497 1 d688133d497.txt PROSPECTUS SUPPLEMENT - RETIREREADY FREEDOM SUPPLEMENT DATED MAY 1, 2019 TO PROSPECTUS DATED MAY 1, 2013 (AS SUPPLEMENTED) FOR FLEXIBLE PREMIUM VARIABLE DEFERRED ANNUITY CONTRACTS ISSUED BY GENWORTH LIFE AND ANNUITY INSURANCE COMPANY THROUGH ITS GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1 This supplement updates certain information contained in your variable annuity prospectus. Specifically, this supplement provides updates with respect to the following: a. Notice Regarding Fund and Portfolio Shareholder Reports b. Fee Increase for Certain Living Benefit Riders c. Asset Allocation Model Update Please read the supplement carefully and keep it with your prospectus for future reference. a. Notice Regarding Fund and Portfolio Shareholder Reports Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, we will no longer send you paper copies of shareholder reports for the Portfolios of the Funds offered under the contract ("Reports") unless you specifically request paper copies from us. Instead, the Reports will be made available on a website. We will notify you by mail each time a Report is posted. The notice will provide website links to access the Reports as well as instructions for requesting paper copies. If you wish to continue to receive Reports in paper free of charge from us, please call (800) 352-9910. Your election to receive Reports in paper will apply to all underlying Funds and Portfolios available under your contract. If you have already elected to receive Reports electronically, you will not be affected by this change and you need not take any action. If you wish to receive the Reports and other SEC disclosure documents from us electronically, please contact us at (800) 352-9910 or visit genworth.com to register. b. Fee Increase for Certain Living Benefit Riders i. Fee Increase for Lifetime Income Plus Effective on and after July 15, 2019, the charge for the Lifetime Income Plus guaranteed withdrawal benefit rider will increase, on an annual basis, to 1.25% upon a reset of the Withdrawal Base. The rider charge increase applies to both single and joint annuitant contracts regardless of the date the contract or rider was issued. Impacted contract owners will receive written notice in advance of their contract anniversaries informing them of their options as well as a discussion of certain circumstances in which a reset would not be in their best interest. Contract owners whose riders automatically reset will have the opportunity to opt-out of the automatic reset and the resulting rider charge increase. Contract owners who have to request a manual reset will have the opportunity to reset and, if they do reset, will incur the higher rider charge. We reserve the right to discontinue sending written notice of the potential impact of a reset after we send the first notice. 19778 SUPP 5/1/19 ii.Fee Increase for Lifetime Income Plus 2007 Effective on and after July 15, 2019, the charge for the Lifetime Income Plus 2007 guaranteed withdrawal benefit rider will increase, on an annual basis, to 1.25% upon a reset of the Withdrawal Base. The rider charge increase applies to both single and joint annuitant contracts regardless of the date the contract or rider was issued. Impacted contract owners will receive written notice in advance of their contract anniversaries informing them of their options as well as a discussion of certain circumstances in which a reset would not be in their best interest. Contract owners whose riders automatically reset will have the opportunity to opt-out of the automatic reset and the resulting rider charge increase. Contract owners who have to request a manual reset will have the opportunity to reset and, if they do reset, will incur the higher rider charge. We reserve the right to discontinue sending written notice of the potential impact of a reset after we send the first notice. If there is an automatic reset, your Withdrawal Base will be increased to your Contract Value. The Withdrawal Base, however, is just one element used to calculate your Withdrawal Limit. If your Withdrawal Base resets but your Roll-Up Value is higher than your Withdrawal Base on the date of reset, the Roll-Up Value will be used to determine your Withdrawal Limit, but you will be assessed a rider charge of 1.25% because of the reset of the Withdrawal Base. In this circumstance, if your rider fee was less than 1.25% before the reset, you will pay a higher rider fee for a benefit that you would have received even without the reset. c. Asset Allocation Program -- Model Update Effective after the close of business July 19, 2019, Asset