As filed with the Securities and Exchange Commission on June 13, 2025

Registration No.   333- 163878

  811- 22370 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM N-4

REGISTRATION STATEMENT UNDER THE

SECURITIES ACT OF 1933

Pre-Effective Amendment No.

Post-Effective Amendment No. 18

and

REGISTRATION STATEMENT UNDER THE

INVESTMENT COMPANY ACT OF 1940

Amendment No. 20

 

 

SEPARATE ACCOUNT VA FF

(Exact Name of Registrant)

TRANSAMERICA LIFE INSURANCE COMPANY

(Name of Depositor)

6400 C Street SW

Cedar Rapids, IA 52499-0001

(Address of Depositor’s Principal Executive Offices)

Depositor’s Telephone Number: (319) 355-8511

Brian Stallworth, Esquire

Transamerica Life Insurance Company

c/o Office of the General Counsel

6400 C Street SW

Cedar Rapids, IA 52499-4240

(Name and Address of Agent for Service)

It is proposed that this filing become effective:

 x    immediately upon filing pursuant to paragraph (b) of Rule 485

     on (May 1, 2025) pursuant to paragraph (b) of Rule 485

     60 days after filing pursuant to paragraph (a)(1) of Rule 485

     on (date) pursuant to paragraph (a)(1) of Rule 485

If appropriate, check the following box:

    This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Check each box that appropriately characterizes the Registrant:

    New Registrant (as applicable, a Registered Separate Account or Insurance Company that has not filed a Securities Act registration statement or amendment thereto within 3years preceding this filing)

    Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 (“Exchange Act”))

    If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act

 x   Insurance Company relying on Rule 12h-7 under the Exchange Act

    Smaller reporting company (as defined by Rule 12b-2 under the Exchange Act)

Registrant is filing this post-effective amendment (the “Amendment”) for the purpose of supplementing the Statement of Additional Information for the SecurePath for Life Product dated May 1, 2025 included in the Registration Statement. The sole purpose of the amendment is to include the opinion, dated April 3, 2025, that was inadvertently omitted from the May 1, 2025 filing. The Amendment is not intended to amend or delete any part of the Registration Statement, except as specifically noted herein. Parts A and B filed in Post-Effective Amendment No. 17 to the Registration Statement (File No. 333-163878) and Amendment No. 19 to the Registration Statement (File No. 811-22370) are hereby incorporated by reference to the extent required by applicable law.

SECUREPATH FOR LIFE PRODUCT

Issued By:

 

TRANSAMERICA LIFE INSURANCE COMPANY   Separate Account VA FF		TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY   TFLIC Pooled Account No. 44

Supplement dated June 13, 2025

to the

Statement of Additional Information

Dated May 1, 2025

Effective immediately, the Statement of Additional Information (SAI) is hereby amended as follows.

This Supplement updates certain information in the above referenced SAI. Except as indicated in this Supplement, all other information included in the SAI remains unchanged. We will send you another copy of the applicable SAI or any supplement without charge upon request. Please contact our Administrative Office referenced in the SAI.

This Supplement must be accompanied or preceded by the applicable SAI.

 

 

Please read this Supplement carefully and retain it for future reference.

TRANSAMERICA LIFE INSURANCE COMPANY

SEPARATE ACCOUNT VA FF

SECUREPATH FOR LIFE VARIABLE ANNUITY

STATEMENTS OF ASSETS AND LIABILITIES

At December 31, 2024

 

		SecurePath for Life Retirement Income				SecurePath for Life 2020				SecurePath for Life 2025				SecurePath for Life 2030				SecurePath for Life 2035
Assets:
Investment in mutual fund, at net asset value		$	55,004			$	1,227,384			$	52,901			$	480,480			$	114,902
Receivable for investment sold			16				161				—				50				—
Total assets			55,020				1,227,545				52,901				480,530				114,902
Liabilities:
Payable for units redeemed			16				161				—	*			50				—
Accrued guaranteed income benefit charge			43				525				42				384				92
Accrued administrative fees			22				262				21				192				46
Accrued mortality and expense risk fees			5				58				5				43				10
Total liabilities			86				1,006				68				669				148
Net assets attributable to contractholders		$	54,934			$	1,226,539			$	52,833			$	479,861			$	114,754
Net assets:
Group annuity contractholders			54,934				659,320				52,833				479,861				114,754
Individual annuity contractholders			—				567,219				—				—				—
Total net assets			54,934				1,226,539				52,833				479,861				114,754
Accumulation units:
Group annuity contractholders			3,462				32,045				2,337				23,025				7,769
Individual annuity contractholders			—				27,926				—				—				—
Total accumulation units			3,462				59,971				2,337				23,025				7,769
Unit value:
Group annuity contractholders		$	15.87			$	20.57			$	22.61			$	20.84			$	14.77
Individual annuity contractholders			N/A			$	20.31				N/A				N/A				N/A
Investment in mutual fund (Note 1):
Cost		$	52,011			$	1,303,418			$	47,967			$	402,834			$	106,966
Number of shares			4,199				46,352				2,830				12,684				4,792

 

*	Amount rounds to less than $1.

 

The notes to the financial statements are an integral part of this report.

TRANSAMERICA LIFE INSURANCE COMPANY

SEPARATE ACCOUNT VA FF

SECUREPATH FOR LIFE VARIABLE ANNUITY

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2024

 

		SecurePath for Life Retirement Income				SecurePath for Life 2020				SecurePath for Life 2025				SecurePath for Life 2030				SecurePath for Life 2035
Investment income:
Dividend income		$	1,774			$	36,426			$	1,498			$	12,887			$	2,880
Expenses:
Guaranteed income benefit charge			485				5,937				538				4,163				1,109
Administrative fees			242				2,969				269				2,081				555
Mortality and expense risk fees			54				8,686				60				462				123
Total expenses			781				17,592				867				6,706				1,787
Net investment income			993				18,834				631				6,181				1,093
Net realized and unrealized gains (losses) on investment:
Net realized gains (losses) from investment			42				(40,142	)			2,728				1,242				4,226
Realized capital gain distributions			1,338				68,520				2,255				3,932				597
Net change in net unrealized appreciation (depreciation) from investment			310				24,939				(1,029	)			28,271				7,628
Net realized and unrealized gain on investment			1,690				53,317				3,954				33,445				12,451
Net increase in net assets resulting from operations		$	2,683			$	72,151			$	4,585			$	39,626			$	13,544

 

The notes to the financial statements are an integral part of this report.

