TRANSAMERICA PRINCIPIUMSM III
Issued through
Transamerica Life Insurance Company and Transamerica Financial Life Insurance Company
Separate Account VA B and Separate Account VA BNY
Updating Summary Prospectus
May 1, 2024
This Updating Summary Prospectus summarizes certain key features of the Transamerica PrincipiumSM III variable annuity Policy (“the Policy”). The Updating Summary Prospectus also provides a summary of Policy features that have changed.
The prospectus for the Policy contains more information about the Policy, including its features, benefits, and risks. You can find the prospectus and other information about the Policy online at Transamerica.com. You can also obtain this information at no cost by calling (800)525-6205, or You can also request this information from Your registered representative.
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
You do have the option of continuing to receive paper copies of all future shareholder reports free of charge. If You’d like this option, give us a call at (800)525-6205, Monday through Thursday 8 - 6:30, or Friday 8 - 5:30 ET.
Your election to receive reports in paper will apply to all Portfolio Companies available under Your Policy.
TABLE OF CONTENTS
 
special TERMS_____________________________________________________________________
1
summary of policy features that have changed_____________________________________
1
2
 
PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY_________________________________
6
ii
special TERMS
Administrative Office - Transamerica Life Insurance Company and Transamerica Financial Life Insurance Company, Attention: Customer Care Group, 6400 C Street SW, Cedar Rapids, IA 52499, (800)525-6205.
Annuitant - The person on whose life any annuity payments involving life contingencies will be based.
Annuity Commencement Date - The date upon which annuity payments are to commence. This date may not be later than the last day of the Policy month following the month in which the Annuitant attains age 99 (earlier if required by state law).
Fixed Account - One or more Investment Options under the Policy that are part of our general assets and are not in the Separate Account.
Investment Option(s) - The Subaccounts and the Fixed Account.
Owner (You, Your) - The person who may exercise all rights and privileges under the Policy.
Policy - The Transamerica PrincipiumSM III, an individual deferred, flexible premium variable annuity. Also referred to as the contract.
Policy Date - The date shown on the Policy data page attached to the Policy and the date on which the Policy becomes effective.
Policy Value - On or before the Annuity Commencement Date, the Policy Value is equal to the Owner's:
•
premium payments; minus
•
gross withdrawals (withdrawals plus the surrender charge on the portion of the requested withdrawal that is subject to the surrender charge plus or minus any Excess Interest Adjustment plus taxes (on the withdrawal)); plus
•
interest credited in the Fixed Account; plus
•
accumulated gains in the Separate Account; minus
•
accumulated losses in the Separate Account; minus
•
service charges, rider fees, premium taxes, transfer fees, and other charges (including those imposed upon termination), if any.
Policy Year - A Policy Year begins on the Policy Date and on each anniversary thereafter.
Portfolio Company(ies) - The investment company(ies) made available as Investment Options under the Policy. Also referred to as underlying fund portfolios.
Separate Account - Separate Account VA B and Separate Account VA BNY, Separate Accounts established and registered as unit investment trusts under the Investment Company Act of 1940, as amended (the “1940 Act”), to which premium payments under the policies may be allocated.
Separate Account Value - The portion of the Policy Value that is invested in the Separate Account.
Subaccount - A subdivision within the Separate Account, the assets of which are invested in a specified Underlying Fund Portfolio.
summary of policy features that have changed
The information in this Updating Summary Prospectus is a summary of certain Policy features that have changed since the last current Prospectus. This may not reflect all of the changes that have occurred since You entered into Your Policy.
•
For changes in the names of certain portfolios and/or Advisers/Subadvisors please refer to the Appendix - Portfolio Companies Available Under the Policy.
•
For updated portfolio expense information please refer to Important Information You Should Consider About This Policy and the Appendix - Portfolio Companies Available Under the Policy.
•
For updated portfolio performance information please refer to the Appendix - Portfolio Companies Available Under the Policy.
1
important INFORMATION you should consider about the policy 
 
