GLA_VA

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Financial Statements

Year ended December 31, 2023

(With Report of Independent Registered Public Accounting Firm Thereon)

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Table of Contents

Year ended December 31, 2023


	Page
Report of Independent Registered Public Accounting Firm		F-1

Statements of Assets and Liabilities		F-4

Statements of Operations		F-10

Statements of Changes in Net Assets		F-16

Notes to Financial Statements		F-34

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Genworth Life and Annuity Insurance Company and

Contract Owners of Genworth Life & Annuity VA Separate Account 2

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 & Annuity VA Separate Account 2 (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 or periods in the two-year period then ended, and the related notes including the financial highlights in Note 6 for each of the years or periods 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 or period then ended, the changes in its net assets for each of the years or periods in the two-year period then ended, and the financial highlights in Note 6 for each of the years or periods 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 1996.

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, and 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 or lesser periods then ended.

AB Variable Products Series Fund, Inc.

AB VPS Balanced Hedged Allocation Portfolio — Class B (1)

AB VPS International Value Portfolio — Class B

AB VPS Large Cap Growth Portfolio – Class B

AB VPS Relative Value Portfolio – Class B (1)

AB VPS Small Cap Growth Portfolio — Class B

AB VPS Sustainable Global Thematic Portfolio (1) — Class B

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

Invesco V.I. American Franchise Fund — Series I shares

Invesco V.I. American Franchise Fund — Series II shares

Invesco V.I. American Value Fund — Series II shares

Invesco V.I. Capital Appreciation Fund — Series II shares

Invesco V.I. Comstock Fund — Series II shares

Invesco V.I. Conservative Balanced Fund — Series II shares

Invesco V.I. Core Equity Fund — Series I shares

Invesco V.I. Discovery Mid Cap Growth Fund — Series II shares

Invesco V.I. EQV International Equity Fund — Series II shares (1)

Invesco V.I. Equity and Income Fund — Series II shares

Invesco V.I. Global Fund — Series II shares

Invesco V.I. Main Street Fund^® — Series II shares

Invesco V.I. Main Street Small Cap Fund^® — Series II shares

Allspring Variable Trust

Allspring VT Discovery All Cap Growth Fund — Class 2 (1)

American Century Variable Portfolios II, Inc.

VP Inflation Protection Fund — Class II

BlackRock Variable Series Funds, Inc.

BlackRock Advantage SMID Cap V.I. Fund – Class III Shares

BlackRock Basic Value V.I. Fund — Class III Shares

BlackRock Global Allocation V.I. Fund — Class III Shares

BlackRock Large Cap Focus Growth V.I. Fund — Class III Shares

Columbia Funds Variable Series Trust II

CTIVP^® — Principal Blue Chip Growth Fund — Class 1 (1)

Columbia Variable Portfolio — Overseas Core Fund — Class 2

Eaton Vance Variable Trust

VT Floating-Rate Income Fund

Federated Hermes Insurance Series

Federated Hermes High Income Bond Fund II — Service Shares

Federated Hermes Kaufmann Fund II — Service Shares

Fidelity^® Variable Insurance Products Fund

VIP Balanced Portfolio — Service Class 2

VIP Contrafund^® Portfolio — Service Class 2

VIP Dynamic Capital Appreciation Portfolio — Service Class 2

VIP Equity-Income Portfolio^SM — Service Class 2

VIP FundsManager^® 50% Portfolio — Service Class 2

VIP FundsManager^® 60% Portfolio — Service Class 2

VIP Growth & Income Portfolio — Service Class 2

VIP Growth Opportunities Portfolio — Service Class 2

VIP Growth Portfolio — Service Class 2

VIP Investment Grade Bond Portfolio — Service Class 2

F-2

VIP Mid Cap Portfolio — Service Class 2

VIP Value Strategies Portfolio — Service Class 2

Franklin Templeton Variable Insurance Products Trust

Franklin Allocation VIP Fund — Class 2 Shares

Franklin Income VIP Fund — Class 2 Shares

Franklin Mutual Shares VIP Fund — Class 2 Shares

Templeton Growth VIP Fund — Class 2 Shares

Goldman Sachs Variable Insurance Trust

Goldman Sachs Government Money Market Fund — Service Shares

Janus Aspen Series

Janus Henderson Balanced Portfolio — Service Shares

Janus Henderson Forty Portfolio — Service Shares

Legg Mason Partners Variable Equity Trust

ClearBridge Variable Aggressive Growth Portfolio — Class II

ClearBridge Variable Dividend Strategy Portfolio — Class II

ClearBridge Variable Large Cap Value Portfolio — Class I

MFS^® Variable Insurance Trust

MFS^® Investors Trust Series — Service Class Shares

MFS^® Total Return Series — Service Class Shares

MFS^® Utilities Series — Service Class Shares

MFS^® Variable Insurance Trust II

MFS^® Massachusetts Investors Growth Stock Portfolio — Service Class Shares

PIMCO Variable Insurance Trust

All Asset Portfolio — Advisor Class Shares

High Yield Portfolio — Administrative Class Shares

Long-Term U.S. Government Portfolio — Administrative Class Shares

Low Duration Portfolio — Administrative Class Shares

Total Return Portfolio — Administrative Class 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

Real Estate Securities V.I.S. Fund — Class 1 Shares

S&P 500^® Index V.I.S. Fund — Class 1 Shares

Small-Cap Equity V.I.S. Fund — Class 1 Shares

Total Return V.I.S. Fund — Class 3 Shares

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

The Prudential Series Fund

PSF Natural Resources Portfolio — Class II Shares

PSF PGIM Jennison Growth Portfolio — Class II Shares

Statement of assets and liabilities as of December 31, 2023, the related statement of operations for the year then ended, and the statements of changes in net assets for the period from December 8, 2023 (inception) to December 31, 2023 and the financial highlights for the years or lesser periods in the five years ended December 31, 2023.

The Prudential Series Fund

PSF PGIM Jennison Blend Portfolio — Class II Shares

Statement of assets and liabilities as of December 31, 2023, the related statements of operations for the period from January 1, 2023 to December 8, 2023 (liquidation date) and changes in net assets for the period from January 1, 2022 to December 8, 2023 (liquidation date).

The Prudential Series Fund

PSF PGIM Jennison Focused Blend Portfolio — Class II Shares

(1)	See Note 1 to the financial statements for the former name of the subaccount.

F-3

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Assets and Liabilities

December 31, 2023



	AB Variable Products Series Fund, Inc.

	AB VPS Balanced Hedged Allocation Portfolio — Class B		AB VPS International Value Portfolio — Class B		AB VPS Large Cap Growth Portfolio — Class B		AB VPS Relative Value Portfolio — Class B		AB VPS Small Cap Growth Portfolio — Class B

Assets:
Investments at fair value (note 2b)		$730,956		$2,257,376		$48,825		$631,462		$942,445
Dividend receivable		—		—		—		—		—
Receivable for units sold		—		32		—		—		—
Total assets		730,956		2,257,408		48,825		631,462		942,445

Liabilities:
Accrued expenses payable to affiliate (note 4b)		33		92		2		20		40
Payable for units withdrawn		—		—		—		256		1
Total liabilities		33		92		2		276		41

Net assets attributable to:
Variable annuity contract owners in the accumulation period		728,989		2,148,969		48,823		631,186		942,404
Variable annuity contract owners in the annuitization period		1,934		108,347		—		—		—
Net assets		$730,923		$2,257,316		$48,823		$631,186		$942,404

Investments in securities at cost		$870,740		$2,273,254		$32,738		$612,019		$1,449,872
Shares outstanding		84,699		153,459		729		21,941		118,249



	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)

	Invesco V.I. Core Equity Fund — Series I shares		Invesco V.I. Discovery Mid Cap Growth Fund — Series II shares		Invesco V.I. EQV International Equity Fund — Series II shares		Invesco V.I. Equity and Income Fund — Series II shares		Invesco V.I. Global Fund — Series II shares

Assets:
Investments at fair value (note 2b)		$554,649		$—		$952,510		$831,797		$1,754,629
Dividend receivable		—		—		—		—		—
Receivable for units sold		—		—		—		10		—
Total assets		554,649		—		952,510		831,807		1,754,629

Liabilities:
Accrued expenses payable to affiliate (note 4b)		21		—		38		41		71
Payable for units withdrawn		1		—		1		—		29
Total liabilities		22		—		39		41		100

Net assets attributable to:
Variable annuity contract owners in the accumulation period		554,627		—		952,471		831,766		1,754,529
Variable annuity contract owners in the annuitization period		—		—		—		—		—
Net assets		$554,627		$—		$952,471		$831,766		$1,754,529

Investments in securities at cost		$614,439		$—		$954,484		$803,848		$1,854,522
Shares outstanding		18,936		—		28,459		50,843		49,426

See accompanying notes to financial statements.

F-4

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Assets and Liabilities — Continued

December 31, 2023



AB Variable Products Series Fund, Inc. (continued)		AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

AB VPS Sustainable Global Thematic Portfolio — Class B		Invesco V.I. American Franchise Fund — Series I shares		Invesco V.I. American Franchise Fund — Series II shares		Invesco V.I. American Value Fund — Series II shares		Invesco V.I. Capital Appreciation Fund — Series II shares		Invesco V.I. Comstock Fund — Series II shares		Invesco V.I. Conservative Balanced Fund — Series II shares


	$63,708		$128,618		$—		$—		$171,962		$3,870,960		$313,819
	—		—		—		—		—		—		—
	—		—		—		—		11		—		—
	63,708		128,618		—		—		171,973		3,870,960		313,819


	2		4		—		—		6		154		17
	1		—		—		—		—		426		1
	3		4		—		—		6		580		18


	63,705		128,614		—		—		171,967		3,725,547		298,423
	—		—		—		—		—		144,833		15,378
	$63,705		$128,614		$—		$—		$171,967		$3,870,380		$313,801

	$59,847		$111,452		$—		$—		$179,210		$3,848,249		$297,005
	2,052		2,181		—		—		3,852		197,700		20,796



AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)				Allspring Variable Trust		American Century Variable Portfolios II, Inc.		BlackRock Variable Series Funds, Inc.

Invesco V.I. Main Street Fund^® — Series II shares		Invesco V.I. Main Street Small Cap Fund^® — Series II shares		Allspring VT Discovery All Cap Growth Fund — Class 2		VP Inflation Protection Fund — Class II		BlackRock Advantage SMID Cap V.I. Fund — Class III Shares		BlackRock Basic Value V.I. Fund — Class III Shares		BlackRock Global Allocation V.I. Fund — Class III Shares


	$669,126		$654,385		$37,300		$2,299,010		$100,087		$2,666,214		$71,528,871
	—		—		—		—		—		—		—
	—		—		—		671		—		—		—
	669,126		654,385		37,300		2,299,681		100,087		2,666,214		71,528,871


	28		31		1		90		4		107		3,244
	1		31		1		—		—		494		3,531
	29		62		2		90		4		601		6,775


	669,097		654,323		37,298		2,192,379		100,083		2,556,627		68,320,821
	—		—		—		107,212		—		108,986		3,201,275
	$669,097		$654,323		$37,298		$2,299,591		$100,083		$2,665,613		$71,522,096

	$880,264		$552,412		$45,189		$2,506,078		$129,285		$2,892,503		$77,943,314
	37,655		24,882		1,561		245,359		10,110		208,787		5,489,553

See accompanying notes to financial statements.

F-5

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Assets and Liabilities — Continued

December 31, 2023



	BlackRock Variable Series Funds, Inc. (continued)		Columbia Funds Variable Series Trust II				Eaton Vance Variable Trust		Federated Hermes Insurance Series

	BlackRock Large Cap Focus Growth V.I. Fund — Class III Shares		CTIVP^® — Principal Blue Chip Growth Fund — Class 1		Columbia Variable Portfolio — Overseas Core Fund — Class 2		VT Floating-Rate Income Fund		Federated Hermes High Income Bond Fund II — Service Shares

Assets:
Investments at fair value (note 2b)		$7,364		$10,399,177		$2,091,829		$2,809,432		$95,487
Dividend receivable		—		—		—		19,616		—
Receivable for units sold		—		—		—		719		—
Total assets		7,364		10,399,177		2,091,829		2,829,767		95,487

Liabilities:
Accrued expenses payable to affiliate (note 4b)		—		404		82		113		3
Payable for units withdrawn		—		109		399		—		—
Total liabilities		—		513		481		113		3

Net assets attributable to:
Variable annuity contract owners in the accumulation period		7,364		9,856,982		1,982,291		2,722,659		95,484
Variable annuity contract owners in the annuitization period		—		541,682		109,057		106,995		—
Net assets		$7,364		$10,398,664		$2,091,348		$2,829,654		$95,484

Investments in securities at cost		$5,838		$ 8,267,736		$2,071,635		$2,883,933		$105,828
Shares outstanding		401		176,227		158,232		324,790		16,960



	Fidelity^® Variable Insurance Products Fund (continued)

	VIP Growth & Income Portfolio — Service Class 2		VIP Growth Opportunities Portfolio — Service Class 2		VIP Growth Portfolio — Service Class 2		VIP Investment Grade Bond Portfolio — Service Class 2		VIP Mid Cap Portfolio — Service Class 2

Assets:
Investments at fair value (note 2b)		$532,978		$2,131,916		$256,063		$3,155,456		$2,671,883
Dividend receivable		—		—		—		—		—
Receivable for units sold		—		—		—		186		—
Total assets		532,978		2,131,916		256,063		3,155,642		2,671,883

Liabilities:
Accrued expenses payable to affiliate (note 4b)		21		90		8		124		112
Payable for units withdrawn		1		—		—		—		29
Total liabilities		22		90		8		124		141

Net assets attributable to:
Variable annuity contract owners in the accumulation period		532,956		2,131,826		256,055		3,047,723		2,671,742
Variable annuity contract owners in the annuitization period		—		—		—		107,795		—
Net assets		$532,956		$2,131,826		$256,055		$3,155,518		$2,671,742

Investments in securities at cost		$436,101		$1,762,841		$221,294		$3,582,602		$2,537,415
Shares outstanding		20,405		36,764		2,848		291,632		77,022

See accompanying notes to financial statements.

F-6

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Assets and Liabilities — Continued

December 31, 2023



Federated Hermes Insurance Series (continued)		Fidelity^® Variable Insurance Products Fund

Federated Hermes Kaufmann Fund II — Service Shares		VIP Balanced Portfolio — Service Class 2		VIP Contrafund^® Portfolio — Service Class 2		VIP Dynamic Capital Appreciation Portfolio — Service Class 2		VIP Equity-Income Portfolio^SM — Service Class 2		VIP FundsManager^® 50% Portfolio — Service Class 2		VIP FundsManager^® 60% Portfolio — Service Class 2


	$444,713		$3,729,032		$12,169,465		$20,091		$3,008,403		$14,242,093		$61,082,602
	—		—		—		—		—		—		—
	—		—		461		—		—		—		—
	444,713		3,729,032		12,169,926		20,091		3,008,403		14,242,093		61,082,602


	16		165		476		1		116		626		2,663
	3		208		—		1		80		2,430		5,650
	19		373		476		2		196		3,056		8,313


	444,694		3,641,655		11,628,385		20,089		3,008,207		14,239,037		61,074,289
	—		87,004		541,065		—		—		—		—
	$444,694		$3,728,659		$12,169,450		$20,089		$3,008,207		$14,239,037		$61,074,289

	$466,779		$3,261,277		$10,955,881		$15,438		$2,773,893		$14,190,106		$64,388,218
	28,200		173,121		259,865		1,257		125,822		1,259,248		6,323,251



Fidelity^® Variable Insurance Products Fund (continued)		Franklin Templeton Variable Insurance Products Trust								Goldman Sachs Variable Insurance Trust		Janus Aspen Series

VIP Value Strategies Portfolio — Service Class 2		Franklin Allocation VIP Fund — Class 2 Shares		Franklin Income VIP Fund — Class 2 Shares		Franklin Mutual Shares VIP Fund — Class 2 Shares		Templeton Growth VIP Fund — Class 2 Shares		Goldman Sachs Government Money Market Fund — Service Shares		Janus Henderson Balanced Portfolio — Service Shares


	$74,980		$2,453,245		$6,788,647		$3,101,996		$106,855		$10,603,551		$6,208,786
	—		—		—		—		—		45,763		—
	—		—		431		—		—		—		182
	74,980		2,453,245		6,789,078		3,101,996		106,855		10,649,314		6,208,968


	2		133		346		120		3		461		266
	—		72		—		946		100		188,468		—
	2		205		346		1,066		103		188,929		266


	74,978		2,045,194		6,120,558		2,992,322		106,752		10,460,385		5,630,456
	—		407,846		668,174		108,608		—		—		578,246
	$74,978		$2,453,040		$6,788,732		$3,100,930		$106,752		$10,460,385		$6,208,702

	$53,533		$2,920,646		$7,107,897		$3,470,966		$101,275		$10,603,551		$4,673,118
	4,476		500,662		478,074		202,348		8,912		10,603,551		129,215

See accompanying notes to financial statements.

F-7

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Assets and Liabilities — Continued

December 31, 2023



	Janus Aspen Series (continued)		Legg Mason Partners Variable Equity Trust						MFS^® Variable Insurance Trust

	Janus Henderson Forty Portfolio — Service Shares		ClearBridge Variable Aggressive Growth Portfolio — Class II		ClearBridge Variable Dividend Strategy Portfolio — Class II		ClearBridge Variable Large Cap Value Portfolio — Class I		MFS^® Investors Trust Series — Service Class Shares

Assets:
Investments at fair value (note 2b)		$3,941,299		$—		$3,374		$20,742		$—
Dividend receivable		—		—		—		—		—
Receivable for units sold		—		—		—		—		—
Total assets		3,941,299		—		3,374		20,742		—

Liabilities:
Accrued expenses payable to affiliate (note 4b)		161		—		1		1		—
Payable for units withdrawn		265		—		1		—		—
Total liabilities		426		—		2		1		—

Net assets attributable to:
Variable annuity contract owners in the accumulation period		3,796,048		—		—		20,741		—
Variable annuity contract owners in the annuitization period		144,825		—		3,372		—		—
Net assets		$3,940,873		$—		$3,372		$20,741		$—

Investments in securities at cost		$3,283,868		$—		$3,068		$18,926		$—
Shares outstanding		92,758		—		164		978		—



	PIMCO Variable Insurance Trust (continued)		State Street Variable Insurance Series Funds, Inc.

	Total Return Portfolio — Administrative Class Shares		Income V.I.S. Fund — Class 1 Shares		Premier Growth Equity V.I.S. Fund — Class 1 Shares		Real Estate Securities V.I.S. Fund — Class 1 Shares		S&P 500^® Index V.I.S. Fund — Class 1 Shares

Assets:
Investments at fair value (note 2b)		$8,576,420		$6,645		$—		$4,769,871		$4,244
Dividend receivable		25,040		—		—		—		—
Receivable for units sold		984		—		—		—		—
Total assets		8,602,444		6,645		—		4,769,871		4,244

Liabilities:
Accrued expenses payable to affiliate (note 4b)		344		—		—		187		1
Payable for units withdrawn		—		1		—		4,316		1
Total liabilities		344		1		—		4,503		2

Net assets attributable to:
Variable annuity contract owners in the accumulation period		8,242,759		6,644		—		4,509,547		4,242
Variable annuity contract owners in the annuitization period		359,341		—		—		255,821		—
Net assets		$8,602,100		$6,644		$—		$4,765,368		$4,242

Investments in securities at cost		$9,538,477		$7,490		$—		$4,983,084		$3,048
Shares outstanding		934,251		666		—		489,720		88

See accompanying notes to financial statements.

F-8

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Assets and Liabilities — Continued

December 31, 2023



MFS^® Variable Insurance Trust (continued)				MFS^® Variable Insurance Trust II		PIMCO Variable Insurance Trust

MFS^® Total Return Series — Service Class Shares		MFS^® Utilities Series — Service Class Shares		MFS^® Massachusetts Investors Growth Stock Portfolio — Service Class Shares		All Asset Portfolio — Advisor Class Shares		High Yield Portfolio — Administrative Class Shares		Long-Term U.S. Government Portfolio — Administrative Class Shares		Low Duration Portfolio — Administrative Class Shares


	$2,667,278		$215,361		$13,519		$122,171		$2,305,644		$6,066,094		$5,027,055
	—		—		—		—		9,573		10,725		16,295
	—		—		—		—		54		—		2,666
	2,667,278		215,361		13,519		122,171		2,315,271		6,076,819		5,046,016


	106		7		—		4		94		247		202
	181		1		1		1		—		3,493		—
	287		8		1		5		94		3,740		202


	2,625,130		215,353		13,518		122,166		2,207,166		5,672,730		4,796,719
	41,861		—		—		—		108,011		400,349		249,095
	$2,666,991		$215,353		$13,518		$122,166		$2,315,177		$6,073,079		$5,045,814

	$2,589,304		$195,900		$11,786		$137,420		$2,358,443		$7,719,275		$5,263,419
	117,605		6,828		612		13,279		321,120		763,031		523,652



State Street Variable Insurance Series Funds, Inc. (continued)						The Prudential Series Fund

Small-Cap Equity V.I.S. Fund — Class 1 Shares		Total Return V.I.S. Fund — Class 3 Shares		U.S. Equity V.I.S. Fund — Class 1 Shares		PSF Natural Resources Portfolio — Class II Shares		PSF PGIM Jennison Blend Portfolio — Class II Shares		PSF PGIM Jennison Focused Blend Portfolio — Class II Shares		PSF PGIM Jennison Growth Portfolio — Class II Shares


	$98,125		$92,071,694		$110,489		$2,621,715		$23,858		$—		$60,368
	—		—		—		—		—		—		—
	—		—		—		540		—		—		—
	98,125		92,071,694		110,489		2,622,255		23,858		—		60,368


	4		4,431		4		105		1		—		2
	1		8,698		—		—		1		—		1
	5		13,129		4		105		2		—		3


	98,120		78,809,804		110,485		2,514,441		23,856		—		60,365
	—		13,248,761		—		107,709		—		—		—
	$98,120		$92,058,565		$110,485		$2,622,150		$23,856		$—		$60,365

	$108,630		$98,890,487		$100,277		$2,402,977		$23,062		$—		$32,235
	7,932		6,246,384		2,282		64,798		253		—		453

See accompanying notes to financial statements.

F-9

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Operations



	AB Variable Products Series Fund, Inc.

	AB VPS Balanced Hedged Allocation Portfolio — Class B			AB VPS International Value Portfolio — Class B			AB VPS Large Cap Growth Portfolio — Class B			AB VPS Relative Value Portfolio — Class B		AB VPS Small Cap Growth Portfolio — Class B

	Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023		Year ended December 31, 2023

Investment income and expense:
Income — Ordinary dividends		$6,420			$15,327			$—			$7,925		$—
Mortality and expense risk and administrative charges (note 4a)		11,744			17,678			693			7,505		13,967
Net investment income (expense)		(5,324	)		(2,351	)		(693	)		420		(13,967	)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		(39,564	)		(7,860	)		15,040			4,993		(87,149	)
Change in unrealized appreciation (depreciation)		86,125			12,421			146			6,017		241,290
Capital gain distributions		36,787			—			4,561			50,061		—
Net realized and unrealized gain (loss) on investments		83,348			4,561			19,747			61,071		154,141

Increase (decrease) in net assets from operations		$78,024			$2,210			$19,054			$61,491		$140,174



	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)

	Invesco V.I. Core Equity Fund — Series I shares			Invesco V.I. Discovery Mid Cap Growth Fund — Series II shares		Invesco V.I. EQV International Equity Fund — Series II shares			Invesco V.I. Equity and Income Fund — Series II shares			Invesco V.I. Global Fund — Series II shares

	Year ended December 31, 2023			Year ended December 31, 2023		Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023

Investment income and expense:
Income — Ordinary dividends		$3,797			$—		$—			$14,257			$—
Mortality and expense risk and administrative charges (note 4a)		75,146			—		13,717			15,142			24,968
Net investment income (expense)		(71,349	)		—		(13,717	)		(885	)		(24,968	)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		(1,573,297	)		—		(14,600	)		4,936			(39,817	)
Change in unrealized appreciation (depreciation)		3,212,767			—		171,288			20,158			346,031
Capital gain distributions		12,252			—		684			43,284			196,767
Net realized and unrealized gain (loss) on investments		1,651,722			—		157,372			68,378			502,981

Increase (decrease) in net assets from operations		$1,580,373			$—		$143,655			$67,493			$478,013

See accompanying notes to financial statements.

F-10

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Operations — Continued



AB Variable Products Series Fund, Inc. (continued)			AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

AB VPS Sustainable Global Thematic Portfolio — Class B			Invesco V.I. American Franchise Fund — Series I shares			Invesco V.I. American Franchise Fund — Series II shares		Invesco V.I. American Value Fund — Series II shares		Invesco V.I. Capital Appreciation Fund — Series II shares			Invesco V.I. Comstock Fund — Series II shares			Invesco V.I. Conservative Balanced Fund — Series II shares

Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023		Year ended December 31, 2023		Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023


	$21			$—			$—		$—		$—			$58,250			$5,342
	960			1,523			—		—		2,145			35,294			6,961
	(939	)		(1,523	)		—		—		(2,145	)		22,956			(1,619	)


	2,014			1,239			—		—		(7,991	)		7,257			(1,051	)
	3,595			39,925			—		—		59,642			(219,488	)		37,573
	4,532			2,531			—		—		—			419,504			—
	10,141			43,695			—		—		51,651			207,273			36,522

	$9,202			$42,172			$—		$—		$49,506			$230,229			$34,903



AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)						Allspring Variable Trust			American Century Variable Portfolios II, Inc.			BlackRock Variable Series Funds, Inc.

Invesco V.I. Main Street Fund^® — Series II shares			Invesco V.I. Main Street Small Cap Fund^® — Series II shares			Allspring VT Discovery All Cap Growth Fund — Class 2			VP Inflation Protection Fund — Class II			BlackRock Advantage SMID Cap V.I. Fund — Class III Shares			BlackRock Basic Value V.I. Fund — Class III Shares			BlackRock Global Allocation V.I. Fund — Class III Shares

Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023


	$3,095			$5,696			$—			$76,616			$1,868			$38,986			$1,731,976
	71,589			9,791			407			33,121			1,474			37,555			1,197,207
	(68,494	)		(4,095	)		(407	)		43,495			394			1,431			534,769


	(3,658,601	)		6,364			(1,879	)		(44,805	)		(14,215	)		(85,705	)		(1,844,653	)
	5,093,924			92,562			8,484			42,031			30,198			345,330			8,584,427
	44,193			—			3,604			—			—			103,437			—
	1,479,516			98,926			10,209			(2,774	)		15,983			363,062			6,739,774

	$1,411,022			$94,831			$9,802			$40,721			$16,377			$364,493			$7,274,543

See accompanying notes to financial statements.

F-11

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Operations — Continued



	BlackRock Variable Series Funds, Inc. (continued)			Columbia Funds Variable Series Trust II						Eaton Vance Variable Trust			Federated Hermes Insurance Series

	BlackRock Large Cap Focus Growth V.I. Fund — Class III Shares			CTIVP^® — Principal Blue Chip Growth Fund — Class 1			Columbia Variable Portfolio — Overseas Core Fund — Class 2			VT Floating-Rate Income Fund			Federated Hermes High Income Bond Fund II — Service Shares

	Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023

Investment income and expense:
Income — Ordinary dividends		$—			$—			$34,130			$253,365			$5,869
Mortality and expense risk and administrative charges (note 4a)		72			114,930			28,794			44,703			1,162
Net investment income (expense)		(72	)		(114,930	)		5,336			208,662			4,707

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		8			265,464			(35,200	)		(37,842	)		(3,413	)
Change in unrealized appreciation (depreciation)		2,431			2,336,199			295,623			116,727			9,202
Capital gain distributions		115			—			—			—			—
Net realized and unrealized gain (loss) on investments		2,554			2,601,663			260,423			78,885			5,789

Increase (decrease) in net assets from operations		$2,482			$2,486,733			$265,759			$287,547			$10,496



	Fidelity^® Variable Insurance Products Fund (continued)

	VIP Growth & Income Portfolio — Service Class 2		VIP Growth Opportunities Portfolio — Service Class 2			VIP Growth Portfolio — Service Class 2			VIP Investment Grade Bond Portfolio — Service Class 2			VIP Mid Cap Portfolio — Service Class 2

	Year ended December 31, 2023		Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023

Investment income and expense:
Income — Ordinary dividends		$7,439		$—			$13			$76,847			$9,760
Mortality and expense risk and administrative charges (note 4a)		7,219		29,106			3,268			64,175			39,197
Net investment income (expense)		220		(29,106	)		(3,255	)		12,672			(29,437	)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		7,583		9,431			15,209			(500,012	)		779
Change in unrealized appreciation (depreciation)		50,509		694,686			56,754			665,030			274,683
Capital gain distributions		19,536		—			11,705			—			73,093
Net realized and unrealized gain (loss) on investments		77,628		704,117			83,668			165,018			348,555

Increase (decrease) in net assets from operations		$77,848		$675,011			$80,413			$177,690			$319,118

See accompanying notes to financial statements.

F-12

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Operations — Continued



Federated Hermes Insurance Series (continued)			Fidelity^® Variable Insurance Products Fund

Federated Hermes Kaufmann Fund II — Service Shares			VIP Balanced Portfolio — Service Class 2			VIP Contrafund^® Portfolio — Service Class 2			VIP Dynamic Capital Appreciation Portfolio — Service Class 2			VIP Equity-Income Portfolio^SM — Service Class 2			VIP FundsManager^® 50% Portfolio — Service Class 2			VIP FundsManager^® 60% Portfolio — Service Class 2

Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023


	$—			$56,314			$28,764			$22			$50,387			$338,769			$1,304,302
	20,714			62,217			112,211			213			55,755			236,397			994,447
	(20,714	)		(5,903	)		(83,447	)		(191	)		(5,368	)		102,372			309,855


	(125,631	)		88,496			73,317			179			163,836			(158,796	)		(1,462,543	)
	407,445			447,514			1,483,040			3,538			103,985			1,573,813			8,391,675
	—			156,548			350,565			959			86,464			—			—
	281,814			692,558			1,906,922			4,676			354,285			1,415,017			6,929,132

	$261,100			$686,655			$1,823,475			$4,485			$348,917			$1,517,389			$7,238,987



Fidelity^® Variable Insurance Products Fund (continued)			Franklin Templeton Variable Insurance Products Trust												Goldman Sachs Variable Insurance Trust		Janus Aspen Series

VIP Value Strategies Portfolio — Service Class 2			Franklin Allocation VIP Fund — Class 2 Shares			Franklin Income VIP Fund — Class 2 Shares			Franklin Mutual Shares VIP Fund — Class 2 Shares			Templeton Growth VIP Fund — Class 2 Shares			Goldman Sachs Government Money Market Fund — Service Shares		Janus Henderson Balanced Portfolio — Service Shares

Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023		Year ended December 31, 2023


	$631			$38,151			$355,261			$56,276			$3,414			$461,763		$107,487
	2,414			49,797			126,712			42,458			1,258			158,618		94,551
	(1,783	)		(11,646	)		228,549			13,818			2,156			303,145		12,936


	57,062			(305,025	)		(57,683	)		(96,399	)		(225	)		—		170,243
	(31,104	)		543,074			(161,451	)		179,002			16,789			—		571,155
	3,105			44,284			430,690			259,021			—			—		—
	29,063			282,333			211,556			341,624			16,564			—		741,398

	$27,280			$270,687			$440,105			$355,442			$18,720			$303,145		$754,334

See accompanying notes to financial statements.

F-13

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Operations — Continued



	Janus Aspen Series (continued)			Legg Mason Partners Variable Equity Trust							MFS^® Variable Insurance Trust

	Janus Henderson Forty Portfolio — Service Shares			ClearBridge Variable Aggressive Growth Portfolio — Class II		ClearBridge Variable Dividend Strategy Portfolio — Class II			ClearBridge Variable Large Cap Value Portfolio — Class I		MFS^® Investors Trust Series — Service Class Shares

	Year ended December 31, 2023			Year ended December 31, 2023		Year ended December 31, 2023			Year ended December 31, 2023		Year ended December 31, 2023

Investment income and expense:
Income — Ordinary dividends		$4,379			$—		$63			$250		$—
Mortality and expense risk and administrative charges (note 4a)		51,223			—		63			213		—
Net investment income (expense)		(46,844	)		—		—			37		—

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		66,144			—		179			19		—
Change in unrealized appreciation (depreciation)		1,044,445			—		(247	)		989		—
Capital gain distributions		—			—		454			1,448		—
Net realized and unrealized gain (loss) on investments		1,110,589			—		386			2,456		—

Increase (decrease) in net assets from operations		$1,063,745			$—		$386			$2,493		$—



	PIMCO Variable Insurance Trust (continued)			State Street Variable Insurance Series Funds, Inc.