Allocation Models A, B, C, D and E under the Asset Allocation Program will be updated. Tables disclosing the Model percentage allocations and Portfolio selections for Asset Allocation Models A, B, C, D and E, before and after the update, are provided on the following pages. Please refer to your contract and, specifically, the "Asset Allocation Program" section of your variable annuity prospectus for more information about the Asset Allocation Program and your options regarding updates to the Asset Allocation Models. In addition, if you have invested in an optional living benefit rider, please refer to your contract and your variable annuity prospectus for information regarding the Investment Strategy required for your living benefit rider. The current Asset Allocation Models and the updated Asset Allocation Models are provided in the tables below. MODEL PERCENTAGE ALLOCATIONS AND PORTFOLIO SELECTIONS Current through July 19, 2019

Portfolios Model A Model B Model C Model D Model E ------------------------------------------------------------------------------------------------------------------------ Equities ------------------------------------------------------------------------------------------------------------------------ Large Cap Growth CTIVP/SM/ -- Loomis Sayles Growth Fund -- Class 1 1% 2% 3% 4% 5% ------------------------------------------------------------------------------------------ Fidelity VIP Contrafund(R)/ /Portfolio -- Service Class 2 1% 2% 3% 4% 5% ------------------------------------------------------------------------------------------------------------------------ Large Cap Value BlackRock Basic Value V.I. Fund -- Class III Shares 1% 2% 3% 4% 5% ------------------------------------------------------------------------------------------ Fidelity VIP Equity-Income Portfolio -- Service Class 2 1% 2% 3% 4% 5% ------------------------------------------------------------------------------------------------------------------------ Large Cap Core Invesco V.I. Core Equity Fund -- Series I shares 4% 9% 13% 17% 22% ------------------------------------------------------------------------------------------ Oppenheimer Main Street Fund(R)/VA -- Service Shares 4% 9% 13% 17% 22% ------------------------------------------------------------------------------------------------------------------------ Mid Cap Core Fidelity VIP Mid Cap Portfolio -- Service Class 2 2% 4% 5% 7% 8% ------------------------------------------------------------------------------------------------------------------------ Small Cap Core Oppenheimer Main Street Small Cap Fund(R) /VA -- Service Shares 1% 1% 2% 3% 3% ------------------------------------------------------------------------------------------------------------------------ Global Equity Oppenheimer Global Fund/VA -- Service Shares 1% 1% 2% 3% 3% ------------------------------------------------------------------------------------------------------------------------ Foreign Large Cap Growth Invesco V.I. International Growth Fund -- Series II shares 1% 2% 4% 5% 7% ------------------------------------------------------------------------------------------------------------------------ Foreign Large Cap Value AB International Value Portfolio -- Class B 1% 2% 3% 4% 5% ------------------------------------------------------------------------------------------------------------------------ Natural Resources Prudential Series Natural Resources Portfolio -- Class II Shares 1% 3% 4% 5% 7% ------------------------------------------------------------------------------------------------------------------------ Real Estate (U.S. REITs) State Street Real Estate Securities V.I.S. Fund -- Class 1 Shares 1% 1% 2% 3% 3% ------------------------------------------------------------------------------------------------------------------------ Total % Equities 20% 40% 60% 80% 100% ------------------------------------------------------------------------------------------------------------------------ Fixed Income ------------------------------------------------------------------------------------------------------------------------ Long Duration PIMCO VIT Long-Term U.S. Government Portfolio -- Administrative Class Shares 6% 5% 3% 2% 0% ------------------------------------------------------------------------------------------------------------------------ Medium Duration Fidelity VIP Investment Grade Bond Portfolio -- Service Class 2 20% 15% 10% 5% 0% ------------------------------------------------------------------------------------------ PIMCO VIT Total Return Portfolio -- Administrative Class Shares 22% 16% 11% 5% 