FEES AND EXPENSES
Location in
Prospectus
Charges for Early
Withdrawal
If You withdraw money during a specified number of Policy Years
following each premium payment being withdrawn, You may be assessed a
surrender charge. The surrender charge is assessed for 5 years with a
maximum of 5% under Principium III. The surrender charge is eliminated
when You select the Access Rider under Principium III.
For example, if You make an early withdrawal, You could pay a surrender
charge on a $100,000 investment of up to $5,000.
Annuity Policy Fee
Tables and Expense
Examples
Transaction Expenses
– Surrender Charge
Access to Your Money
Surrenders
Transaction Charges
In addition to surrender charges, You also may be assessed a transfer fee
and special services fee.
Transfer Fee. We reserve the right to charge for transfers among Investment
Options after the first 12 transfers per Policy Year. For each such
additional transfer, we may impose a transfer fee of $10. Currently, we do
not charge a transfer fee, but reserve the right to do so.
Special Service Fee. We reserve the right to deduct a charge for special
services, including overnight delivery, duplicate policies, handling
insufficient checks on new business, duplicate Form 1099 and Form 5498
tax forms, check copies, printing and mailing previously submitted forms,
and asset verification requests from mortgage companies. For policies
issued prior to May 1, 2015, the special services fee may be up to $25.
Annuity Policy Fee
Tables and Expense
Examples
Expenses –
Transaction Expenses
2
 
FEES AND EXPENSES
Location in
Prospectus
Ongoing Fees and
Expenses
(annual charges)
The table below describes the fees and expenses that You may pay each
year, depending on the options You choose. Please refer to Your Policy
specifications page for information about the specific fees You will pay
each year based on the options You have elected.
Annuity Policy Fee
Tables and Expense
Examples
Base Contract Expenses
Appendix – Portfolio
Companies Available
Under the Policy
Annual Fee
Minimum
Maximum
Base Policy1
0.85%
2.85%
Portfolio Company (fund fees and
expenses)2
0.39%
1.28%
Optional Benefit Expenses (if elected)
0.15%1
2.50%3
1 As a percentage of average Separate Account Value.
2 As a percentage of Portfolio Company assets.
3 As a percentage of the Withdrawal Base.
Because Your Policy is customizable, the choices You make affect how
much You will pay. To help You understand the cost of owning Your
Policy, the following table shows the lowest and highest cost You could pay
each year based on current charges. This estimate assumes that You do not
take withdrawals from the Policy, which could add surrender charges
that substantially increase costs.
Lowest Annual Cost
$1,276
Highest Annual Cost
$6,180
Assumes:
Assumes:
•Investment of $100,000
•5% annual appreciation
•Least expensive Portfolio Company
fees and expenses
•No optional benefits
•No sales charges
•No additional purchase payments,
transfers, or withdrawals
•Investment of $100,000
•5% annual appreciation
•Most expensive combination
of optional benefits and
Portfolio Company fees and
expenses
•No sales charges
•No additional purchase
payments, transfers, or
withdrawals
 
RISKS
Location in
Prospectus
Risk of Loss
You can lose money by investing in this Policy.
Principal Risks of
Investing in the Policy
Not a Short-Term
Investment
This Policy is not a short-term investment and is not appropriate for an
investor who needs ready access to cash.
Surrender charges may apply for several years under the Policy,. Surrender
charges will reduce the value of Your Policy if You withdraw money during
that time.
The benefits of tax deferral and living benefit protection also means the
Policy is more beneficial to investors with a long-term time horizon.
Principal Risks of
Investing in the Policy
Transaction Expenses -
Surrender Charges
Tax Information
3
 
RISKS
Location in
Prospectus
Risks Associated with
Investment Options
•An investment in this Policy is subject to the risk of poor investment
performance and can vary depending on the performance of the
Investment Options available under the Policy.
•Each Investment Option, including the Fixed Account, has its own
unique risks.
•You should review the prospectuses for the available Portfolio
Companies before making an investment decision.
Principal Risks of
Investing in the Policy
Investment Options
Appendix: Portfolio
Companies Available
Under the Policy
Insurance Company
Risks
Any obligations (including under the Fixed Account), guarantees, and
benefits under the Policy are subject to our claims-paying ability. If we
experience financial distress, we may not be able to meet our obligations
to You. More information about Transamerica Life Insurance Company or
Transamerica Financial Life Insurance Company, including our financial
strength ratings, is available by visiting transamerica.com or by calling
toll-free (800)525-6205.
Principal Risks of
Investing in the Policy
Information About Us
Financial Condition
 