	Total Return Portfolio — Administrative Class Shares			Income V.I.S. Fund — Class 1 Shares			Premier Growth Equity V.I.S. Fund — Class 1 Shares		Real Estate Securities V.I.S. Fund — Class 1 Shares			S&P 500^® Index V.I.S. Fund — Class 1 Shares

	Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023		Year ended December 31, 2023			Year ended December 31, 2023

Investment income and expense:
Income — Ordinary dividends		$265,795			$134			$—		$104,497			$52
Mortality and expense risk and administrative charges (note 4a)		107,471			113			—		47,480			44
Net investment income (expense)		158,324			21			—		57,017			8

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		(264,477	)		(171	)		—		(156,341	)		14
Change in unrealized appreciation (depreciation)		425,802			324			—		451,917			675
Capital gain distributions		—			—			—		—			139
Net realized and unrealized gain (loss) on investments		161,325			153			—		295,576			828

Increase (decrease) in net assets from operations		$319,649			$174			$—		$352,593			$836

See accompanying notes to financial statements.

F-14

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Operations — Continued



MFS^® Variable Insurance Trust (continued)						MFS^® Variable Insurance Trust II			PIMCO Variable Insurance Trust

MFS^® Total Return Series — Service Class Shares			MFS^® Utilities Series — Service Class Shares			MFS^® Massachusetts Investors Growth Stock Portfolio — Service Class Shares			All Asset Portfolio — Advisor Class Shares			High Yield Portfolio — Administrative Class Shares			Long-Term U.S. Government Portfolio — Administrative Class Shares			Low Duration Portfolio — Administrative Class Shares

Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023


	$49,032			$7,338			$15			$3,416			$130,921			$149,141			$178,128
	38,673			2,910			294			1,595			34,207			92,436			72,261
	10,359			4,428			(279	)		1,821			96,714			56,705			105,867


	(1,047	)		8,525			997			(2,527	)		(32,027	)		(680,695	)		(94,980	)
	95,179			(33,526	)		2,258			8,548			163,790			803,933			156,022
	117,028			12,309			1,619			—			—			—			—
	211,160			(12,692	)		4,874			6,021			131,763			123,238			61,042

	$221,519			$(8,264	)		$4,595			$7,842			$228,477			$179,943			$166,909



State Street Variable Insurance Series Funds, Inc. (continued)									The Prudential Series Fund

Small-Cap Equity V.I.S. Fund — Class 1 Shares			Total Return V.I.S. Fund — Class 3 Shares			U.S. Equity V.I.S. Fund — Class 1 Shares			PSF Natural Resources Portfolio — Class II Shares			PSF PGIM Jennison Blend Portfolio — Class II Shares			PSF PGIM Jennison Focused Blend Portfolio — Class II Shares			PSF PGIM Jennison Growth Portfolio — Class II Shares

Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Year ended December 31, 2023			Period from December 08 to December 31, 2023			Period from January 1 to December 08, 2023			Year ended December 31, 2023


	$—			$1,804,528			$497			$—			$—			$—			$—
	1,680			1,599,359			1,269			23,739			18			276			665
	(1,680	)		205,169			(772	)		(23,739	)		(18	)		(276	)		(665	)


	(5,123	)		(2,228,865	)		817			64,694			95			6,954			4,604
	11,027			13,388,750			16,917			(60,726	)		796			(1,706	)		19,800
	8,415			—			7,405			—			—			—			—
	14,319			11,159,885			25,139			3,968			891			5,248			24,404

	$12,639			$11,365,054			$24,367			$(19,771	)		$873			$4,972			$23,739

See accompanying notes to financial statements.

F-15

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets



	AB Variable Products Series Fund, Inc.

	AB VPS Balanced Hedged Allocation Portfolio — Class B						AB VPS International Value Portfolio — Class B						AB VPS Large Cap Growth Portfolio — Class B

	Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$(5,324	)		$12,623			$(2,351	)		$(7,059	)		$(693	)		$(1,139	)
Net realized gain (loss) on investments		(39,564	)		(15,844	)		(7,860	)		(179,782	)		15,040			2,201
Change in unrealized appreciation (depreciation) on investments		86,125			(286,721	)		12,421			(327,576	)		146			(52,015	)
Capital gain distributions		36,787			85,638			—			—			4,561			12,490
Increase (decrease) in net assets from operations		78,024			(204,304	)		2,210			(514,417	)		19,054			(38,463	)

From capital transactions (note 4):
Net premiums		—			—			5,071			6,071			—			—
Transfers for contract benefits and terminations		(60,905	)		(70,949	)		(118,896	)		(133,772	)		(38,595	)		(2,234	)
Administrative expenses		(8,719	)		(10,951	)		(14,251	)		(19,162	)		(61	)		(127	)
Transfers between subaccounts (including fixed account), net		(49,884	)		104,371			1,987,672			(1,978,658	)		(18,730	)		(3,093	)
Increase (decrease) in net assets from capital transactions		(119,508	)		22,471			1,859,596			(2,125,521	)		(57,386	)		(5,454	)
Increase (decrease) in net assets		(41,484	)		(181,833	)		1,861,806			(2,639,938	)		(38,332	)		(43,917	)
Net assets at beginning of year		772,407			954,240			395,510			3,035,448			87,155			131,072
Net assets at end of year		$730,923			$772,407			$2,257,316			$395,510			$48,823			$87,155

Change in units (note 5):
Units purchased		2,813			8,886			223,372			39,239			—			—
Units redeemed		(10,547	)		(8,037	)		(23,170	)		(314,279	)		(1,217	)		(126	)
Net increase (decrease) in units from capital transactions with contract owners		(7,734	)		849			200,202			(275,040	)		(1,217	)		(126	)

See accompanying notes to financial statements.

F-16

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



AB Variable Products Series Fund, Inc. (continued)																		AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

AB VPS Relative Value Portfolio — Class B						AB VPS Small Cap Growth Portfolio — Class B						AB VPS Sustainable Global Thematic Portfolio — Class B						Invesco V.I. American Franchise Fund — Series I shares						Invesco V.I. American Franchise Fund — Series II shares

Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023		Year ended December 31, 2022




	$420			$(502	)		$(13,967	)		$(14,141	)		$(939	)		$(1,017	)		$(1,523	)		$(1,666	)		$—		$—
	4,993			14,209			(87,149	)		(48,610	)		2,014			1,183			1,239			(8,612	)		—		—
	6,017			(168,003	)		241,290			(905,250	)		3,595			(32,311	)		39,925			(87,795	)		—		—
	50,061			112,839			—			463,375			4,532			8,310			2,531			38,437			—		—
	61,491			(41,457	)		140,174			(504,626	)		9,202			(23,835	)		42,172			(59,636	)		—		—


	—			—			5,071			5,071			—			—			—			—			—		—
	(31,070	)		(15,557	)		(44,326	)		(26,220	)		(15,170	)		(5,178	)		(16,559	)		(565	)		—		—
	(7,967	)		(7,802	)		(6,869	)		(5,849	)		(1,265	)		(1,135	)		(684	)		(1,074	)		—		—
	(62,614	)		(61,542	)		(20,067	)		123,115			(714	)		26,678			(13,915	)		(26,059	)		—		—
	(101,651	)		(84,901	)		(66,191	)		96,117			(17,149	)		20,365			(31,158	)		(27,698	)		—		—
	(40,160	)		(126,358	)		73,983			(408,509	)		(7,947	)		(3,470	)		11,014			(87,334	)		—		—
	671,346			797,704			868,421			1,276,930			71,652			75,122			117,600			204,934			—		—
	$631,186			$671,346			$942,404			$868,421			$63,705			$71,652			$128,614			$117,600			$—		$—


	1,562			1,374			1,984			6,429			267			1,304			—			51			—		—
	(4,990	)		(4,213	)		(3,595	)		(3,514	)		(928	)		(575	)		(976	)		(899	)		—		—

	(3,428	)		(2,839	)		(1,611	)		2,915			(661	)		729			(976	)		(848	)		—		—

See accompanying notes to financial statements.

F-17

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)

	Invesco V.I. American Value Fund — Series II shares				Invesco V.I. Capital Appreciation Fund — Series II shares						Invesco V.I. Comstock Fund — Series II shares

	Year ended December 31, 2023		Year ended December 31, 2022		Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$—		$—		$(2,145	)		$(2,217	)		$22,956			$(4,687	)
Net realized gain (loss) on investments		—		—		(7,991	)		2,016			7,257			107,737
Change in unrealized appreciation (depreciation) on investments		—		—		59,642			(134,594	)		(219,488	)		(169,980	)
Capital gain distributions		—		—		—			64,623			419,504			42,895
Increase (decrease) in net assets from operations		—		—		49,506			(70,172	)		230,229			(24,035	)

From capital transactions (note 4):
Net premiums		—		—		—			—			2,536			3,536
Transfers for contract benefits and terminations		—		—		(18,810	)		(3,321	)		(182,842	)		(78,542	)
Administrative expenses		—		—		(1,875	)		(1,882	)		(22,730	)		(8,442	)
Transfers between subaccounts (including fixed account), net		—		—		(17,490	)		20,886			2,455,519			(346,350	)
Increase (decrease) in net assets from capital transactions		—		—		(38,175	)		15,683			2,252,483			(429,798	)
Increase (decrease) in net assets		—		—		11,331			(54,489	)		2,482,712			(453,833	)
Net assets at beginning of year		—		—		160,636			215,125			1,387,668			1,841,501
Net assets at end of year		$—		$—		$171,967			$160,636			$3,870,380			$1,387,668

Change in units (note 5):
Units purchased		—		—		233			1,021			92,078			2,012
Units redeemed		—		—		(1,385	)		(507	)		(13,330	)		(18,818	)
Net increase (decrease) in units from capital transactions with contract owners		—		—		(1,152	)		514			78,748			(16,806	)

See accompanying notes to financial statements.

F-18

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)

Invesco V.I. Conservative Balanced Fund — Series II shares						Invesco V.I. Core Equity Fund — Series I shares						Invesco V.I. Discovery Mid Cap Growth Fund — Series II shares				Invesco V.I. EQV International Equity Fund — Series II shares						Invesco V.I. Equity and Income Fund — Series II shares

Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023		Year ended December 31, 2022		Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022




	$(1,619	)		$(2,086	)		$(71,349	)		$(60,275	)		$—		$—		$(13,717	)		$(1,963	)		$(885	)		$(4,252	)
	(1,051	)		9,078			(1,573,297	)		(470,806	)		—		—		(14,600	)		(28,999	)		4,936			45,529
	37,573			(125,758	)		3,212,767			(3,827,652	)		—		—		171,288			(373,391	)		20,158			(276,247	)
	—			33,401			12,252			1,555,936			—		—		684			112,009			43,284			128,033
	34,903			(85,365	)		1,580,373			(2,802,797	)		—		—		143,655			(292,344	)		67,493			(106,937	)


	—			—			—			—			—		—		—			—			—			—
	(54,347	)		(33,326	)		(515,162	)		(966,712	)		—		—		(73,892	)		(66,297	)		(118,689	)		(131,345	)
	(2,878	)		(2,939	)		(74,153	)		(137,135	)		—		—		(8,833	)		(9,711	)		(12,918	)		(13,668	)
	(69,832	)		77,367			(9,418,444	)		(477,896	)		—		—		(37,322	)		(187,427	)		(6,930	)		(83,477	)
	(127,057	)		41,102			(10,007,759	)		(1,581,743	)		—		—		(120,047	)		(263,435	)		(138,537	)		(228,490	)
	(92,154	)		(44,263	)		(8,427,386	)		(4,384,540	)		—		—		23,608			(555,779	)		(71,044	)		(335,427	)
	405,955			450,218			8,982,013			13,366,553			—		—		928,863			1,484,642			902,810			1,238,237
	$313,801			$405,955			$554,627			$8,982,013			$—		$—		$952,471			$928,863			$831,766			$902,810


	859			9,786			13,915			60,450			—		—		2,438			4,885			2,132			2,350
	(10,906	)		(4,794	)		(368,571	)		(123,336	)		—		—		(9,449	)		(21,507	)		(9,196	)		(13,677	)
	(10,047	)		4,992			(354,656	)		(62,886	)		—		—		(7,011	)		(16,622	)		(7,064	)		(11,327	)

See accompanying notes to financial statements.

F-19

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)

	Invesco V.I. Global Fund — Series II shares						Invesco V.I. Main Street Fund^® — Series II shares						Invesco V.I. Main Street Small Cap Fund^® — Series II shares

	Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$(24,968	)		$(28,085	)		$(68,494	)		$(52,184	)		$(4,095	)		$(10,803	)
Net realized gain (loss) on investments		(39,817	)		(51,308	)		(3,658,601	)		(956,318	)		6,364			37,365
Change in unrealized appreciation (depreciation) on investments		346,031			(1,139,780	)		5,093,924			(5,561,543	)		92,562			(283,925	)
Capital gain distributions		196,767			329,458			44,193			3,599,042			—			77,939
Increase (decrease) in net assets from operations		478,013			(889,715	)		1,411,022			(2,971,003	)		94,831			(179,424	)

From capital transactions (note 4):
Net premiums		—			—			—			—			—			400
Transfers for contract benefits and terminations		(55,754	)		(46,953	)		(458,094	)		(962,949	)		(37,914	)		(32,588	)
Administrative expenses		(17,891	)		(19,802	)		(68,511	)		(138,902	)		(5,169	)		(5,403	)
Transfers between subaccounts (including fixed account), net		(238,154	)		(150,920	)		(8,578,432	)		(1,959,946	)		(13,253	)		(211,703	)
Increase (decrease) in net assets from capital transactions		(311,799	)		(217,675	)		(9,105,037	)		(3,061,797	)		(56,336	)		(249,294	)
Increase (decrease) in net assets		166,214			(1,107,390	)		(7,694,015	)		(6,032,800	)		38,495			(428,718	)
Net assets at beginning of year		1,588,315			2,695,705			8,363,112			14,395,912			615,828			1,044,546
Net assets at end of year		$1,754,529			$1,588,315			$669,097			$8,363,112			$654,323			$615,828

Change in units (note 5):
Units purchased		1,275			11,884			10,424			54,093			519			613
Units redeemed		(12,937	)		(21,898	)		(296,433	)		(162,065	)		(2,417	)		(9,667	)
Net increase (decrease) in units from capital transactions with contract owners		(11,662	)		(10,014	)		(286,009	)		(107,972	)		(1,898	)		(9,054	)

See accompanying notes to financial statements.

F-20

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



Allspring Variable Trust						American Century Variable Portfolios II, Inc.						BlackRock Variable Series Funds, Inc.

Allspring VT Discovery All Cap Growth Fund — Class 2						VP Inflation Protection Fund — Class II						BlackRock Advantage SMID Cap V.I. Fund — Class III Shares						BlackRock Basic Value V.I. Fund — Class III Shares						BlackRock Global Allocation V.I. Fund — Class III Shares

Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022




	$(407	)		$(434	)		$43,495			$80,382			$394			$303			$1,431			$(16,214	)		$534,769			$(1,392,381	)
	(1,879	)		(1,540	)		(44,805	)		(17,160	)		(14,215	)		(10,287	)		(85,705	)		(193,979	)		(1,844,653	)		(2,292,349	)
	8,484			(25,669	)		42,031			(424,496	)		30,198			(16,268	)		345,330			(298,106	)		8,584,427			(15,042,542	)
	3,604			8,759			—			10,573			—			1,908			103,437			278,267			—			1,294,112
	9,802			(18,884	)		40,721			(350,701	)		16,377			(24,344	)		364,493			(230,032	)		7,274,543			(17,433,160	)


	—			—			—			—			—			—			5,071			5,071			15,667			41,691
	(2,426	)		(2,450	)		(211,402	)		(187,042	)		(9,025	)		(9,324	)		(231,933	)		(259,636	)		(7,264,706	)		(7,808,041	)
	(429	)		(423	)		(31,354	)		(26,990	)		(1,445	)		(1,474	)		(32,674	)		(39,514	)		(1,337,074	)		(1,398,112	)
	(2,610	)		6,271			162,794			620,511			(15,354	)		1,749			(15,736	)		(1,100,601	)		(1,588,439	)		(2,108,228	)
	(5,465	)		3,398			(79,962	)		406,479			(25,824	)		(9,049	)		(275,272	)		(1,394,680	)		(10,174,552	)		(11,272,690	)
	4,337			(15,486	)		(39,241	)		55,778			(9,447	)		(33,393	)		89,221			(1,624,712	)		(2,900,009	)		(28,705,850	)
	32,961			48,447			2,338,832			2,283,054			109,530			142,923			2,576,392			4,201,104			74,422,105			103,127,955
	$37,298			$32,961			$2,299,591			$2,338,832			$100,083			$109,530			$2,665,613			$2,576,392			$71,522,096			$74,422,105


	40			288			26,918			72,899			395			633			11,311			10,225			84,325			186,722
	(170	)		(206	)		(33,458	)		(43,640	)		(1,339	)		(953	)		(21,825	)		(66,699	)		(673,006	)		(830,127	)
	(130	)		82			(6,540	)		29,259			(944	)		(320	)		(10,514	)		(56,474	)		(588,681	)		(643,405	)

See accompanying notes to financial statements.

F-21

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



	BlackRock Variable Series Funds, Inc. (continued)						Columbia Funds Variable Series Trust II

	BlackRock Large Cap Focus Growth V.I. Fund — Class III Shares						CTIVP^® — Principal Blue Chip Growth Fund — Class 1						Columbia Variable Portfolio — Overseas Core Fund — Class 2

	Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$(72	)		$(68	)		$(114,930	)		$(58,854	)		$5,336			$(14,394	)
Net realized gain (loss) on investments		8			2			265,464			108,631			(35,200	)		(79,480	)
Change in unrealized appreciation (depreciation) on investments		2,431			(3,403	)		2,336,199			(1,050,919	)		295,623			(315,079	)
Capital gain distributions		115			339			—			—			—			121,712
Increase (decrease) in net assets from operations		2,482			(3,130	)		2,486,733			(1,001,142	)		265,759			(287,241	)

From capital transactions (note 4):
Net premiums		—			—			7,607			7,607			5,071			5,071
Transfers for contract benefits and terminations		—			—			(833,281	)		(305,056	)		(212,811	)		(160,416	)
Administrative expenses		(14	)		(12	)		(111,741	)		(50,817	)		(27,334	)		(23,859	)
Transfers between subaccounts (including fixed account), net		1			1			2,503,775			5,395,392			30,888			513,868
Increase (decrease) in net assets from capital transactions		(13	)		(11	)		1,566,360			5,047,126			(204,186	)		334,664
Increase (decrease) in net assets		2,469			(3,141	)		4,053,093			4,045,984			61,573			47,423
Net assets at beginning of year		4,895			8,036			6,345,571			2,299,587			2,029,775			1,982,352
Net assets at end of year		$7,364			$4,895			$10,398,664			$6,345,571			$2,091,348			$2,029,775

Change in units (note 5):
Units purchased		—			—			189,389			312,878			23,120			75,746
Units redeemed		—			—			(123,578	)		(57,048	)		(38,961	)		(45,174	)
Net increase (decrease) in units from capital transactions with contract owners		—			—			65,811			255,830			(15,841	)		30,572

See accompanying notes to financial statements.

F-22

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



Eaton Vance Variable Trust						Federated Hermes Insurance Series												Fidelity^® Variable Insurance Products Fund

VT Floating-Rate Income Fund						Federated Hermes High Income Bond Fund II — Service Shares						Federated Hermes Kaufmann Fund II — Service Shares						VIP Balanced Portfolio — Service Class 2						VIP Contrafund^® Portfolio — Service Class 2

Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022




	$208,662			$96,243			$4,707			$4,642			$(20,714	)		$(25,684	)		$(5,903	)		$(26,212	)		$(83,447	)		$(51,407	)
	(37,842	)		(32,079	)		(3,413	)		(1,532	)		(125,631	)		(142,592	)		88,496			38,618			73,317			33,020
	116,727			(165,737	)		9,202			(18,954	)		407,445			(594,398	)		447,514			(1,347,958	)		1,483,040			(1,602,648	)
	—			—			—			—			—			182,119			156,548			287,758			350,565			242,163
	287,547			(101,573	)		10,496			(15,844	)		261,100			(580,555	)		686,655			(1,047,794	)		1,823,475			(1,378,872	)


	—			—			—			—			—			—			—			—			—			650
	(472,988	)		(217,617	)		(3,962	)		(4,004	)		(143,560	)		(132,992	)		(627,044	)		(500,767	)		(876,592	)		(208,202	)
	(38,353	)		(31,495	)		(1,189	)		(1,373	)		(19,173	)		(21,418	)		(40,228	)		(42,180	)		(95,456	)		(42,750	)
	(162,185	)		829,771			(12,052	)		(2,672	)		(1,935,757	)		1,372,227			(265,069	)		111,816			6,646,095			1,449,527
	(673,526	)		580,659			(17,203	)		(8,049	)		(2,098,490	)		1,217,817			(932,341	)		(431,131	)		5,674,047			1,199,225
	(385,979	)		479,086			(6,707	)		(23,893	)		(1,837,390	)		637,262			(245,686	)		(1,478,925	)		7,497,522			(179,647	)
	3,215,633			2,736,547			102,191			126,084			2,282,084			1,644,822			3,974,345			5,453,270			4,671,928			4,851,575
	$2,829,654			$3,215,633			$95,484			$102,191			$444,694			$2,282,084			$3,728,659			$3,974,345			$12,169,450			$4,671,928


	22,394			100,320			206			216			6,050			64,285			1,139			9,260			220,399			60,846
	(68,624	)		(55,963	)		(1,033	)		(602	)		(77,342	)		(21,032	)		(36,209	)		(28,355	)		(63,476	)		(21,287	)

	(46,230	)		44,357			(827	)		(386	)		(71,292	)		43,253			(35,070	)		(19,095	)		156,923			39,559

See accompanying notes to financial statements.

F-23

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



	Fidelity^® Variable Insurance Products Fund (continued)

	VIP Dynamic Capital Appreciation Portfolio — Service Class 2						VIP Equity-Income Portfolio^SM — Service Class 2						VIP FundsManager^® 50% Portfolio — Service Class 2

	Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$(191	)		$(1,147	)		$(5,368	)		$25,178			$102,372			$31,778
Net realized gain (loss) on investments		179			16,216			163,836			75,136			(158,796	)		31,484
Change in unrealized appreciation (depreciation) on investments		3,538			(63,397	)		103,985			(474,598	)		1,573,813			(6,639,016	)
Capital gain distributions		959			17,032			86,464			168,261			—			3,257,290
Increase (decrease) in net assets from operations		4,485			(31,296	)		348,917			(206,023	)		1,517,389			(3,318,464	)

From capital transactions (note 4):
Net premiums		—			—			7,607			7,607			18,126			18,716
Transfers for contract benefits and terminations		(645	)		(7,990	)		(250,313	)		(242,780	)		(1,830,571	)		(1,869,324	)
Administrative expenses		(136	)		(134	)		(42,959	)		(44,908	)		(283,543	)		(309,252	)
Transfers between subaccounts (including fixed account), net		(950	)		(105,693	)		(1,913,231	)		1,217,874			(954,411	)		(1,635,193	)
Increase (decrease) in net assets from capital transactions		(1,731	)		(113,817	)		(2,198,896	)		937,793			(3,050,399	)		(3,795,053	)
Increase (decrease) in net assets		2,754			(145,113	)		(1,849,979	)		731,770			(1,533,010	)		(7,113,517	)
Net assets at beginning of year		17,335			162,448			4,858,186			4,126,416			15,772,047			22,885,564
Net assets at end of year		$20,089			$17,335			$3,008,207			$4,858,186			$14,239,037			$15,772,047

Change in units (note 5):
Units purchased		5			71			12,335			79,628			16,365			10,471
Units redeemed		(50	)		(3,520	)		(101,024	)		(37,112	)		(206,251	)		(245,395	)
Net increase (decrease) in units from capital transactions with contract owners		(45	)		(3,449	)		(88,689	)		42,516			(189,886	)		(234,924	)

See accompanying notes to financial statements.

F-24

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



Fidelity^® Variable Insurance Products Fund (continued)

VIP FundsManager^® 60% Portfolio — Service Class 2						VIP Growth & Income Portfolio — Service Class 2						VIP Growth Opportunities Portfolio — Service Class 2						VIP Growth Portfolio — Service Class 2						VIP Investment Grade Bond Portfolio — Service Class 2

Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022




	$309,855			$10,122			$220			$15			$(29,106	)		$(29,042	)		$(3,255	)		$(2,745	)		$12,672			$21,619
	(1,462,543	)		(1,068,176	)		7,583			14,421			9,431			(25,912	)		15,209			1,431			(500,012	)		(490,128	)
	8,391,675			(26,170,556	)		50,509			(58,917	)		694,686			(1,324,255	)		56,754			(121,895	)		665,030			(1,132,196	)
	—			13,105,369			19,536			9,953			—			367,049			11,705			24,813			—			426,479
	7,238,987			(14,123,241	)		77,848			(34,528	)		675,011			(1,012,160	)		80,413			(98,396	)		177,690			(1,174,226	)


	—			960			—			—			—			—			—			—			—			500
	(7,131,271	)		(5,561,624	)		(15,423	)		(8,186	)		(93,243	)		(54,313	)		(16,640	)		(9,716	)		(386,097	)		(592,158	)
	(1,082,445	)		(1,153,738	)		(3,827	)		(3,910	)		(10,276	)		(10,408	)		(3,987	)		(4,005	)		(63,368	)		(93,670	)
	(2,572,377	)		(2,425,174	)		(1,314	)		(36,644	)		(36,463	)		125,360			(98,508	)		17,070			(1,979,774	)		(1,626,968	)
	(10,786,093	)		(9,139,576	)		(20,564	)		(48,740	)		(139,982	)		60,639			(119,135	)		3,349			(2,429,239	)		(2,312,296	)
	(3,547,106	)		(23,262,817	)		57,284			(83,268	)		535,029			(951,521	)		(38,722	)		(95,047	)		(2,251,549	)		(3,486,522	)
	64,621,395			87,884,212			475,672			558,940			1,596,797			2,548,318			294,777			389,824			5,407,067			8,893,589
	$61,074,289			$64,621,395			$532,956			$475,672			$2,131,826			$1,596,797			$256,055			$294,777			$3,155,518			$5,407,067


	66,741			67,460			389			405			370			6,039			190			948			56,299			85,476
	(673,216	)		(581,587	)		(1,006	)		(1,942	)		(3,292	)		(4,719	)		(2,673	)		(835	)		(253,350	)		(265,958	)

	(606,475	)		(514,127	)		(617	)		(1,537	)		(2,922	)		1,320			(2,483	)		113			(197,051	)		(180,482	)

See accompanying notes to financial statements.

F-25

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



	Fidelity^® Variable Insurance Products Fund (continued)												Franklin Templeton Variable Insurance Products Trust

	VIP Mid Cap Portfolio — Service Class 2						VIP Value Strategies Portfolio — Service Class 2						Franklin Allocation VIP Fund — Class 2 Shares

	Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$(29,437	)		$(34,349	)		$(1,783	)		$(716	)		$(11,646	)		$(10,554	)
Net realized gain (loss) on investments		779			241			57,062			1,923			(305,025	)		(121,567	)
Change in unrealized appreciation (depreciation) on investments		274,683			(674,280	)		(31,104	)		(35,845	)		543,074			(791,259	)
Capital gain distributions		73,093			184,714			3,105			11,756			44,284			293,228
Increase (decrease) in net assets from operations		319,118			(523,674	)		27,280			(22,882	)		270,687			(630,152	)

From capital transactions (note 4):
Net premiums		2,536			2,536			—			—			254,757			—
Transfers for contract benefits and terminations		(116,331	)		(100,391	)		(112,837	)		(488	)		(611,956	)		(253,951	)
Administrative expenses		(17,755	)		(19,019	)		(685	)		(964	)		(20,862	)		(23,371	)
Transfers between subaccounts (including fixed account), net		(85,408	)		(30,365	)		(87,907	)		(2,021	)		(119,288	)		(74,636	)
Increase (decrease) in net assets from capital transactions		(216,958	)		(147,239	)		(201,429	)		(3,473	)		(497,349	)		(351,958	)
Increase (decrease) in net assets		102,160			(670,913	)		(174,149	)		(26,355	)		(226,662	)		(982,110	)
Net assets at beginning of year		2,569,582			3,240,495			249,127			275,482			2,679,702			3,661,812
Net assets at end of year		$2,671,742			$2,569,582			$74,978			$249,127			$2,453,040			$2,679,702

Change in units (note 5):
Units purchased		2,400			4,162			60			44			35,050			3,879
Units redeemed		(9,817	)		(9,783	)		(6,542	)		(154	)		(72,994	)		(29,617	)
Net increase (decrease) in units from capital transactions with contract owners		(7,417	)		(5,621	)		(6,482	)		(110	)		(37,944	)		(25,738	)

See accompanying notes to financial statements.

F-26

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



Franklin Templeton Variable Insurance Products Trust (continued)																		Goldman Sachs Variable Insurance Trust						Janus Aspen Series

Franklin Income VIP Fund — Class 2 Shares						Franklin Mutual Shares VIP Fund — Class 2 Shares						Templeton Growth VIP Fund — Class 2 Shares						Goldman Sachs Government Money Market Fund — Service Shares						Janus Henderson Balanced Portfolio — Service Shares

Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022




	$228,549			$239,511			$13,818			$(65,460	)		$2,156			$(1,185	)		$303,145			$(13,142	)		$12,936			$(33,087	)
	(57,683	)		71,790			(96,399	)		(893,418	)		(225	)		(2,009	)		—			—			170,243			275,252
	(161,451	)		(1,094,146	)		179,002			(759,729	)		16,789			(12,717	)		—			—			571,155			(1,875,297	)
	430,690			157,328			259,021			372,824			—			—			—			—			—			192,537
	440,105			(625,517	)		355,442			(1,345,783	)		18,720			(15,911	)		303,145			(13,142	)		754,334			(1,440,595	)


	—			—			—			—			—			—			350,000			1,193,164			—			—
	(679,777	)		(879,269	)		(258,576	)		(789,215	)		(8,026	)		(8,481	)		(11,774,723	)		(12,431,443	)		(497,862	)		(610,837	)
	(51,838	)		(54,329	)		(35,605	)		(107,667	)		(1,283	)		(1,282	)		(83,572	)		(75,715	)		(58,710	)		(61,212	)
	(142,598	)		(633,643	)		(33,350	)		(9,966,083	)		(3,477	)		(5,068	)		11,567,905			12,460,863			119,208			(69,567	)
	(874,213	)		(1,567,241	)		(327,531	)		(10,862,965	)		(12,786	)		(14,831	)		59,610			1,146,869			(437,364	)		(741,616	)
	(434,108	)		(2,192,758	)		27,911			(12,208,748	)		5,934			(30,742	)		362,755			1,133,727			316,970			(2,182,211	)
	7,222,840			9,415,598			3,073,019			15,281,767			100,818			131,560			10,097,630			8,963,903			5,891,732			8,073,943
	$6,788,732			$7,222,840			$3,100,930			$3,073,019			$106,752			$100,818			$10,460,385			$10,097,630			$6,208,702			$5,891,732


	16,055			13,953			17,513			38,920			221			586			1,781,685			2,331,066			10,378			18,703
	(62,971	)		(101,750	)		(34,042	)		(651,458	)		(1,088	)		(1,651	)		(1,778,265	)		(2,204,455	)		(27,503	)		(48,401	)

	(46,916	)		(87,797	)		(16,529	)		(612,538	)		(867	)		(1,065	)		3,420			126,611			(17,125	)		(29,698	)

See accompanying notes to financial statements.