TRANSAMERICA LIFE INSURANCE COMPANY

SEPARATE ACCOUNT VA FF

SECUREPATH FOR LIFE VARIABLE ANNUITY

STATEMENTS OF CHANGES IN NET ASSETS

For the Year Ended December 31, 2024

 

		SecurePath for Life Retirement Income				SecurePath for Life 2020				SecurePath for Life 2025				SecurePath for Life 2030				SecurePath for Life 2035
From operations:
Net investment income		$	993			$	18,834				631			$	6,181			$	1,093
Net realized gains (losses) from investment			42				(40,142	)			2,728				1,242				4,226
Realized capital gain distributions			1,338				68,520				2,255				3,932				597
Net change in unrealized appreciation (depreciation) from investment			310				24,939				(1,029	)			28,271				7,628
Net increase in net assets resulting from operations			2,683				72,151				4,585				39,626				13,544
From unit transactions:
Units sold			3				26,001				—	*			7,248				149,676
Units redeemed			(69	)			(110,588	)			(18,681	)			(358	)			(53,547	)
Net increase (decrease) in net assets resulting from unit transactions			(66	)			(84,587	)			(18,681	)			6,890				96,129
Total increase (decrease) in net assets			2,617				(12,436	)			(14,096	)			46,516				109,673
Net assets:
Beginning of year			52,317				1,238,975				66,929				433,345				5,081
End of year		$	54,934			$	1,226,539			$	52,833			$	479,861			$	114,754
Units outstanding beginning of year			3,466				64,309				3,193				22,682				379
Units sold			—	*			1,293				—	*			361				11,177
Units redeemed			(4	)			(5,631	)			(856	)			(18	)			(3,787	)
Units outstanding end of year			3,462				59,971				2,337				23,025				7,769

 

*	Rounds to less than 1.

 

The notes to the financial statements are an integral part of this report.

TRANSAMERICA LIFE INSURANCE COMPANY

SEPARATE ACCOUNT VA FF

SECUREPATH FOR LIFE VARIABLE ANNUITY

STATEMENTS OF CHANGES IN NET ASSETS

For the Year Ended December 31, 2023

 

		SecurePath for Life Retirement Income				SecurePath for Life 2020				SecurePath for Life 2025				SecurePath for Life 2030				SecurePath for Life 2035
From operations:
Net investment income (loss)		$	1,210			$	16,489			$	(4,661	)		$	2,741			$	(14	)
Net realized gains (losses) from investment			20,031				(134,037	)			(75,180	)			(35,573	)			(189	)
Realized capital gain distributions			483				38,166				783				—				—
Net change in unrealized appreciation (depreciation) from investment			18,755				226,250				123,173				112,044				1,620
Net increase in net assets resulting from operations			40,479				146,868				44,115				79,212				1,417
From unit transactions:
Units sold			947,087				538,057				358,772				59,270				238
Units redeemed			(1,390,786	)			(1,290,611	)			(1,195,879	)			(619,382	)			(12,822	)
Net decrease in net assets resulting from unit transactions			(443,699	)			(752,554	)			(837,107	)			(560,112	)			(12,584	)
Total decrease in net assets			(403,220	)			(605,686	)			(792,992	)			(480,900	)			(11,167	)
Net assets:
Beginning of year			455,537				1,844,661				859,921				914,245				16,248
End of year		$	52,317			$	1,238,975			$	66,929			$	433,345			$	5,081
Units outstanding beginning of year			32,904				105,950				46,371				54,708				1,400
Units sold			68,621				29,355				18,024				3,324				19
Units redeemed			(98,059	)			(70,996	)			(61,202	)			(35,350	)			(1,040	)
Units outstanding end of year			3,466				64,309				3,193				22,682				379

 

The notes to the financial statements are an integral part of this report.

TRANSAMERICA LIFE INSURANCE COMPANY

SEPARATE ACCOUNT VA FF

SECUREPATH FOR LIFE VARIABLE ANNUITY

FINANCIAL HIGHLIGHTS

For an accumulation unit outstanding throughout the period/year:

 

						Income (Loss) from Investment Operations																								Ratios to Average Net Assets (b)
For the Period/Year Ended		Unit Value, Beginning of Period/Year Ended				Net Investment Income (Loss) (a)				Net Realized and Unrealized Gains (Losses) on Investments				Total Income (Loss) from Investment Operations				Unit Value, End of Period/Year Ended				Net Assets, End of Period/Year Ended				Total Return *				Expenses				Net Investment Income (Loss)				Portfolio Turnover
SPL Retirement Income
Group Annuity
12/31/2024		$	15.10			$	0.29			$	0.48			$	0.77			$	15.87			$	54,934				5.13	%			1.45	%			1.84	%			2	%
12/31/2023			13.84				0.07				1.19				1.26				15.10				52,317				9.04				1.45				0.47				3
12/31/2022			16.10				0.08				(2.34	)			(2.26	)			13.84				455,537				(14.01	)			1.45				0.53				141
12/31/2021			15.52				0.15				0.43				0.58				16.10				997,399				3.74				1.45				0.97				8
12/31/2020			14.31				0.06				1.15				1.21				15.52				1,047,038				8.45				1.45				0.40				4
Individual Annuity
12/31/2024 (c)			—				—				—				—				—				—				—				—				—				—
12/31/2023			13.60				0.03				0.76				0.79				14.39	(d)			—				7.63	(e)			1.44	(f)			0.20	(f)			224	(e)
SPL 2020
Group Annuity
12/31/2024			19.37				0.31				0.89				1.20				20.57				659,320				6.20				1.45				1.57				12
12/31/2023			17.47				0.23				1.67				1.90				19.37				704,857				10.90				1.45				1.25				9
12/31/2022			20.65				0.06				(3.24	)			(3.18	)			17.47				1,363,074				(15.40	)			1.45				0.34				9
12/31/2021			19.37				0.15				1.13				1.28				20.65				2,341,258				6.59				1.45				0.73				15
12/31/2020			17.54				0.02				1.81				1.83				19.37				2,239,071				10.44				1.45				0.12				36
Individual Annuity
12/31/2024			19.13				0.30				0.88				1.18				20.31				567,219				6.18				1.45				1.53				1
12/31/2023			17.24				0.26				1.63				1.89				19.13				534,118				10.94				1.44				1.46				103
12/31/2022 ^			17.26				0.42				(0.44	)			(0.02	)			17.24				481,587				(0.12	) (e)			1.44	(f)			297.51	(f)			—	(e)(g)
SPL 2025
Group Annuity
12/31/2024			20.96				0.23				1.42				1.65				22.61				52,833				7.87				1.45				1.06				6
12/31/2023			18.58				(0.16	)			2.54				2.38				20.96				66,929				12.90				1.45				(0.82	)			4
12/31/2022			22.32				(0.07	)			(3.67	)			(3.74	)			18.58				682,899				(16.78	)			1.45				(0.34	)			9
12/31/2021			20.63				0.11				1.58				1.69				22.32				5,964,400				8.18				1.45				0.50				3
12/31/2020			18.47				0.08				2.08				2.16				20.63				5,376,166				11.68				1.45				0.45				8
Individual Annuity
12/31/2024 (c)			—				—				—				—				—				—				—				—				—				—
12/31/2023			18.42				(0.24	)			1.49				1.25				19.67	(h)			—				6.79	(e)			1.44	(f)			(1.44	) (f)			191	(e)
12/31/2022 ^^			18.49				—	(i)			(0.07	)			(0.07	)			18.42				177,022				(0.36	) (e)			1.44	(f)			(1.44	) (f)			—	(e)(g)
SPL 2030
Group Annuity
12/31/2024			19.11				0.27				1.46				1.73				20.84				479,861				9.08				1.45				1.34				1
12/31/2023			16.71				0.09				2.31				2.40				19.11				433,345				14.39				1.45				0.48				12
12/31/2022			20.25				0.17				(3.71	)			(3.54	)			16.71				914,245				(17.49	)			1.45				0.95				59
12/31/2021			18.45				0.17				1.63				1.80				20.25				1,285,211				9.74				1.45				0.88				18
12/31/2020			16.39				0.05				2.01				2.06				18.45				825,977				12.52				1.45				0.30				14
SPL 2035
Group Annuity
12/31/2024			13.40				0.13				1.24				1.37				14.77				114,754				10.19				1.45				0.89				48
12/31/2023			11.61				(0.02	)			1.81				1.79				13.40				5,081				15.46				1.46				(0.15	)			4
12/31/2022			14.13				0.02				(2.54	)			(2.52	)			11.61				16,248				(17.83	)			1.45				0.15				784