0% ------------------------------------------------------------------------------------------------------------------------ Short Duration PIMCO VIT Low Duration Portfolio -- Administrative Class Shares 6% 4% 3% 2% 0% ------------------------------------------------------------------------------------------------------------------------ Treasury Inflation-Protected American Century VP Inflation Protection Fund -- Securities Class II 10% 8% 5% 2% 0% ------------------------------------------------------------------------------------------------------------------------ Domestic High Yield PIMCO VIT High Yield Portfolio -- Administrative Class Shares 6% 4% 3% 2% 0% ------------------------------------------------------------------------------------------------------------------------ Bank Loans Eaton Vance VT Floating-Rate Income Fund 10% 8% 5% 2% 0% ------------------------------------------------------------------------------------------------------------------------ Total % Fixed Income 80% 60% 40% 20% 0% ------------------------------------------------------------------------------------------------------------------------

MODEL PERCENTAGE ALLOCATIONS AND PORTFOLIO SELECTIONS Effective after the close of business on July 19, 2019

Portfolios Model A Model B Model C Model D Model E ------------------------------------------------------------------------------------------------------------------------ Equities ------------------------------------------------------------------------------------------------------------------------ Large Cap Growth CTIVP/SM/ -- Loomis Sayles Growth Fund -- Class 1 1% 2% 3% 4% 5% ------------------------------------------------------------------------------------------ Fidelity VIP Contrafund(R)/ /Portfolio -- Service Class 2 1% 2% 3% 4% 5% ------------------------------------------------------------------------------------------------------------------------ Large Cap Value BlackRock Basic Value V.I. Fund -- Class III Shares 1% 2% 3% 4% 5% ------------------------------------------------------------------------------------------ Fidelity VIP Equity-Income Portfolio -- Service Class 2 1% 2% 3% 4% 5% ------------------------------------------------------------------------------------------------------------------------ Large Cap Core Invesco V.I. Core Equity Fund -- Series I shares 4% 9% 13% 17% 22% ------------------------------------------------------------------------------------------ Oppenheimer Main Street Fund(R)/VA -- Service Shares 4% 9% 13% 17% 22% ------------------------------------------------------------------------------------------------------------------------ Mid Cap Core Fidelity VIP Mid Cap Portfolio -- Service Class 2 2% 4% 5% 7% 8% ------------------------------------------------------------------------------------------------------------------------ Small Cap Core Oppenheimer Main Street Small Cap Fund(R) /VA -- Service Shares 1% 1% 2% 3% 3% ------------------------------------------------------------------------------------------------------------------------ Global Equity Oppenheimer Global Fund/VA -- Service Shares 1% 1% 2% 3% 3% ------------------------------------------------------------------------------------------------------------------------ Foreign Large Cap Growth Invesco V.I. International Growth Fund -- Series II shares 1% 2% 4% 5% 7% ------------------------------------------------------------------------------------------------------------------------ Foreign Large Cap Value AB International Value Portfolio -- Class B 1% 2% 3% 4% 5% ------------------------------------------------------------------------------------------------------------------------ Natural Resources Prudential Series Natural Resources Portfolio -- Class II Shares 1% 3% 4% 5% 7% ------------------------------------------------------------------------------------------------------------------------ Real Estate (U.S. REITs) State Street Real Estate Securities V.I.S. Fund -- Class 1 Shares 1% 1% 2% 3% 3% ------------------------------------------------------------------------------------------------------------------------ Total % Equities 20% 40% 60% 80% 100% ------------------------------------------------------------------------------------------------------------------------ Fixed Income ------------------------------------------------------------------------------------------------------------------------ Long Duration PIMCO VIT Long-Term U.S. Government Portfolio -- Administrative Class Shares 8% 6% 4% 2% 0% ------------------------------------------------------------------------------------------------------------------------ Medium Duration Fidelity