F-27

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



	Janus Aspen Series (continued)						Legg Mason Partners Variable Equity Trust

	Janus Henderson Forty Portfolio — Service Shares						ClearBridge Variable Aggressive Growth Portfolio — Class II				ClearBridge Variable Dividend Strategy Portfolio — Class II

	Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023		Year ended December 31, 2022		Year ended December 31, 2023			Year ended December 31, 2022

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$(46,844	)		$(33,689	)		$—		$—		$—			$(32	)
Net realized gain (loss) on investments		66,144			(34,927	)		—		—		179			397
Change in unrealized appreciation (depreciation) on investments		1,044,445			(1,014,931	)		—		—		(247	)		(1,212	)
Capital gain distributions		—			262,620			—		—		454			332
Increase (decrease) in net assets from operations		1,063,745			(820,927	)		—		—		386			(515	)

From capital transactions (note 4):
Net premiums		—			—			—		—		—			—
Transfers for contract benefits and terminations		(297,427	)		(117,353	)		—		—		(828	)		(872	)
Administrative expenses		(36,881	)		(18,894	)		—		—		—			—
Transfers between subaccounts (including fixed account), net		195,760			1,877,868			—		—		(11	)		(422	)
Increase (decrease) in net assets from capital transactions		(138,548	)		1,741,621			—		—		(839	)		(1,294	)
Increase (decrease) in net assets		925,197			920,694			—		—		(453	)		(1,809	)
Net assets at beginning of year		3,015,676			2,094,982			—		—		3,825			5,634
Net assets at end of year		$3,940,873			$3,015,676			$—		$—		$3,372			$3,825

Change in units (note 5):
Units purchased		14,447			53,507			—		—		10			8
Units redeemed		(18,079	)		(11,238	)		—		—		(44	)		(60	)
Net increase (decrease) in units from capital transactions with contract owners		(3,632	)		42,269			—		—		(34	)		(52	)

See accompanying notes to financial statements.

F-28

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



Legg Mason Partners Variable Equity Trust (continued)						MFS^® Variable Insurance Trust																MFS^® Variable Insurance Trust II

ClearBridge Variable Large Cap Value Portfolio — Class I						MFS^® Investors Trust Series — Service Class Shares				MFS^® Total Return Series — Service Class Shares						MFS^® Utilities Series — Service Class Shares						MFS^® Massachusetts Investors Growth Stock Portfolio — Service Class Shares

Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023		Year ended December 31, 2022		Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022




	$37			$(122	)		$—		$—		$10,359			$929			$4,428			$2,553			$(279	)		$(347	)
	19			1,593			—		—		(1,047	)		34,148			8,525			6,905			997			132
	989			(7,565	)		—		—		95,179			(668,975	)		(33,526	)		(21,162	)		2,258			(11,244	)
	1,448			714			—		—		117,028			259,365			12,309			10,435			1,619			4,147
	2,493			(5,380	)		—		—		221,519			(374,533	)		(8,264	)		(1,269	)		4,595			(7,312	)


	—			—			—		—		—			—			—			—			—			—
	—			—			—		—		(200,051	)		(199,158	)		(8,338	)		(8,987	)		(19,017	)		(667	)
	(38	)		(36	)		—		—		(36,921	)		(37,685	)		(2,038	)		(2,120	)		(83	)		(94	)
	544			(30,593	)		—		—		(45,705	)		12,468			(29,476	)		(9,942	)		1			(1	)
	506			(30,629	)		—		—		(282,677	)		(224,375	)		(39,852	)		(21,049	)		(19,099	)		(762	)
	2,999			(36,009	)		—		—		(61,158	)		(598,908	)		(48,116	)		(22,318	)		(14,504	)		(8,074	)
	17,742			53,751			—		—		2,728,149			3,327,057			263,469			285,787			28,022			36,096
	$20,741			$17,742			$—		$—		$2,666,991			$2,728,149			$215,353			$263,469			$13,518			$28,022


	32			—			—		—		5,512			9,206			420			306			—			—
	(2	)		(1,921	)		—		—		(19,097	)		(20,782	)		(1,633	)		(928	)		(801	)		(34	)

	30			(1,921	)		—		—		(13,585	)		(11,576	)		(1,213	)		(622	)		(801	)		(34	)

See accompanying notes to financial statements.

F-29

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



	PIMCO Variable Insurance Trust

	All Asset Portfolio — Advisor Class Shares						High Yield Portfolio — Administrative Class Shares						Long-Term U.S. Government Portfolio — Administrative Class Shares

	Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$1,821			$8,346			$96,714			$71,592			$56,705			$34,985
Net realized gain (loss) on investments		(2,527	)		(1,313	)		(32,027	)		(47,805	)		(680,695	)		(594,867	)
Change in unrealized appreciation (depreciation) on investments		8,548			(37,144	)		163,790			(250,112	)		803,933			(1,648,142	)
Capital gain distributions		—			10,782			—			—			—			—
Increase (decrease) in net assets from operations		7,842			(19,329	)		228,477			(226,325	)		179,943			(2,208,024	)

From capital transactions (note 4):
Net premiums		—			—			—			—			—			1,250
Transfers for contract benefits and terminations		(8,334	)		(8,752	)		(208,410	)		(160,900	)		(702,112	)		(579,761	)
Administrative expenses		(2,900	)		(2,891	)		(31,169	)		(23,539	)		(94,740	)		(83,071	)
Transfers between subaccounts (including fixed account), net		2,105			(3,947	)		(1,668	)		934,841			301,819			3,088,495
Increase (decrease) in net assets from capital transactions		(9,129	)		(15,590	)		(241,247	)		750,402			(495,033	)		2,426,913
Increase (decrease) in net assets		(1,287	)		(34,919	)		(12,770	)		524,077			(315,090	)		218,889
Net assets at beginning of year		123,453			158,372			2,327,947			1,803,870			6,388,169			6,169,280
Net assets at end of year		$122,166			$123,453			$2,315,177			$2,327,947			$6,073,079			$6,388,169

Change in units (note 5):
Units purchased		289			412			11,295			70,049			101,157			241,431
Units redeemed		(808	)		(1,251	)		(24,350	)		(29,275	)		(131,619	)		(106,023	)
Net increase (decrease) in units from capital transactions with contract owners		(519	)		(839	)		(13,055	)		40,774			(30,462	)		135,408

See accompanying notes to financial statements.

F-30

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



PIMCO Variable Insurance Trust (continued)												State Street Variable Insurance Series Funds, Inc.

Low Duration Portfolio — Administrative Class Shares						Total Return Portfolio — Administrative Class Shares						Income V.I.S. Fund — Class 1 Shares						Premier Growth Equity V.I.S. Fund — Class 1 Shares				Real Estate Securities V.I.S. Fund — Class 1 Shares

Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023		Year ended December 31, 2022		Year ended December 31, 2023			Year ended December 31, 2022




	$105,867			$5,268			$158,324			$100,701			$21			$56			$—		$—		$57,017			$17,598
	(94,980	)		(193,363	)		(264,477	)		(807,298	)		(171	)		(197	)		—		—		(156,341	)		(19,855	)
	156,022			(319,066	)		425,802			(1,025,043	)		324			(1,185	)		—		—		451,917			(730,074	)
	—			—			—			—			—			84			—		—		—			337,210
	166,909			(507,161	)		319,649			(1,731,640	)		174			(1,242	)		—		—		352,593			(395,121	)


	205			205			1,227			1,227			—			—			—		—		—			200
	(501,234	)		(573,305	)		(691,866	)		(742,514	)		(396	)		(360	)		—		—		(357,306	)		(91,824	)
	(77,971	)		(88,603	)		(106,078	)		(121,308	)		—			—			—		—		(43,843	)		(15,688	)
	540,024			(1,829,006	)		2,477,685			(3,365,097	)		663			(194	)		—		—		2,463,085			2,073,282
	(38,976	)		(2,490,709	)		1,680,968			(4,227,692	)		267			(554	)		—		—		2,061,936			1,965,970
	127,933			(2,997,870	)		2,000,617			(5,959,332	)		441			(1,796	)		—		—		2,414,529			1,570,849
	4,917,881			7,915,751			6,601,483			12,560,815			6,203			7,999			—		—		2,350,839			779,990
	$5,045,814			$4,917,881			$8,602,100			$6,601,483			$6,644			$6,203			$—		$—		$4,765,368			$2,350,839


	107,917			68,747			221,824			77,366			111			98			—		—		122,377			85,967
	(111,770	)		(283,534	)		(103,049	)		(365,333	)		(87	)		(147	)		—		—		(42,515	)		(12,040	)

	(3,853	)		(214,787	)		118,775			(287,967	)		24			(49	)		—		—		79,862			73,927

See accompanying notes to financial statements.

F-31

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



	State Street Variable Insurance Series Funds, Inc. (continued)

	S&P 500^® Index V.I.S. Fund — Class 1 Shares						Small-Cap Equity V.I.S. Fund — Class 1 Shares						Total Return V.I.S. Fund — Class 3 Shares

	Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$8			$8			$(1,680	)		$(2,019	)		$205,169			$(1,404,574	)
Net realized gain (loss) on investments		14			18			(5,123	)		53			(2,228,865	)		(2,562,691	)
Change in unrealized appreciation (depreciation) on investments		675			(1,296	)		11,027			(34,611	)		13,388,750			(19,830,577	)
Capital gain distributions		139			452			8,415			7,983			—			1,510,674
Increase (decrease) in net assets from operations		836			(818	)		12,639			(28,594	)		11,365,054			(22,287,168	)

From capital transactions (note 4):
Net premiums		—			—			—			—			169,680			255,662
Transfers for contract benefits and terminations		—			—			(18,386	)		(15,207	)		(7,999,856	)		(8,980,936	)
Administrative expenses		(11	)		(10	)		(983	)		(1,164	)		(1,236,992	)		(1,304,341	)
Transfers between subaccounts (including fixed account), net		—			1			(33,638	)		(1,214	)		(2,815,959	)		(1,491,808	)
Increase (decrease) in net assets from capital transactions		(11	)		(9	)		(53,007	)		(17,585	)		(11,883,127	)		(11,521,423	)
Increase (decrease) in net assets		825			(827	)		(40,368	)		(46,179	)		(518,073	)		(33,808,591	)
Net assets at beginning of year		3,417			4,244			138,488			184,667			92,576,638			126,385,229
Net assets at end of year		$4,242			$3,417			$98,120			$138,488			$92,058,565			$92,576,638

Change in units (note 5):
Units purchased		—			—			246			255			106,460			280,433
Units redeemed		—			—			(1,976	)		(796	)		(871,733	)		(1,012,390	)
Net increase (decrease) in units from capital transactions with contract owners		—			—			(1,730	)		(541	)		(765,273	)		(731,957	)

See accompanying notes to financial statements.

F-32

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



State Street Variable Insurance Series Funds, Inc. (continued)						The Prudential Series Fund

U.S. Equity V.I.S. Fund — Class 1 Shares						PSF Natural Resources Portfolio — Class II Shares						PSF PGIM Jennison Blend Portfolio — Class II Shares			PSF PGIM Jennison Focused Blend Portfolio — Class II Shares						PSF PGIM Jennison Growth Portfolio — Class II Shares

Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Period from December 08 to December 31, 2023			Period from January 1 to December 08, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022
Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022			Period from December 08 to December 31, 2023			Period from January 1 to December 08, 2023			Year ended December 31, 2022			Year ended December 31, 2023			Year ended December 31, 2022




	$(772	)		$(778	)		$(23,739	)		$(15,337	)		$(18	)		$(276	)		$(305	)		$(665	)		$(1,117	)
	817			1,779			64,694			146,622			95			6,954			696			4,604			5,943
	16,917			(35,042	)		(60,726	)		63,417			796			(1,706	)		(8,154	)		19,800			(53,323	)
	7,405			10,232			—			—			—			—			—			—			—
	24,367			(23,809	)		(19,771	)		194,702			873			4,972			(7,763	)		23,739			(48,497	)


	—			—			2,536			2,536			—			—			—			—			—
	(2,154	)		(2,145	)		(185,071	)		(64,571	)		(23	)		(1,261	)		(1,454	)		(4,108	)		(4,021	)
	(852	)		(871	)		(20,886	)		(10,277	)		(14	)		(56	)		(68	)		(755	)		(1,267	)
	(7,881	)		(1,034	)		1,971,311			(385,439	)		23,020			(24,204	)		1,235			(12,133	)		(16,447	)
	(10,887	)		(4,050	)		1,767,890			(457,751	)		22,983			(25,521	)		(287	)		(16,996	)		(21,735	)
	13,480			(27,859	)		1,748,119			(263,049	)		23,856			(20,549	)		(8,050	)		6,743			(70,232	)
	97,005			124,864			874,031			1,137,080			—			20,549			28,599			53,622			123,854
	$110,485			$97,005			$2,622,150			$874,031			$23,856			$—			$20,549			$60,365			$53,622


	88			269			175,409			5,628			4,271			22			82			59			788
	(383	)		(363	)		(34,755	)		(44,786	)		(1,973	)		(742	)		(92	)		(416	)		(1,373	)

	(295	)		(94	)		140,654			(39,158	)		2,298			(720	)		(10	)		(357	)		(585	)

See accompanying notes to financial statements.

F-33

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements

December 31, 2023

(1)

Description of Entity

Genworth Life & Annuity VA Separate Account 2 (the “Separate Account”) is a separate investment account established on June 5, 2002 by Genworth Life and Annuity Insurance Company (“GLAIC”), pursuant to the laws of the Commonwealth of Virginia. GLAIC is a stock life insurance company operating under a charter granted by the Commonwealth of Virginia on March 21, 1871. GLAIC is licensed as a life insurer to do business in Bermuda, the District of Columbia and all states except for New York. GLAIC is wholly-owned by Genworth Life Insurance Company, which is wholly-owned by Genworth North America Corporation, which is indirectly wholly-owned by Genworth Financial, Inc.

GLAIC has a 34.5% investment in an affiliate, Genworth Life Insurance Company of New York.

GLAIC’s principal products are life insurance and fixed deferred and immediate annuities. Life insurance products provide protection against financial hardship after the death of an insured. Deferred annuities are investment vehicles 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 either a defined number of years, the annuitant’s lifetime or the longer of a defined number of years or the annuitant’s lifetime. In March 2016, GLAIC suspended sales of traditional life insurance and fixed annuity products. GLAIC, however, continues to service its existing retained and reinsured blocks of business.

GLAIC 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, including group variable annuities offered through retirement plans, variable life insurance and funding agreements. Most of its variable annuities include guaranteed minimum death benefits. Some of GLAIC’s group and individual variable annuity products include guaranteed minimum benefit features such as guaranteed minimum withdrawal benefits and certain types of guaranteed annuitization benefits.

The Separate Account has subaccounts that currently 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 GLAIC, 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 GLAIC. In addition, the Portfolios may be sold to retirement plans. GLAIC uses the Separate Account to support flexible premium variable deferred and immediate annuity contracts issued by GLAIC, as well as other purposes permitted by law.

Currently, there are multiple subaccounts of the Separate Account available under each 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 GLAIC. However, GLAIC does not charge the assets in the Separate Account attributable to the contracts with liabilities arising out of any other business that GLAIC may conduct. The assets of the Separate Account will, however, be available to cover the liabilities of GLAIC’s General Account to the extent that the assets of the Separate Account exceed its 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 GLAIC may conduct. Guarantees made under the contracts, including any rider options, are based on the claims paying ability of GLAIC to the extent that the amount of the guarantee exceeds the assets available in the Separate Account.

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-34

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2023

During the years ended December 31, 2023 and 2022, the following Portfolio names were changed:


Prior Portfolio Name	Current Portfolio Name	Effective Date
AB Variable Products Series Fund, Inc. — AB VP Growth and Income Portfolio — Class B	AB Variable Products Series Fund, Inc. — AB VPS Relative Value Portfolio — Class B		April 28, 2023
Allspring Variable Trust — Allspring VT Omega Growth Fund — Class 2	Allspring Variable Trust — Allspring VT Discovery All Cap Growth Fund — Class 2		April 28, 2023
AB Variable Products Series Fund, Inc. — AB Balanced Wealth Strategy Portfolio — Class B	AB Variable Products Series Fund, Inc. — AB VPS Balanced Hedged Allocation Portfolio — Class B		April 29, 2022
AB Variable Products Series Fund, Inc. — AB Global Thematic Growth Portfolio — Class B	AB Variable Products Series Fund, Inc. — AB VPS Sustainable Global Thematic Portfolio — Class B		April 29, 2022
AIM Variable Insurance Funds (Invesco Variable Insurance Funds) — Invesco V.I. International Growth Fund — Series II shares	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) — Invesco V.I. EQV International Equity Fund — Series II shares		April 29, 2022
Columbia Funds Variable Series Trust II — CTIVP^® — Loomis Sayles Growth Fund — Class 1	Columbia Funds Variable Series Trust II — CTIVP^® — Principal Blue Chip Growth Fund — Class 1		April 29, 2022

During the years ended December 31, 2023 and 2022, the following Portfolio(s) were liquidated, and the Portfolio assets were reinvested in new Portfolio(s):


Liquidated Portfolio	Reinvested Portfolio	Inception date
The Prudential Series Fund — PSF PGIM Jennison Focused Blend Portfolio — Class II Shares	The Prudential Series Fund — PSF PGIM Jennison Blend Portfolio — Class II Shares		December 8, 2023

All designated Portfolios listed above are series type mutual funds.

(2)

Summary of Significant Accounting Policies

(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.

F-35

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2023

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:

•

Level 1 — quoted prices in active markets for identical securities;

•

Level 2 — observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds and credit risk); and

•

Level 3 — unobservable inputs.

The investments of the Separate Accounts 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 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 Classes

There are several unit classes of subaccounts based on the variable annuity contract through which the subaccounts are available. An indefinite number of units in each unit class is authorized. Each unit class has its own expense structure as noted in note 4(a) below. In January 2011, Genworth announced that its insurance company subsidiaries, including GLAIC, would discontinue new sales of variable annuity products but would continue to service existing blocks of business. However, MyClearCourse^®, a variable annuity product, remains available for new sales. For those contracts no longer available for new sales, additional purchase payments may still be accepted under the terms of the contracts.

(d) Federal Income Taxes

The operations of the Separate Account are a part of, and taxed with, the operations of GLAIC. 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. GLAIC is taxed as a life insurance company under the Code.

(e) Payments During Annuitization

Net assets allocated to the contracts in variable payout stages (“variable annuitization”) are computed in accordance with the mortality tables in effect at the time of contract issue. The default assumed interest rate is an effective annual rate of 3% for all variable annuitizations paid on a life contingency basis, with the exception of those contract owners who have annuitized while electing the Payment Optimizer Plus rider option. Under this rider option, the assumed interest rate is 4%. The mortality risk is fully borne by GLAIC and may result in amounts transferred from GLAIC’s General Account to the Separate Account should annuitants live longer than assumed. GLAIC may transfer amounts from the Separate Account to its General Account should the contracts experience higher mortality than assumed.

(f) 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.

F-36

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2023

(3)

Purchases and Sales of Investments

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


Fund/Portfolio	Cost of Shares Acquired		Proceeds from Shares Sold
AB Variable Products Series Fund, Inc.
AB VPS Balanced Hedged Allocation Portfolio — Class B	$	84,379	$	172,161
AB VPS International Value Portfolio — Class B		2,075,176		217,899
AB VPS Large Cap Growth Portfolio — Class B		4,561		58,080
AB VPS Relative Value Portfolio — Class B		103,120		154,035
AB VPS Small Cap Growth Portfolio — Class B		71,007		151,734
AB VPS Sustainable Global Thematic Portfolio — Class B		11,068		24,550
AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
Invesco V.I. American Franchise Fund — Series I shares		2,531		32,681
Invesco V.I. American Franchise Fund — Series II shares		—		—
Invesco V.I. American Value Fund — Series II shares		—		—
Invesco V.I. Capital Appreciation Fund — Series II shares		6,535		46,865
Invesco V.I. Comstock Fund — Series II shares		3,105,238		409,772
Invesco V.I. Conservative Balanced Fund — Series II shares		15,449		144,171
Invesco V.I. Core Equity Fund — Series I shares		363,563		10,431,100
Invesco V.I. Discovery Mid Cap Growth Fund — Series II shares		—		—
Invesco V.I. EQV International Equity Fund — Series II shares		44,204		177,280
Invesco V.I. Equity and Income Fund — Series II shares		98,783		194,937
Invesco V.I. Global Fund — Series II shares		229,792		369,744
Invesco V.I. Main Street Fund^® — Series II shares		341,184		9,472,606
Invesco V.I. Main Street Small Cap Fund^® — Series II shares		20,905		81,304
Allspring Variable Trust
Allspring VT Discovery All Cap Growth Fund — Class 2		5,182		7,449
American Century Variable Portfolios II, Inc.
VP Inflation Protection Fund — Class II		422,004		460,269
BlackRock Variable Series Funds, Inc.
BlackRock Advantage SMID Cap V.I. Fund — Class III Shares		12,234		37,664
BlackRock Basic Value V.I. Fund — Class III Shares		422,337		593,009
BlackRock Global Allocation V.I. Fund — Class III Shares		3,244,148		12,891,508
BlackRock Large Cap Focus Growth V.I. Fund — Class III Shares		115		85
Columbia Funds Variable Series Trust II
CTIVP^® — Principal Blue Chip Growth Fund — Class 1		4,263,600		2,810,926
Columbia Variable Portfolio — Overseas Core Fund — Class 2		327,152		527,400
Eaton Vance Variable Trust
VT Floating-Rate Income Fund		567,554		1,035,248
Federated Hermes Insurance Series
Federated Hermes High Income Bond Fund II — Service Shares		10,099		22,902
Federated Hermes Kaufmann Fund II — Service Shares		163,790		2,283,467
Fidelity^® Variable Insurance Products Fund
VIP Balanced Portfolio — Service Class 2		242,730		1,024,219
VIP Contrafund^® Portfolio — Service Class 2		8,199,754		2,256,399
VIP Dynamic Capital Appreciation Portfolio — Service Class 2		1,162		2,124
VIP Equity-Income Portfolio^SM — Service Class 2		434,968		2,555,104

F-37

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2023


Fund/Portfolio	Cost of Shares Acquired		Proceeds from Shares Sold
VIP FundsManager^® 50% Portfolio — Service Class 2	$	602,140	$	3,551,055
VIP FundsManager^® 60% Portfolio — Service Class 2		2,472,703		12,951,532
VIP Growth & Income Portfolio — Service Class 2		39,386		40,192
VIP Growth Opportunities Portfolio — Service Class 2		15,490		184,649
VIP Growth Portfolio — Service Class 2		20,860		131,685
VIP Investment Grade Bond Portfolio — Service Class 2		790,925		3,212,562
VIP Mid Cap Portfolio — Service Class 2		153,750		326,497
VIP Value Strategies Portfolio — Service Class 2		5,428		205,540
Franklin Templeton Variable Insurance Products Trust
Franklin Allocation VIP Fund — Class 2 Shares		637,459		1,102,114
Franklin Income VIP Fund — Class 2 Shares		1,064,025		1,281,459
Franklin Mutual Shares VIP Fund — Class 2 Shares		626,178		681,136
Templeton Growth VIP Fund — Class 2 Shares		6,655		17,214
Goldman Sachs Variable Insurance Trust
Goldman Sachs Government Money Market Fund — Service Shares		16,830,128		16,334,288
Janus Aspen Series
Janus Henderson Balanced Portfolio — Service Shares		415,322		840,601
Janus Henderson Forty Portfolio — Service Shares		711,366		895,905
Legg Mason Partners Variable Equity Trust
ClearBridge Variable Aggressive Growth Portfolio — Class II		—		—
ClearBridge Variable Dividend Strategy Portfolio — Class II		767		1,151
ClearBridge Variable Large Cap Value Portfolio — Class I		2,242		251
MFS^® Variable Insurance Trust
MFS^® Investors Trust Series — Service Class Shares		—		—
MFS^® Total Return Series — Service Class Shares		275,090		430,542
MFS^® Utilities Series — Service Class Shares		32,325		55,444
MFS^® Variable Insurance Trust II
MFS^® Massachusetts Investors Growth Stock Portfolio — Service Class Shares		1,634		19,394
PIMCO Variable Insurance Trust
All Asset Portfolio — Advisor Class Shares		8,331		15,640
High Yield Portfolio — Administrative Class Shares		345,059		488,459
Long-Term U.S. Government Portfolio — Administrative Class Shares		1,702,850		2,125,789
Low Duration Portfolio — Administrative Class Shares		1,415,446		1,354,207
Total Return Portfolio — Administrative Class Shares		3,408,254		1,575,552
State Street Variable Insurance Series Funds, Inc.
Income V.I.S. Fund — Class 1 Shares		1,344		1,056
Premier Growth Equity V.I.S. Fund — Class 1 Shares		—		—
Real Estate Securities V.I.S. Fund — Class 1 Shares		3,231,247		1,107,663
S&P 500^® Index V.I.S. Fund — Class 1 Shares		191		57
Small-Cap Equity V.I.S. Fund — Class 1 Shares		16,152		62,099
Total Return V.I.S. Fund — Class 3 Shares		3,494,458		15,175,557
U.S. Equity V.I.S. Fund — Class 1 Shares		11,013		15,267
The Prudential Series Fund
PSF Natural Resources Portfolio — Class II Shares		2,209,608		465,923
PSF PGIM Jennison Blend Portfolio — Class II Shares		42,802		19,834
PSF PGIM Jennison Focused Blend Portfolio — Class II Shares		659		26,453
PSF PGIM Jennison Growth Portfolio — Class II Shares		2,868		20,542

F-38

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2023

(4)

Related Party Transactions

(a) GLAIC

Net purchase payments (premiums) transferred from GLAIC to the Separate Account represent gross premiums recorded by GLAIC on its flexible premium variable deferred and immediate annuity contracts, less deductions retained as compensation for premium taxes. For contracts issued on or after May 1, 1993, the deduction for premium taxes is deferred until the contracts are surrendered.

Some contracts permit contract owners to elect to allocate assets to a Guarantee Account that is part of the General Account of GLAIC. Amounts allocated to the Guarantee 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 Guarantee Account to the subaccounts of the Separate Account and in certain instances transfer amounts from the subaccounts of the Separate Account to the Guarantee Account.

Generally, charges are assessed under the contracts to cover surrenders, certain administrative expenses, and the mortality and expense risks that GLAIC assumes, as well as any additional benefits provided under the contract such as optional benefits, as applicable. The surrender charges are assessed to cover certain expenses relating to the sale of a contract. The fees charged to cover administrative expenses and mortality and expense risk charges, as well as through certain electable rider options, are assessed through the daily unit value calculation. Those fees are assessed on the contract owner’s daily average net assets in the Separate Account. Other charges assessed to cover certain other administrative expenses, as well as certain optional riders, are assessed by the redemption of units. Note 6 presents the total charge percentage by unit in a range. The unit class may encompass multiple contracts through a combination of one or more electable rider options equal to the total amount assessed on a daily basis.

The Separate Account assesses charges associated with the contracts issued. These charges are either assessed as a direct reduction in unit values or through a redemption of units for all contracts contained within the Separate Account.


Mortality and Expense Risk Charge (including benefit rider options) This charge is assessed through a reduction in unit values.		1.00% — 2.85% of the daily value of the assets invested in each Portfolio (fund).

Administrative Charge This charge is assessed through a reduction in unit values.		0.00% — 0.25% of the daily value of the assets invested in each fund.

Annual Administrative Charge This charge is assessed through a redemption in units.		$0 — $25 per contract year invested in each fund.

Surrender Charge This charge is assessed through a redemption in units.		0.00% — 9.00% on the value of the accumulation units purchased.

(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 GLAIC.

(c) Bonus Credit

For certain contracts, transfers from the General Account for payments by GLAIC were paid in the form of bonus credits. Bonus credits are amounts that are added by GLAIC to the premium payments received from contract owners.

F-39

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2023

(d) Capital Brokerage Corporation

Capital Brokerage Corporation (“CBC”), an affiliate of GLAIC, 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, variable life insurance policies and certain guaranteed income annuity contracts issued by GLAIC. GLAIC pays commissions and other marketing related expenses to CBC. Certain officers and directors of GLAIC are also officers and directors of CBC.

(5)

Capital Transactions

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 or lesser periods ended December 31, 2023 and 2022 are reflected in the Statements of Changes in Net Assets.

(6)

Financial Highlights

GLAIC’s variable annuity products have unique combinations of features and fees that are assessed to the contract owner. Differences in fee structures result in a variety of contract expense rates, unit values, and total returns. A summary by subaccount of the outstanding units, unit values, net assets, expense ratios, investment income ratios and total return ratios for the years or lesser periods ended December 31, 2023, 2022, 2021, 2020 and 2019 follows. Expenses as a percent of average net assets are presented as a range of lowest to highest contract expense rate. The unit value and total return ranges are presented to correlate to the respective expense rate. Accordingly, some individual contract amounts may not be within the ranges presented due to the timing of the introduction of new products or funds.

Financial highlights are only disclosed for Portfolios that were available to contract owners as of December 31, 2023. Portfolios liquidated in the current year (see note 1) are not included.