*	Return presented may differ from calculated return due to rounding of unit value for financial statement purposes.

^	Commencement of Operations was December 28, 2022.

^^	Commencement of Operations was December 30, 2022.

(a)	Calculated based upon average accumulation units outstanding.

(b)	Ratios exclude expenses incurred by the underlying Vanguard Fund.

(c)	No operations during the year due to no investor assets.

(d)	Unit value as of December 13, 2023, the last day before net assets were fully liquidated.

(e)	Not annualized.

(f)	Annualized.

(g)	Rounds to less than 1%.

(h)	Unit value as of November 14, 2023, the last day before net assets were fully liquidated.

(i)	Rounds to less than 0.01 or (0.01).

 

The notes to the financial statements are an integral part of this report.

TRANSAMERICA LIFE INSURANCE COMPANY

SEPARATE ACCOUNT VA FF

SECUREPATH FOR LIFE VARIABLE ANNUITY

NOTES TO FINANCIAL STATEMENTS

 

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

Separate Account VA FF (the “Separate Account”) is a separate investment account established on September 1, 2010, by Transamerica Life Insurance Company (“TLIC”). TLIC is incorporated under the laws of the State of Iowa and is a wholly-owned indirect subsidiary of Transamerica Corporation, which conducts most of its operations through subsidiary companies engaged in the insurance business or in providing non-insurance financial services. Transamerica Corporation is indirectly owned by Aegon Ltd., the securities of which are publicly traded. Aegon Ltd., a holding company, conducts its business through subsidiary companies engaged primarily in the insurance business.

The Separate Account is registered with the Securities and Exchange Commission and operates as a unit investment trust pursuant to the provisions of the Investment Company Act of 1940, as amended. The Separate Account holds assets that are segregated from all of TLIC’s other assets and, at present, is used as a funding vehicle under certain tax-deferred annuity contracts issued by TLIC to fund retirement plans maintained by certain not-for-profit and other organizations (“Group Plans”) and is available as an individual annuity contract (“IRA”). TLIC is the legal holder of the assets in the Separate Account.

At December 31, 2024, there were six Subaccounts (collectively, the “Subaccounts”) within the Separate Account available to contractholders of Group Plans and Individual Retirement Accounts (“IRAs”). SecurePath for Life Retirement Income (“SPL Retirement Income”), SecurePath for Life 2020 (“SPL 2020”), and SecurePath for Life 2025 (“SPL 2025”) commenced operations on December 1, 2010. SecurePath for Life 2030 (“SPL 2030”) commenced operations on January 3, 2013. SecurePath for Life 2035 (“SPL 2035”) commenced operations with seed money from TLIC on December 29, 2017, but was not funded with its first contractholder deposit until March 9, 2022. SecurePath for Life 2040 (“SPL 2040”) was seeded by TLIC on December 27, 2022 but does not yet have any contractholder investors. Therefore, no financial statements are included for SPL 2040.

The initial funding of IRAs occurred effective December 28, 2022 and December 30, 2022 in SPL 2020 and SPL 2025, respectively, as a result of rollover transactions from a Group Plan. The initial funding of the IRA portion of SPL Retirement Income occurred on January 9, 2023. The SPL Retirement Income and SPL 2025 IRAs had no assets remaining at December 31, 2023.

Each Subaccount invests in one of a series of Vanguard Target Retirement Funds (the “Target Retirement Funds”), which are mutual funds offered through the Vanguard Group, Inc. The financial statements of the Target Retirement Funds should be read in conjunction with the Separate Account’s financial statements.

 

Subaccount		Target Retirement Fund
SPL Retirement Income		Vanguard Target Retirement Income Fund, Investor Class
SPL 2020		Vanguard Target Retirement 2020 Fund, Investor Class
SPL 2025		Vanguard Target Retirement 2025 Fund, Investor Class
SPL 2030		Vanguard Target Retirement 2030 Fund, Investor Class
SPL 2035		Vanguard Target Retirement 2035 Fund, Investor Class
SPL 2040		Vanguard Target Retirement 2040 Fund, Investor Class

From time to time, the Subaccounts may have a concentration of several contractholders holding a significant percentage of units outstanding. Investment activities of these contractholders could have a material impact on the Subaccounts.

In preparing the Subaccounts’ financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The Subaccounts apply investment company

TRANSAMERICA LIFE INSURANCE COMPANY

SEPARATE ACCOUNT VA FF

SECUREPATH FOR LIFE VARIABLE ANNUITY

NOTES TO FINANCIAL STATEMENTS (Continued)

 

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

 

accounting and reporting guidance Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 946 Financial services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Separate Account.