VIP Investment Grade Bond Portfolio -- Service Class 2 20% 15% 10% 5% 0% ------------------------------------------------------------------------------------------ PIMCO VIT Total Return Portfolio -- Administrative Class Shares 20% 15% 10% 5% 0% ------------------------------------------------------------------------------------------------------------------------ Short Duration PIMCO VIT Low Duration Portfolio -- Administrative Class Shares 6% 4% 3% 2% 0% ------------------------------------------------------------------------------------------------------------------------ Treasury Inflation-Protected American Century VP Inflation Protection Fund -- Securities Class II 10% 8% 5% 2% 0% ------------------------------------------------------------------------------------------------------------------------ Domestic High Yield PIMCO VIT High Yield Portfolio -- Administrative Class Shares 8% 6% 4% 2% 0% ------------------------------------------------------------------------------------------------------------------------ Bank Loans Eaton Vance VT Floating-Rate Income Fund 8% 6% 4% 2% 0% ------------------------------------------------------------------------------------------------------------------------ Total % Fixed Income 80% 60% 40% 20% 0% ------------------------------------------------------------------------------------------------------------------------

MODEL PERCENTAGE ALLOCATIONS AND PORTFOLIO SELECTIONS BUILD YOUR OWN ASSET ALLOCATION MODEL

Core Asset Class (20% to 80%) Specialty Asset Class (0% to 20%) Fixed Income Asset Class (20% to 60%) -------------------------------------------------------------------------------------------------------------------------- AB Balanced Wealth Strategy Portfolio AB Global Thematic Growth Portfolio -- Fidelity VIP Investment Grade Bond -- Class B Class B Portfolio -- Service Class 2 AB Growth and Income Portfolio -- AB International Value Portfolio -- PIMCO VIT Long-Term U.S. Government Class B Class B Portfolio -- Administrative BlackRock Basic Value V.I. Fund -- AB Small Cap Growth Portfolio -- Class B Class Shares Class III Shares American Century VP Inflation PIMCO VIT Low Duration Portfolio -- BlackRock Global Allocation V.I. Fund Protection Fund -- Class II Administrative Class Shares -- Class III Shares BlackRock Advantage U.S. Total Market PIMCO VIT Total Return Portfolio -- CTIVP/SM/ -- Loomis Sayles Growth Fund V.I. Fund -- Class III Shares Administrative Class Shares -- Class 1 Columbia Variable Portfolio -- Overseas Fidelity VIP Balanced Portfolio -- Core Fund -- Class 2 Service Class 2 Eaton Vance VT Floating-Rate Income Fund Fidelity VIP Contrafund(R) Portfolio -- Federated High Income Bond Fund II -- Service Class 2 Service Shares Fidelity VIP Equity-Income Portfolio -- Federated Kaufmann Fund II -- Service Service Class 2 Shares Fidelity VIP Growth & Income Portfolio Fidelity VIP Dynamic Capital -- Service Class 2 Appreciation Portfolio -- Service Franklin Templeton VIP Franklin Mutual Class 2 Shares VIP Fund -- Class 2 Shares Fidelity VIP Growth Portfolio -- Franklin Templeton VIP Templeton Growth Service Class 2 VIP Fund -- Class 2 Shares Fidelity VIP Growth Opportunities Invesco V.I. American Franchise Fund -- Portfolio -- Service Class 2 Series I shares Fidelity VIP Mid Cap Portfolio -- Invesco V.I. Comstock Fund -- Series II Service Class 2 shares Fidelity VIP Value Strategies Portfolio Invesco V.I. Core Equity Fund -- Series -- Service Class 2 I shares Janus Henderson Forty Portfolio -- Invesco V.I. Equity and Income Fund -- Service Shares Series II shares MFS(R) Utilities Series -- Service Invesco V.I. International Growth Fund Class Shares -- Series II shares Oppenheimer Main Street Small Cap Janus Henderson Balanced Portfolio -- Fund(R)/VA -- Service Shares Service Shares PIMCO VIT All Asset Portfolio -- MFS(R) Total Return Series -- Service Advisor Class Shares Class Shares PIMCO VIT High Yield Portfolio -- Oppenheimer Capital Appreciation Administrative Class Shares Fund/VA -- Service Shares Prudential Jennison Portfolio -- Oppenheimer Conservative Balanced Class II Shares Fund/VA -- Service Shares Prudential Jennison 20/20 Focus Oppenheimer Global Fund/VA -- Service Portfolio -- Class II Shares Shares Prudential Natural Resources Portfolio Oppenheimer Main Street Fund/VA -- -- Class II Shares Service Shares State Street Real Estate Securities State Street Total Return V.I.S. Fund V.I.S. Fund -- Class 1 Shares -- Class 3 Shares State Street Small-Cap Equity V.I.S. State Street U.S. Equity V.I.S. Fund -- Fund -- Class 1 Shares Class 1 Shares Wells Fargo VT Omega Growth Fund -- Class 2