RESTRICTIONS
Location in
Prospectus
Investments
•We reserve the right to impose a charge for transfers in excess of 12
transfers per Policy Year.
•We reserve the right to limit transfers in circumstances of large or
frequent transfers.
•The Fixed Account option may not be available for investment
depending on when You applied for Your Policy and when it was issued.
•We reserve the right to remove or substitute the Portfolio Companies
that are available as Investment Options under the Policy.
Transaction Expenses
Investment Option –
Transfers
Market Timing and
Disruptive Trading
Optional Benefits
•Certain optional benefits limit or restrict the Investment Options that
You may select under the Policy. We reserve the right to change these
restrictions in the future.
•Withdrawals that exceed limits specified by the terms of an optional
benefit may reduce the value of an optional benefit by an amount
greater than the value withdrawn, which could significantly reduce the
value or even terminate the benefit.
•We reserve the right to stop offering an optional benefit at any time for
new sales, which includes sales to the Owners who may want to
purchase the benefit after they purchase the Policy.
•In some cases, a benefit may not be available through all financial
intermediaries or all states. For more information on the options
available for electing a benefit, please contact Your financial
intermediary or our Administrative Office.
Investment Restrictions
Benefits Available
Under the Policy
Optional Benefit Riders
4
 
TAXES
Location in
Prospectus
Tax Implications
•Consult with a tax professional to determine the tax implications of an
investment in and payments received under the Policy.
•If You purchase the Policy as an individual retirement account or
through a tax qualified plan, You do not get any additional tax benefit.
•You will generally not be taxed on increases in the value of Your Policy
until they are withdrawn. Earnings on Your Policy are taxed at ordinary
income tax rates when withdrawn, and You may have to pay a penalty if
You take a withdrawal before age 59 ½.
Tax Information
 
CONFLICT OF INTEREST
Location in
Prospectus
Investment Professional
Compensation
Your investment professional may receive compensation for selling this
Policy to You, in the form of commissions, additional cash benefits (e.g.,
bonuses), and non-cash compensation. Our affiliate, Transamerica
Capital, Inc. (“TCI”) is the principal underwriter and may share the
revenue we earn on this Policy with Your investment professional’s firm. In
addition, we may pay all or a portion of the cost of affiliates’ operating
and other expenses. This conflict of interest may influence Your
investment professional to recommend this Policy over another investment
for which the investment professional is not compensated or compensated
less.
Distribution of the
Policies
Exchanges
If You already own an insurance Policy, some investment professionals
may have a financial incentive to offer You a new Policy in place of the
one You own. You should only exchange a Policy You already own if You
determine, after comparing the features, fees, and risks of both policies,
that it is better for You to purchase the new Policy rather than continue to
own Your existing Policy.
Exchanges and/or
Reinstatements
5
APPENDIX
PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY
The following is a list of current Portfolio Companies available under the Policy, which are subject to change as discussed in this prospectus.  Depending on the optional benefits you choose, you may not be able to invest in certain Portfolio Companies.
Certain Subaccounts may not be available in all states, at all times or through all financial intermediaries. We may discontinue offering any Subaccount at any time. In some cases, a Subaccount not available through a financial intermediary may be obtained by contacting us directly. For more information on the options available for electing a Subaccount, please contact Your financial intermediary or our Administrative Office.
More information about the Portfolio Companies is available in the prospectuses for the Portfolio Companies, which may be amended from time to time and can be found online at http://dfinview.com/Transamerica/TAHD/89352C241?site=VAVUL. You can also request this information at no cost by calling our Administrative Office at (800)525-6205.
The current expenses and performance below reflects fee and expenses of the Portfolio Companies, but do not reflect the other fees and expenses that Your Policy may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Portfolio Company’s past performance is not necessarily an indication of future performance.fPr 
Investment Objective
Underlying Fund Portfolio and
Adviser/Sub-adviser (1)
Current
Expenses
Average Annual
Total Returns
(as of 12/31/22)
1 year
5 years
10 years
To maximize total return consistent with the
Adviser's determination of reasonable risk.
AB Balanced Hedged Allocation Portfolio -
Class B
 
Advised by: AllianceBernstein L.P.
0.99%
12.66%
5.92%
5.04%
The highest total return, composed of current
income and capital appreciation, as is consistent
with prudent investment risk.
State Street Total Return V.I.S. Fund - Class 3
 
Advised by: SSGA Funds Management, Inc.
0.90%
15.21%
5.90%
4.66%
Seeks long-term capital appreciation and
current income.
Transamerica 60/40 Allocation VP - Service
Class
 
Advised by: Transamerica Asset Management,
Inc.
0.90%
15.95%
8.88%
N/A
Seeks maximum total return consistent with
preservation of capital and prudent investment
management.
Transamerica Aegon Bond VP – Service Class
 