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
AB Variable Products Series Fund, Inc.
AB VPS Balanced Hedged Allocation Portfolio — Class B
2023		1.15% to 2.40%		46,807		16.97 to 13.59		731		0.89%		11.37% to 9.96%
2022		1.15% to 2.40%		54,541		15.24 to 12.36		772		3.07%		(20.10)% to (21.11)%
2021		1.15% to 2.40%		53,692		19.07 to 15.66		954		0.25%		12.06% to 10.64%
2020		1.15% to 2.40%		61,723		17.02 to 14.16		982		2.15%		7.99% to 6.63%
2019		1.15% to 2.40%		68,303		15.76 to 13.28		1,009		2.27%		16.84% to 15.37%
AB VPS International Value Portfolio — Class B
2023		1.15% to 2.90%		249,185		9.49 to 10.56		2,257		1.06%		13.51% to 11.51%
2022		1.15% to 1.95%		48,983		8.36 to 11.40		396		1.28%		(14.79)% to (15.47)%
2021		1.15% to 2.90%		324,023		9.81 to 11.32		3,035		1.98%		9.58% to 7.64%
2020		1.15% to 2.90%		270,547		8.95 to 10.51		2,314		1.32%		1.03% to (0.75)%
2019		1.15% to 2.90%		403,906		8.86 to 10.59		3,432		0.78%		15.45% to 12.60%

F-40

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2023


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
AB VPS Large Cap Growth Portfolio — Class B
2023		1.15% to 1.15%		883		55.29 to 55.29		49		0.00%		33.24% to 33.24%
2022		1.15% to 1.15%		2,100		41.49 to 41.49		87		0.00%		(29.51)% to (29.51)%
2021		1.15% to 1.15%		2,226		58.86 to 58.86		131		0.00%		27.17% to 27.17%
2020		1.15% to 1.15%		4,907		46.28 to 46.28		227		0.00%		33.59% to 33.59%
2019		1.15% to 1.15%		4,965		34.65 to 34.65		172		0.00%		32.82% to 32.82%
AB VPS Relative Value Portfolio —Class B
2023		1.15% to 1.35%		19,727		32.13 to 31.01		631		1.24%		10.44% to 10.22%
2022		1.15% to 1.35%		23,155		29.09 to 28.14		671		1.10%		(5.52)% to (5.71)%
2021		1.15% to 1.35%		25,994		30.79 to 29.84		798		0.64%		26.37% to 26.11%
2020		1.15% to 1.35%		29,318		24.36 to 23.66		712		1.28%		1.29% to 1.09%
2019		1.15% to 1.35%		32,507		24.05 to 23.41		780		1.04%		22.19% to 21.94%
AB VPS Small Cap Growth Portfolio — Class B
2023		1.15% to 1.95%		23,429		41.11 to 47.04		942		0.00%		16.38% to 15.44%
2022		1.15% to 1.95%		25,040		35.32 to 40.75		868		0.00%		(39.96)% to (40.45)%
2021		1.15% to 1.95%		22,125		58.83 to 68.42		1,277		0.00%		7.95% to 7.07%
2020		1.15% to 2.90%		57,689		54.50 to 15.30		3,045		0.00%		51.87% to 49.19%
2019		1.15% to 1.95%		24,270		35.89 to 42.42		853		0.00%		34.44% to 33.36%
AB VPS Sustainable Global Thematic Portfolio — Class B
2023		1.15% to 1.85%		2,375		28.01 to 24.73		64		0.03%		14.38% to 13.57%
2022		1.15% to 1.85%		3,036		24.49 to 21.78		72		0.00%		(28.00)% to (28.51)%
2021		1.15% to 1.85%		2,307		34.01 to 30.46		75		0.00%		21.16% to 20.31%
2020		1.15% to 1.85%		2,606		28.07 to 25.32		70		0.45%		37.48% to 36.51%
2019		1.15% to 1.85%		3,224		20.42 to 18.55		63		0.16%		28.29% to 27.38%
AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
Invesco V.I. American Franchise Fund — Series I shares
2023		1.15% to 1.15%		3,564		36.09 to 36.09		129		0.00%		39.31% to 39.31%
2022		1.15% to 1.15%		4,540		25.90 to 25.90		118		0.00%		(31.90)% to (31.90)%
2021		1.15% to 1.15%		5,388		38.04 to 38.04		205		0.00%		10.64% to 10.64%
2020		1.15% to 1.15%		4,631		34.38 to 34.38		159		0.07%		40.71% to 40.71%
2019		1.15% to 1.15%		4,677		24.43 to 24.43		114		0.00%		35.18% to 35.18%
Invesco V.I. American Franchise Fund — Series II shares
2023		1.15% to 2.60%		—		45.02 to 15.01		—		0.00%		38.99% to 36.96%
2022		1.15% to 2.60%		—		32.39 to 10.96		—		0.00%		(32.08)% to (33.08)%
2021		1.15% to 2.60%		—		47.69 to 16.37		—		0.00%		10.36% to 8.75%
2020		1.15% to 2.60%		—		43.21 to 15.06		—		0.00%		40.36% to 38.31%
2019		1.15% to 2.60%		—		30.79 to 10.89		—		0.00%		34.86% to 19.15%

F-41

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2023


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Invesco V.I. American Value Fund — Series II shares
2023		1.15% to 2.60%		—		11.51 to 11.06		—		0.00%		13.97% to 12.30%
2022		1.15% to 2.60%		—		10.10 to 9.85		—		0.00%		(3.98)% to (5.38)%
2021 (4)		1.15% to 2.60%		—		10.52 to 10.41		—		0.00%		5.16% to 4.12%
Invesco V.I. Capital Appreciation Fund — Series II shares
2023		1.15% to 1.35%		4,736		36.98 to 35.69		172		0.00%		33.48% to 33.21%
2022		1.15% to 1.35%		5,888		27.70 to 26.80		161		0.00%		(31.76)% to (31.89)%
2021		1.15% to 1.35%		5,374		40.60 to 39.34		215		0.00%		20.87% to 20.63%
2020		1.15% to 1.35%		6,106		33.58 to 32.62		203		0.00%		34.67% to 34.40%
2019		1.15% to 1.35%		6,964		24.94 to 24.27		172		0.00%		34.28% to 34.01%
Invesco V.I. Comstock Fund — Series II shares
2023		1.15% to 2.90%		125,667		31.16 to 14.15		3,870		2.04%		10.81% to 8.85%
2022		1.15% to 1.95%		46,919		28.12 to 35.27		1,388		1.21%		(0.31)% to (1.12)%
2021		1.15% to 2.15%		63,725		28.21 to 20.60		1,842		1.62%		31.51% to 30.19%
2020		1.15% to 2.15%		70,593		21.45 to 15.82		1,549		2.16%		(2.23)% to (3.22)%
2019		1.15% to 2.15%		70,704		21.94 to 16.35		1,589		1.71%		23.50% to 22.26%
Invesco V.I. Conservative Balanced Fund — Series II shares
2023		1.15% to 2.40%		26,138		15.06 to 10.45		314		1.67%		11.02% to 9.62%
2022		1.15% to 2.40%		36,185		13.56 to 9.54		406		1.27%		(17.97)% to (19.01)%
2021		1.15% to 2.40%		31,193		16.53 to 11.78		450		1.27%		9.03% to 7.65%
2020		1.15% to 2.40%		33,889		15.16 to 10.94		452		1.78%		13.27% to 11.84%
2019		1.15% to 2.40%		40,839		13.39 to 9.78		481		2.01%		15.87% to 14.40%
Invesco V.I. Core Equity Fund —Series I shares
2023		1.15% to 1.70%		18,181		30.68 to 31.45		555		0.10%		21.95% to 21.27%
2022		1.15% to 2.90%		372,837		25.16 to 11.30		8,982		0.86%		(21.46)% to (22.85)%
2021		1.15% to 2.90%		435,723		32.03 to 14.64		13,367		0.96%		26.27% to 24.04%
2020		1.15% to 1.90%		23,374		25.37 to 22.71		593		0.20%		12.54% to 11.69%
2019		1.15% to 2.90%		568,070		22.54 to 10.68		12,179		0.91%		27.48% to 14.49%
Invesco V.I. Discovery Mid Cap Growth Fund — Series II shares
2023		1.15% to 2.60%		—		30.32 to 12.11		—		0.00%		11.56% to 9.93%
2022		1.15% to 2.60%		—		27.18 to 11.02		—		0.00%		(31.92)% to (32.92)%
2021		1.15% to 2.60%		—		39.93 to 16.43		—		0.00%		17.43% to 15.70%
2020		1.15% to 2.60%		—		34.00 to 14.20		—		0.00%		38.62% to 36.60%
2019		1.15% to 2.60%		—		24.53 to 10.39		—		0.00%		37.41% to 8.27%
Invesco V.I. EQV International Equity Fund — Series II shares
2023		1.15% to 1.90%		52,209		19.81 to 17.33		952		0.00%		16.51% to 15.63%
2022		1.15% to 1.90%		59,220		17.00 to 14.99		929		1.28%		(19.44)% to (20.05)%
2021		1.15% to 2.15%		75,842		21.10 to 13.64		1,485		1.06%		4.39% to 3.34%
2020		1.15% to 2.15%		79,748		20.21 to 13.20		1,502		1.01%		12.43% to 11.29%
2019		1.15% to 2.90%		297,261		17.98 to 10.55		4,953		1.25%		26.76% to 11.61%

F-42

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2023


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Invesco V.I. Equity and Income Fund — Series II shares
2023		1.15% to 2.70%		40,282		23.02 to 17.69		832		1.68%		8.97% to 7.27%
2022		1.15% to 2.70%		47,346		21.13 to 16.50		903		1.37%		(8.77)% to (10.20)%
2021		1.15% to 2.70%		58,673		23.16 to 18.37		1,238		1.60%		16.99% to 15.16%
2020		1.15% to 2.70%		68,397		19.80 to 15.95		1,243		2.18%		8.39% to 6.69%
2019		1.15% to 2.70%		81,181		18.26 to 14.95		1,377		2.28%		18.63% to 16.77%
Invesco V.I. Global Fund — Series II shares
2023		1.15% to 1.90%		58,863		30.02 to 26.27		1,755		0.00%		32.91% to 31.90%
2022		1.15% to 1.90%		70,525		22.59 to 19.92		1,588		0.00%		(32.72)% to (33.23)%
2021		1.15% to 1.90%		80,539		33.57 to 29.83		2,696		0.00%		13.85% to 12.98%
2020		1.15% to 2.90%		410,099		29.49 to 13.13		11,765		0.57%		25.87% to 23.65%
2019		1.15% to 2.90%		186,862		23.43 to 10.62		4,318		0.66%		29.94% to 13.17%
Invesco V.I. Main Street Fund^® —Series II shares
2023		1.15% to 1.90%		20,088		34.11 to 29.85		669		0.07%		21.42% to 20.50%
2022		1.15% to 2.90%		306,097		28.09 to 11.17		8,363		0.95%		(21.23)% to (22.62)%
2021		1.15% to 2.90%		414,069		35.66 to 14.44		14,396		0.87%		25.77% to 23.54%
2020		1.15% to 1.90%		27,004		28.35 to 25.39		773		0.34%		12.38% to 11.53%
2019		1.15% to 2.90%		518,499		25.23 to 10.58		12,647		0.82%		30.22% to 12.42%
Invesco V.I. Main Street Small Cap Fund^® — Series II shares
2023		1.15% to 1.95%		19,657		34.57 to 39.42		654		0.92%		16.47% to 15.53%
2022		1.15% to 1.95%		21,555		29.68 to 34.13		616		0.21%		(17.01)% to (17.68)%
2021		1.15% to 2.15%		30,609		35.76 to 26.05		1,045		0.10%		20.86% to 19.64%
2020		1.15% to 2.90%		101,240		29.59 to 12.53		2,848		0.37%		18.26% to 16.17%
2019		1.15% to 2.90%		117,189		25.02 to 10.79		2,784		0.00%		24.68% to 16.92%
Allspring Variable Trust
Allspring VT Discovery All Cap Growth Fund — Class 2
2023		1.15% to 1.15%		802		46.55 to 46.55		37		0.00%		31.64% to 31.64%
2022		1.15% to 1.15%		932		35.36 to 35.36		33		0.00%		(37.92)% to (37.92)%
2021		1.15% to 1.15%		850		56.96 to 56.96		48		0.00%		13.65% to 13.65%
2020		1.15% to 1.15%		660		50.12 to 50.12		33		0.00%		41.54% to 41.54%
2019		1.15% to 1.15%		823		35.41 to 35.41		29		0.00%		35.47% to 35.47%
American Century Variable Portfolios II, Inc.
VP Inflation Protection Fund —Class II
2023		1.15% to 2.90%		177,716		13.89 to 9.37		2,300		3.32%		2.21% to 0.41%
2022		1.15% to 2.90%		184,256		13.59 to 9.33		2,339		5.05%		(14.08)% to (15.59)%
2021		1.15% to 2.90%		154,997		15.82 to 11.05		2,283		3.10%		5.05% to 3.19%
2020		1.15% to 2.90%		173,731		15.06 to 10.71		2,439		1.19%		8.29% to 6.38%
2019		1.15% to 2.90%		372,688		13.90 to 10.07		4,826		2.28%		7.65% to 1.40%

F-43

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2023


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
BlackRock Variable Series Funds, Inc.
BlackRock Advantage SMID Cap V.I. Fund — Class III Shares
2023		1.15% to 1.85%		3,495		30.22 to 26.68		100		1.79%		17.27% to 16.44%
2022		1.15% to 1.85%		4,439		25.77 to 22.92		110		1.66%		(17.64)% to (18.22)%
2021		1.15% to 1.85%		4,759		31.29 to 28.02		143		1.13%		12.05% to 11.25%
2020		1.15% to 1.85%		5,254		27.92 to 25.19		141		1.51%		18.28% to 17.44%
2019		1.15% to 1.15%		3,744		23.61 to 23.61		88		2.10%		27.17% to 27.17%
BlackRock Basic Value V.I. Fund — Class III Shares
2023		1.15% to 2.90%		94,989		28.37 to 12.98		2,666		1.51%		14.91% to 12.88%
2022		1.15% to 2.90%		105,503		24.69 to 11.50		2,576		0.96%		(6.21)% to (7.87)%
2021		1.15% to 2.90%		161,977		26.32 to 12.48		4,201		1.50%		19.94% to 17.82%
2020		1.15% to 1.95%		36,713		21.95 to 25.53		833		0.81%		1.94% to 1.12%
2019		1.15% to 2.90%		171,007		21.53 to 10.58		3,619		2.08%		22.11% to 12.29%
BlackRock Global Allocation V.I. Fund — Class III Shares
2023		1.15% to 2.90%		3,911,222		21.71 to 11.30		71,522		2.39%		11.20% to 9.24%
2022		1.15% to 2.90%		4,499,903		19.52 to 10.34		74,422		0.00%		(17.04)% to (18.50)%
2021		1.15% to 2.90%		5,143,308		23.53 to 12.69		103,128		0.81%		5.19% to 3.33%
2020		1.15% to 2.90%		5,934,298		22.37 to 12.28		114,100		1.22%		19.32% to 17.21%
2019		1.15% to 2.90%		7,135,154		18.75 to 10.48		115,716		1.20%		16.40% to 10.09%
BlackRock Large Cap Focus Growth V.I. Fund — Class III Shares
2023		1.15% to 1.15%		162		45.85 to 45.85		7		0.00%		50.72% to 50.72%
2022		1.15% to 1.15%		162		30.42 to 30.42		5		0.00%		(38.96)% to (38.96)%
2021		1.15% to 1.15%		162		49.84 to 49.84		8		0.00%		16.43% to 16.43%
2020		1.15% to 1.15%		162		42.81 to 42.81		7		0.00%		41.78% to 41.78%
2019		1.15% to 1.15%		162		30.20 to 30.20		5		0.00%		30.81% to 30.81%
Columbia Funds Variable Series Trust II
CTIVP^® — Principal Blue Chip Growth Fund — Class 1
2023		1.15% to 2.90%		410,495		25.96 to 14.70		10,399		0.00%		37.94% to 35.51%
2022		1.15% to 2.90%		344,684		18.82 to 10.85		6,346		0.00%		(28.83)% to (30.09)%
2021		1.15% to 2.90%		88,854		26.45 to 15.52		2,300		0.00%		17.21% to 15.13%
2020		1.15% to 2.90%		616,567		22.56 to 13.48		13,652		0.00%		30.41% to 28.11%
2019		1.15% to 2.90%		231,080		17.30 to 10.52		3,927		0.00%		30.24% to 11.03%
Columbia Variable Portfolio — Overseas Core Fund — Class 2
2023		1.15% to 2.90%		153,434		13.93 to 11.21		2,091		1.68%		14.00% to 11.99%
2022		1.15% to 2.90%		169,275		12.22 to 10.01		2,030		0.66%		(15.88)% to (17.37)%
2021		1.15% to 2.90%		138,703		14.52 to 12.11		1,982		0.56%		8.48% to 6.56%
2020		1.15% to 1.95%		18,738		13.39 to 12.89		247		1.44%		7.57% to 6.70%
2019		1.15% to 1.95%		30,386		12.44 to 12.08		374		1.84%		23.71% to 22.71%

F-44

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2023


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Eaton Vance Variable Trust
VT Floating-Rate Income Fund
2023		1.15% to 2.90%		193,059		15.43 to 10.24		2,830		8.17%		9.94% to 8.00%
2022		1.15% to 2.90%		239,289		14.03 to 9.48		3,216		4.76%		(3.85)% to (5.55)%
2021		1.15% to 2.90%		194,932		14.59 to 10.04		2,737		2.91%		2.43% to 0.62%
2020		1.15% to 2.90%		251,500		14.25 to 9.97		3,439		3.35%		0.82% to (0.96)%
2019		1.15% to 2.90%		389,874		14.13 to 10.07		5,279		4.29%		5.85% to 1.47%
Federated Hermes Insurance Series
Federated Hermes High Income Bond Fund II — Service Shares
2023		1.15% to 1.35%		4,357		21.96 to 21.19		95		5.88%		11.18% to 10.96%
2022		1.15% to 1.35%		5,184		19.75 to 19.10		102		5.43%		(12.93)% to (13.11)%
2021		1.15% to 1.35%		5,570		22.68 to 21.98		126		4.64%		3.24% to 3.03%
2020		1.15% to 1.35%		5,669		21.97 to 21.33		124		5.87%		4.24% to 4.04%
2019		1.15% to 1.35%		5,778		21.07 to 20.51		122		6.16%		12.82% to 12.59%
Federated Hermes Kaufmann Fund II — Service Shares
2023		1.15% to 1.90%		14,467		31.49 to 27.56		445		0.00%		13.54% to 12.68%
2022		1.15% to 2.90%		85,759		27.73 to 8.65		2,282		0.00%		(31.06)% to (32.28)%
2021		1.15% to 2.90%		42,506		40.23 to 12.78		1,645		0.00%		1.09% to (0.70)%
2020		1.15% to 2.90%		74,436		39.79 to 12.87		2,847		0.00%		27.00% to 24.76%
2019		1.15% to 1.90%		31,228		31.33 to 28.27		949		0.00%		31.99% to 30.98%
Fidelity^® Variable Insurance Products Fund
VIP Balanced Portfolio — Service Class 2
2023		1.15% to 2.40%		132,067		32.18 to 22.40		3,729		1.44%		19.84% to 18.33%
2022		1.15% to 2.40%		167,137		26.85 to 18.93		3,974		1.04%		(19.13)% to (20.15)%
2021		1.15% to 2.40%		186,232		33.20 to 23.71		5,453		0.72%		16.63% to 15.16%
2020		1.15% to 2.40%		210,309		28.46 to 20.59		5,309		1.26%		20.72% to 19.20%
2019		1.15% to 2.40%		204,842		23.58 to 17.27		4,452		1.51%		22.69% to 21.14%
VIP Contrafund^® Portfolio —Service Class 2
2023		1.15% to 2.90%		318,167		41.52 to 15.32		12,169		0.36%		31.59% to 29.27%
2022		1.15% to 2.90%		161,244		31.55 to 11.85		4,672		0.31%		(27.33)% to (28.62)%
2021		1.15% to 2.90%		121,685		43.42 to 16.61		4,852		0.03%		26.05% to 23.82%
2020		1.15% to 2.15%		126,734		34.45 to 26.09		3,988		0.09%		28.73% to 27.44%
2019		1.15% to 2.90%		276,777		26.76 to 10.61		6,772		0.21%		29.77% to 12.89%
VIP Dynamic Capital Appreciation Portfolio — Service Class 2
2023		1.15% to 1.15%		461		43.68 to 43.68		20		0.12%		27.25% to 27.25%
2022		1.15% to 1.15%		506		34.33 to 34.33		17		0.11%		(21.96)% to (21.96)%
2021		1.15% to 1.65%		3,955		43.98 to 40.66		162		0.12%		22.84% to 22.22%
2020		1.15% to 1.65%		4,107		35.80 to 33.27		138		0.05%		31.80% to 31.14%
2019		1.15% to 1.65%		5,167		27.17 to 25.37		132		0.38%		28.33% to 27.68%

F-45

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2023


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
VIP Equity-Income Portfolio^SM — Service Class 2
2023		1.15% to 1.95%		113,727		27.53 to 25.31		3,008		1.36%		9.11% to 8.23%
2022		1.15% to 2.90%		202,416		25.23 to 12.33		4,858		1.99%		(6.33)% to (7.99)%
2021		1.15% to 2.90%		159,900		26.93 to 13.40		4,126		0.91%		23.17% to 20.99%
2020		1.15% to 2.90%		751,965		21.87 to 11.07		15,449		2.07%		5.21% to 3.35%
2019		1.15% to 2.90%		301,112		20.78 to 10.71		5,921		1.81%		25.65% to 15.27%
VIP FundsManager^® 50% Portfolio — Service Class 2
2023		1.15% to 1.95%		840,611		17.86 to 16.21		14,239		2.28%		11.36% to 10.46%
2022		1.15% to 1.95%		1,030,497		16.04 to 14.68		15,772		1.76%		(15.02)% to (15.71)%
2021		1.15% to 1.95%		1,265,421		18.87 to 17.41		22,886		0.94%		8.61% to 7.73%
2020		1.15% to 1.95%		1,522,377		17.38 to 16.16		25,448		0.99%		12.57% to 11.67%
2019		1.15% to 1.95%		1,712,385		15.44 to 14.48		25,528		1.49%		16.34% to 15.40%
VIP FundsManager^® 60% Portfolio — Service Class 2
2023		1.15% to 1.95%		3,225,089		19.94 to 18.10		61,074		2.08%		12.77% to 11.86%
2022		1.15% to 1.95%		3,831,564		17.68 to 16.18		64,621		1.60%		(16.22)% to (16.90)%
2021		1.15% to 1.95%		4,345,691		21.11 to 19.47		87,884		0.93%		10.92% to 10.02%
2020		1.15% to 1.95%		4,938,056		19.03 to 17.70		90,483		0.90%		13.60% to 12.68%
2019		1.15% to 1.95%		5,684,324		16.75 to 15.71		92,064		1.31%		18.87% to 17.91%
VIP Growth & Income Portfolio — Service Class 2
2023		1.15% to 1.65%		15,549		36.13 to 33.06		533		1.49%		17.01% to 16.42%
2022		1.15% to 1.65%		16,166		30.88 to 28.40		476		1.44%		(6.26)% to (6.73)%
2021		1.15% to 1.65%		17,703		32.94 to 30.45		559		2.23%		24.19% to 23.57%
2020		1.15% to 1.65%		18,907		26.52 to 24.64		483		1.95%		6.35% to 5.82%
2019		1.15% to 1.65%		16,883		24.94 to 23.29		405		3.43%		28.19% to 27.54%
VIP Growth Opportunities Portfolio — Service Class 2
2023		1.15% to 1.95%		40,729		54.77 to 49.72		2,132		0.00%		43.64% to 42.48%
2022		1.15% to 1.95%		43,651		38.13 to 34.90		1,597		0.00%		(39.03)% to (39.52)%
2021		1.15% to 1.95%		42,331		62.54 to 57.70		2,548		0.00%		10.39% to 9.49%
2020		1.15% to 2.90%		209,300		56.65 to 17.75		11,361		0.00%		66.29% to 63.36%
2019		1.15% to 1.95%		60,438		34.07 to 31.95		1,998		0.00%		38.88% to 37.76%
VIP Growth Portfolio — Service Class 2
2023		1.15% to 1.65%		4,586		56.52 to 51.72		256		0.00%		34.33% to 33.66%
2022		1.15% to 1.65%		7,069		42.07 to 38.69		295		0.35%		(25.51)% to (25.89)%
2021		1.15% to 1.65%		6,956		56.48 to 52.21		390		0.00%		21.49% to 20.88%
2020		1.15% to 1.65%		6,741		46.49 to 43.19		311		0.05%		41.90% to 41.18%
2019		1.15% to 1.65%		7,987		32.76 to 30.59		260		0.06%		32.44% to 31.77%
VIP Investment Grade Bond Portfolio — Service Class 2
2023		1.15% to 2.90%		245,001		13.73 to 8.96		3,156		1.75%		4.78% to 2.93%
2022		1.15% to 2.90%		442,052		13.11 to 8.71		5,407		1.79%		(14.21)% to (15.72)%
2021		1.15% to 2.90%		622,534		15.28 to 10.33		8,894		1.80%		(2.04)% to (3.77)%
2020		1.15% to 2.90%		660,288		15.60 to 10.74		9,632		2.07%		7.90% to 6.00%
2019		1.15% to 2.90%		718,961		14.45 to 10.13		9,729		2.49%		8.15% to 2.65%

F-46

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2023


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
VIP Mid Cap Portfolio — Service Class 2
2023		1.15% to 1.95%		83,662		33.20 to 33.82		2,672		0.38%		13.49% to 12.57%
2022		1.15% to 1.95%		91,079		29.26 to 30.04		2,570		0.26%		(15.94)% to (16.62)%
2021		1.15% to 2.15%		96,700		34.81 to 25.63		3,240		0.37%		23.87% to 22.61%
2020		1.15% to 2.15%		102,437		28.10 to 20.90		2,764		0.36%		16.51% to 15.33%
2019		1.15% to 2.90%		315,572		24.12 to 10.34		7,218		0.66%		21.76% to 7.20%
VIP Value Strategies Portfolio — Service Class 2
2023		1.15% to 1.15%		2,190		34.25 to 34.25		75		0.30%		19.22% to 19.22%
2022		1.15% to 1.15%		8,672		28.73 to 28.73		249		0.87%		(8.41)% to (8.41)%
2021		1.15% to 1.15%		8,782		31.37 to 31.37		275		1.26%		31.81% to 31.81%
2020		1.15% to 1.15%		8,898		23.80 to 23.80		212		1.05%		6.77% to 6.77%
2019		1.15% to 1.15%		8,887		22.29 to 22.29		198		1.43%		32.56% to 32.56%
Franklin Templeton Variable Insurance Products Trust
Franklin Allocation VIP Fund — Class 2 Shares
2023		1.15% to 2.90%		174,302		16.99 to 11.14		2,453		1.50%		13.30% to 11.30%
2022		1.15% to 2.90%		212,246		14.99 to 10.01		2,680		1.62%		(16.96)% to (18.43)%
2021		1.15% to 2.90%		237,984		18.05 to 12.27		3,662		1.74%		10.40% to 8.44%
2020		1.15% to 2.90%		271,408		16.35 to 11.31		3,840		1.49%		10.45% to 8.50%
2019		1.15% to 2.90%		293,937		14.81 to 10.43		3,812		3.02%		18.48% to 8.97%
Franklin Income VIP Fund —Class 2 Shares
2023		1.15% to 2.90%		381,025		22.07 to 11.04		6,789		5.18%		7.38% to 5.48%
2022		1.15% to 2.90%		427,941		20.56 to 10.47		7,223		4.83%		(6.56)% to (8.21)%
2021		1.15% to 2.90%		515,738		22.00 to 11.40		9,416		4.65%		15.41% to 13.37%
2020		1.15% to 2.90%		583,227		19.06 to 10.06		9,565		5.89%		(0.47)% to (2.23)%
2019		1.15% to 2.90%		712,529		19.15 to 10.29		11,791		5.28%		14.72% to 5.98%
Franklin Mutual Shares VIP Fund — Class 2 Shares
2023		1.15% to 2.90%		153,778		20.98 to 11.16		3,101		1.86%		12.16% to 10.18%
2022		1.15% to 2.90%		170,307		18.71 to 10.13		3,073		0.70%		(8.49)% to (10.11)%
2021		1.15% to 2.90%		782,845		20.44 to 11.27		15,282		4.53%		17.80% to 15.71%
2020		1.15% to 1.90%		94,487		17.35 to 15.54		1,613		2.88%		(6.14)% to (6.85)%
2019		1.15% to 1.90%		105,225		18.49 to 16.68		1,908		1.79%		21.16% to 20.24%
Templeton Growth VIP Fund —Class 2 Shares
2023		1.15% to 1.35%		6,684		16.14 to 15.58		107		3.31%		19.62% to 19.38%
2022		1.15% to 1.35%		7,551		13.49 to 13.05		101		0.16%		(12.52)% to (12.70)%
2021		1.15% to 1.35%		8,616		15.43 to 14.95		132		1.07%		3.67% to 3.46%
2020		1.15% to 1.35%		9,393		14.88 to 14.45		138		3.03%		4.58% to 4.37%
2019		1.15% to 1.65%		11,120		14.23 to 13.29		156		3.25%		13.83% to 13.25%

F-47

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2023


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Goldman Sachs Variable Insurance Trust
Goldman Sachs Government Money Market Fund — Service Shares
2023		1.15% to 2.40%		1,132,408		9.70 to 8.39		10,460		4.66%		3.59% to 2.28%
2022		1.15% to 2.20%		1,128,988		9.37 to 8.38		10,098		1.49%		0.21% to (0.85)%
2021		1.15% to 2.40%		1,002,377		9.35 to 8.29		8,964		0.01%		(1.14)% to (2.39)%
2020		1.15% to 2.90%		1,145,560		9.46 to 9.67		10,480		0.25%		(0.89)% to (2.64)%
2019		1.15% to 2.20%		1,009,773		9.54 to 8.82		9,375		1.81%		0.69% to (0.38)%
Janus Aspen Series
Janus Henderson Balanced Portfolio — Service Shares
2023		1.15% to 2.90%		213,581		32.95 to 12.07		6,209		1.79%		13.81% to 11.81%
2022		1.15% to 2.90%		230,706		28.95 to 10.80		5,892		1.10%		(17.57)% to (19.03)%
2021		1.15% to 2.90%		260,404		35.12 to 13.34		8,074		0.87%		15.56% to 13.52%
2020		1.15% to 2.90%		281,735		30.39 to 11.75		7,597		2.06%		12.71% to 10.72%
2019		1.15% to 2.90%		309,702		26.96 to 10.61		7,409		1.57%		20.87% to 13.00%
Janus Henderson Forty Portfolio — Service Shares
2023		1.15% to 2.90%		73,571		59.29 to 15.14		3,941		0.13%		38.05% to 35.62%
2022		1.15% to 2.90%		77,203		42.95 to 11.16		3,016		0.07%		(34.49)% to (35.65)%
2021		1.15% to 2.15%		34,934		65.56 to 46.32		2,095		0.53%		21.19% to 19.97%
2020		1.15% to 2.15%		36,160		54.10 to 38.61		1,785		0.63%		37.43% to 36.05%
2019		1.15% to 2.15%		58,965		39.36 to 28.38		2,149		0.02%		35.28% to 33.91%
Legg Mason Partners Variable Equity Trust
ClearBridge Variable Aggressive Growth Portfolio — Class II
2023		1.15% to 3.10%		—		29.77 to 11.41		—		0.00%		22.71% to 20.30%
2022		1.15% to 3.10%		—		24.26 to 9.48		—		0.00%		(27.43)% to (28.86)%
2021		1.15% to 3.10%		—		33.43 to 13.33		—		0.00%		8.78% to 6.63%
2020		1.15% to 3.10%		—		30.74 to 12.50		—		0.00%		16.37% to 14.08%
2019		1.15% to 3.10%		—		26.41 to 10.96		—		0.00%		23.31% to 20.74%
ClearBridge Variable Dividend Strategy Portfolio — Class II
2023		1.80% to 1.80%		125		27.14 to 27.14		3		1.79%		11.96% to 11.96%
2022		1.80% to 1.80%		159		24.24 to 24.24		4		1.08%		(9.88)% to (9.88)%
2021		1.80% to 1.80%		211		26.90 to 26.90		6		1.24%		24.34% to 24.34%
2020		1.80% to 1.80%		283		21.63 to 21.63		6		1.16%		5.56% to 5.56%
2019		1.75% to 1.80%		2,032		20.63 to 20.49		42		1.28%		29.11% to 29.05%
ClearBridge Variable Large Cap Value Portfolio — Class I
2023		1.15% to 1.15%		1,096		18.94 to 18.94		21		1.36%		13.77% to 13.77%
2022		1.15% to 1.15%		1,066		16.64 to 16.64		18		0.76%		(7.50)% to (7.50)%
2021		1.15% to 1.15%		2,987		18.00 to 18.00		54		1.01%		24.76% to 24.76%
2020		1.15% to 1.15%		3,423		14.42 to 14.42		49		1.38%		4.03% to 4.03%
2019		1.15% to 1.15%		2,939		13.86 to 13.86		41		1.63%		27.40% to 27.40%

F-48

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2023


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
MFS^® Variable Insurance Trust
MFS^® Investors Trust Series — Service Class Shares
2023		1.15% to 2.60%		—		37.95 to 13.58		—		0.00%		17.30% to 15.59%
2022		1.15% to 2.60%		—		32.36 to 11.74		—		0.00%		(17.64)% to (18.85)%
2021		1.15% to 2.60%		—		39.29 to 14.47		—		0.00%		25.05% to 23.22%
2020		1.15% to 2.60%		—		31.42 to 11.75		—		0.00%		12.29% to 10.65%
2019		1.15% to 2.60%		—		27.98 to 10.62		—		0.00%		29.74% to 13.11%
MFS^® Total Return Series — Service Class Shares
2023		1.15% to 2.90%		125,574		23.28 to 11.51		2,667		1.83%		8.95% to 7.03%
2022		1.15% to 2.90%		139,159		21.37 to 10.76		2,728		1.48%		(10.87)% to (12.45)%
2021		1.15% to 2.90%		150,735		23.97 to 12.29		3,327		1.61%		12.53% to 10.54%
2020		1.15% to 2.90%		173,382		21.30 to 11.12		3,421		2.07%		8.25% to 6.34%
2019		1.15% to 2.90%		189,565		19.68 to 10.45		3,465		2.06%		18.74% to 9.58%
MFS^® Utilities Series — Service Class Shares
2023		1.15% to 1.65%		6,869		31.96 to 29.25		215		3.17%		(3.45)% to (3.94)%
2022		1.15% to 1.65%		8,082		33.11 to 30.45		263		2.19%		(0.67)% to (1.18)%
2021		1.15% to 1.65%		8,704		33.33 to 30.81		286		1.53%		12.51% to 11.95%
2020		1.15% to 1.65%		9,137		29.62 to 27.52		267		2.20%		4.40% to 3.88%
2019		1.15% to 1.65%		9,178		28.37 to 26.50		257		3.94%		23.37% to 22.74%
MFS^® Variable Insurance Trust II
MFS^® Massachusetts Investors Growth Stock Portfolio — Service Class Shares
2023		1.15% to 1.15%		523		25.89 to 25.89		14		0.06%		22.29% to 22.29%
2022		1.15% to 1.15%		1,324		21.17 to 21.17		28		0.00%		(20.37)% to (20.37)%
2021		1.15% to 1.15%		1,358		26.59 to 26.59		36		0.03%		24.21% to 24.21%
2020		1.15% to 1.15%		1,389		21.40 to 21.40		30		0.22%		20.79% to 20.79%
2019		1.15% to 1.15%		1,422		17.72 to 17.72		25		0.35%		37.98% to 37.98%
PIMCO Variable Insurance Trust
All Asset Portfolio — Advisor Class Shares
2023		1.15% to 1.85%		6,706		18.75 to 16.56		122		2.82%		6.78% to 6.02%
2022		1.15% to 1.85%		7,225		17.56 to 15.61		123		7.49%		(12.88)% to (13.50)%
2021		1.15% to 1.85%		8,064		20.15 to 18.05		158		10.90%		14.71% to 13.90%
2020		1.15% to 1.85%		9,158		17.57 to 15.85		157		4.87%		6.66% to 5.91%
2019		1.15% to 1.85%		9,556		16.47 to 14.96		154		2.82%		10.46% to 9.68%
High Yield Portfolio — Administrative Class Shares
2023		1.15% to 2.90%		116,089		21.04 to 10.04		2,315		5.66%		10.93% to 8.97%
2022		1.15% to 2.90%		129,144		18.97 to 9.21		2,328		5.10%		(11.31)% to (12.88)%
2021		1.15% to 2.90%		88,370		21.39 to 10.57		1,804		4.44%		2.44% to 0.63%
2020		1.15% to 2.90%		125,309		20.88 to 10.51		2,484		4.87%		4.52% to 2.68%
2019		1.15% to 2.90%		229,305		19.98 to 10.23		4,339		4.89%		13.41% to 4.84%