Security Transactions and Investment Income: Security transactions are accounted for on the trade date. Realized gains and losses from the sale of investments are determined on the basis of identified cost. Dividend income and realized capital gain distributions from the investment in the Target Retirement Funds is recorded on the ex-dividend date. Dividends received from the Target Retirement Fund investments are reinvested to purchase additional mutual fund shares.

Contributions and Withdrawals: The unit value of each Subaccount is determined as of the close of business of the New York Stock Exchange (the “NYSE”). Contractholders may contribute or withdraw from the Subaccounts at the stated unit value on any business day based upon the terms described in the prospectus.

Federal Income Taxes: The operations of the Separate Account form a part of, and are taxed with, the operations of TLIC, which is taxed as a life insurance company under Subchapter L of the Internal Revenue Code of 1986, as amended (the “Code”). TLIC does not expect, based upon current tax law, to incur any income tax upon the earnings or realized capital gains or unrealized attributable to the Separate Account. Based upon this expectation, no charges are currently being deducted from the Separate Account for federal income tax purposes. TLIC identifies its major tax jurisdictions as US Federal, all states except New York, the District of Columbia and the territories of Guam, Puerto Rico and the Virgin Islands.

The Separate Account recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. If applicable, the Separate Account recognizes interest accrued related to unrecognized tax liabilities and related penalties as “tax expense” on the Statement of Operations. Management has evaluated the Separate Account’s tax provisions taken for all open tax years 2021-2023, as 2024 has not yet been filed, and has concluded that no provision for income tax is required in Separate Account’s financial statements.

Indemnification: In the normal course of business, the Separate Account enters into contracts that contain a variety of representations that provide general indemnifications. The Separate Account’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Separate Account and/or its affiliates that have not yet occurred. However, based on experience, the Separate Account expects the risk of loss to be remote.

NOTE 2. SECURITY VALUATIONS

All investments in securities are recorded at their estimated fair value. The value of the investment in each Target Retirement Fund is valued at the net asset value per share at the close of business of the NYSE, normally, 4:00 P.M. Eastern time, each day the NYSE is open for business. The Subaccounts utilize various methods to measure the fair value of their investments on a recurring basis. A description of the portfolio valuation policy for the Target Retirement Funds can be found in the notes to the Target Retirement Funds’ financial statements. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three Levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical securities.

Level 2 – Inputs, other than quoted prices included in Level 1, that are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

TRANSAMERICA LIFE INSURANCE COMPANY

SEPARATE ACCOUNT VA FF

SECUREPATH FOR LIFE VARIABLE ANNUITY

NOTES TO FINANCIAL STATEMENTS (Continued)

 

NOTE 2. SECURITY VALUATIONS (continued)

 

Level 3 – Unobservable inputs, which may include management’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.

Fair value measurement: Certain investment companies are valued at the net asset value of the underlying portfolio as a practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded net asset value and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy. There are no Level 2 or Level 3 investments held as of December 31, 2024 and during the year then ended.

NOTE 3. FEES

Daily charges to each Subaccount for the Guaranteed Income Benefit Charge charged by TLIC were computed at the annual rate of 0.90%; however, TLIC reserves the right to charge maximum fees of 1.40% upon 90 days’ prior written notice. Daily charges to each Subaccount for mortality and expense risk fees payable to TLIC were computed at an annual rate of 0.10% of daily average net assets. Daily charges to each Subaccount for administrative fees payable to TLIC were computed at an annual rate of 0.45% of daily average net assets. Total annual expenses for each Subaccount are currently 1.45% of daily average net assets.

TLIC reserves the right to deduct an annual contract charge from a contractholder’s account to reimburse TLIC for administrative expenses relating to the maintenance of the group variable annuity contracts. TLIC has no present intention to impose such a charge but may do so in the future. Any such annual charge will not exceed $50.

The value of the assets in each Subaccount reflects the fees and expenses paid by the underlying Target Retirement Fund, including investment advisory fees and other expenses.

TRANSAMERICA LIFE INSURANCE COMPANY

SEPARATE ACCOUNT VA FF

SECUREPATH FOR LIFE VARIABLE ANNUITY

NOTES TO FINANCIAL STATEMENTS (Continued)

 

NOTE 4. INVESTMENT TRANSACTIONS

 

The aggregate cost of purchases and proceeds from sales of investments for the year ended December 31, 2024 were as follows:

 

Subaccount		Cost of Purchases				Proceeds from Sales
SPL Retirement Income		$	3,115			$	843
SPL 2020			128,966				126,208
SPL 2025			3,753				19,560
SPL 2030			23,863				6,736
SPL 2035			153,153				55,192

The Target Retirement Funds each invest in an array of other Vanguard fund investments (“Underlying Funds”) at the Underlying Funds’ net asset values on valuation date.

NOTE 5. RISK FACTORS

Market risk: The market values of the Underlying Funds’ securities and other assets will fluctuate, sometimes sharply and unpredictably, due to changes in general market conditions, overall economic trends or events, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, political developments, investor sentiment, public health emergencies such as a pandemic, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries or issuers. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not an Underlying Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of an Underlying Fund’s investments may go down.

In recent years, the COVID-19 pandemic, the large expansion of government deficits and debt as a result of government actions to mitigate the effects of the pandemic, the Russian invasion of Ukraine and the rise of inflation have resulted in extreme volatility in the global economy and in global financial markets. These events could be prolonged and could continue to adversely affect the value and liquidity of an Underlying Fund’s investments, impair an Underlying Fund’s ability to satisfy redemption requests, and negatively impact an Underlying Fund’s performance.

Underlying funds risk: Because each Subaccount invests its assets in a Target Retirement Fund, its ability to achieve to achieve its investment objective depends largely on the performance of the Target Retirement Fund in which it invests. Investing in the Target Retirement Funds subjects the Subaccounts to the risks of investing in the underlying securities or assets held by those Target Retirement Funds. Each Target Retirement Fund has its own investment risks, and those risks can affect the value of the Target Retirement Fund’s shares, and therefore the value of a Subaccount’s investment. There can be no assurance that the investment objective of any Target Retirement Fund will be achieved. In addition, a Subaccount will bear a pro rata portion of the operating expenses of the Target Retirement Fund in which it invests.

