWORTH LIFE VA SEPARATE ACCOUNT

Notes to Financial Statements — Continued

December 31, 2023

Each year the Separate Account deducts a certificate maintenance charge of $40 from each certificate. The Separate Account assesses this fee as partial compensation for certain administrative services and this charge is assessed through the redemption of units. The Separate Account will waive the certificate maintenance charge if, at the time of the assessment, the certificate value is $40,000 or greater.

Units are not assigned to capital transactions to Genworth Life and no contract or certificate charges are assessed against Genworth Life’s net assets.

(b) Accrued Expenses Payable to Affiliate

Charges and deductions made under the contracts for services and benefits unpaid at year-end are accrued and payable to Genworth Life.

(c) Capital Brokerage Corporation

Capital Brokerage Corporation (“CBC”), an affiliate of Genworth Life, is a Washington corporation registered with the SEC under the Securities Exchange Act of 1934 as a broker-dealer and is a member of the Financial Industry Regulatory Authority (“FINRA”). CBC serves as the distributor and principal underwriter for variable annuity contracts issued by Genworth Life. Certain officers and directors of Genworth Life are also officers and directors of CBC.

All dividends and capital gain distributions of the Portfolios are automatically reinvested in shares of the distributing Portfolios at their net asset value on the date of distribution. In other words, Portfolio dividends or Portfolio distributions are not paid to contract owners as additional units, but instead are reflected in unit values.

The increase (decrease) in outstanding units and amounts by subaccount from capital transactions for the years ended December 31, 2023 and 2022 is reflected in the Statements of Changes in Net Assets.

F-11

GENWORTH LIFE VA SEPARATE ACCOUNT

Notes to Financial Statements — Continued

December 31, 2023

A summary by subaccount of the outstanding units, unit values, net assets, expense ratios, net investment income ratios, and total return ratios for the years ended December 31, 2023, 2022, 2021, 2020, and 2019 follows.

F-12