F-49

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2023


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Long-Term U.S. Government Portfolio — Administrative Class Shares
2023		1.15% to 2.90%		389,963		17.12 to 7.46		6,073		2.38%		2.79% to 0.98%
2022		1.15% to 2.90%		420,425		16.66 to 7.38		6,388		2.05%		(29.69)% to (30.94)%
2021		1.15% to 2.90%		285,017		23.69 to 10.69		6,169		1.55%		(5.88)% to (7.54)%
2020		1.15% to 2.90%		242,971		25.17 to 11.56		5,592		1.67%		16.04% to 13.99%
2019		1.15% to 2.90%		206,995		21.69 to 10.15		4,089		2.04%		12.02% to 3.02%
Low Duration Portfolio — Administrative Class Shares
2023		1.15% to 2.90%		431,366		12.61 to 8.97		5,046		3.60%		3.77% to 1.94%
2022		1.15% to 2.90%		435,219		12.15 to 8.80		4,918		1.56%		(6.82)% to (8.47)%
2021		1.15% to 2.90%		650,006		13.04 to 9.62		7,916		0.51%		(2.07)% to (3.80)%
2020		1.15% to 2.90%		812,630		13.32 to 10.00		10,126		1.04%		1.80% to 0.00%
2019		1.15% to 2.90%		396,229		13.08 to 10.00		4,856		2.76%		2.83% to (0.08)%
Total Return Portfolio — Administrative Class Shares
2023		1.15% to 2.90%		591,426		15.87 to 8.73		8,602		3.56%		4.72% to 2.87%
2022		1.15% to 2.90%		472,651		15.16 to 8.49		6,601		2.54%		(15.28)% to (16.78)%
2021		1.15% to 2.90%		760,618		17.89 to 10.20		12,561		1.82%		(2.40)% to (4.13)%
2020		1.15% to 2.90%		717,728		18.33 to 10.64		12,159		2.14%		7.40% to 5.50%
2019		1.15% to 2.90%		889,601		17.07 to 10.09		14,030		3.01%		7.11% to 1.76%
State Street Variable Insurance Series Funds, Inc.
Income V.I.S. Fund — Class 1 Shares
2023		1.75% to 1.75%		595		11.16 to 11.16		7		2.08%		2.86% to 2.86%
2022		1.75% to 1.75%		571		10.85 to 10.85		6		2.59%		(15.88)% to (15.88)%
2021		1.75% to 1.75%		620		12.90 to 12.90		8		2.18%		(3.53)% to (3.53)%
2020		1.75% to 1.75%		670		13.37 to 13.37		9		2.43%		5.15% to 5.15%
2019		1.75% to 1.75%		665		12.71 to 12.71		8		0.21%		6.72% to 6.72%
Premier Growth Equity V.I.S. Fund — Class 1 Shares
2023		1.15% to 2.60%		—		53.91 to 16.92		—		0.00%		44.60% to 42.49%
2022		1.15% to 2.60%		—		37.28 to 11.88		—		0.00%		(31.23)% to (32.24)%
2021		1.15% to 2.60%		—		54.21 to 17.53		—		0.00%		23.53% to 21.72%
2020		1.15% to 2.60%		—		43.88 to 14.40		—		0.00%		32.08% to 30.14%
2019		1.15% to 2.60%		—		33.23 to 11.06		—		0.00%		35.75% to 23.19%
Real Estate Securities V.I.S. Fund —Class 1 Shares
2023		1.15% to 2.90%		175,649		27.16 to 10.42		4,765		3.08%		12.20% to 10.22%
2022		1.15% to 2.90%		95,787		24.21 to 9.45		2,351		2.36%		(25.79)% to (27.10)%
2021		1.15% to 1.90%		21,860		32.62 to 28.98		780		0.99%		40.18% to 39.11%
2020		1.15% to 2.90%		107,390		23.27 to 9.42		2,516		0.51%		(6.33)% to (7.98)%
2019		1.15% to 2.90%		109,164		24.84 to 10.23		2,713		1.38%		24.70% to 4.86%

F-50

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2023


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
S&P 500^® Index V.I.S. Fund — Class 1 Shares
2023		1.15% to 1.15%		104		41.69 to 41.69		4		1.38%		24.52% to 24.52%
2022		1.15% to 1.15%		104		33.48 to 33.48		3		1.37%		(19.25)% to (19.25)%
2021		1.15% to 1.65%		104		41.47 to 38.33		4		1.14%		26.80% to 26.15%
2020		1.15% to 1.65%		104		32.70 to 30.39		3		1.74%		16.56% to 15.98%
2019		1.15% to 1.65%		570		28.06 to 26.20		15		1.26%		29.54% to 28.88%
Small-Cap Equity V.I.S. Fund — Class 1 Shares
2023		1.15% to 1.85%		3,140		33.24 to 29.35		98		0.00%		12.25% to 11.46%
2022		1.15% to 1.85%		4,870		29.61 to 26.34		138		0.00%		(16.37)% to (16.96)%
2021		1.15% to 1.85%		5,411		35.41 to 31.71		185		0.00%		19.15% to 18.30%
2020		1.15% to 1.85%		5,858		29.72 to 26.81		168		0.00%		13.21% to 12.41%
2019		1.15% to 1.35%		7,584		26.25 to 25.54		196		0.00%		24.67% to 24.42%
Total Return V.I.S. Fund — Class 3 Shares
2023		1.00% to 2.90%		5,585,952		18.78 to 10.49		92,059		1.97%		14.06% to 11.88%
2022		1.00% to 2.90%		6,351,225		16.47 to 9.37		92,577		0.39%		(17.55)% to (19.13)%
2021		1.00% to 2.90%		7,083,182		19.97 to 11.59		126,385		1.77%		12.07% to 9.92%
2020		1.00% to 2.90%		8,151,172		17.82 to 10.55		131,352		1.61%		5.08% to 3.06%
2019		1.00% to 2.90%		9,712,097		16.96 to 10.23		150,269		1.97%		14.41% to 4.86%
U.S. Equity V.I.S. Fund — Class 1 Shares
2023		1.15% to 1.35%		2,715		41.27 to 39.84		110		0.48%		26.44% to 26.19%
2022		1.15% to 1.35%		3,010		32.64 to 31.57		97		0.49%		(19.84)% to (20.00)%
2021		1.15% to 1.35%		3,104		40.72 to 39.46		125		0.32%		24.05% to 23.80%
2020		1.15% to 1.35%		4,159		32.83 to 31.88		135		0.52%		21.22% to 20.98%
2019		1.15% to 1.35%		7,471		27.08 to 26.35		200		0.74%		30.25% to 29.99%
The Prudential Series Fund
PSF Natural Resources Portfolio — Class II Shares
2023		1.15% to 2.90%		212,997		13.57 to 14.90		2,622		0.00%		0.42% to (1.36)%
2022		1.15% to 1.95%		72,343		13.52 to 10.96		874		0.00%		20.15% to 19.18%
2021		1.15% to 2.15%		111,501		11.25 to 7.69		1,137		0.00%		23.59% to 22.34%
2020		1.15% to 2.90%		366,713		9.10 to 10.54		3,079		0.00%		10.53% to 8.57%
2019		1.15% to 2.90%		609,266		8.24 to 9.71		4,633		0.00%		8.99% to (5.89)%
PSF PGIM Jennison Blend Portfolio — Class II Shares
2023 (5)		1.15% to 1.75%		2,298		10.38 to 10.38		24		0.00%		3.79% to 3.76%
PSF PGIM Jennison Growth Portfolio — Class II Shares
2023		1.15% to 1.35%		1,045		57.94 to 55.93		60		0.00%		51.14% to 50.84%
2022		1.15% to 1.35%		1,402		38.33 to 37.08		54		0.00%		(38.56)% to (38.69)%
2021		1.15% to 1.35%		1,987		62.39 to 60.47		124		0.00%		14.23% to 13.99%
2020		1.15% to 1.35%		2,094		54.62 to 53.05		114		0.00%		53.78% to 53.47%
2019		1.15% to 1.35%		3,045		35.52 to 34.56		108		0.00%		31.30% to 31.03%

F-51

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2023

(1)

Expenses as a percentage of average net assets represent the annualized asset-based contract expenses of the Separate Account, consisting of mortality and expense risk charges, administrative expenses, and other rider charges for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to the contract owner through the redemption of units and expenses of the underlying Portfolios are excluded.

(2)	The investment income ratio represents the ordinary dividends received by the subaccount from the Portfolio divided by average net assets.

(3)

The total return represents a range of maximum and minimum annual total returns for the year or lesser period indicated and includes deductions for expenses assessed through the daily unit value calculation. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Standardized total returns shown separately in a prospectus or marketing material for a product supported by the Separate Account include the maximum contract charges that may be assessed to any contract through both the daily unit value calculation and the redemption of units. Accordingly, these standardized total returns will generally reflect a lower return than the total return.

(4)	The ratios of expenses and net investment income to average net assets are annualized for the period from April 30, 2021, to December 31, 2021.

(5)	The ratios of expenses and net investment income to average net assets are annualized for the period from December 8, 2023, to December 31, 2023.

F-52

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Financial Statements

Years Ended December 31, 2023, 2022 and 2021

(With Independent Auditors’ Report Thereon)

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Index to Statutory Financial Statements


	Page
Independent Auditors’ Report		F-1

Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus		F-3

Statutory Statements of Summary of Operations		F-5

Statutory Statements of Changes in Capital and Surplus		F-6

Statutory Statements of Cash Flow		F-7

Notes to Statutory Financial Statements		F-9

Independent Auditors’ Report

Audit, Compensation, and Nominating Committee

Genworth Life and Annuity Insurance Company:

Report on the Audit of the Financial Statements

Opinions

We have audited the financial statements of Genworth Life and Annuity Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities, and capital and surplus as of December 31, 2023 and 2022, and the related statutory statements of summary of operations, statutory statements of changes in capital and surplus, and statutory statements of cash flow for each of the years in the three-year period ended December 31, 2023 and the related notes to the financial statements.

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2023 in accordance with accounting practices prescribed or permitted by the Virginia State Corporation Commission, Bureau of Insurance described in Note 1.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the financial statements do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2023 and 2022, or the results of its operations or its cash flows for each of the years in the three-year period ended December 31, 2023.

Basis for Opinions

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

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

As described in Note 1 to the financial statements, the financial statements are prepared by the Company using accounting practices prescribed or permitted by the Virginia State Corporation Commission, Bureau of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles. The effects on the financial statements of the variances between the statutory accounting practices described in Note 1 and U.S. generally accepted accounting principles, although not reasonably determinable, are presumed to be material and pervasive.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting practices prescribed or permitted by the Virginia State Corporation Commission, Bureau of Insurance. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

F-1

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

Auditors’ Responsibilities for the Audit of the Financial Statements

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

In performing an audit in accordance with GAAS, we:

•

Exercise professional judgment and maintain professional skepticism throughout the audit.

•

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

•

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

•

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

•

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

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

/s/ KPMG LLP

Richmond, Virginia

April 18, 2024

F-2

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus

December 31, 2023 and 2022

(Dollar amounts in millions, except per share amounts)


	2023		2022
Admitted Assets
Cash and invested assets:
Bonds	$	9,199.0	$	9,787.8
Preferred stocks — nonaffiliates		14.0		14.4
Common stocks — affiliates		118.1		118.7
Common stocks — nonaffiliates		45.7		44.7
Mortgage loans		1,681.5		1,745.5
Real estate		11.0		11.7
Contract loans		433.3		441.4
Cash, cash equivalents and short-term investments		314.3		215.3
Other invested assets		166.6		141.5
Receivable for securities		3.8		9.5
Derivative assets		16.5		8.2

Total cash and invested assets		12,003.8		12,538.7

Amounts recoverable from reinsurers and funds held		356.6		461.3
Deferred tax asset		95.1		104.9
Guaranty funds receivable		6.7		6.5
Premiums and accounts receivable		315.2		347.6
Investment income due and accrued		114.9		118.8
Receivable from parent, subsidiaries and affiliates		0.2		0.1
Other assets		10.4		10.7
Separate account assets		4,231.0		4,135.3

Total admitted assets	$	17,133.9	$	17,723.9

F-3

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus — Continued

December 31, 2023 and 2022

(Dollar amounts in millions, except per share amounts)


	2023			2022
Liabilities and Capital and Surplus
Liabilities
Aggregate reserves — life	$	7,050.7		$	7,183.8
Aggregate reserves — annuity contracts		2,425.8			2,884.9
Aggregate reserves — accident and health policies		0.4			0.5
Liability for deposit-type contracts		432.0			561.6
Liability for policy and contract claims		91.6			102.1
Policyholders dividends		0.3			0.3
Premiums and annuity considerations received in advance		4.3			5.1
Other amounts payable on reinsurance		138.3			153.7
Interest maintenance reserve		30.8			42.7
Commissions payable		0.1			0.1
General expenses due or accrued		1.0			1.5
Transfers to separate accounts due or accrued		(11.3	)		(8.4	)
Taxes, licenses, and fees due or accrued		7.4			7.6
Current Federal income tax payable		2.2			29.0
Unearned investment income		5.5			5.3
Amounts withheld or retained by company as agent or trustee		23.3			17.8
Remittances and items not allocated		26.1			19.7
Asset valuation reserve		119.1			109.6
Payable to parent, subsidiaries and affiliates		11.8			10.2
Funds held under coinsurance and treaties with unauthorized reinsurers		1,646.5			1,641.7
Reinsurance in unauthorized companies		—			12.4
Payable for securities		—			0.1
Derivative liabilities		0.9			0.6
Payable for collateral received from derivatives counterparties		1.1			2.2
Separate account liabilities		4,231.0			4,135.3

Total liabilities		16,238.9			16,919.4

Capital and surplus:
Common stock, Class A ($1,000 par value. 50,000 shares authorized; 25,651 shares issued and outstanding)		25.6			25.6
Paid in surplus		1,456.7			1,456.7
Unassigned deficit		(587.3	)		(677.8	)

Total capital and surplus		895.0			804.5

Total liabilities and capital and surplus	$	17,133.9		$	17,723.9

See accompanying notes to statutory financial statements.

F-4

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Statements of Summary of Operations

Years ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)


	2023			2022			2021
Revenues:
Premiums and annuity considerations	$	220.1		$	181.7		$	(1,249.1	)
Considerations for supplementary contracts with life contingencies		23.8			26.5			25.0
Net investment income		552.8			570.7			630.5
Amortization of interest maintenance reserve		2.1			4.5			4.3
Commissions and expense allowances on reinsurance ceded		97.7			124.8			1,517.0
Reserve adjustments on reinsurance ceded		(95.4	)		(89.3	)		(92.3	)
Income from fees associated with investment management, administration, and contract guarantees from separate accounts		78.0			85.4			100.2
Other income		24.1			23.7			20.1

Total revenues		903.2			928.0			955.7

Benefits:
Death benefits		419.7			370.0			437.9
Matured endowments		2.0			1.8			2.0
Annuity benefits		308.6			331.3			378.4
Disability benefits and benefits under accident and health policies		4.1			4.5			4.7
Surrender benefits and other fund withdrawals		511.7			586.3			939.6
Payments on supplementary contracts with life contingencies		20.6			19.0			17.1
Interest and adjustments on contracts or deposit-type contract funds		15.0			16.3			21.7
Decrease in aggregate reserves — life, annuity and accident and health		(592.3	)		(464.6	)		(622.3	)

Total benefits		689.4			864.6			1,179.1

Expenses:
Commissions		83.9			90.2			102.4
General insurance expenses		134.5			168.0			146.0
Insurance taxes, licenses, and fees, excluding Federal income taxes		20.8			21.5			25.3
Net transfer from separate accounts		(329.8	)		(335.6	)		(460.7	)
Other expenses		71.5			59.1			78.2

Total expenses		(19.1	)		3.2			(108.8	)

Total benefits and expenses		670.3			867.8			1,070.3

Income (loss) before Federal income taxes and realized capital gains (losses), net		232.9			60.2			(114.6	)
Federal income taxes		14.9			(23.4	)		(52.3	)

Income (loss) before realized capital gains (losses)		218.0			83.6			(62.3	)
Realized capital losses, net		(119.6	)		(83.5	)		(117.0	)

Net income (loss)	$	98.4		$	0.1		$	(179.3	)

See accompanying notes to statutory financial statements.

F-5

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Statements of Changes in Capital and Surplus

Years ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)


	Common stock
	Amount		Shares		Paid in surplus		Unassigned deficit			Total
Balances as of December 31, 2020	$	25.6		25,651	$	1,456.7	$	(490.5	)	$	991.8
Net loss		—		—		—		(179.3	)		(179.3	)
Change in net unrealized capital gains and losses		—		—		—		308.7			308.7
Change in net unrealized foreign exchange capital gains and losses		—		—		—		(0.2	)		(0.2	)
Change in net deferred income taxes		—		—		—		62.8			62.8
Change in nonadmitted assets		—		—		—		(74.6	)		(74.6	)
Change in liability for reinsurance in unauthorized companies		—		—		—		0.5			0.5
Change in asset valuation reserve		—		—		—		(5.1	)		(5.1	)
Change in surplus as a result of reinsurance		—		—		—		(15.1	)		(15.1	)
Special tax allocation agreement with Genworth		—		—		—		(224.9	)		(224.9	)

Balances as of December 31, 2021		25.6		25,651		1,456.7		(617.7	)		864.6
Net income		—		—		—		0.1			0.1
Change in net unrealized capital gains and losses		—		—		—		160.4			160.4
Change in net unrealized foreign exchange capital gains and losses		—		—		—		(1.2	)		(1.2	)
Change in net deferred income taxes		—		—		—		(7.2	)		(7.2	)
Change in nonadmitted assets		—		—		—		(1.5	)		(1.5	)
Change in liability for reinsurance in unauthorized companies		—		—		—		(12.4	)		(12.4	)
Change in asset valuation reserve		—		—		—		5.1			5.1
Change in surplus as a result of reinsurance		—		—		—		(45.3	)		(45.3	)
Prior period correction — cross-entity term conversions		—		—		—		19.7			19.7
Special tax allocation agreement with Genworth		—		—		—		(177.8	)		(177.8	)

Balances as of December 31, 2022		25.6		25,651		1,456.7		(677.8	)		804.5
Net income		—		—		—		98.4			98.4
Change in net unrealized capital gains and losses		—		—		—		(5.0	)		(5.0	)
Change in net unrealized foreign exchange capital gains and losses		—		—		—		1.3			1.3
Change in net deferred income taxes		—		—		—		(6.6	)		(6.6	)
Change in nonadmitted assets		—		—		—		31.3			31.3
Change in liability for reinsurance in unauthorized companies		—		—		—		12.4			12.4
Change in asset valuation reserve		—		—		—		(9.5	)		(9.5	)
Change in surplus as a result of reinsurance		—		—		—		(31.8	)		(31.8	)

Balances as of December 31, 2023	$	25.6		25,651	$	1,456.7	$	(587.3	)	$	895.0

See accompanying notes to statutory financial statements.

F-6

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Statements of Cash Flow

Years ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)


	2023			2022			2021
Cash flow from operations:
Premiums collected net of reinsurance	$	231.7		$	210.1		$	(1,216.6	)
Net investment income		538.7			559.1			621.4
Miscellaneous income		140.4			116.3			1,160.7

Total cash provided from revenues		910.8			885.5			565.5

Benefit and loss related payments		1,143.9			1,257.6			1,763.4
Net transfers from separate, segregated accounts, and protected cell accounts		(327.0	)		(335.1	)		(458.9	)
Commissions, expenses paid, and aggregate write-ins for deductions		236.4			276.3			267.2
Federal income taxes paid (recovered), net of capital gains (losses)		66.1			(19.6	)		6.5

Total cash applied to benefits and general and other expenses		1,119.4			1,179.2			1,578.2

Net cash applied to operations		(208.6	)		(293.7	)		(1,012.7	)

Cash flow from investments:
Proceeds from investments sold, matured, or repaid:
Bonds		827.1			848.4			1,737.5
Stocks		8.4			14.3			104.9
Mortgage loans		91.9			219.4			265.0
Real estate		—			2.2			—
Other invested assets		2.2			1.2			1.6
Miscellaneous proceeds		2.7			18.0			68.4

Total investment proceeds		932.3			1,103.5			2,177.4

Cost of investments acquired:
Bonds		238.4			276.4			525.1
Stocks		4.9			1.3			19.6
Mortgage loans		27.9			211.8			300.8
Real estate		—			—			0.5
Other invested assets		26.0			21.5			—
Miscellaneous applications		93.6			73.0			110.9

Total investments acquired		390.8			584.0			956.9
Net decrease in contract loans and premium notes		(8.2	)		(21.3	)		(11.8	)

Net cash provided by investments		549.7			540.8			1,232.3

Cash flow from financing and miscellaneous sources:
Cash applied:
Net deposits on deposit-type contracts and other insurance liabilities		(209.9	)		(140.0	)		(247.1	)
Other cash applied		(32.2	)		(61.1	)		(46.1	)

Net cash applied to financing and miscellaneous sources		(242.1	)		(201.1	)		(293.2	)

Net change in cash, cash equivalents and short-term investments		99.0			46.0			(73.6	)
Cash, cash equivalents and short-term investments:
Beginning of year		215.3			169.3			242.9

End of year	$	314.3		$	215.3		$	169.3

F-7

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Statements of Cash Flow — Continued

Years ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)


	2023			2022			2021
Supplemental information:
Interest capitalization — net investment income	$	(8.2	)	$	(8.1	)	$	(8.4	)
Interest capitalization — bond purchases		(8.2	)		(8.1	)		(8.4	)
Securities exchanged — bond proceeds		(62.6	)		(108.7	)		(108.9	)
Securities exchanged — bond purchases		(62.6	)		(108.7	)		(104.4	)
Securities exchanged — surplus note acquired		—			—			(4.5	)
Tax sharing agreement transfer of taxes payable — taxes paid		(28.2	)		(22.6	)		(9.3	)
Tax sharing agreement transfer of taxes payable — stock proceeds		(38.9	)		(364.5	)		(230.4	)
Tax sharing agreement transfer of taxes payable — stock purchases		(67.1	)		(209.3	)		(14.8	)
Tax sharing agreement transfer of taxes payable — special tax allocation agreement		—			(177.8	)		(224.9	)
Reinsurance treaty non-cash transaction Scottish Re recapture — premiums collected net of reinsurance		(36.7	)		—			—
Reinsurance treaty non-cash transaction Scottish Re recapture — miscellaneous income		(6.8	)		—			—
Reinsurance treaty non-cash transaction Scottish Re recapture — benefit and loss related payments		(30.9	)		—			—
Reinsurance treaty non-cash transaction Scottish Re recapture — other cash applied		(1.0	)		—			—
Transfer of securities from affiliate as return of capital — stock proceeds		—			—			(82.5	)
Transfer of securities from affiliate as return of capital — bond purchases		—			—			(81.8	)
Transfer of securities from affiliate as return of capital — net investment income		—			—			(0.7	)
Transfer to surplus notes — bonds proceeds		—			—			(54.2	)
Transfer from bonds — other invested assets purchases		—			—			(54.2	)
Reinsurance treaties — investment income		—			—			(0.2	)
Reinsurance treaties — commissions ceded		—			—			(391.1	)
Reinsurance treaties — bond purchases		—			—			(18.8	)
Reinsurance treaties — funds withheld adjustment		—			—			(371.2	)

See accompanying notes to statutory financial statements.

F-8

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

(1)

Corporate Structure, Basis of Presentation, and Summary of Significant Accounting Policies

(a) Corporate Structure

Genworth Life and Annuity Insurance Company (the “Company” or “GLAIC”) is a stock life insurance company operating under a charter granted by the Commonwealth of Virginia on March 21, 1871. The Company is licensed as a life insurer to do business in Bermuda, the District of Columbia and all states except for New York. The Company is wholly-owned by Genworth Life Insurance Company (“GLIC”), which is wholly-owned by Genworth North America Corporation (“GNA”), which is indirectly wholly-owned by Genworth Financial, Inc. (“Genworth”).

The following are the Company’s direct subsidiaries with percentage of ownership listed as of December 31, 2023:


Genworth Life Insurance Company of New York (“GLICNY”)	34.5	%
River Lake Insurance Company VI (“RLIC VI”)	100.0
River Lake Insurance Company X (“RLIC X”)	100.0
GNWLAAC Real Estate Holding, LLC (“GNWLAAC RE”)	100.0
Newco Properties, Inc. (“Newco”)	100.0
Jamestown Assignment Company, Inc. (“JAC”)	100.0
Assigned Settlement Inc. (“ASI”)	100.0

In October 2021, Jamestown Life Insurance Company (“JLIC”), a licensed insurance company in the Commonwealth of Virginia, withdrew its insurance license but continues to operate as a structured settlement annuity assignment company. Effective March 31, 2022, JLIC was renamed JAC.

As of December 31, 2023, GNWLAAC RE, JAC and ASI were unaudited and fully nonadmitted.

The Company’s direct subsidiaries previously included River Lake Insurance Company VII (“RLIC VII”) and River Lake Insurance Company VIII (“RLIC VIII”). RLIC VII and RLIC VIII were dissolved on March 17, 2022.

(b) Nature of Business

The Company’s principal products are life insurance and fixed deferred and immediate annuities. Life insurance products provide protection against financial hardship after the death of an insured. Deferred annuities are investment vehicles intended for contractholders 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 either a defined number of years, the annuitant’s lifetime or the longer of a defined number of years or the annuitant’s lifetime. In March 2016, Genworth suspended sales of traditional life insurance and fixed annuity products; however, the Company continues to service its existing retained and reinsured blocks of business.

The Company 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, including group variable annuities offered through retirement plans; variable life insurance and funding agreements. Most of its variable annuities include guaranteed minimum death benefits (“GMDBs”). Some of the Company’s group and individual variable annuity products include guaranteed minimum benefit features such as guaranteed minimum withdrawal benefits (“GMWBs”) and certain types of guaranteed annuitization benefits.

(c) Basis of Presentation

The accompanying statutory financial statements of the Company have been prepared in conformity with accounting practices prescribed or permitted by the Virginia State Corporation Commission, Bureau of Insurance (the “Virginia Bureau”). These prescribed statutory accounting practices (“SAP”) include a variety of publications of the National

F-9

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

Association of Insurance Commissioners (“NAIC”), including Statements of Statutory Accounting Principles (“SSAP”), as well as state laws, regulations, and general administrative rules. Permitted statutory accounting practices encompass all accounting practices not so prescribed.

Certain of the Company’s subsidiaries have permitted practices granted by their respective state of domicile as described in Note 2(b).

The preparation of financial statements requires management to make informed judgments and estimates that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and liabilities, as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company considers its significant estimates to be those made for future policy benefits and claims. The Company also makes estimates for legal and regulatory reserves, certain investment and derivative valuations and valuation of deferred tax assets, if applicable. Actual results could differ from those estimates.

(d) Differences Between SAP and U.S. GAAP

The effects on the financial statements of the variances between SAP and U.S. generally accepted accounting principles (“U.S. GAAP”), although not reasonably determinable, are presumed to be material. The principal differences between SAP and U.S. GAAP include:

•

Investments in bonds are generally carried at amortized cost under SAP. The amortized cost is written down when an impairment is deemed other-than-temporary. Under U.S. GAAP, investments in bonds are carried at fair value with changes recorded in accumulated other comprehensive income (loss). A temporary allowance is recorded for declines in fair value related to credit losses.

•

The carrying value of commercial mortgage loans is stated at principal amounts outstanding under SAP. Under U.S. GAAP, the carrying value of commercial mortgage loans is stated at principal amounts outstanding, net of unamortized premium or discount, deferred expenses and allowance for credit losses.

•

The change in the unrealized gains or losses on certain investments is recorded as an increase or decrease in statutory surplus under SAP. Under U.S. GAAP, such unrealized gains and losses are recorded as a component of comprehensive income (loss).

•

Investments in subsidiaries are generally carried on a statutory equity basis with equity in the earnings of subsidiaries reflected in unassigned surplus. Under U.S. GAAP, controlled subsidiaries are consolidated and results of operations are included in net income (loss).

•

Under SAP, derivative instruments are valued consistently with hedged items. Derivatives are recorded at amortized cost if the hedged item is recorded at amortized cost. Derivatives are recorded at fair value and net income (loss) is adjusted for fair value changes, if the hedged item is also recorded at fair value. Derivative instruments that do not meet or no longer meet the criteria of a highly effective hedge (“non-qualifying derivatives”) are recorded at fair value and the changes in fair value are recorded as unrealized gains and losses in statutory surplus. Under U.S. GAAP, derivatives are recorded at fair value and changes in fair value are recorded in accumulated other comprehensive income (loss) for qualified cash flow hedges or net income (loss) (with an offsetting change in value for changes in the hedged item) for qualified fair value hedges and non-qualifying derivatives. To the extent that hedging relationships are highly effective, the derivatives’ impact on operations is limited to payments and receipts of periodic coupons.

•

Under SAP, embedded derivatives are carried consistently with the host instruments. Under U.S. GAAP, the embedded derivatives that are not clearly and closely related to the host are bifurcated and accounted for like any other free-standing derivative.

F-10

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

•

Interest maintenance reserve (“IMR”) represents the deferral of interest related realized gains and losses, net of tax, on primarily fixed maturity investments and interest rate derivatives which are amortized into operations over the remaining life of the investment sold under SAP. No such reserve is required under U.S. GAAP.

•

Asset valuation reserve (“AVR”) represents a contingency reserve for credit related risk on most invested assets of the Company, and is charged to statutory surplus under SAP. No such reserve is required under U.S. GAAP, but mortgage loans are recorded net of allowances for estimated uncollectible amounts.

•

Certain assets, principally furniture, equipment, prepaid expenses, agents’ balances, and certain deferred tax assets have been designated as nonadmitted assets and excluded from assets by a charge to statutory surplus under SAP. Under U.S. GAAP, such amounts are carried with an appropriate valuation allowance, when necessary.

•

Intangible assets such as present value of future profits and other adjustments, resulting from the Company’s acquisitions, are not recorded under SAP. Intangible assets such as goodwill are recorded under SAP and amortized. Under U.S. GAAP, the present value of future profits is recorded and amortized and goodwill is recorded at cost and tested for impairment using a fair value methodology at least annually.

•

Under SAP, a provision is established for unsecured reinsurance recoverable balances from unauthorized reinsurers with the change credited or charged to unassigned statutory surplus. In addition, any amounts over due by 90 days are nonadmitted. Under U.S. GAAP, an allowance is established for expected credit losses for reinsurance balances with any changes to this allowance reflected in operations for the period.

•

Under SAP, aggregate reserves for a majority of life insurance and fixed annuity products are based on statutory mortality and interest requirements without consideration for anticipated withdrawals. Variable annuity contracts are reserved for using a prescribed principles-based approach. Reserves for long-term care insurance (“LTC”) are based on morbidity assumptions derived from the Company’s experience. Asset adequacy analysis (for which the Company uses cash flow testing) is performed annually using best estimate assumptions with provisions for adverse deviation to determine if there is adequate margin when comparing assets to all future liabilities under moderately adverse conditions. If the margin is negative, the Company would be required to record additional statutory reserves in the statutory statement of summary of operations. Under U.S. GAAP, reserves for term life insurance, life-contingent annuity, and LTC products are based on the present value of future benefits less the present value of future net premiums based on mortality, morbidity and other assumptions. Reserves for universal life insurance, term universal life insurance and non life-contingent annuity products are recognized by establishing a liability equal to the current account value of the policyholders’ contracts, with an additional reserve for certain guaranteed benefits. The U.S. GAAP liability uses best estimate cash flow assumptions, which are reviewed at least annually or more frequently if actual experience indicates a change is required. The change in the liability for future policy benefits resulting from cash flow assumption updates is recorded in the income statement.

•

Reserves are reported net of ceded reinsurance under SAP. Under U.S. GAAP, reserves relating to business in which the ceding company is not legally relieved of its liability are reported gross with an offsetting reinsurance receivable.

•

Under SAP, certain annuity contracts which do not pass through all investment gains to the contractholders are maintained in the separate accounts, whereas U.S. GAAP reports these contracts in the general account of the Company.