TRANSAMERICA LIFE INSURANCE COMPANY

SEPARATE ACCOUNT VA FF

SECUREPATH FOR LIFE VARIABLE ANNUITY

NOTES TO FINANCIAL STATEMENTS (Continued)

 

NOTE 6. NEW ACCOUNTING PRONOUNCEMENT

 

In this reporting period, we adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect our financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President of Transamerica Life Insurance Company. The subaccount represents a single operating segment, as the CODM monitors the operating results of the subaccount and as a whole, the subaccount’s long-term strategic asset allocation is pre-determined based on a defined investment strategy. The change in net assets resulting from operations, which is used by the CODM to assess the segment’s performance is consistent with that presented within the subaccount’s financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as “net assets” and significant segment expenses are listed on the accompanying Statements of Operations and Changes in Net Assets.

NOTE 7. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events through the date on which these financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements.

Report of Independent Registered Public Accounting Firm

To the Contractholders of Separate Account VA FF and the Board of Directors of Transamerica Life Insurance Company

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of SecurePath for Life Retirement Income, SecurePath for Life 2020, SecurePath for Life 2025, SecurePath for Life 2030 and SecurePath for Life 2035 (collectively referred to as the “Subaccounts”) (five of the subaccounts constituting Separate Account VA FF (the “Separate Account”)) as of December 31, 2024, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Subaccounts (five of the subaccounts constituting Separate Account VA FF) at December 31, 2024, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

 

Individual Subaccount comprising the Separate Account VA FF		Financial highlights
SecurePath for Life Retirement Income SecurePath for Life 2020 SecurePath for Life 2025 SecurePath for Life 2030		For each of the five years in the period ended December 31, 2024
SecurePath for Life 2035		For each of the three years in the period ended December 31, 2024

Basis for Opinion

These financial statements are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on each of the Subaccounts’ financial statements 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 are free of material misstatement, whether due to error or fraud. The Separate Account is not required to have, nor were we engaged to perform, an audit of the Separate Account’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Separate Account’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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. We believe that our audits provide a reasonable basis for our opinion.

 

We have served as the Separate Account’s auditor since 2010.

Boston, Massachusetts

April 3, 2025

PART C

OTHER INFORMATION

 

Item 27.

Exhibits

 

 

Note 1.		Incorporated herein by reference to the Initial Filing of Form N-4 Registration Statement (File No. 333-163878) filed on December 21, 2009.
Note 2.		Incorporated herein by reference to the Post-Effective Amendment No. 50 to Form N-4 Registration Statement (File No. 33-33085) filed on February 15, 2011.
Note 3.		Incorporated herein by reference to the Post-Effective Amendment No. 6 to Form N-4 Registration Statement (File No. 333-125817) filed on February 15, 2008.
Note 4.		Incorporated herein by reference to the Pre-Effective Amendment No. 2 to Form N-4 Registration Statement (File No. 333-163878) on August 16, 2010.
Note 5.		Incorporated herein by reference to the Post-Effective Amendment No. 1 to Form N-4 Registration Statement (File No. 333-163878) filed on April 29, 2011.
Note 6.		Incorporated herein by reference to the Initial Filing of Form N-4 Registration Statement (File No. 333-62738) filed on June 11. 2001.
Note 7.		Incorporated herein by reference to the Initial Filing to Form N-4 Registration Statement (File No. 333-169445) on September 17, 2010.
Note 8.		Incorporated herein by reference to the Post-Effective Amendment No. 8 to Form N-4 Registration Statement (File No. 333-110049) filed on April 29, 2009.
Note 9.		Incorporated herein by reference to the Post-Effective Amendment No.17 to Form N-4 Registration Statement (File No. 333-163878) filed on April 29, 2025.

Item 28. Directors and Officers of the Depositor (Transamerica Life Insurance Company)

 

Name and Business Address		Principal Positions and Offices with Depositor
Jamie Ohl 1801 California St. Suite 5200 Denver, CO 80202		Director and President
Bonnie T. Gerst 6400 C Street SW Cedar Rapids, IA 52499		Director, Chairman of the Board and President, Financial Assets
Maurice Perkins 100 Light Street Baltimore, MD 21202		Director and Chief Corporate Affairs Officer
Andrew S. Williams 100 Light Street Baltimore, MD 21202		Director, Secretary, General Counsel and Senior Vice President
Matt Keppler 100 Light Street Baltimore, MD 21202		Director, Chief Financial Officer, Executive Vice President and Treasurer
Chris Giovanni 100 Light Street Baltimore, MD 21202		Director, Chief Strategy & Development Officer and Senior Vice President

ITEM 29 LISTING

 