Sub-Advised by: Pacific Investment Management
Company LLC
0.78%
6.18%
0.73%
1.44%
Seeks a high level of current income by
investing in high-yield debt securities.
Transamerica Aegon High Yield Bond VP -
Service Class
 
Sub-Advised by: Aegon USA Investment
Management, LLC
0.90%
10.87%
4.47%
4.00%
Seeks total return gained from the combination
of dividend yield, growth of dividends and
capital appreciation.
Transamerica Aegon Sustainable Equity Income
VP - Service Class
 
Sub-Advised by: Aegon Asset Management UK
plc (“AAM”)
0.98%
6.00%
5.44%
5.13%
Seeks to provide as high a level of total return as
is consistent with prudent investment strategies.
Transamerica Aegon U.S. Government
Securities VP - Service Class
 
Sub-Advised by: Aegon USA Investment
Management, LLC
0.83%
3.69%
0.25%
0.79%
Seeks as high a level of current income as is
consistent with preservation of capital and
liquidity.
Transamerica BlackRock Government Money
Market VP - Service Class(2)
 
Sub-Advised by: BlackRock Investment
Management, LLC
0.54%
4.66%
1.58%
0.87%
Seeks long term capital appreciation and capital
preservation.
Transamerica BlackRock iShares Edge 40 VP -
Service Class
 
Sub-Advised by: BlackRock Investment
Management, LLC
0.71%
9.07%
4.46%
3.37%
6
PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY — (Continued)
Investment Objective
Underlying Fund Portfolio and
Adviser/Sub-adviser (1)
Current
Expenses
Average Annual
Total Returns
(as of 12/31/22)
1 year
5 years
10 years
Seeks long-term capital appreciation and capital
preservation.
Transamerica BlackRock iShares Edge 50 VP -
Service Class
 
Sub-Advised by: BlackRock Investment
Management, LLC
0.69%
9.79%
5.19%
N/A
Seeks long-term capital appreciation and capital
preservation as a secondary objective.
Transamerica BlackRock iShares Edge 75 VP -
Service Class
 
Sub-Advised by: BlackRock Investment
Management, LLC
0.73%
12.09%
7.36%
N/A
Seeks long-term capital appreciation.
Transamerica BlackRock iShares Edge 100 VP -
Service Class
 
Sub-Advised by: BlackRock Investment
Management, LLC
0.81%
14.47%
9.34%
N/A
Seeks to balance capital appreciation and
income.
Transamerica Goldman Sachs Managed Risk -
Balanced ETF VP - Service Class
 
Sub-Advised by: Milliman Financial Risk
Management LLC
0.64%
13.20%
5.04%
3.97%
Seeks current income and preservation of
capital.
Transamerica Goldman Sachs Managed Risk -
Conservative ETF VP - Service Class
 
Sub-Advised by: Milliman Financial Risk
Management LLC
0.66%
10.59%
3.35%
3.22%
Seeks capital appreciation as a primary objective
and income as a secondary objective.
Transamerica Goldman Sachs Managed Risk -
Growth ETF VP - Service Class
 
Sub-Advised by: Milliman Financial Risk
Management LLC
0.67%
17.68%
7.38%
5.13%
Seeks long-term capital appreciation.
Transamerica Great Lakes Advisors Large Cap
Value VP - Service Class
 
(3)
Sub-Advised by: Great Lakes Advisors LLC
0.97%
12.78%
9.66%
N/A
Seeks high total return through the
combination of income and capital
appreciation.
Transamerica Madison Diversified Income VP -
Service Class
 
Sub-Advised by: Madison Asset Management.
LLC
1.08%
3.97%
4.51%
4.38%
Seeks to track the investment results of an index
composed of large- and mid-capitalization
developed market equities, excluding the U.S.
and Canada.
Transamerica MSCI EAFE Index VP - Service
Class
 
Sub-Advised by: SSGA Funds Management, Inc.
0.61%
17.46%
7.80%
N/A
Seeks to provide a high total investment return
through investments in a broadly diversified
portfolio of stock, bonds and money market
instruments.
Transamerica Multi-Managed Balanced VP –
Service Class
 
Sub-Advised by: J.P. Morgan Investment
Management Inc. and Aegon USA Investment
Management, LLC
0.89%
18.44%
10.16%
7.75%
Seeks maximum real return, consistent with
appreciation of capital.
Transamerica PineBridge Inflation
Opportunities VP - Service Class
 