•

Policy acquisition costs are expensed as incurred under SAP. Under U.S. GAAP, costs that are related to the successful acquisition of new and renewal insurance policies and investment contracts are deferred and recognized on a constant-level basis.

•

Under SAP, the cumulative effect of changes in accounting principles are recorded as increases or decreases in statutory surplus. Under U.S. GAAP, cumulative effects of changes in accounting principles generally affect equity and net income (loss).

F-11

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

•

Under SAP, premiums of universal life insurance and deferred annuity contracts, including policy charges, are recorded as revenue when received. Under U.S. GAAP, policy charges are recorded as revenue when due, and the premiums are recorded as policyholder account balances.

•

Under SAP, Federal income taxes are provided for in the Company’s estimated current and deferred tax liability. Income taxes incurred include current year estimates of Federal income taxes due or refundable, based on tax returns for the current year and all prior years to the extent not previously provided. Deferred taxes are provided for differences between the financial statement basis and the tax basis of assets and liabilities. Changes in deferred tax assets (“DTA”) and deferred tax liabilities (“DTL”) are recognized as a separate component of gains and losses in statutory unassigned surplus, while under U.S. GAAP, these changes are included in income tax expense or benefit. Under U.S. GAAP and SAP, gross DTAs are reduced by a valuation allowance if it is more likely than not that some portion or all of the assets will not be realized. The remaining adjusted gross DTA not meeting certain criteria outlined in SSAP No. 101, Income Taxes, are not admitted for SAP.

•

The Statutory Statements of Cash Flow differs in certain respects from the presentation required by U.S. GAAP, including the presentation of the changes in cash, cash equivalents and short-term investments instead of cash and cash equivalents. Short-term investments include securities with maturities of one year or less at the time of acquisition. For statutory purposes, there is no reconciliation between net income (loss) and cash from operations.

•

SAP does not require the presentation of a Statement of Comprehensive Income; however, U.S. GAAP does require a Statement of Comprehensive Income.

(e) Recognition of Revenue and Related Expenses

Scheduled life and accident and health insurance premiums and annuity considerations are recognized as revenue when due. Premiums and fund deposits for universal life insurance and single premium contracts are recognized as revenue when collected. Benefits, surrenders and withdrawals are expensed as incurred. All acquisition costs and maintenance expenses are charged to operations as incurred.

(f) Investments

Investments in bonds are generally stated at amortized cost except for bonds where the NAIC designation has fallen to six and the fair value has fallen below amortized cost, in which case they are carried at fair value. Amortization of mortgage-backed and asset-backed bonds is based on anticipated prepayments at the date of purchase with significant changes in estimated cash flows from original purchase assumptions recognized using a retrospective method. Amortization is accounted for using a method that approximates the scientific interest method. Prepayment assumptions for mortgage-backed and asset-backed bonds are based on internal estimates.

Investments in common stocks of unaffiliated companies are carried at fair value. Investments in common stocks of subsidiary controlled and affiliated (“SCA”) insurance companies are carried at the Company’s proportionate share of the audited statutory capital and surplus of the entity. Noninsurance SCAs are carried at the audited U.S. GAAP equity of the investee, adjusted for unamortized goodwill. Changes in the proportionate share of equity of such subsidiaries are recorded as unrealized gains and losses. Dividends from subsidiaries are recorded as net investment income when paid.

Investments in preferred stocks are carried at fair value.

Investments in short-term investments (maturity dates of one year or less from the acquisition date) are stated at amortized cost, which approximates fair value due to their short-term maturity. Money market funds are stated at fair value and classified as cash equivalents.

F-12

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

The Company regularly evaluates securities, excluding loan-backed and structured securities, in an unrealized loss position for other-than-temporary impairments (“OTTI”). For these securities, the Company considers all available information relevant to the collectability of the securities, including information about past events, current conditions, and reasonable and supportable forecasts, when developing the estimate of cash flows expected to be collected. When it is determined that an impairment is other than temporary because the Company has made a decision to sell the security at an amount below its carrying value, or it is probable that the Company will not collect all amounts due based on the contractual terms of the security, the Company will recognize that an OTTI has occurred and record a realized loss equal to the difference between the security’s carrying value and its fair value.

For loan-backed and structured securities, the Company also utilizes performance indicators of the underlying assets including defaults or delinquency rates, loan to collateral value ratios, third-party credit enhancements, current levels of subordination, collateral vintage and other relevant characteristics of the underlying assets or the security to develop its estimate of cash flows. Estimating the expected cash flows is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions and judgments regarding the future performance of the underlying collateral. Where possible, this data is benchmarked against third-party sources. When it is determined that an impairment is other than temporary because it is probable that the Company will not collect all amounts due based on the contractual terms of the security, even if the Company has no intent to sell and has the intent and ability to hold to recovery, the Company will recognize a realized loss equal to the difference between the carrying value of the security and the present value of the expected cash flows. Under circumstances whereby the Company has the intent to sell or does not have the ability and intent to hold to recovery, the security is impaired to its fair value.

In addition, for certain asset-backed securities in an unrealized loss position, management also evaluates whether it has the intent and ability to retain the investment for a period of time sufficient to recover the amortized cost basis.

Investments in real estate are stated at depreciated cost. As of December 31, 2023 and 2022, the Company’s investment in real estate consisted of properties occupied by the Company of $11.0 and $11.7, respectively. On September 16, 2022, the Company sold land located in Lynchburg, Virginia to the City of Lynchburg for a purchase price of $2.4. As a result of the sale, the Company recorded a pre-tax gain of $1.8.

Newco, a noninsurance subsidiary, owns and leases certain properties occupied by the Company and its affiliates.

Mortgage loans are stated at principal amounts outstanding, net of premium and discount amortization. Interest on loans is recognized on an accrual basis at the applicable interest rate on the principal amount outstanding. Premiums and discounts are amortized as level yield adjustments over the respective loan terms.

GNWLAAC RE, a noninsurance subsidiary, at times owns certain mortgage loans contributed by the Company. GNWLAAC RE will take possession of real estate through, or in lieu of, foreclosure on its loans. The transfers are recorded at the lower of book value or fair value at the date of transfer. GNWLAAC RE was nonadmitted as of December 31, 2023 and 2022.

Impaired loans are defined by SSAP No. 37, Mortgage Loans, as loans for which it is probable that the Company will be unable to collect all amounts due according to original contractual terms of the loan agreement. In determining whether it is probable that the Company will be unable to collect all amounts due, the Company considers current payment status, debt service coverage ratios, occupancy levels and current loan-to-value. For individually impaired loans, the Company records an impairment charge when it is probable that a loss has occurred. Impaired loans are carried on a non-accrual status. Loans are placed on non-accrual status when, in management’s opinion, the collection of principal or interest is unlikely, or when the collection of principal or interest is 90 days or more past due. Income on impaired loans is not recognized until the loan is sold or the cash received exceeds the carrying amount recorded.

Investments in joint ventures, partnerships or limited liability companies are stated based on the underlying audited U.S. GAAP equity adjusted for any unamortized goodwill. Changes in the proportionate share of these investments are recorded

F-13

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

as unrealized gains and losses. The cost basis and carrying value of joint ventures and limited partnership investments are adjusted for impairments in value deemed to be other than temporary, with associated realized loss reported in net income (loss).

Realized investment gains and losses, determined on a specific identification basis and recorded on the trade date, are reduced by amounts transferred to IMR and are reflected as an element of net income (loss), net of related tax. For bonds carried at fair value, the difference between amortized cost and fair value is reflected as unrealized gains and losses on investments in unassigned surplus. Changes in fair values of common stocks, preferred stocks and changes in statutory equity of subsidiaries are reflected as unrealized gains and losses on investments in unassigned surplus.

The Company may from time to time participate in a program managed by an unaffiliated financial institution in which it lends securities to brokers or other parties. The Company receives collateral for the loaned securities which can consist of cash or government securities, on a daily basis, in amounts equal to or exceeding 102% of the fair value of the applicable securities loaned. Currently, the Company only accepts cash collateral from borrowers under the program. As of December 31, 2023 and 2022, there were no loaned securities or collateral held.

Sales of securities to affiliates are considered economic transactions and are accounted for at fair value, with interest related gains and losses transferred to IMR.

(g) Fair Value Measurements

The Company may from time to time hold certain long-term bonds, common and preferred stocks, derivatives, securities held as collateral, and separate account assets which are carried at fair value. 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.

Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect a view of market assumptions in the absence of observable market information. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. All assets carried or disclosed at fair value are classified and disclosed in one of the following three categories:

•

Level 1 — Quoted prices for identical instruments in active markets.

•

Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

•

Level 3 — Instruments whose significant value drivers are unobservable.

Level 1 primarily consists of separate account assets and financial instruments whose value is based on quoted market prices such as actively traded equity securities and actively traded mutual fund investments.

Level 2 includes those financial instruments that are valued using industry-standard pricing methodologies, models or other valuation methodologies. These models are primarily industry-standard models that consider various inputs, such as interest rate, credit spread and foreign exchange rates for the underlying financial instruments. All significant inputs are observable, or derived from observable information, in the marketplace or are supported by observable levels at which transactions are executed in the marketplace. Financial instruments in this category primarily include: certain public and private corporate bonds; government or agency securities; certain mortgage-backed and asset-backed securities; securities held as collateral; and certain non-exchange-traded derivatives such as interest rate swaps.

F-14

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

Level 3 is comprised of financial instruments whose fair value is estimated based on industry-standard pricing methodologies and internally developed models utilizing significant inputs not based on, nor corroborated by, readily available market information. In limited instances, this category may also utilize non-binding broker quotes. This category primarily consists of certain less liquid bonds and preferred stocks, and certain derivative instruments where the Company cannot corroborate the significant valuation inputs with market observable data.

As of each reporting period, all assets and liabilities recorded or disclosed at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability, such as the relative impact on the fair value from including a particular input. The Company reviews the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur.

The valuation of financial futures is based on the closing exchange prices. Accordingly, these financial futures are classified as Level 1.

The valuation of equity index options is determined using an income approach. The primary inputs into the valuation are forward interest rate volatility and a time value component associated with the optionality in the derivative, which are considered significant unobservable inputs in most instances. The equity index volatility surface is determined based on market information that is not readily observable and is developed based upon inputs received from several third-party sources. Accordingly, these options are classified as Level 3.

The valuation of cross currency swaps is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve and foreign currency exchange rates, both of which are considered an observable input, and results in the derivative being classified as Level 2.

The fair value of the majority of separate account assets is based on the quoted price of the underlying fund investments and, therefore, represents Level 1 pricing. The remaining separate account assets represent Level 2 and 3 pricing, as defined above.

(h) Investment Income Due and Accrued

Accrued investment income consists primarily of interest and dividends. Interest is recognized on an accrual basis and dividends are recorded as earned on the ex-dividend date. Due and accrued income is not recorded on: (a) bonds in default and (b) bonds delinquent more than 90 days or where collection of interest is improbable. As of December 31, 2023 and 2022, the Company’s nonadmitted investment income due and accrued was zero.

(i) Nonadmitted Assets

Certain assets, principally furniture, equipment, agents’ debit balances, certain amounts related to investments in or near default, prepaid expenses, and certain deferred income tax assets have been designated as nonadmitted assets and are excluded from assets by a charge to statutory surplus. Changes in these nonadmitted assets are presented as changes in unassigned surplus.

(j) Aggregate Reserves and Liability for Deposit-Type Contracts

Policy reserves on non-variable annuity and supplementary contracts are calculated using the Commissioners’ Annuity Reserve Valuation Method. The valuation interest assumptions follow the Standard Valuation Law and vary by the contracts’ characteristics and their issue year.

F-15

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

Variable annuity reserves follow the reserve requirements prescribed in the NAIC Valuation Manual-21: Requirements for Principle-Based Reserves for Variable Annuities.

Policy reserves on life insurance contracts are based on statutory mortality and valuation interest rates using the Commissioner’s Reserve Valuation Method without consideration of withdrawals. The valuation interest and mortality assumptions follow the Standard Valuation Law and vary by the contracts’ characteristics and their issue year.

Valuation methods provide, in the aggregate, reserves that are greater than or equal to the minimum guaranteed policy cash values or the amount required by law.

Accident and health benefit reserves are developed by actuarial methods and are determined based on published tables using specified statutory interest rates and mortality. Morbidity assumptions are based on Company experience.

Liability for deposit-type contracts represents contracts without significant mortality or morbidity risk. Payments received from sales of deposit-type contracts are recognized by providing a liability equal to the current value of the policyholders’ contracts. Interest rates credited to these contracts are based on the applicable terms of the respective contract.

(k) Liability for Policy and Contract Claims

The liability for policy and contract claims represents the amount needed to provide for the estimated cost of settling due and unpaid claims relating to insured events that have occurred on or before the end of the respective reporting period. The estimated liability includes requirements for payments of claims that have been reported to the insurer, and claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated.

Management considers the liability for policy and contract claims provided to be satisfactory to cover the losses that have occurred. Management monitors actual experience, and where circumstances warrant, will revise its assumptions. The methods of determining such estimates and establishing the liability are reviewed continuously and any adjustments are reflected in operations in the period in which they become known. Future developments may result in losses greater or less than the liability for policy and contract claims provided.

(l) Interest Maintenance Reserve

IMR represents the deferral of interest-related realized capital gains and losses, net of tax, on primarily fixed maturity investments and interest rate derivatives. These gains and losses are amortized into income (loss) on a level yield method, based on statutory factor tables over the estimated remaining life of the investment sold or called.

(m) Asset Valuation Reserve

AVR is a contingency reserve for credit-related losses on most investments and is recorded as a liability through a charge to statutory surplus. The reserve is calculated based on credit quality using factors provided by the NAIC.

(n) Federal Income Taxes

The Company determines DTAs and/or DTLs by multiplying the differences between the statutory financial reporting and tax reporting bases for assets and liabilities by the enacted tax rates expected to be in effect when such differences are recovered or settled if there is no change in law. The effect on deferred taxes of a change in tax rates is recognized in unassigned deficit in the period that includes the enactment date. Valuation allowances on DTAs are estimated based on the Company’s assessment of the realizability of such amounts.

F-16

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

(o) Reinsurance

Premiums, commissions, expense reimbursement, claim, and claim adjustment expenses related to reinsured business are accounted for on a basis consistent with that used in accounting for the original policies issued and with the terms of the reinsurance contracts and are reported net of amounts ceded to other companies.

A liability has been provided for unsecured policy reserves on reinsurance ceded to companies not authorized to assume business in the state of domicile and is included in reinsurance in unauthorized companies. Changes in this liability are reported directly in unassigned surplus.

Policy and contract liabilities ceded have been reported as reductions to the related reserves.

(p) Guaranty Association Assessments

The Company is required by law to participate in the guaranty associations of the various states in which it is licensed to do business. The state guaranty associations ensure payment of guaranteed benefits, with certain restrictions, to policyholders of impaired or insolvent insurance companies by assessing all other companies involved in similar lines of business. See Note 7(b).

(q) Electronic Data Processing (“EDP”) Equipment and Software

EDP equipment and operating software are admitted assets to the extent they do not exceed 3% of capital and surplus (as adjusted for certain fixed assets and intangible assets) and are depreciated over three years on a straight line basis. As of December 31, 2023 and 2022, EDP equipment and operating software and non-operating software totaled $0.5 and $1.4, respectively. For the years ended December 31, 2023, 2022 and 2021, total depreciation expense for EDP equipment and operating software and non-operating software was $3.2, $4.0 and $4.1, respectively. Of these amounts, $0.3, $0.5 and $0.6 were related to EDP equipment and operating software as of December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, total accumulated depreciation totaled $113.4 and $112.4, respectively, inclusive of $0.2 related to EDP equipment and operating software in both periods.

(r) Derivative Instruments

Derivative instruments used in hedging transactions that meet the criteria of a highly effective hedge are valued and reported consistently with the hedged items. Derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge shall be valued at fair value with the changes in fair value recorded as unrealized gains and losses in statutory surplus.

The Company uses cross currency swaps, equity index options, bond purchase commitments, and financial futures for hedging. Interest rate futures are used to reduce market risks from changes in interest rates and to alter interest rate exposures arising from mismatches between assets and liabilities. Equity index options and equity futures are used to hedge the equity market risks that are part of some of the Company’s annuity liabilities. Bond purchase commitments are used to lock in prices of future bond purchases.

The Company uses cross currency swaps to reduce market risks from changes in foreign currency rates and to alter interest rate exposure arising from mismatches between assets and liabilities. In a cross currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a forward exchange rate calculated by reference to an agreed upon principal amount. The principal amount of each currency is exchanged at the inception and termination of the currency swap by each party.

Cross currency swaps that qualify for hedge accounting are carried at amortized cost while non-qualifying equity options and financial futures are carried at fair value with changes in fair value recorded in statutory surplus. Realized

F-17

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

investment gains and losses from derivatives that qualify for hedge accounting are reduced by amounts transferred to IMR and are reflected as an element of investment income, net of investment and interest expenses. Any fees associated with swaps are held in surplus and the full fee amount will be recognized in income at the time of termination.

(s) Experience Refunds

Experience refunds are calculated in accordance with the applicable reinsurance agreements. Experience refunds are primarily determined by claims experience on the ceded blocks, in addition to numerous factors that include profitability of the Company during the period covered by the refund and capitalization levels of the Company.

(t) Going Concern

The Company’s management does not have any doubts about the Company’s ability to continue as a going concern within one year from the date the statutory financial statements were issued.

(u) Accounting Changes

In March 2023, the NAIC adopted modifications to SSAP No. 34, Investment Income Due and Accrued, effective December 31, 2023. The modifications require additional disclosures related to gross, non-admitted and admitted amounts for interest income due and accrued, deferred interest, and paid-in-kind (“PIK”) interest. See Note 2.

In August 2022, the NAIC adopted Actuarial Guideline LIII, Application of the Valuation Manual for Testing the Adequacy of Life Insurer Reserves (“AG 53”), which was effective December 31, 2022. AG 53 provides uniform guidance and clarification of the requirements for the appropriate support of certain assumptions for the asset adequacy analysis performed by life insurers. The adoption of AG 53 did not have an impact on the Company’s financial statements.

(v) Correction of Error

During 2022, the Company recorded a prior period correction related to historical reinsurance impacts on cross-entity term conversions. To record this correction, the Company recorded a reinsurance recoverable from GLIC of $25.0 and decreased net deferred tax assets by $5.3, with an offsetting decrease of $19.7 to unassigned deficit, in accordance with SSAP No. 3, Accounting Changes and Corrections of Errors. See Notes 5 and 16 for additional information.

F-18

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

(2)

Investments

(a) Bonds and Preferred and Common Stocks

As of December 31, 2023 and 2022, the carrying value, gross unrealized gains and losses, and fair value of the Company’s bonds and preferred and common stocks, excluding stocks of affiliates, were as follows:


	2023
			Gross unrealized gains				Gross unrealized losses
	Carrying value		Not OTTI		OTTI		Not OTTI			OTTI		Fair value
Bonds:
U.S. government and U.S. government agencies	$	482.5	$	20.2	$	—	$	(49.9	)	$	—	$	452.8
All other governments		128.9		3.7		—		(15.8	)		—		116.8
States, territories, and possessions		116.2		2.8		—		(0.9	)		—		118.1
Special revenue and special assessment obligations		330.7		10.0		—		(21.5	)		—		319.2
Industrial and miscellaneous		7,038.4		121.7		—		(572.7	)		—		6,587.4
Residential mortgage-backed		348.2		2.7		—		(20.0	)		—		330.9
Commercial mortgage-backed		456.9		—		—		(83.6	)		—		373.3
Other asset-backed and structured securities		252.6		0.2		—		(7.7	)		—		245.1
Hybrids		44.6		0.6		—		(0.3	)		—		44.9

Total bonds		9,199.0		161.9		—		(772.4	)		—		8,588.5
Preferred and common stocks — nonaffiliates		59.7		—		—		—			—		59.7

Total bonds and preferred and common stocks	$	9,258.7	$	161.9	$	—	$	(772.4	)	$	—	$	8,648.2


	2022
			Gross unrealized gains				Gross unrealized losses
	Carrying value		Not OTTI		OTTI		Not OTTI			OTTI		Fair value
Bonds:
U.S. government and U.S. government agencies	$	508.1	$	22.0	$	—	$	(47.7	)	$	—	$	482.4
All other governments		136.5		3.7		—		(18.0	)		—		122.2
States, territories, and possessions		117.2		1.6		—		(1.9	)		—		116.9
Special revenue and special assessment obligations		397.6		8.0		—		(32.1	)		—		373.5
Industrial and miscellaneous		7,325.6		62.0		—		(795.4	)		—		6,592.2
Residential mortgage-backed		381.1		2.3		—		(24.5	)		—		358.9
Commercial mortgage-backed		585.1		0.1		—		(76.6	)		—		508.6
Other asset-backed and structured securities		288.4		—		—		(16.0	)		—		272.4
Hybrids		48.2		0.4		—		(2.5	)		—		46.1

Total bonds		9,787.8		100.1		—		(1,014.7	)		—		8,873.2
Preferred and common stocks — nonaffiliates		59.1		—		—		—			—		59.1

Total bonds and preferred and common stocks	$	9,846.9	$	100.1	$	—	$	(1,014.7	)	$	—	$	8,932.3

Gross unrealized losses in the tables above include declines in the fair value of certain bonds below carrying value, where an OTTI has not occurred as the Company does not intend to sell, has the intent and ability to retain the investment for

F-19

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

a period of time sufficient to recover the entire amortized cost basis of the investment and otherwise expects to recover the entire amortized cost basis of the investment. In addition, gross unrealized losses include declines in the fair value below the carrying value for certain bonds that have been other-than-temporarily impaired and were written down to their discounted estimated future cash flows, which were greater than their fair value, as the Company does not expect to recover the entire amortized cost basis of these bonds based on its estimate of future cash flows to be collected, despite not having the intent to sell and having the intent and ability to retain the investment for a period of time sufficient to recover the amortized cost basis. Furthermore, unrealized losses on bonds where carrying value equaled fair value were de minimis as of December 31, 2023 and 2022, respectively.

As of December 31, 2023, the scheduled contractual maturity distribution of the bond portfolio was as follows:


	2023
	Carrying value		Fair value
Due in one year or less	$	239.4	$	237.7
Due after one year through five years		1,182.7		1,167.0
Due after five years through ten years		1,364.2		1,308.8
Due after ten years		5,355.0		4,925.7

Subtotals		8,141.3		7,639.2
Residential mortgage-backed		348.2		330.9
Commercial mortgage-backed		456.9		373.3
Other asset-backed structured securities		252.6		245.1

Totals	$	9,199.0	$	8,588.5

Actual and expected maturities may differ from scheduled contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.

As required by law, the Company has investments on deposit with governmental authorities and banks for the protection of policyholders with a statement value of $7.8 as of December 31, 2023 and 2022.

As of December 31, 2023 and 2022, approximately 76.5% and 74.8%, respectively, of the Company’s long-term bond portfolio was composed of security issues in the industrial and miscellaneous category, the vast majority of which are rated investment grade and are senior secured bonds. The Company’s portfolio is widely diversified among various geographic regions in the United States, and is not dependent on the economic stability of one particular region.

As of December 31, 2023 and 2022, the Company did not hold any investments in any single issuer, other than securities issued or guaranteed by the U.S. government or money market securities, which exceeded 10% of capital and surplus.

The credit quality mix of the bond portfolio as of December 31, 2023 and 2022 was as follows. The quality ratings represent NAIC designations.


	2023					2022
	Carrying value		Percent			Carrying value		Percent
Class 1 — highest quality	$	4,827.8		52.5	%	$	4,976.3		50.8	%
Class 2 — high quality		4,033.5		43.8			4,423.4		45.2
Class 3 — medium quality		312.6		3.4			368.6		3.8
Class 4 — low quality		18.0		0.2			19.4		0.2
Class 5 — lower quality		7.0		0.1			—		—
Class 6 — in or near default		0.1		—			0.1		—

Totals	$	9,199.0		100.0	%	$	9,787.8		100.0	%

F-20

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

Bonds with ratings categories ranging from AAA/Aaa to BBB/Baa, as assigned by a rating service such as Standard & Poor’s Financial Services LLC or Moody’s Investors Service, Inc., are generally regarded as investment grade securities. Some agencies and treasuries (that is, those securities issued by the U.S. government or an agency thereof) are not rated, but all are considered to be investment grade securities. The NAIC regards agencies and treasuries and all A ratings as Class 1 (highest quality), BBB/Baa ratings as Class 2 (high quality), BB/Ba ratings as Class 3 (medium quality), B ratings as Class 4 (low quality), CCC/Caa ratings as Class 5 (lower quality), and CC/Ca or below ratings as Class 6 (in or near default).

There were no bonds in default as of December 31, 2023 and 2022.

(b) Common Stocks of Affiliates

The Company’s investment in common stocks of affiliates as of December 31, 2023 and 2022 included its proportionate ownership percentage as disclosed in Note 1(a), except as disclosed below. The following tables summarize data from the statutory financial statements of the Company’s insurance company subsidiaries as of and for the years ended December 31, 2023, 2022 and 2021:


	GLICNY			RLIC VI¹			RLIC X¹
2023
Total admitted assets	$	7,050.7		$	2,038.2		$	926.6
Total liabilities		6,838.8			1,966.5			901.5
Total capital and surplus		211.9			71.7			25.1
Net income (loss)		(1.1	)		80.3			13.5

2022
Total admitted assets	$	7,262.1		$	2,196.4		$	952.2
Total liabilities		7,050.4			2,122.2			930.5
Total capital and surplus		211.7			74.2			21.7
Net income		0.3			185.8			66.8

2021
Total admitted assets	$	7,569.5		$	2,319.5		$	959.7
Total liabilities		7,345.3			2,253.9			928.4
Total capital and surplus		224.2			65.6			31.3
Net income (loss)		7.5			(814.1	)		(527.1	)

¹	As of December 31, 2023 and 2022, the Company carried its investment in the subsidiary at zero.

As of December 31, 2023 and 2022, the Company’s investment in GLICNY was $73.1 and $73.0, respectively.

Effective December 1, 2021, RLIC X was granted a permitted practice from the Vermont Department of Financial Regulation to record an excess of loss (“XOL”) reinsurance agreement with Hannover Life Reassurance Company of America (“Hannover”) as a gross admitted asset and as paid in surplus.

Effective December 1, 2019, RLIC VI entered into an XOL reinsurance agreement (the “RLIC VI XOL Treaty”) with Canada Life Assurance Company (“Canada Life”), operating through its Barbados branch and the Company. The Company requested and was subsequently granted effective December 1, 2019, a permitted practice from the Delaware Department of Insurance (“Delaware Department”) pursuant to Title 18, Sections 6907 and 6962 of the Delaware Insurance Code. RLIC VI is permitted to record the portion of the XOL coverage amount pursuant to the RLIC VI XOL Treaty allocable to the universal life insurance contracts as a gross admitted asset and as paid in surplus. Effective December 1, 2021, RLIC VI was granted a permitted practice from the Delaware Department whereby RLIC VI is permitted to record the portion of the XOL coverage amount pursuant to the RLIC VI XOL Treaty allocable to the term life insurance policies as a gross admitted asset and as paid in surplus.

F-21

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

The Company has an investment in Newco which is audited and fully admitted at audited U.S. GAAP equity, adjusted for goodwill, in common stock of affiliates. As of December 31, 2023 and 2022, the Company’s investment in Newco was $45.0 and $45.7, respectively. Statutory goodwill was amortized over 10 years in accordance with SSAP No. 97 and was fully amortized in 2022. The amount amortized for the years ended December 31, 2022 and 2021 was $0.8 and $1.0, respectively.

As of December 31, 2023 and 2022, GNWLAAC RE and JAC were unaudited and nonadmitted.

(c) Mortgage Loans

As of December 31, 2023 and 2022, the Company’s mortgage loan portfolio consisted of 367 and 379, respectively, of first lien commercial mortgage loans. The loans, which were originated by the Company through a network of mortgage bankers, were made only on developed and leased properties and had a maximum loan-to-value ratio of 75% as of the date of origination. The Company does not engage in construction lending or land loans. The maximum and minimum lending rates for new mortgage loans during 2023 were 6.5% and 6.0%, respectively. All of the mortgage loans were current as of December 31, 2023 and 2022.

The Company’s mortgage loans are collateralized by commercial properties, including multi-family residential buildings. The carrying value of mortgage loans is stated at original cost net of prepayments and amortization.

The Company diversifies its mortgage loans by both property type and geographic region. The following tables set forth the distribution across property type and geographic region for mortgage loans as of December 31, 2023 and 2022:


	2023					2022
Property type	Carrying value		Percent of total			Carrying value		Percent of total
Retail	$	656.7		39.1	%	$	680.0		39.0	%
Office		420.9		25.0			438.9		25.1
Industrial		403.1		24.0			417.8		23.9
Mixed use		99.4		5.9			98.3		5.6
Apartments		73.2		4.3			81.3		4.7
Other		28.2		1.7			29.2		1.7

Total principal balance	$	1,681.5		100.0	%	$	1,745.5		100.0	%


	2023					2022
Geographic region	Carrying value		Percent of total			Carrying value		Percent of total
South Atlantic	$	468.3		27.8	%	$	478.7		27.4	%
Pacific		320.6		19.1			340.0		19.5
Mountain		180.7		10.7			187.3		10.7
Middle Atlantic		164.9		9.8			172.9		9.9
West North Central		149.1		8.9			158.5		9.1
East North Central		136.1		8.1			139.4		8.0
West South Central		130.0		7.7			130.9		7.5
East South Central		81.6		4.9			85.8		4.9
New England		50.2		3.0			52.0		3.0

Total principal balance	$	1,681.5		100.0	%	$	1,745.5		100.0	%

F-22

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

Mortgage loans are considered past due when contractual payments have not been received from the borrower by the required payment date. The Company had no loans greater than 30 days past due as of December 31, 2023 and 2022. The Company had no impaired loans as of December 31, 2023 and 2022.

The following table sets forth the age analysis of mortgage loans and identification of mortgage loans in which the insurer is a participant or co-lender in a mortgage loan agreement as of December 31, 2023 and 2022:


	2023									2022
	Commercial									Commercial
	Insured			All Other			Total			Insured			All Other			Total
Recorded investment (All)
Current (less than 30 days past due)	$	—		$	1,681.5		$	1,681.5		$	—		$	1,745.5		$	1,745.5
Interest reduced
Recorded investment	$	—		$	—		$	—		$	—		$	15.1		$	15.1
Number of loans		—			—			—			—			1			1
Percent reduced		—	%		—	%		—	%		—	%		0.6	%		0.6	%
Participant or co-lender in a mortgage loan agreement
Recorded investment	$	—		$	—		$	—		$	—		$	—		$	—

As of December 31, 2023 and 2022, the Company held no farm, mezzanine or residential mortgage loans.

During the years ended December 31, 2023 and 2022, the Company did not have any modifications or extensions that were considered troubled debt restructurings.

In evaluating the credit quality of mortgage loans, the Company assesses the performance of the underlying loans using both quantitative and qualitative criteria. Certain risks associated with mortgage loans can be evaluated by reviewing both the loan-to-value and debt service coverage ratios to understand both the probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the underlying property for an amount that would enable the Company to recover its unpaid principal balance in the event of default by the borrower. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt service coverage ratio should not be used without considering other factors associated with the borrower, such as the borrower’s liquidity or access to other resources that may result in the Company’s expectation that the borrower will continue to make the future scheduled payments. A lower loan-to-value indicates that its loan value is more likely to be recovered in the event of default by the borrower if the property was sold.

The Company monitors mortgage loan concentration by state. California is the only state exceeding 10% of the total mortgage loan portfolio. During the years ended December 31, 2023, 2022 and 2021, the Company originated $3.8, $28.1, and $7.4, respectively, in mortgage loans secured by real estate in California. As of December 31, 2023 and 2022, the Company held $191.3 and $205.0, respectively, of mortgages secured by real estate in California, which was 11.4% and 11.7%, respectively, of its total mortgage portfolio.

F-23

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

The following tables set forth the average loan-to-value of mortgage loans by property type as of December 31, 2023 and 2022:


	2023 Average loan-to-value⁽¹⁾
Property type	0%-50%			51%-60%			61%-75%			76%-100%			Greater than 100%			Total
Retail	$	214.6		$	222.3		$	219.8		$	—		$	—		$	656.7
Office		81.7			45.4			286.8			7.0			—			420.9
Industrial		193.1			64.8			145.2			—			—			403.1
Mixed use		22.9			1.6			74.9			—			—			99.4
Apartments		34.0			8.4			30.8			—			—			73.2
Other		10.7			—			17.5			—			—			28.2

Total	$	557.0		$	342.5		$	775.0		$	7.0		$	—		$	1,681.5

Percent of total		33.1	%		20.4	%		46.1	%		0.4	%		—	%		100.0	%

Weighted-average debt service coverage ratio⁽²⁾		2.3			1.9			1.7			1.4			—			1.9

⁽¹⁾	Average loan-to-value is based on the Company’s most recent estimate of the fair value for the underlying property as of the date indicated above. Values are evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan.