Item 29. Persons Controlled by or under Common Control with the Depositor or Registrant.
As of December 31, 2024, the following pages shows all corporations directly or indirectly controlled or under common control, with the Depositor, showing the state or other sovereign power under the laws of which each is organized and the percentage owner ship of voting securities giving rise to the control relationship.
Aegon Ltd. Subsidiaries Under Common Control (as of 12/31/24)
Company Name		Immediate Parent Ownership %		Parent		State/Country
239 West 20th Street, LLC		100%		Yarra Rapids, LLC		DE, USA
25 East 38th Street, LLC		100%		Yarra Rapids, LLC		DE, USA
313 East 95th Street, LLC		100%		Yarra Rapids, LLC		DE, USA
319 East 95th Street, LLC		100%		Yarra Rapids, LLC		DE, USA
Administrative Group, LLC		100%		AUSA Holding, LLC		IA, USA
ADMS Global Services (Thailand) Limited		47.37%		AEGON DMS Holding B.V.		Thailand
AEGON Administracion y Servicios Aie		Other Manner of Control		Aegon Iberia Holding BV, Sucursal en España		Spain
AEGON Administracion y Servicios Aie		100%		AEGON España, S.A.U. de Seguros y Reaseguros		Spain
AEGON Administracion y Servicios Aie		Other Manner of Control		Aegon Mediacion S.L.U.		Spain
AEGON Administracion y Servicios Aie		Other Manner of Control		SANTANDER GENERALES SEGUROS Y REASEGUROS, S.A.		Spain
AEGON Administracion y Servicios Aie		Other Manner of Control		SANTANDER VIDA SEGUROS Y REASEGUROS, S.A.		Spain
AEGON Administracion y Servicios Aie		Other Manner of Control		Serenitas, S.L.U.		Spain
AEGON Administracion y Servicios Aie		Other Manner of Control		AEGON SANTANDER PORTUGAL NÃO VIDA - COMPANHIA DE SEGUROS S.A.		Spain
AEGON Administracion y Servicios Aie		Other Manner of Control		AEGON SANTANDER PORTUGAL VIDA - COMPANHIA DE SEGUROS DE VIDA S.A.		Spain
AEGON Affordable Housing Debt Fund I, LLC		Other Manner of Control		AHDF Manager I, LLC		DE, USA
AEGON Affordable Housing Debt Fund I, LLC		5%		Transamerica Life Insurance Company		DE, USA
AEGON AM Funds, LLC		100%		AEGON USA Investment Management, LLC		DE, USA
Aegon AM Private Equity Partners I, LLC		100%		AEGON USA Investment Management, LLC		DE, USA
Aegon AM Private Equity Partners II, LLC		100%		AEGON USA Investment Management, LLC		DE, USA
AEGON Asia B.V.		100%		AEGON International B.V.		Netherlands
Aegon Asset Management (Asia) Limited		100%		AEGON Asset Management Holding B.V.		Hong Kong
AEGON Asset Management Holding B.V.		100%		Aegon Ltd.		Netherlands
AEGON Asset Management Hungary B.V.		100%		AEGON Asset Management Holding B.V.		Netherlands
Aegon Asset Management Limited		100%		Aegon Asset Management UK plc		United Kingdom
Aegon Asset Management Pan-Europe B.V.		100%		AEGON Asset Management Holding B.V.		Netherlands
Aegon Asset Management UK Holdings Limited		100%		AEGON Asset Management Holding B.V.		United Kingdom
Aegon Asset Management UK plc		100%		Aegon Asset Management UK Holdings Limited		United Kingdom
AEGON Brazil Holding B.V.		100%		AEGON International B.V.		Netherlands
AEGON Brazil Holding II B.V.		100%		AEGON International B.V.		Netherlands
AEGON CEE B.V.		100%		Aegon Ltd.		Netherlands
Aegon Community Investments 50, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 51, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 52, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 53, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 54, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 55, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 56, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 57, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 58, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 59, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 60, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 61, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 62, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 63, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 64, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 65, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 66, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 67, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 68, LLC		100%		Transamerica Life Insurance Company		DE, USA
Aegon Community Investments 69, LLC		100%		Transamerica Life Insurance Company		DE, USA
AEGON Corporate Center B.V.		100%		Aegon Ltd.		Netherlands
AEGON Custody B.V.		100%		AEGON Asset Management Holding B.V.		Netherlands
AEGON Derivatives N.V.		100%		Aegon Ltd.		Netherlands
AEGON Digital Investments Holding B.V.		100%		Aegon Ltd.		Netherlands
AEGON Direct Marketing Services International, LLC		100%		AUSA Holding, LLC		MD, USA
AEGON Direct Marketing Services Mexico Servicios, S.A. de C.V.		Other Manner of Control		AEGON DMS Holding B.V.		Mexico
AEGON Direct Marketing Services Mexico Servicios, S.A. de C.V.		100%		AEGON Mexico Holding B.V.		Mexico
AEGON Direct Marketing Services Mexico, S.A. de C.V.		5.82%		AEGON DMS Holding B.V.		Mexico
AEGON Direct Marketing Services Mexico, S.A. de C.V.		92.96%		AEGON Mexico Holding B.V.		Mexico
AEGON Direct Marketing Services, Inc.		100%		Transamerica Life Insurance Company		MD, USA
AEGON DMS Holding B.V.		100%		AEGON International B.V.		Netherlands
AEGON EDC Limited		100%		Aegon Ltd.		United Kingdom
Aegon Employees Netherlands B.V.		100%		AEGON Europe Holding B.V.		Netherlands
Aegon Energy Management, LLC		100%		AEGON USA Realty Advisors, LLC		DE, USA
AEGON España, S.A.U. de Seguros y Reaseguros		100%		Aegon Iberia Holding BV, Sucursal en España		Spain