Sub-Advised by: PineBridge Investments LLC
0.78%
5.44%
2.87%
2.00%
Seeks to provide investment results that, before
expenses, correspond generally to the price and
yield performance of the S&P 500® Index.
Transamerica S&P 500 Index VP - Service Class
 
Sub-Advised by: SSGA Funds Management, Inc.
0.39%
25.73%
15.20%
N/A
Seeks long-term growth of capital by investing
primarily in common stocks of small growth
companies.
Transamerica T. Rowe Price Small Cap VP –
Service Class
 
Sub-Advised by: T. Rowe Price Associates, Inc.
1.09%
20.88%
11.15%
8.74%
7
PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY — (Continued)
Investment Objective
Underlying Fund Portfolio and
Adviser/Sub-adviser (1)
Current
Expenses
Average Annual
Total Returns
(as of 12/31/22)
1 year
5 years
10 years
Seeks to maximize long-term growth.
Transamerica WMC US Growth VP – Service
Class
 
(4)
Sub-Advised by: Wellington Management
Company, LLP
0.91%
41.72%
17.45%
13.31%
(1) 
Some Subaccounts may be available for certain policies and may not be available for all policies. You should work with your registered representative to decide which Subaccount(s) may be appropriate for you based on a thorough analysis of your particular insurance needs, financial objective, investment goals, time horizons, and risk tolerance.
(2) 
There can be no assurance that any money market portfolio offered under this Policy will be able to maintain a stable net asset value per share during extended periods of low interest rates, and partly as a result of Policy charges, the yield on the money market Subaccount may become extremely low and possibly negative.
(3) 
Effective on or about May 1, 2023 Transamerica Rothschild & Co. Large Cap Value VP was renamed Transamerica Great Lakes Advisors Large Cap Value VP. Effective April 3, 2023 the sub-advisor changed from Rothschild & Co. to Great Lakes Advisors LLC.
(4) 
Effective on or about May 1, 2023 Transamerica Morgan Stanley Capital Growth VP was substituted with Transamerica WMC US Growth VP. The sub-advisor of the acquiring fund is Wellington Management Company LLP.
NOTE: All underlying fund portfolios in the Transamerica Series Trust are advised by Transamerica Asset Management. The entities listed are the sub-advisors unless otherwise indicated.
CLOSED INVESTMENT OPTIONS:
The following Subaccounts are only available to Owners that held an investment in those Subaccounts on May 1, 2018. However, if any such Owner surrenders all of his or her money from these Subaccounts after May 1, 2018, that Owner may not reinvest in those Subaccounts. 
Investment Objective
Underlying Fund Portfolio and
Adviser/Sub-adviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/22)
 
1 year
5 years
10 years
Seeks current income and preservation of
capital.
Transamerica BlackRock iShares Active Asset
Allocation - Conservative VP - Service Class
 
Sub-Advised by: BlackRock Investment
Management, LLC
0.92%
9.96%
3.16%
2.79%
Seeks capital appreciation and current income.
Transamerica BlackRock iShares Active Asset
Allocation - Moderate VP - Service Class
 
Sub-Advised by: BlackRock Investment
Management, LLC
0.88%
13.37%
3.15%
2.73%
Seeks capital appreciation with current income
as secondary objective.
Transamerica BlackRock iShares Active Asset
Allocation - Moderate Growth VP - Service
Class
 
Sub-Advised by: BlackRock Investment
Management, LLC
0.91%
17.62%
2.43%
2.30%
Seeks capital appreciation and income.
Transamerica BlackRock iShares Dynamic
Allocation - Balanced VP - Service Class
 
Sub-Advised by: BlackRock Investment
Management, LLC
0.89%
12.66%
3.61%
3.01%
Seeks capital appreciation and income.
Transamerica BlackRock iShares Dynamic
Allocation - Moderate Growth VP - Service
Class
 
Sub-Advised by: BlackRock Investment
Management, LLC
0.89%
17.28%
4.96%
3.63%
8
The Prospectus and Statement of Additional Information (SAI) include additional information. The Prospectus and SAI which have the same effective date as this summary prospectus are incorporated by reference as amended or supplemented. The Prospectus and SAI are available without charge upon request. For a free copy call us at (800)525-6205 or write us at:
Transamerica Life Insurance Company or Transamerica Financial Life Insurance Company
6400 C Street S.W.
Cedar Rapids, IA 52499
Reports and other information about the Separate Account are available on the SEC’s website at sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.
EDGAR Contract Identifier No. is #C000125106 for TLIC and #C000125111 for TFLIC