⁽²⁾

Debt service coverage ratio is based on “normalized” annual net operating income of the property compared to the payments required under the terms of the loan. Normalization allows for the removal of annual one-time events such as capital expenditures, prepaid or late real estate tax payments or non-recurring third-party fees (such as legal, consulting or contract fees). This ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan.


	2022 Average loan-to-value⁽¹⁾
Property type	0%-50%			51%-60%			61%-75%			76%-100%			Greater than 100%			Total
Retail	$	213.1		$	165.3		$	301.6		$	—		$	—		$	680.0
Office		90.6			44.9			303.4			—			—			438.9
Industrial		211.5			43.8			162.5			—			—			417.8
Mixed use		18.3			13.2			66.8			—			—			98.3
Apartments		41.4			8.5			31.4			—			—			81.3
Other		11.3			—			17.9			—			—			29.2

Total	$	586.2		$	275.7		$	883.6		$	—		$	—		$	1,745.5

Percent of total		33.6	%		15.8	%		50.6	%		—	%		—	%		100.0	%

Weighted-average debt service coverage ratio⁽²⁾		2.3			1.9			1.7			—			—			1.9

⁽¹⁾	Average loan-to-value is based on the Company’s most recent estimate of the fair value for the underlying property as of the date indicated above. Values are evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan.

⁽²⁾

F-24

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

The following tables set forth the debt service coverage ratio for fixed rate mortgage loans by property type as of December 31, 2023 and 2022:


	2023 Debt service coverage ratio — fixed rate⁽¹⁾
Property type	Less than 1.00			1.00 – 1.25			1.26 – 1.50			1.51 – 2.00			Greater than 2.00			Total
Retail	$	21.7		$	18.3		$	109.8		$	283.4		$	223.5		$	656.7
Office		53.0			10.4			75.3			175.5			106.7			420.9
Industrial		10.8			1.7			27.5			151.6			211.5			403.1
Mixed use		0.8			9.2			20.9			32.0			36.5			99.4
Apartments		2.2			—			7.6			52.4			11.0			73.2
Other		—			14.6			2.9			3.4			7.3			28.2

Total	$	88.5		$	54.2		$	244.0		$	698.3		$	596.5		$	1,681.5

Percent of total		5.3	%		3.2	%		14.5	%		41.5	%		35.5	%		100.0	%

Weighted-average loan-to-value⁽²⁾		63.6	%		63.8	%		63.9	%		58.1	%		47.1	%		55.5	%

⁽¹⁾

⁽²⁾	Average loan-to-value is based on the Company’s most recent estimate of the fair value for the underlying property as of the date indicated above. Values are evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan.


	2022 Debt service coverage ratio — fixed rate⁽¹⁾
Property type	Less than 1.00			1.00 – 1.25			1.26 – 1.50			1.51 – 2.00			Greater than 2.00			Total
Retail	$	22.1		$	21.2		$	127.3		$	318.2		$	191.2		$	680.0
Office		7.0			73.0			37.9			224.2			96.8			438.9
Industrial		0.8			7.4			40.0			188.7			180.9			417.8
Mixed use		—			5.6			9.8			49.8			33.1			98.3
Apartments		—			—			26.7			41.7			12.9			81.3
Other		14.9			0.0			3.0			3.6			7.7			29.2

Total	$	44.8		$	107.2		$	244.7		$	826.2		$	522.6		$	1,745.5

Percent of total		2.6	%		6.1	%		14.0	%		47.3	%		30.0	%		100.0	%

Weighted-average loan-to-value⁽²⁾		63.3	%		61.0	%		62.8	%		60.7	%		44.6	%		56.3	%

⁽¹⁾

⁽²⁾	Average loan-to-value is based on the Company’s most recent estimate of the fair value for the underlying property as of the date indicated above. Values are evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan.

F-25

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

As of December 31, 2023 and 2022, the Company did not have any floating rate mortgage loans.

Low Income Housing Tax Credit

The number of remaining years of unexpired tax credits and the required holding period as of December 31, 2023:


Fund name	Remaining years		Required holding period
Alliant EWA Villages II Hawaii, LLC		1		15

The low income housing tax credit (“LIHTC”) and other tax benefits recognized during the years ending December 31, 2023, 2022 and 2021 were as follows:


Fund name	State		2023		2022		2021
Alliant EWA Villages II Hawaii, LLC		Hawaii	$	0.2	$	0.2	$	0.2

Total			$	0.2	$	0.2	$	0.2

The balance of the investment recognized was as follows:


Fund name	2023		2022
Alliant EWA Villages II Hawaii, LLC	$	—	$	0.1

As of December 31, 2023, there were no LIHTC properties currently subject to any regulatory reviews.

As of December 31, 2023, the Company’s investment in LIHTC was not considered significant and does not exceed 10% of total admitted assets.

The fair value of the below listed limited partnership funds declined during the years ended December 31, 2023, 2022 and 2021 as follows:


	Amount of impairment
Description	2023		2022		2021
Carlyle Realty Partners, Fund V	$	—	$	—	$	2.0

The decline was determined to be other than temporary and the amounts written down were accounted for as realized losses.

(d) Derivative Instruments

The Company uses exchange-traded futures to reduce the market risks from changes in interest rates and equity indexes. Under exchange traded financial futures, the Company purchases or sells a futures contract on an exchange and posts variation margin to the exchange on a daily basis in an amount equal to the difference in the daily market values of those contracts. The Company accesses the exchange through regulated futures commission merchants who are members of a trading exchange.

The Company also purchases over-the-counter equity index call and put options to hedge the risk embedded in the Company’s annuity liabilities. These transactions are entered into pursuant to an International Swaps and Derivatives

F-26

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

Association, Inc (“ISDA”) Master Agreement. The Company may make a single option premium payment to the counterparty at the inception of the transaction or a series of premium payment installations over the life of the option.

The Company uses bond purchase commitments to lock in prices of future bond purchases.

Counterparty Risk

The Company is exposed to credit-related losses in the event of nonperformance by counterparties to financial instruments, but it does not expect any counterparties to fail to meet their obligations given their high credit ratings. The Company manages counterparty risk by transacting with multiple high-rated counterparties and uses collateral support where possible. The Company’s maximum credit exposure to derivative counterparties is limited to the sum of the net fair value of contracts with counterparties that exhibit a positive fair value net of collateral.

The current credit exposure of the Company’s derivative contracts is limited to net positive fair value owed by the counterparties, less collateral posted by the counterparties to the Company. Credit risk is managed by entering into transactions with creditworthy counterparties and requiring the posting of collateral. In many instances, new over-the-counter derivatives contracts will require both parties to post initial margin, thereby resulting in over collateralizations. The Company also attempts to minimize its exposure to credit risk through the use of various credit monitoring techniques and monitoring overall collateral held. All of the net credit exposure for the Company from derivative contracts is with investment-grade counterparties. As of December 31, 2023, the counterparties to all of the Company’s derivatives had a minimum credit rating of BBB+. As of December 31, 2023 and 2022, the Company held derivative counterparty collateral with fair value of $3.8 and $6.5, respectively.

The table below provides a summary of the net carrying value, fair value and notional value by the type of derivative instruments held by the Company as of December 31, 2023 and 2022:


	2023							2022
Derivative type	Carrying value			Fair value		Notional value		Carrying value		Fair value		Notional value
Financial futures	$	—		$	—	$	1,120.7	$	—	$	—	$	1,252.4
Cross currency swaps		(0.3	)		1.2		29.9		1.1		3.6		29.9
Equity index options		14.9			14.9		701.1		5.7		5.7		935.7
Bond purchase commitments		—			19.8		385.0		—		—		—

Totals	$	14.6		$	35.9	$	2,236.7	$	6.8	$	9.3	$	2,218.0

The financial futures, cross currency swaps, equity index options, and bond purchase commitments in the table above are presented net of their respective liabilities. The Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus present derivative assets and liabilities separately.

The Company has no amounts excluded from the assessment of hedge effectiveness for the years ended December 31, 2023, 2022 and 2021.

The Company recorded no unrealized gains or losses as of December 31, 2023 and 2022 resulting from derivatives that no longer qualify for hedge accounting.

For derivatives accounted for as cash flow hedges of a forecasted transaction:

1) As of December 31, 2023, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is 10 years; and

2) For the years ended December 31, 2023, 2022, and 2021, there were no cash flow hedges discontinued in the statement year as a result of it no longer being probable that the original forecasted transactions would occur by the end of the originally specified time period or within two months of that date.

F-27

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

The futures margin account recorded as part of derivative assets was $1.0 and $0.8 as of December 31, 2023 and 2022, respectively.

The Company has no derivative contracts with financing premiums in which premium cost is paid at the end of the derivative contract or throughout the derivative contract.

Certain of the Company’s master swap agreements contain a provision that allows the counterparty to terminate derivative transactions if the risk-based capital (_“RBC_”) ratio of the Company goes below a certain threshold. As of December 31, 2023, the RBC ratio of the Company was above the thresholds negotiated in the applicable master swap agreements; therefore, no counterparty had rights to take action against the Company under the RBC threshold provisions.

(e) Net Investment Income

For the years ended December 31, 2023, 2022 and 2021, the sources of net investment income of the Company were as follows:


	2023			2022			2021
Bonds	$	439.6		$	460.4		$	506.7
Preferred and common stocks		2.8			2.3			2.5
Mortgage loans		74.1			80.6			101.6
Contract loans		27.3			27.6			24.0
Cash, cash equivalents and short-term investments		12.6			3.0			0.1
Real estate		3.6			3.6			3.6
Other invested assets		7.9			7.8			10.1
Derivative instruments		0.4			—			0.3
Other		0.1			0.1			0.1

Gross investment income		568.4			585.4			649.0
Investment and interest expenses		(15.6	)		(14.7	)		(18.5	)

Net investment income	$	552.8		$	570.7		$	630.5

The gross, nonadmitted and admitted amounts for interest income due and accrued as of December 31, 2023 were as follows:


Interest Income Due and Accrued	Amount
1. Gross	$	114.9
2. Nonadmitted	$	—
3. Admitted	$	114.9

There was no aggregate deferred interest as of December 31, 2023.

The cumulative amounts of PIK interest included in the current principal balance as of December 31, 2023 was $59.8.

The number of CUSIPs sold, redeemed or otherwise disposed as a result of a callable feature and the aggregate amount of investment income (loss) generated as a result of a prepayment penalty and/or accelerations fees for the years ended December 31, 2023, 2022 and 2021 were as follows:


	2023					2022				2021
	General account			Separate account		General account		Separate account		General account		Separate account
(1) Number of CUSIPS		9			—		22		—		40		—
(2) Aggregate amount of investment income (loss)	$	(0.4	)	$	—	$	3.4	$	—	$	11.0	$	—

F-28

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

For the years ended December 31, 2023, 2022 and 2021, proceeds and gross realized capital gains and losses resulting from sales, maturities, impairments, or other redemptions of investment securities were as follows:


	2023			2022			2021
Proceeds from sales, maturities or other redemptions of bonds	$	827.1		$	848.4		$	1,737.5

Gross realized capital:
Gains on sales	$	40.5		$	83.9		$	118.9
Losses on sales		(173.8	)		(166.8	)		(181.5	)

Net realized gains (losses) on sales		(133.3	)		(82.9	)		(62.6	)
Impairment losses		—			—			(2.0	)

Subtotal		(133.3	)		(82.9	)		(64.6	)
Federal income tax provision		3.8			(1.0	)		(20.5	)
Transfers to IMR, net of tax		9.9			0.4			(31.9	)

Realized capital gains (losses), net	$	(119.6	)	$	(83.5	)	$	(117.0	)

(f) Impairment of Investment Securities

The evaluation of OTTI is subject to risks and uncertainties and is intended to determine the appropriate amount and timing for recognizing an impairment charge. The assessment of whether such impairment has occurred is based on management’s best estimate of the cash flows to be collected at the individual security level. The Company regularly monitors its investment portfolio to ensure that securities that may be other-than-temporarily impaired are identified in a timely manner and that any impairment charges are recognized in the proper period.

The Company recognizes OTTI on loan-backed and structured securities in an unrealized loss position when one of the following circumstances exists:

•

The Company does not expect full recovery of the amortized cost based on its estimate of cash flows expected to be collected;

•

The Company intends to sell a security; or

•

The Company does not have the intent and ability to retain the investment for a period of time sufficient to recover the amortized cost basis of the investment.

As of December 31, 2023, the Company had no loan-backed securities which recognized OTTI.

As of December 31, 2023, the Company had no loan-backed securities with recognized OTTI where it had the intent to sell or did not have the intent and ability to retain the investment for a period of time sufficient to recover the amortized cost basis.

While the OTTI model for debt securities generally includes fixed maturity securities, there are certain hybrid securities that are classified as fixed maturity securities where the application of a debt impairment model depends on whether there has been any evidence of deterioration in credit of the issuer. Under certain circumstances, evidence of deterioration in credit of the issuer may result in the application of the equity impairment model.

For equity securities, the Company recognizes an impairment charge in the period in which the Company determines that the security will not recover to book value within a reasonable period. The Company determines what constitutes a reasonable period on a security-by-security basis based upon consideration of all the evidence available to it, including the magnitude of an unrealized loss and its duration. In any event, this period does not exceed 18 months for common equity securities. The Company measures OTTI based upon the difference between the amortized cost of a security and its fair value.

F-29

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

The following table presents the gross unrealized losses and fair value of the Company’s investment securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position as of December 31, 2023:


	2023
	Less Than 12 Months							12 Months or More
Description of securities	Fair value		Gross unrealized losses			Number of securities		Fair value		Gross unrealized losses			Number of securities
Fixed maturity securities:
U.S. governments and U.S. government agencies	$	9.7	$	(0.1	)		2	$	177.2	$	(49.8	)		12
All other governments		1.6		—			1		84.8		(15.8	)		20
States, territories and possessions		15.6		(0.1	)		3		12.0		(0.8	)		9
Special revenue and special assessment obligations		29.3		(0.3	)		8		156.5		(21.2	)		43
Industrial and miscellaneous		263.1		(5.3	)		56		4,275.6		(567.4	)		928
Residential mortgage-backed		25.5		(0.3	)		13		174.9		(19.7	)		69
Commercial mortgage-backed		8.0		(0.3	)		3		365.3		(83.3	)		75
Other asset-backed and structured securities		—		—			—		228.8		(7.7	)		64
Hybrids		7.8		—			1		10.4		(0.3	)		4

Total fixed maturity securities		360.6		(6.4	)		87		5,485.5		(766.0	)		1,224

Total equity securities		7.8		(1.0	)		1		4.9		(0.1	)		2

Total temporarily impaired securities	$	368.4	$	(7.4	)		88	$	5,490.4	$	(766.1	)		1,226

% below cost — fixed maturity securities:
<20% below cost	$	360.6	$	(6.4	)		87	$	4,518.0	$	(421.3	)		1,032
20-50% below cost		—		—			—		965.5		(341.7	)		191
>50% below cost		—		—			—		2.0		(3.0	)		1

Total fixed maturity securities		360.6		(6.4	)		87		5,485.5		(766.0	)		1,224

% below cost — equity securities:
<20% below cost		7.8		(1.0	)		1		4.9		(0.1	)		2
20-50% below cost		—		—			—		—		—			—
>50% below cost		—		—			—		—		—			—

Total equity securities		7.8		(1.0	)		1		4.9		(0.1	)		2
Total temporarily impaired securities	$	368.4	$	(7.4	)		88	$	5,490.4	$	(766.1	)		1,226

Investment grade — fixed maturity securities	$	347.2	$	(6.3	)		82	$	5,227.4	$	(737.7	)		1,150
Below investment grade — fixed maturity securities		13.4		(0.1	)		5		258.1		(28.3	)		74
Investment grade — equity securities		—		—			—		4.9		(0.1	)		2
Below investment grade — equity securities		7.8		(1.0	)		1		—		—			—

Total temporarily impaired securities	$	368.4	$	(7.4	)		88	$	5,490.4	$	(766.1	)		1,226

Based on a qualitative and quantitative review of the issuers of the securities in the table above, the Company believes the decline in fair value was largely due to increasing interest rates and widening credit spreads and was not indicative of credit losses. The issuers continue to make timely principal and interest payments. For all securities in an unrealized loss position, the Company expects to recover the amortized cost based on its estimate of the amount and timing of cash flows to be collected. The Company does not intend to sell nor does it expect that it will be required to sell these securities prior to recovering its amortized cost.

F-30

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)


	2022
	Less Than 12 Months							12 Months or More
Description of securities	Fair value		Gross unrealized losses			Number of securities		Fair value		Gross unrealized losses			Number of securities
Fixed maturity securities:
U.S. governments and U.S. government agencies	$	177.2	$	(47.4	)		13	$	5.2	$	(0.3	)		1
All other governments		78.0		(15.5	)		20		9.1		(2.5	)		3
States, territories and possessions		59.3		(1.7	)		21		0.8		(0.2	)		1
Special revenue and special assessment obligations		226.3		(29.2	)		59		9.1		(2.9	)		4
Industrial and miscellaneous		4,877.5		(688.8	)		1,090		291.0		(106.6	)		75
Residential mortgage-backed		224.2		(18.1	)		83		18.7		(6.4	)		10
Commercial mortgage-backed		474.5		(70.6	)		87		24.2		(6.0	)		6
Other asset-backed and structured securities		251.2		(13.0	)		66		21.1		(3.0	)		8
Hybrids		40.1		(2.5	)		6		—		—			—

Total fixed maturity securities		6,408.3		(886.8	)		1,445		379.2		(127.9	)		108

Total equity securities		13.2		(0.7	)		3		—		—			—

Total temporarily impaired securities	$	6,421.5	$	(887.5	)		1,448	$	379.2	$	(127.9	)		108

% below cost — fixed maturity securities:
<20% below cost	$	5,319.7	$	(509.4	)		1,217	$	120.2	$	(19.6	)		38
20-50% below cost		1,088.6		(377.4	)		228		259.0		(108.3	)		70
>50% below cost		—		—			—		—		—			—

Total fixed maturity securities		6,408.3		(886.8	)		1,445		379.2		(127.9	)		108

% below cost — equity securities:
<20% below cost		13.2		(0.7	)		3		—		—			—
20-50% below cost		—		—			—		—		—			—
>50% below cost		—		—			—		—		—			—

Total equity securities		13.2		(0.7	)		3		—		—			—

Total temporarily impaired securities	$	6,421.5	$	(887.5	)		1,448	$	379.2	$	(127.9	)		108

Investment grade — fixed maturity securities	$	6,147.3	$	(859.9	)		1,368	$	312.4	$	(112.0	)		92
Below investment grade — fixed maturity securities		261.0		(26.9	)		77		66.8		(15.9	)		16
Investment grade — equity securities		4.6		(0.4	)		2		—		—			—
Below investment grade — equity securities		8.6		(0.3	)		1		—		—			—

Total temporarily impaired securities	$	6,421.5	$	(887.5	)		1,448	$	379.2	$	(127.9	)		108

F-31

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

(g) Sub-prime Mortgage Related Risk

Fair Isaac Company (“FICO”) developed the FICO credit-scoring model to calculate a score based upon a borrower’s credit history. FICO credit scores are used as one indicator of a borrower’s credit quality. The higher the credit score, the lower the likelihood that a borrower will default on a loan. FICO credit scores range up to 850, with a score of 620 or more generally viewed as a “prime” loan and a score below 620 generally viewed as a “sub-prime” loan. “A minus” loans generally are loans where the borrowers have FICO credit scores between 575 and 660, and where the borrower has a blemished credit history.

As of December 31, 2023, the Company did not hold any direct investments in sub-prime or Alt-A mortgage loans. Alt-A mortgage loans are loans considered alternative or low documentation loans.

The Company did not have any direct exposure in other investments with underlying sub-prime or Alt-A related risk as of December 31, 2023.

The Company did not have any underwriting exposure to sub-prime or Alt-A mortgages as of December 31, 2023.

(h) Securities Lending

Securities loaned are re-registered but remain beneficially owned by the Company. None of the collateral is restricted. Cash collateral received is recorded in securities lending reinvested collateral and the offsetting liabilities are recorded in payable for securities lending. There were no securities loaned for a time period beyond one year from the reporting date and there were no securities loaned in the Company’s separate accounts.

As of December 31, 2023 and 2022, there were no loaned securities or collateral held.

(i) Assets Pledged as Collateral

As of December 31, 2023 and 2022, the Company did not have any pledged assets as collateral for securities lending transactions or dollar repurchase agreements.

The Company did not have any open securities lending transactions as of December 31, 2023 and 2022.

F-32

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

(j) Restricted Assets

The following table sets forth restricted assets including pledged assets held by the Company as of December 31, 2023 and 2022:


	Gross (admitted and nonadmitted) restricted													Percentage
	2023
Restricted asset category	Total general account		Total separate account restricted assets		Total		Total from 2022		Increase/ (decrease)			Total 2023 admitted restricted		Gross (admitted and nonadmitted) restricted to total assets			Admitted restricted to total admitted assets
Federal Home Loan Bank (“FHLB”) capital stock	$	17.1	$	—	$	17.1	$	16.3	$	0.8		$	17.1		0.1	%		0.1	%
On deposit with states		7.8		—		7.8		7.8		—			7.8		—			—
Pledged as collateral:
Derivatives		143.9		—		143.9		135.6		8.3			143.9		0.8			0.8
Reinsurance trust		1,235.3		—		1,235.3		1,214.8		20.5			1,235.3		7.0			7.2
FHLB agreements		200.7		—		200.7		286.5		(85.8	)		200.7		1.1			1.2

Total restricted assets	$	1,604.8	$	—	$	1,604.8	$	1,661.0	$	(56.2	)	$	1,604.8		9.0	%		9.3	%

There were no general account restricted assets, including pledged assets, supporting separate account activity as of December 31, 2023 and 2022.

As of December 31, 2023 and 2022, the Company held no other restricted assets.

There was no collateral received and reflected as assets within the Company’s financial statements as of December 31, 2023 and 2022.

(k) 5GI Securities

The table below presents 5GI securities held as of December 31, 2023 and 2022:


	Number of 5GI Securities				Aggregate BACV				Aggregate fair value
Investments	2023		2022		2023		2022		2023		2022
(1) Bonds — AC	$	—		—	$	—	$	—	$	—	$	—
(2) Loan-backed & Structured Securities — AC		—		—		—		—		—		—
(3) Preferred Stock — AC		—		—		—		—		—		—
(4) Preferred Stock — FV		1		1		0.5		0.5		0.5		0.5

(5) Total (1+2+3+4)		1		1	$	0.5	$	0.5	$	0.5	$	0.5

AC — Amortized cost FV — Fair value

F-33

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

(3) Aggregate Reserves

As of December 31, 2023 and 2022, the following table summarizes the aggregate reserves and weighted-average interest rate assumptions for the Company:


	2023					2022
Line of business	Amount		Interest rates			Amount		Interest rates
Individual life:
Traditional	$	503.9		4.1	%	$	532.1		4.2	%
Universal		5,311.6		4.3	%		5,296.1		4.3	%
Supplementary contracts with life contingencies		117.3		3.6	%		111.6		3.4	%

Total individual life		5,932.8					5,939.8

Group life		13.9		4.4	%		15.0		4.5	%

Total life		5,946.7					5,954.8

Annuities:
Individual annuities:
Immediate		883.6		5.8	%		959.8		5.9	%
Deferred		990.6		4.3	%		1,238.3		4.3	%
Variable		55.9		3.4	%		61.1		3.5	%

Total individual annuities		1,930.1					2,259.2

Group annuities:
Other group annuities		26.1		6.4	%		28.9		6.4	%

Total annuities		1,956.2					2,288.1

Accidental death benefits		0.4		3.0	%		0.5		3.0	%
Disability:
Active lives		7.3		4.3	%		8.3		4.3	%
Disabled lives		61.8		3.7	%		72.9		3.5	%

Total disability		69.1					81.2

Other reserves		1,504.1		3.9	%		1,744.1		4.0	%
Accident and health:
Individual		0.4		3.4	%		0.5		3.5	%

Total accident and health		0.4					0.5

Total life, annuities, and accident and health aggregate reserves		9,476.9					10,069.2

Deposit-type funds:
Supplementary contracts without life contingencies		274.4		2.7	%		344.3		2.6	%
Other deposit-type funds		157.6		2.5	%		217.3		2.2	%

Total deposit-type funds		432.0					561.6

Total aggregate reserves and deposit-type funds	$	9,908.9				$	10,630.8

Liabilities for life insurance products are based on the AE, AM (5), 41 CSO, 41 STD IND, 58 CSO, 58 CET, 61 CIET, 61 CSI, 80 CSO, 80 CET, 2001 CSO, or 2017 CSO mortality tables. Liabilities for most annuities used the a-1949, 51 GAM, 71 IAM, 71 GAM, 83 GAM, 83a, 94 GAR, 37SA, 2012 IAR, 2012 IAM Basic, or a-2000 mortality tables.

As of December 31, 2023 and 2022, the Company had $891.3 and $991.6, respectively, of additional statutory reserves resulting from updates to its asset adequacy testing assumptions for universal life insurance products with secondary guarantees related to Actuarial Guideline XXXVIII (“AG38”) section 8.D.

F-34

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

The Company waives deduction of deferred fractional premiums upon death of the insured and returns any portion of the final premium beyond the end of the month of death. There were $0.4 in reserves for surrender values in excess of reserves otherwise required as of December 31, 2023 and 2022.

Additional premiums or charges apply for policies issued on substandard lives according to underwriting classifications. The substandard extra reserve held on such policies was either one-half of the annual gross extra premiums or one-twenty-fourth of the annual valuation cost of insurance, adjusted for the substandard ratings on the policy.

The reserve for substandard structured settlements policies is based on a flat extra mortality rate calculated at issue to produce the life expectancy determined during the underwriting process.

The reserve for substandard immediate annuities issued in 2005 and later, other than structured settlement policies, is based on a standard mortality plus a flat extra mortality rate calculated at issue to produce the present value of future benefits using the rated age determined during the underwriting process.

As of December 31, 2023 and 2022, the Company had $21,105.5 and $22,093.0, respectively, of insurance in-force for which the future guaranteed maximum gross premiums were less than the future net premiums according to the standard of valuation set by the Virginia Bureau. Reserves to cover the above insurance totaled $267.2 and $271.9, respectively, as of December 31, 2023 and 2022 and are reported in aggregate reserves — life and annuity contracts.

For certain interest sensitive life and immediate annuity reserves, tabular interest has been determined from basic data. The tabular interest for all other lines of business has been determined by formula as described in the NAIC instructions. For certain interest sensitive life reserves, tabular cost has been determined from basic data. Tabular cost for all other lines of business and tabular less actual reserve released have been determined by formula as described in the NAIC instructions.

For funds held on deposit, interest on funds was the actual interest credited to funds. For other funds not involving life contingencies, interest has been determined by formula or from basic data.

As of December 31, 2023, withdrawal characteristics of annuity actuarial reserves and deposit-type contract funds and other liabilities without life or disability contingencies were as follows:


	2023
	General account		Separate accounts with guarantees		Separate accounts nonguaranteed		Total		Percent of total
A. Individual annuities:
(1) Subject to discretionary withdrawal:
a. With market value adjustment	$	734.0	$	5.8	$	—	$	739.8		6.9	%
b. At book value less current surrender charge of 5% or more		13.1		—		—		13.1		0.1
c. At fair value		—		—		3,895.2		3,895.2		36.5

d. Total with market value adjustment or at fair value (total of a-c)		747.1		5.8		3,895.2		4,648.1		43.5
e. At book value without adjustment (minimal or no charge or adjustment)		659.6		—		—		659.6		6.2
(2) Not subject to discretionary withdrawal		5,347.0		—		17.9		5,364.9		50.3

(3) Total (gross: direct + assumed)		6,753.7		5.8		3,913.1		10,672.6		100.0	%

(4) Reinsurance ceded		4,706.3		—		—		4,706.3

(5) Total net (3) – (4)	$	2,047.4	$	5.8	$	3,913.1	$	5,966.3

(6) Amount included in A(1)b above that will move to A(1)e for the first time within the year after the statement date:	$	1.8	$	—	$	—	$	1.8

F-35

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)



	General account		Separate accounts with guarantees		Separate accounts nonguaranteed		Total		Percent of total
B. Group annuities:
(1) Subject to discretionary withdrawal:
a. With market value adjustment	$	—	$	—	$	—	$	—		—	%
b. At book value less current surrender charge of 5% or more		—		—		—		—		—
c. At fair value		—		—		35.7		35.7		57.8

d. Total with market value adjustment or at fair value (total of a-c)		—		—		35.7		35.7		57.8
e. At book value without adjustment (minimal or no charge or adjustment)		0.8		—		—		0.8		1.3
(2) Not subject to discretionary withdrawal		25.3		—		—		25.3		40.9

(3) Total (gross: direct + assumed)		26.1		—		35.7		61.8		100.0	%

(4) Reinsurance ceded		—		—		—		—

(5) Total net (3) – (4)	$	26.1	$	—	$	35.7	$	61.8

(6) Amount included in B(1)b above that will move to B(1)e for the first time within the year after the statement date:	$	—	$	—	$	—	$	—


	General account		Separate accounts with guarantees		Separate accounts nonguaranteed		Total		Percent of total
C. Deposit-type contracts (no life contingencies):
(1) Subject to discretionary withdrawal:
a. With market value adjustment	$	—	$	—	$	—	$	—		—	%
b. At book value less current surrender charge of 5% or more		—		—		—		—		—
c. At fair value		—		—		—		—		—

d. Total with market value adjustment or at fair value (total of a-c)		—		—		—		—		—
e. At book value without adjustment (minimal or no charge or adjustment)		234.8		—		—		234.8		27.8
(2) Not subject to discretionary withdrawal		611.2		—		—		611.2		72.2

(3) Total (gross: direct + assumed)		846.0		—		—		846.0		100.0	%

(4) Reinsurance ceded		414.0		—		—		414.0

(5) Total net (3) – (4)	$	432.0	$	—	$	—	$	432.0

(6) Amount included in C(1)b above that will move to C(1)e for the first time within the year after the statement date:	$	—	$	—	$	—	$	—

F-36

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

As of December 31, 2023, withdrawal characteristics of life actuarial reserves were as follows:


	Account value		Cash value		Reserve
A. General account
(1) Subject to discretionary withdrawal, surrender values, or policy loans;
a. Term policies with cash value	$	—	$	140.7	$	211.9
b. Universal life		1,814.2		1,599.4		1,767.4
c. Universal life with secondary guarantees		2,248.4		2,166.2		6,294.0
d. Indexed universal life		42.7		36.6		42.5
e. Indexed universal life with secondary guarantees		—		—		—
f. Indexed life		—		—		—
g. Other permanent cash value life insurance		—		—		—
h. Variable life		—		—		—
i. Variable universal life		9.2		9.2		9.5
j. Miscellaneous reserves		—		—		—
(2) Not subject to discretionary withdrawal or no cash values
a. Term policies without cash value		XXX		XXX		6,150.0
b. Accidental death benefits		XXX		XXX		0.4
c. Disability — active lives		XXX		XXX		8.6
d. Disability — disabled lives		XXX		XXX		63.1
e. Miscellaneous reserves		XXX		XXX		1,181.3

(3) Total (gross: direct + assumed)		4,114.5		3,952.1		15,728.7
(4) Reinsurance ceded		1,108.4		1,000.4		8,678.0

(5) Total (net) (3) – (4)	$	3,006.1	$	2,951.7	$	7,050.7


	Account value		Cash value		Reserve
B. Separate account with guarantees
(1) Subject to discretionary withdrawal, surrender values, or policy loans;
a. Term policies with cash value	$	—	$	—	$	—
b. Universal life		—		—		—
c. Universal life with secondary guarantees		—		—		—
d. Indexed universal life		—		—		—
e. Indexed universal life with secondary guarantees		—		—		—
f. Indexed life		—		—		—
g. Other permanent cash value life insurance		—		—		—
h. Variable life		—		—		—
i. Variable universal life		258.8		258.8		259.1
j. Miscellaneous reserves		—		—		—
(2) Not subject to discretionary withdrawal or no cash values
a. Term policies without cash value		XXX		XXX		—
b. Accidental death benefits		XXX		XXX		—
c. Disability — active lives		XXX		XXX		—
d. Disability — disabled lives		XXX		XXX		—
e. Miscellaneous reserves		XXX		XXX		—

(3) Total (gross: direct + assumed)		258.8		258.8		259.1
(4) Reinsurance ceded		—		—		—

(5) Total (net) (3) – (4)	$	258.8	$	258.8	$	259.1

F-37

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

Account value

Cash value

Reserve

C. Separate account nonguaranteed

(1) Subject to discretionary withdrawal, surrender values, or policy loans;

a. Term policies with cash value

—

b. Universal life

—

c. Universal life with secondary guarantees

—

d. Indexed universal life

—

e. Indexed universal life with secondary guarantees

—

f. Indexed life

—

g. Other permanent cash value life insurance

—

h. Variable life

—

i. Variable universal life

—

j. Miscellaneous reserves

—

(2) Not subject to discretionary withdrawal or no cash values

a. Term policies without cash value

XXX

—

b. Accidental death benefits

XXX

—

c. Disability — active lives

XXX

—

d. Disability — disabled lives

XXX

—

e. Miscellaneous reserves

XXX

—

(3) Total (gross: direct + assumed)

—

(4) Reinsurance ceded

—

(5) Total (net) (3) – (4)

—

Deferred and uncollected life insurance premiums and annuity considerations as of December 31, 2023 and 2022 were as follows:


	2023				2022
	Gross		Net of loading		Gross		Net of loading
Industrial	$	0.2	$	0.2	$	0.2	$	0.2
Ordinary renewal		144.8		313.8		151.5		346.1
Group life		0.3		1.4		0.3		1.3

Total	$	145.3	$	315.4	$	152.0	$	347.6

The Company did not have any direct written premiums generated through managing general agents or third-party administrators during the years ended December 31, 2023 and 2022.