AEGON Europe Holding B.V.		100%		Aegon Ltd.		Netherlands
AEGON Financial Services Group, Inc.		100%		Transamerica Life Insurance Company		MN, USA
AEGON Funding Company LLC		100%		Transamerica Corporation		DE, USA
Aegon Global Services, LLC		100%		Commonwealth General Corporation		IA, USA
AEGON Growth Capital Fund I C.V.		100%		AEGON Growth Capital Fund I GP B.V.		Netherlands
AEGON Growth Capital Fund I GP B.V.		100%		AEGON Digital Investments Holding B.V.		Netherlands
AEGON Growth Capital Management B.V.		100%		Aegon Ltd.		Netherlands
AEGON Iberia Holding B.V.		100%		Aegon Ltd.		Netherlands
Aegon Iberia Holding BV, Sucursal en España		100%		AEGON Iberia Holding B.V.		Spain
AEGON India Holding B.V.		100%		AEGON International B.V.		Netherlands
Aegon Insights (Thailand) Limited		Other Manner of Control		Aegon Insights Limited		Thailand
Aegon Insights (Thailand) Limited		100%		Transamerica International Direct Marketing Consultants, LLC		Thailand
Aegon Insights Australia Pty Limited		100%		Transamerica Direct Marketing Asia Pacific Pty. Ltd.		Australia
Aegon Insights Limited		100%		AEGON DMS Holding B.V.		Hong Kong
AEGON Institutional Markets, Inc.		100%		Commonwealth General Corporation		DE, USA
AEGON International B.V.		100%		Aegon Ltd.		Netherlands
AEGON Investment Management B.V.		100%		AEGON Asset Management Holding B.V.		Netherlands
AEGON Investment Solutions - Nominee 1 (Gross) Ltd.		100%		AEGON UK plc		United Kingdom
AEGON Investment Solutions - Nominee 2 (Net) Ltd.		100%		AEGON UK plc		United Kingdom
AEGON Investment Solutions - Nominee 3 (ISA) Ltd.		100%		AEGON UK plc		United Kingdom
AEGON Investment Solutions Ltd.		100%		Aegon UK Investment Holdings Limited		United Kingdom
Aegon Investments Limited		100%		Aegon UK Investment Holdings Limited		United Kingdom
Aegon LIHTC Fund 50, LLC		51.01%		Aegon LIHTC Fund 63, LLC		DE, USA
Aegon LIHTC Fund 51, LLC		0.01%		Aegon Community Investments 51, LLC		DE, USA
Aegon LIHTC Fund 52, LLC		0.01%		Aegon Community Investments 52, LLC		DE, USA
Aegon LIHTC Fund 52, LLC		1%		Transamerica Life Insurance Company		DE, USA
Aegon LIHTC Fund 52, LLC		10.81%		Transamerica Financial Life Insurance Company		DE, USA
Aegon LIHTC Fund 54, LLC		Other Manner of Control		Aegon Community Investments 54, LLC		DE, USA
Aegon LIHTC Fund 55, LLC		2.82%		Transamerica Life Insurance Company		DE, USA
Aegon LIHTC Fund 57, LLC		0.01%		Aegon Community Investments 57, LLC		DE, USA
Aegon LIHTC Fund 58, LLC		0.01%		Aegon Community Investments 58, LLC		DE, USA
Aegon LIHTC Fund 58, LLC		2.92%		Transamerica Life Insurance Company		DE, USA
Aegon LIHTC Fund 60, LLC		Other Manner of Control		Aegon Community Investments 60, LLC		DE, USA
Aegon LIHTC Fund 62, LLC		0.01%		Aegon Community Investments 62, LLC		DE, USA
Aegon LIHTC Fund 63, LLC		Other Manner of Control		Aegon Community Investments 63, LLC		DE, USA
Aegon LIHTC Fund 64, LLC		Other Manner of Control		Aegon Community Investments 64, LLC		DE, USA
Aegon LIHTC Fund 65, LLC		0.01%		Aegon Community Investments 65, LLC		DE, USA
Aegon LIHTC Fund 66, LLC		0.01%		Aegon Community Investments 66, LLC		DE, USA
Aegon LIHTC Fund 67, LLC		Other Manner of Control		Aegon Community Investments 67, LLC		DE, USA
Aegon LIHTC Fund 68, LLC		100%		Aegon Community Investments 68, LLC		DE, USA
Aegon LIHTC Fund 69, LLC		100%		Aegon Community Investments 69, LLC		DE, USA
AEGON Managed Enhanced Cash, LLC		62.09%		Transamerica Life Insurance Company		DE, USA
AEGON Managed Enhanced Cash, LLC		37.90%		Transamerica Life Insurance Company		DE, USA
AEGON Management Company		100%		Transamerica Corporation		IN, USA
Aegon Mediacion S.L.U.		100%		AEGON España, S.A.U. de Seguros y Reaseguros		Spain
AEGON Mexico Holding B.V.		100%		AEGON DMS Holding B.V.		Netherlands
Aegon Opportunity Zone Fund Joint Venture 1, LP		0.16%		Aegon OZF Investments 1, LLC		DE, USA
Aegon OZF Investments 1, LLC		100%		AEGON USA Realty Advisors, LLC		DE, USA
AEGON Pension Trustee Limited		100%		AEGON UK plc		United Kingdom
AEGON SANTANDER PORTUGAL NÃO VIDA - COMPANHIA DE SEGUROS S.A.		51%		AEGON Iberia Holding B.V.		Portugal
AEGON SANTANDER PORTUGAL VIDA - COMPANHIA DE SEGUROS DE VIDA S.A.		51%		AEGON Iberia Holding B.V.		Portugal
AEGON SIPP GUARANTEE NOMINEE LIMITED		100%		AEGON UK plc		United Kingdom
Aegon SIPP Nominee 2 Ltd.		100%		AEGON UK plc		United Kingdom
AEGON SIPP Nominee Ltd.		100%		AEGON UK plc		United Kingdom
AEGON Taiwan Holding B.V.		100%		AEGON International B.V.		Netherlands
Aegon THTF Life Insurance Co., Ltd.		50%		AEGON International B.V.		China
AEGON Treasury Investments B.V.		100%		Aegon Ltd.		Netherlands
AEGON UK Corporate Services Limited		100%		AEGON UK plc		United Kingdom
Aegon UK Investment Holdings Limited		100%		AEGON UK plc		United Kingdom
AEGON UK plc		100%		AEGON Europe Holding B.V.		United Kingdom
AEGON UK Property Fund Limited		100%		AEGON UK plc		United Kingdom
Aegon Upstream Energy Fund, LLC		100%		Aegon Energy Management, LLC		DE, USA
AEGON USA Asset Management Holding, LLC		100%		AUSA Holding, LLC		IA, USA
AEGON USA Investment Management, LLC		100%		AEGON USA Asset Management Holding, LLC		IA, USA
AEGON USA Real Estate Services, Inc.		100%		AEGON USA Realty Advisors, LLC		DE, USA
AEGON USA Realty Advisors of California, Inc.		100%		AEGON USA Realty Advisors, LLC		IA, USA
AEGON USA Realty Advisors, LLC		100%		AEGON USA Asset Management Holding, LLC		IA, USA
Aegon Workforce Housing Fund 2 Holding Company B, LLC		100%		Aegon Workforce Housing Fund 2, L.P		DE, USA
Aegon Workforce Housing Fund 2 Holding Company C, LLC		100%		Aegon Workforce Housing Fund 2, L.P		DE, USA
Aegon Workforce Housing Fund 2 Holding Company, LLC		100%		Aegon Workforce Housing Fund 2, L.P		DE, USA
Aegon Workforce Housing Fund 2, L.P		80%		Transamerica Life Insurance Company		DE, USA
Aegon Workforce Housing Fund 2, L.P		20%		Transamerica Financial Life Insurance Company		DE, USA
Aegon Workforce Housing Fund 3 Holding Company, LLC		100%		Aegon Workforce Housing Fund 3, L.P		DE, USA
Aegon Workforce Housing Fund 3, L.P		60%		Transamerica Life Insurance Company		DE, USA
Aegon Workforce Housing Fund 3, L.P		30%		Transamerica Life Insurance Company		DE, USA

Aegon Workforce Housing Fund 3, L.P		10%		Transamerica Financial Life Insurance Company		DE, USA
Aegon Workforce Housing JV 4A, LLC		44.50%		Aegon Workforce Housing Fund 2 Holding Company, LLC		DE, USA
Aegon Workforce Housing JV 4B, LLC		25%		Aegon Workforce Housing Fund 2 Holding Company, LLC		DE, USA
Aegon Workforce Housing JV 4C, LLC		10%		Aegon Workforce Housing Fund 2 Holding Company, LLC		DE, USA
Aegon Workforce Housing Park at Via Rosa REIT, LLC		100%		Aegon Workforce Housing Separate Account 1, LLC		IA, USA
Aegon Workforce Housing Separate Account 1, LLC		15.83%		Transamerica Life Insurance Company		IA, USA
Aegon Workforce Housing Separate Account 1, LLC		4.17%		Transamerica Life Insurance Company		IA, USA
Aegon Workforce Housing Separate Account 1, LLC		5%		Transamerica Financial Life Insurance Company		IA, USA
AEGON-INDUSTRIAL Capital Management (Shanghai) Co., Ltd.		100%		AEGON-INDUSTRIAL Fund Management Co., LTD.		China
AEGON-INDUSTRIAL Fund Management Co., LTD.		49%		AEGON International B.V.		China
AGT Hungary IT Service Korlátolt Felelősségű  Társaság		100%		AEGON EDC Limited		Hungary
AHDF Manager I, LLC		100%		AEGON USA Realty Advisors, LLC		DE, USA
ALH Properties Eight LLC		100%		FGH USA LLC		DE, USA
ALH Properties Eleven LLC		100%		FGH USA LLC		DE, USA
ALH Properties Four LLC		100%		FGH USA LLC		DE, USA
ALH Properties Nine LLC		100%		FGH USA LLC		DE, USA
ALH Properties Seven LLC		100%		FGH USA LLC		DE, USA
ALH Properties Seventeen LLC		100%		FGH USA LLC		DE, USA
ALH Properties Sixteen LLC		100%		FGH USA LLC		DE, USA
ALH Properties Ten LLC		100%		FGH USA LLC		DE, USA
ALH Properties Twelve LLC		100%		FGH USA LLC		DE, USA
ALH Properties Two LLC		100%		FGH USA LLC		DE, USA
AMFETF Manager, LLC		100%		AEGON USA Realty Advisors, LLC		DE, USA
AMTAX Holdings 308 LLC		100%		TAHP Fund 2, LLC		OH, USA
AMTAX Holdings 388 LLC		100%		TAHP Fund 2, LLC		OH, USA
AMTAX Holdings 483 LLC		100%		TAHP Fund 1, LLC		OH, USA
AMTAX Holdings 559, LLC		100%		TAHP Fund 1, LLC		OH, USA
AMTAX Holdings 561 LLC		100%		TAHP Fund VII, LLC		OH, USA
AMTAX Holdings 588 LLC		100%		TAHP Fund 1, LLC		OH, USA
AMTAX Holdings 613 LLC		0.15%		Cupples State LIHTC Investors, LLC		OH, USA
AMTAX Holdings 613 LLC		99.85%		Garnet LIHTC Fund VII, LLC		OH, USA
AMTAX Holdings 639 LLC		100%		TAHP Fund 1, LLC		OH, USA
AMTAX Holdings 649 LLC		100%		TAHP Fund 1, LLC		OH, USA
AMTAX Holdings 672 LLC		100%		TAHP Fund 1, LLC		OH, USA
AMTAX Holdings 713 LLC		100%		TAHP Fund 2, LLC		OH, USA
Andrews Nominees Limited		100%		Cofunds Limited		United Kingdom
Apollo Housing Capital Arrowhead Gardens, L.L.C.		100%		Garnet LIHTC Fund XXXV, LLC		DE, USA
APOP III, LLC		9.84%		Transamerica Financial Life Insurance Company		DE, USA
APOP III, LLC		88.60%		Transamerica Life Insurance Company		DE, USA
ASR Nederland N.V.		29.99%		Aegon Ltd.		Bermuda
AUSA Holding, LLC		100%		Transamerica Corporation		MD, USA
AUSA Properties, Inc.		100%		AEGON USA Realty Advisors, LLC		IA, USA
AWHF2 General Partner, LLC		100%		AEGON USA Realty Advisors, LLC		DE, USA
AWHF2 Subsidiary Holding Company C, LLC		100%		Aegon Workforce Housing Fund 2 Holding Company C, LLC		DE, USA
AWHF3 General Partner, LLC		100%		AEGON USA Realty Advisors, LLC		DE, USA
AWHJV4 Manager, LLC		100%		AEGON USA Realty Advisors, LLC		DE, USA
AWHSA Manager 1, LLC		100%		AEGON USA Realty Advisors, LLC		IA, USA
Barfield Ranch Associates, LLC		50%		Mitigation Manager LLC		FL, USA
Carle Place Leasehold SPE, LLC		100%		Transamerica Financial Life Insurance Company		DE, USA
Cofunds Limited		100%		Aegon UK Investment Holdings Limited		United Kingdom
Cofunds Nominees Ltd		100%		Cofunds Limited		United Kingdom
Commonwealth General Corporation		100%		Transamerica Corporation		DE, USA
Coöperatieve AEGON Financieringsmaatschappij U.A.		1.51%		AEGON International B.V.		Netherlands
Coöperatieve AEGON Financieringsmaatschappij U.A.		98.49%		Aegon Ltd.		Netherlands
Cornerstone International Holdings Ltd.		100%		AEGON DMS Holding B.V.		United Kingdom
Creditor Resources, Inc.		100%		AUSA Holding, LLC		MI, USA
CRI Solutions, Inc.		100%		Creditor Resources, Inc.		MD, USA
Cupples State LIHTC Investors, LLC		22%		Transamerica Life Insurance Company		DE, USA
Cupples State LIHTC Investors, LLC		15%		Transamerica Life Insurance Company		DE, USA
Cupples State LIHTC Investors, LLC		63%		Transamerica Life Insurance Company		DE, USA
Dorset Nominees Limited		100%		Cofunds Limited		United Kingdom
Equitable AgriFinance, LLC		50%		AEGON USA Realty Advisors, LLC		DE, USA
Favela Promoção e Vendas Ltda.		100%		Mongeral AEGON Holding Ltda.		Brazil
FGH Realty Credit LLC		100%		FGH USA LLC		DE, USA
FGH USA LLC		100%		RCC North America LLC		DE, USA
Fifth FGP LLC		100%		FGH USA LLC		DE, USA
Financial Planning Services, Inc.		100%		Commonwealth General Corporation		D.C., USA
FINANCIERE DE L’ECHIQUIER		100%		La Banque Postale Asset Management		France
First FGP LLC		100%		FGH USA LLC		DE, USA
Fourth FGP LLC		100%		FGH USA LLC		DE, USA
Garnet Assurance Corporation		100%		Transamerica Life Insurance Company		KY, USA
Garnet Assurance Corporation II		100%		Commonwealth General Corporation		IA, USA
Garnet Assurance Corporation III		100%		Transamerica Life Insurance Company		IA, USA
Garnet Community Investments IX, LLC		100%		Transamerica Life Insurance Company		DE, USA
Garnet Community Investments V, LLC		100%		Transamerica Life Insurance Company		DE, USA
Garnet Community Investments VI, LLC		100%		Transamerica Life Insurance Company		DE, USA
Garnet Community Investments VII, LLC		100%		Transamerica Life Insurance Company		DE, USA
Garnet Community Investments VIII, LLC		100%		Transamerica Life Insurance Company		DE, USA