Guaranteed Minimum Death Benefit, Guaranteed Minimum Withdrawal Benefit and Guaranteed Annuitization Benefit

The Company’s variable annuity products provide a basic GMDB which provides a minimum account value to be paid upon the annuitant’s death. Some variable annuity contracts permit contractholders to have the option to purchase through riders, at an additional charge, enhanced death benefits. The Company’s separate account guarantees are primarily death benefits but also include some GMWBs and guaranteed annuitization benefits. The GMWB allows contractholders to withdraw a pre-defined percentage of account value or benefit each year, either for a specified period of time or for life. The guaranteed annuitization benefit generally provides for a guaranteed minimum level of income upon annuitization accompanied by the potential for upside market participation. As of December 31, 2023 and 2022, the Company had reserves related to these guaranteed benefits of $352.3 and $485.2, respectively.

F-38

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

The following table sets forth total account values, net of reinsurance, with death benefit and living benefit guarantees as of December 31, 2023 and 2022:


	2023		2022
Account values with death benefit guarantees (net of reinsurance):
Standard death benefits (return of net deposits) account value	$	1,726.7	$	1,725.2
Net amount at risk	$	1.5	$	2.4
Average attained age of contract holders		77		77
Enhanced death benefits (step-up, roll-up, payment protection) account value	$	901.3	$	905.9
Net amount at risk	$	115.9	$	173.3
Average attained age of contract holders		77		77
Account values with living benefit guarantees:
Guaranteed minimum withdrawal benefits	$	1,119.8	$	1,165.7
Guaranteed annuitization benefits	$	782.4	$	748.3

The contracts underlying the GMWB and guaranteed annuitization benefits are considered “in the money” if the contract holder’s benefit base, defined as the greater of the contract value or the protected value, is greater than the account value. As of December 31, 2023 and 2022, the Company’s exposure related to GMWB and guaranteed annuitization benefits contracts that were considered “in the money” was $659.3 $769.6, respectively. For GMWBs and guaranteed annuitization benefits, the only way the contractholder can monetize the excess of the benefit base over the account value of the contract is upon annuitization and the amount to be paid by the Company will either be in the form of a lump sum, or over the annuity period for certain GMWBs and guaranteed annuitization benefits.

(4)

Liability for Policy and Contract Claims

Activity in the accident and health policy claim reserves, including the present value of amounts not yet due (which were included as a component of aggregate reserves) of $0.4 as of December 31, 2023, 2022 and 2021 is summarized as follows:


	2023		2022		2021
Balance as of January 1	$	30.4	$	30.2	$	35.2
Less reinsurance reserve credit and recoverable		30.0		29.8		34.7

Net balance as of January 1		0.4		0.4		0.5

Incurred related to:
Current year		—		—		—
Prior years		0.1		0.1		0.1

Total incurred		0.1		0.1		0.1

Paid related to:
Current year		—		—		—
Prior years		0.1		0.1		0.2

Total paid		0.1		0.1		0.2

Net balance as of December 31		0.4		0.4		0.4
Plus reinsurance reserve credit and recoverable		26.1		30.0		29.8

Balance as of December 31	$	26.5	$	30.4	$	30.2

Incurred claims related to prior years did not change by a significant amount in any year as a result of changes in estimates of insured events in prior years.

F-39

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

For the years ended December 31, 2023, 2022 and 2021, the Company did not have any significant changes in methodologies or assumptions used to calculate the liability for unpaid claims and claim adjustment expenses.

The liability for policy and contract claims presented in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus also included $91.6 and $102.1 of life contract claims as of December 31, 2023 and 2022, respectively.

(5)

Transactions with Affiliates

The Company and various affiliates, all direct and/or indirect subsidiaries of Genworth, are parties to an amended and restated services and shared expenses agreement under which each company agrees to provide and each company agrees to receive certain general services. These services include, but are not limited to, data processing, communications, marketing, public relations, advertising, investment management, human resources, accounting, actuarial, legal, administration of agent and agency matters, purchasing, underwriting and claims. Under the terms of the agreement, settlements are to be made quarterly. This agreement represents the principal administrative service agreement between the Company and the following affiliates:

GLIC

GNA

Enact Mortgage Insurance Corporation (“EMIC”)

JAC

RLIC VI

RLIC X

In April 2023, the Company received $44.3 in cash from GLIC to settle the reinsurance receivables discussed in Notes 1(v) and 16.

On January 6, 2023, RLIC VI returned contributed surplus to the Company of $5.0 in cash.

On December 16, 2022, RLIC X returned contributed surplus to the Company of $13.0 in cash.

Effective March 17, 2022, RLIC VII and RLIC VIII were dissolved and each returned contributed surplus to the Company in the amount of $0.3 in cash on March 28, 2022.

On December 15, 2021, in connection with the recapture of the reinsurance agreement discussed in Note 8, RLIC VII and RLIC VIII returned contributed surplus to the Company in the amount of $29.3 and $37.2, respectively, in cash.

On September 27, 2021, in connection with the reinsurance transaction discussed in Note 8, JLIC returned contributed surplus to the Company in the amount of $101.0, which consisted of bonds of $81.8, accrued interest of $0.7 and cash of $18.5. On December 21, 2021, JLIC returned additional contributed surplus to the Company in the amount of $3.0 in cash.

For years ended December 31, 2023, 2022 and 2021, the Company made net payments for intercompany settlements of $41.4, $51.0, and $71.7, respectively.

On August 31, 2021, after receiving approval from the Virginia Bureau and the State of Delaware Department of Insurance, the Company and GLIC executed a Master Promissory Note. Under terms of this note the borrower may borrow up to a maximum of $300.0 from the lender for up to 90 business days. Any loan shall be repaid by the borrower to the lender immediately upon written demand. The note pays interest at the daily overnight U.S. Federal Funds Rate less 0.10%, with a floor of 0.25%. There were no outstanding balances payable to or due from GLIC as of December 31, 2023 or 2022.

The Company has a Master Promissory Note agreement, approved by the Virginia Bureau, which involves borrowing from and making loans to GNA, the Company’s indirect parent. The principal is payable upon written demand by GNA or at the discretion of the Company. The note pays interest at the cost of funds of GNA, which was 5.23%, 4.23%, and 0.25%

F-40

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

during the years ended December 31, 2023, 2022 and 2021, respectively. There were no outstanding balances payable to or due from GNA as of December 31, 2023 or 2022.

The Company and GLICNY are parties to an Administrative Services Agreement whereby the Company provides services to GLICNY with respect to GLICNY’s variable annuity products.

The Company and GLIC are parties to a Master Services and Shared Expenses Agreement with two affiliates, Genworth Financial India Private Limited and EMIC, whereby the parties agree to benefit from centralized functions and processes by pooling their purchasing power by entering separate Statements of Work which will provide the specifics of each service to be provided.

The Company participates in reinsurance agreements whereby the Company assumes business from or cedes business to its affiliates. See Note 8 for further details on affiliate reinsurance agreements.

Total amounts due from or owed to affiliates as of December 31, 2023 and 2022 are included in the following balance sheet captions:


	2023		2022
Assets:
Amounts recoverable from reinsurers and funds held	$	306.5	$	412.2
Receivable from parent, subsidiaries and affiliates		0.2		0.1

Total assets	$	306.7	$	412.3

Liabilities:
Current Federal income tax payable	$	2.2	$	29.0
Payable to parent, subsidiaries and affiliates		11.8		10.2
Other amounts payable on reinsurance		13.5		17.5

Total liabilities	$	27.5	$	56.7

The amounts recoverable from reinsurers and funds held in 2022 included $44.3 due from GLIC related to the corrections discussed in Notes 1(v) and 16.

(6)

Income Taxes

In August 2022, the Inflation Reduction Act of 2022 (“Act”) was passed by the U.S. Congress and signed into law by President Biden. The Act includes a new Federal corporate alternative minimum tax (“CAMT”), effective in 2023, that is based on the adjusted financial statement income (“AFSI”) set forth on the applicable financial statement (“AFS”) of an applicable corporation. A corporation is an applicable corporation if its rolling average pre-tax AFSI over three prior years (starting with 2020-2022) is greater than $1.0 billion. For a group of related entities, the $1.0 billion threshold is determined on a group basis, and the group’s AFS is generally treated as the AFS for all separate taxpayers in the group. Except under limited circumstances, once a corporation is an applicable corporation, it is an applicable corporation in all future years.

An applicable corporation is not automatically subject to a CAMT liability. The corporation’s tentative CAMT liability is equal to 15% of its adjusted AFSI, and CAMT is payable to the extent the tentative CAMT liability exceeds regular corporate income tax. However, any CAMT paid would be indefinitely available as a credit carryover that could reduce future regular tax in excess of CAMT. The controlled group of corporations of which the Company is a member has determined it is not an applicable corporation in 2023. The Company intends to amend its tax sharing agreement in 2024 to reflect CAMT.

F-41

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

(a) Components of deferred tax assets and deferred tax liabilities

The components of the net DTA recognized in the Company’s Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus as of December 31, 2023 and 2022 were as follows:


	2023						2022						Change
	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital			Total
a. Gross DTA	$	543.0	$	9.9	$	552.9	$	570.9	$	12.3	$	583.2	$	(27.9	)	$	(2.4	)	$	(30.3	)
b. Statutory valuation allowance adjustment		—		—		—		—		—		—		—			—			—

c. Adjusted gross DTA (1a – 1b)		543.0		9.9		552.9		570.9		12.3		583.2		(27.9	)		(2.4	)		(30.3	)
d. DTA nonadmitted		361.2		8.8		370.0		360.3		12.0		372.3		0.9			(3.2	)		(2.3	)

e. Subtotal: net admitted DTA (1c – 1d)		181.8		1.1		182.9		210.6		0.3		210.9		(28.8	)		0.8			(28.0	)
f. DTL		87.7		0.1		87.8		105.7		0.3		106.0		(18.0	)		(0.2	)		(18.2	)

g. Net admitted DTA/ (DTL) (1e – 1f)	$	94.1	$	1.0	$	95.1	$	104.9	$	—	$	104.9	$	(10.8	)	$	1.0		$	(9.8	)

Admission calculation components for SSAP No. 101 as of December 31, 2023 and 2022:


	2023						2022						Change
	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital			Total
a. Federal income taxes paid in prior years recoverable through loss carrybacks	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—		$	—
b. Adjusted gross DTA expected to be realized (excluding the amount of DTA from 2(a) above) after application of the threshold limitation. (The lessor of 2(b)1 and 2(b)2 below)		94.0		1.1		95.1		104.9		—		104.9		(10.9	)		1.1			(9.8	)
1. Adjusted gross DTA expected to be realized following the balance sheet date		94.0		1.1		95.1		104.9		—		104.9		(10.9	)		1.1			(9.8	)
2. Adjusted gross DTA allowed per limitation threshold		XXX		XXX		120.0		XXX		XXX		100.7		XXX			XXX			19.3
c. Adjusted gross DTA (excluding the amount of DTA from 2(a) and 2(b) above) offset by gross DTL		87.8		—		87.8		105.7		0.3		106.0		(17.9	)		(0.3	)		(18.2	)

d. DTA admitted as a result of the application of SSAP No. 101 (Total 2(a) + 2(b) + 2(c))	$	181.8	$	1.1	$	182.9	$	210.6	$	0.3	$	210.9	$	(28.8	)	$	0.8		$	(28.0	)

F-42

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

Ratio used to determine applicable period used in 6(a)2:


	2023			2022
a. Ratio percentage used to determine recovery period and threshold limitation amount		783	%		640	%
b. Amount of adjusted capital and surplus used to determine recovery period and threshold limitation in 2(b)2 above	$	937.0		$	798.7

Impact of tax planning strategies:

Determination of adjusted gross deferred tax assets and net admitted deferred tax assets, by character as a percentage:


	2023						2022						Change
	Ordinary			Capital			Ordinary			Capital			Ordinary			Capital
1. Adjusted Gross DTAs Amount from Note 6a1(c)	$	543.0		$	9.9		$	570.9		$	12.3		$	(27.9	)	$	(2.4	)

2. Percentage of Adjusted Gross DTAs by Tax Character Attribute to the impact of Tax Planning Strategies		—	%		—	%		—	%		—	%		—	%		—	%

3. Net Admitted Adjusted Gross DTAs Amount from Note 6a1(e)	$	181.8		$	1.1		$	210.6		$	0.3		$	(28.8	)	$	0.8

4. Percentage of Net Admitted Adjusted Gross DTAs by Tax Character admitted because of the impact of tax planning strategies		—	%		—	%		—	%		—	%		—	%		—	%

The Company did not use reinsurance tax planning strategies for the years ended December 31, 2023, 2022 and 2021.

(b) Unrecognized deferred tax liabilities

The Company did not have any unrecognized DTLs during the years ended December 31, 2023, 2022 and 2021.

(c) Current income tax and change in deferred tax

The provision for income taxes incurred on operations for the years ended December 31, 2023, 2022 and 2021 were as follows:


	2023			2022			Change
1. Current Income Taxes
a. Federal income taxes	$	14.9		$	(23.4	)	$	38.3
b. Foreign income taxes		—			—			—

c. Federal and foreign income taxes		14.9			(23.4	)		38.3
d. Federal income tax on net capital gains (losses)		(3.8	)		1.0			(4.8	)
e. Utilization of capital loss carry forwards		—			—			—
f. Other		—			—			—

g. Federal income tax incurred	$	11.1		$	(22.4	)	$	33.5

F-43

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)


	2022			2021			Change
1. Current Income Taxes
a. Federal income taxes	$	(23.4	)	$	(52.3	)	$	28.9
b. Foreign income taxes		—			—			—

c. Federal and foreign income taxes		(23.4	)		(52.3	)		28.9
d. Federal income tax on net capital gains (losses)		1.0			20.5			(19.5	)
e. Utilization of capital loss carry forwards		—			—			—
f. Other		—			—			—

g. Federal income taxes incurred	$	(22.4	)	$	(31.8	)	$	9.4

The tax effects of temporary differences that give rise to significant portions of the DTAs and DTLs were as follows as of December 31, 2023 and 2022:


	2023		2022		Change
2. DTA
A. Ordinary
1. Discounting of unpaid losses	$	—	$	—	$	—
2. Unearned premium reserve		—		—		—
3a. Transition reserves		3.0		4.5		(1.5	)
3b. Policyholder reserves		366.8		396.2		(29.4	)
4. Investments		42.0		32.8		9.2
5. Deferred acquisition costs		127.0		125.7		1.3
6. Policyholder dividends accrual		—		—		—
7. Fixed assets		0.6		0.6		—
8. Compensation and benefits accrual		—		—		—
9. Pension accrual		—		—		—
10. Receivable—nonadmitted		2.3		2.3		—
11. Net operating loss carry forward		—		—		—
12. Tax credit carry forward		0.4		1.0		(0.6	)
13. Other (including items less than 5% of total ordinary tax assets)		0.9		7.8		(6.9	)

99. Subtotal ordinary		543.0		570.9		(27.9	)
B. Statutory valuation allowance adjustment		—		—		—
C. Nonadmitted DTA		361.2		360.3		0.9

D. Admitted ordinary DTA (2A99 – 2B – 2C)		181.8		210.6		(28.8	)
E. Capital						—
1. Investments		9.9		12.3		(2.4	)
2. Net capital loss carry forward		—		—		—
3. Real estate		—		—		—
4. Other (including items less than 5% of total ordinary tax assets)		—		—		—

99. Subtotal capital		9.9		12.3		(2.4	)
F. Statutory valuation allowance adjustment		—		—		—
G. Nonadmitted DTA		8.8		12.0		(3.2	)

H. Admitted capital DTA (2E99 – 2F – 2G)		1.1		0.3		0.8

I. Admitted DTA (2D + 2H)	$	182.9	$	210.9	$	(28.0	)

F-44

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)


	2023		2022		Change
3. DTL
A. Ordinary
1. Investments	$	1.2	$	1.7	$	(0.5	)
2. Fixed assets		—		—		—
3. Deferred and uncollected premiums		66.3		73.1		(6.8	)
4(a). Transition reserves		18.2		27.3		(9.1	)
4(b). Policyholder reserves		2.0		3.6		(1.6	)
5. Other		—		—		—

99. Subtotal ordinary		87.7		105.7		(18.0	)

B. Capital
1. Investments		0.1		0.3		(0.2	)
2. Real estate		—		—		—
3. Other		—		—		—

99. Subtotal capital		0.1		0.3		(0.2	)

C. DTL (3A99 + 3B99)		87.8		106.0		(18.2	)

4. Net DTA (DTL) (2I — 3C)	$	95.1	$	104.9	$	(9.8	)

Based on an analysis of the Company’s tax position for the year ended December 31, 2023, management concluded it is more likely than not that the results of future operations will generate sufficient taxable income to enable the Company to realize all of its DTAs. Accordingly, no valuation allowance for DTA has been established.

The change in net deferred taxes is comprised of the following (this analysis is exclusive of nonadmitted assets, as the change in nonadmitted assets is reported separately from the change in net deferred income taxes in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus):


	December 31,
	2023		2022		Change
Total gross DTA	$	552.9	$	583.2	$	(30.3	)
Statutory valuation allowance adjustment		—		—		—

Adjusted gross DTAs		552.9		583.2		(30.3	)
Total gross DTL		87.8		106.0		(18.2	)

Net DTA	$	465.1	$	477.2		(12.1	)

Deferred tax on change in net unrealized capital gains (losses)						5.5

Change in net deferred income taxes					$	(6.6	)

F-45

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

(d) Reconciliation of Federal income tax rate to actual effective tax rate

The provision for Federal income taxes incurred is different from that which would be obtained by applying the statutory Federal income tax rate to income before income taxes. The significant items causing this difference were as follows for the years ended December 31, 2023, 2022 and 2021:


	2023			2022			2021
Provision computed at statutory tax rate	$	20.9		$	(4.7	)	$	(37.6	)
Tax exempt interest		(0.1	)		(0.2	)		(0.3	)
Benefit of dividends		(1.7	)		(1.2	)		(2.0	)
Change in tax contingency reserve		—			0.1			(0.2	)
Statutory amortization of IMR		(0.4	)		(0.9	)		(0.9	)
Foreign taxes		(0.2	)		(0.3	)		—
Change in nonadmitted assets		5.9			(0.3	)		(3.3	)
Deferred reinsurance gains		(6.7	)		(9.5	)		(3.2	)
Transfer of IMR		—			—			(3.5	)
Intercompany bonds transfer (see Note 5)		—			—			(1.9	)
Prior year provision to return true-up		(0.1	)		2.0			(0.4	)
Reinsurance transaction treated as nontaxable reorganization (see Note 8)		—			—			(41.5	)
Other adjustments		0.1			(0.2	)		0.2

Total	$	17.7		$	(15.2	)	$	(94.6	)

Federal income taxes incurred	$	11.1		$	(22.4	)	$	(31.8	)
Change in net deferred income taxes		6.6			7.2			(62.8	)

Total	$	17.7		$	(15.2	)	$	(94.6	)

(e) Operating loss and tax credit carry forwards and protective tax deposits

As of December 31, 2023, the Company had no operating losses to carry forward.

As of December 31, 2023, the Company had tax credits to carry forward that will expire, if unutilized, as follows:


Origination year	Amount	Expires after
2018	$0.2	2028
2019	0.2	2029

There were no income taxes incurred in the current or prior years that will be available for recoupment in the event of future net losses.

The Company had no protective tax deposits which are on deposit with the IRS under Section 6603 of the Internal Revenue Code.

F-46

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

Years Ended December 31, 2023, 2022 and 2021

(Dollar amounts in millions)

(f) Consolidated Federal income tax return

The Company is an affiliated member of a consolidated Life/Non-Life U.S. Federal income tax return with its ultimate parent company, Genworth, and will be included with the following companies in the consolidated Federal income tax return for 2023:

ASI

Capital Brokerage Corporation

CareScout, LLC

CareScout Holdings, Inc.

EMIC

Enact Financial Assurance Corporation

Enact Financial Services, Inc.

Enact Holdings, Inc.

Enact Mortgage Holdings, LLC

Enact Mortgage Insurance Corporation of North Carolina

Enact Mortgage Reinsurance Corporation

Enact Mortgage Services, LLC

Enact Re Ltd.

Genworth

Genworth Annuity Service Corporation

Genworth Financial Agency, Inc. (“GFA”)

Genworth Financial International Holdings, LLC

Genworth Holdings, Inc. (“Genworth Holdings”)

Genworth Insurance Company

GLIC

GLICNY

GNA

HGI Annuity Service Corporation

JAC

Mayflower

Monument Lane IC 1, Inc.

Monument Lane IC 2, Inc.

Monument Lane PCC, Inc.

Newco

RLIC VI

RLIC X


	2023		2022
Assets recognized from paid and accrued premium tax offsets and policy surcharges prior year end	$	6.5	$	6.1
Decreases current year:
Premium tax offset applied		0.4		0.4
Increases current year:
Cash payment adjustment		0.6		—
True up adjustment		—		0.8

Assets recognized from paid and accrued premium tax offsets and policy surcharges current year end	$	6.7	$	6.5


	Premiums earned									Benefits incurred
	2023			2022			2021			2023			2022			2021
Direct	$	948.4		$	1,002.5		$	1,069.1		$	2,060.9		$	2,170.2		$	2,417.5
Assumed		236.5			252.8			266.1			279.7			316.8			339.7
Ceded		(964.8	)		(1,073.6	)		(2,584.3	)		(1,585.6	)		(1,760.4	)		(1,917.1	)

Net	$	220.1		$	181.7		$	(1,249.1	)	$	755.0		$	726.6		$	840.1


	2023		2022
Universal Life Insurance Business
RLIC VI	$	857.3	$	853.3

Term Life Insurance Business
RLIC VI	$	1,062.4	$	1,225.2
RLIC X		879.3		902.1


	Non-indexed guarantee less than or equal to 4%		Non-indexed guarantee more than 4%		Non-guaranteed separate accounts		Total
Premiums, considerations or deposits for the year ended December 31, 2023	$	—	$	—	$	20.6	$	20.6

Reserves as of December 31, 2023:
For accounts with assets at:
Fair value	$	3.5	$	2.3	$	4,207.9	$	4,213.7

Total reserves	$	3.5	$	2.3	$	4,207.9	$	4,213.7

By withdrawal characteristics:
With fair value adjustment	$	3.5	$	2.3	$	—	$	5.8
At fair value		—		—		4,207.9		4,207.9

Subtotal		3.5		2.3		4,207.9		4,213.7
Not subject to discretionary withdrawal		—		—		—		—

Total	$	3.5	$	2.3	$	4,207.9	$	4,213.7


	2023
Transfers as reported in the Summary of Operations of the separate accounts statement:
Transfers to separate accounts	$	20.6
Transfers from separate accounts		501.3

Net transfers from separate accounts, per the separate accounts annual statement		(480.7	)
Reconciling adjustments:
Transfer to separate accounts – reinsured		150.9

Net transfers from separate accounts, per the Statutory Statement of Summary of Operations	$	(329.8	)


Membership stock	2023 total		Not eligible for redemption		Less than 6 months		6 months to less than 1 year		1 to less than 3 years		3 to 5 years
Class A	$	—	$	—	$	—	$	—	$	—	$	—
Class B		12.4		12.4		—		—		—		—


	Fair value		Carrying value		Aggregate total borrowing
1. Current year total general and separate accounts total collateral pledged (Lines 2+3)	$	191.3	$	200.7	$	100.0
2. Current year general account total collateral pledged		191.3		200.7		100.0
3. Current year separate accounts total collateral pledged		—		—		—

4. Prior year-end total general and separate accounts total collateral pledged		281.4		286.5		150.0


	Fair value		Carrying value		Amount borrowed at time of maximum collateral
1. Current year total general and separate accounts maximum collateral pledged (Lines 2+3)	$	291.9	$	285.7	$	150.0
2. Current year general account maximum collateral pledged		291.9		285.7		150.0
3. Current year separate accounts maximum collateral pledged		—		—		—

4. Prior year-end total general and separate accounts maximum collateral pledged		510.2		404.2		150.0


Description	Does the company have prepayment obligations under the following arrangements (Yes/No)?
Debt		No
Funding agreements		No
Other		No


	2023
	Level 1		Level 2		Level 3		Net asset value (NAV)		Total
Assets
Bonds:
Commercial mortgage-backed	$	—	$	0.1	$	—	$	—	$	0.1

Total bonds		—		0.1		—		—		0.1

Perpetual Preferred Stock:
Industrial and miscellaneous		—		12.8		1.2		—		14.0

Total preferred stock		—		12.8		1.2		—		14.0

Common stock:
Industrial and miscellaneous		28.6		—		17.1		—		45.7

Total common stock		28.6		—		17.1		—		45.7

Cash equivalents:
Money market mutual funds		381.6		—		—		—		381.6

Total cash equivalents		381.6		—		—		—		381.6

Derivative assets:
Equity index options		—		—		14.9		—		14.9

Total derivative assets		—		—		14.9		—		14.9

Separate account assets		4,211.4		13.0		—		—		4,224.4

Total assets	$	4,621.6	$	25.9	$	33.2	$	—	$	4,680.7


	2023
Investments	Beginning balance as of January 1, 2023		Transfers in to Level 3		Transfers out of Level 3		Total gains and (losses) included in net income (loss)			Total gains and (losses) included in surplus		Purchases		Issuances		Sales			Settlements		Ending balance as of December 31, 2023
Preferred and Common stock	$	17.6	$	—	$	—	$	—		$	—	$	4.1	$	—	$	(3.4	)	$	—	$	18.3
Derivative assets		5.7		—		—		(3.6	)		9.6		12.4		—		(9.2	)		—		14.9

Total assets	$	23.3	$	—	$	—	$	(3.6	)	$	9.6	$	16.5	$	—	$	(12.6	)	$	—	$	33.2


	2022
Investments	Beginning balance as of January 1, 2022		Transfers in to Level 3		Transfers out of Level 3		Total gains and (losses) included in net income (loss)			Total gains and (losses) included in surplus			Purchases		Issuances		Sales			Settlements			Ending balance as of December 31, 2022
Preferred and Common stock	$	17.9	$	—	$	—	$	—		$	(0.4	)	$	0.8	$	—	$	(0.7	)	$	—		$	17.6
Separate account assets		1.0		—		—		—			—			—		—		—			(1.0	)		—
Derivative assets		41.9		—		—		(3.0	)		(17.1	)		13.4		—		(29.5	)		—			5.7

Total assets	$	60.8	$	—	$	—	$	(3.0	)	$	(17.5	)	$	14.2	$	—	$	(30.2	)	$	(1.0	)	$	23.3


	2021
Investments	Beginning balance as of January 1, 2021		Transfers in to Level 3		Transfers out of Level 3		Total gains and (losses) included in net income (loss)		Total gains and (losses) included in surplus			Purchases		Issuances		Sales			Settlements		Ending balance as of December 31, 2021
Common stock	$	26.5	$	1.6	$	—	$	—	$	—		$	—	$	—	$	(10.2	)	$	—	$	17.9
Separate account assets		1.1		—		—		—		(0.1	)		—		—		—			—		1.0
Derivative assets		62.7		—		—		13.0		4.7			31.9		—		(70.4	)		—		41.9

Total assets	$	90.3	$	1.6	$	—	$	13.0	$	4.6		$	31.9	$	—	$	(80.6	)	$	—	$	60.8


	2023
Financial instruments	Aggregate fair value		Admitted assets		Level 1		Level 2		Level 3		Net asset value (NAV)		Not practicable (carrying value)
Bonds	$	8,588.5	$	9,199.0	$	—	$	7,892.6	$	695.9	$	—	$	—
Preferred and common stocks-nonaffiliates		59.7		59.7		28.6		12.8		18.3		—		—
Separate account assets		4,224.4		4,224.4		4,211.4		13.0		—		—		—
Mortgage loans		1,550.3		1,681.5		—		—		1,550.3		—		—
Short-term investments		7.0		7.0		—		—		7.0		—		—
Cash equivalents		381.6		381.6		381.6		—		—		—		—
Other invested assets		126.4		136.6		—		126.4		—		—		—
Derivative assets		37.0		15.5		—		2.3		34.7		—		—
Derivative liabilities		1.1		—		—		1.1		—		—		—

	2022
Financial instruments	Aggregate fair value		Admitted assets		Level 1		Level 2		Level 3		Net asset value (NAV)		Not practicable (carrying value)
Bonds	$	8,873.2	$	9,787.8	$	—	$	8,113.9	$	759.3	$	—	$	—
Preferred and common stocks-nonaffiliates		59.1		59.1		28.4		13.2		17.5		—		—
Separate account assets		4,128.4		4,128.4		4,115.7		12.7		—		—		—
Mortgage loans		1,577.7		1,745.5		—		—		1,577.7		—		—
Cash equivalents		276.8		276.8		276.8		—		—		—		—
Other invested assets		111.9		125.1		—		111.9		—		—		—
Derivative assets		9.5		7.4		—		3.8		5.7		—		—
Derivative liabilities		0.2				—		0.2		—		—		—


	In force
	2023				2022
	Number of policies		Amount		Number of policies		Amount
Up to and including 12 months		18	$	0.9		29	$	2.5
13 to 24 months		23		2.0		54		6.5
25 to 36 months		38		4.4		79		11.1
37 to 48 months		54		7.3		79		11.0
49 to 60 months		45		7.4		106		14.2
Over 60 months		2,207		207.8		3,316		248.2

Total		2,385	$	229.8		3,663	$	293.5


Description of SCA investment (excluding 8.b.i entities)	Gross amount		Nonadmitted amount		Admitted amount		Date of filing to NAIC		Type of NAIC filing		NAIC response received (yes/no)		2023 NAIC valuation amount		2022 NAIC valuation amount		NAIC reject entity’s valuation method, resubmission required (yes/no)
JAC (VA)	$	3.8	$	3.8	$	—		8/3/2022		Sub-1		yes	$	—	$	—		no
ASI (VA)*		—		—		—		9/6/2017		Sub-1		yes		—		—		no
Newco (VA)		45.0		—		45.0		8/7/2023		Sub-2		yes		45.7		44.5		no
GFA		0.5		0.5		—		12/5/2017		Sub-1		yes		—		—		no

Aggregate Total	$	49.3	$	4.3	$	45.0							$	45.7	$	44.5


	2023
	As reported in the Annual Statement			Difference			As reported in the accompanying statutory financial statements
Statutory Statements of Summary of Operations
Federal income taxes	$	23.6		$	(8.7	)	$	14.9

Statutory Statements of Changes in Capital and Surplus
Net income		89.7			8.7			98.4
Change in net deferred income taxes		2.1			(8.7	)		(6.6	)
Change in nonadmitted assets		34.6			(3.3	)		31.3
Prior period correction — cross-entity term conversions		32.3			(32.3	)		—
Prior period correction — term conversion coding		(3.2	)		3.2			—