497 1 d146381d497.txt PROSPECTUS SUPPLEMENT - RETIREREADY FREEDOM SUPPLEMENT DATED APRIL 30, 2021 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. 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. Asset Allocation Program -- Model Update Effective after the close of business July 23, 2021, 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. 19778 SUPP 4/30/21 MODEL PERCENTAGE ALLOCATIONS AND PORTFOLIO SELECTIONS Current through July 23, 2021

Portfolios Model A Model B Model C Model D --------------------------------------------------------------------------------------------------------------------------- Equities --------------------------------------------------------------------------------------------------------------------------- Large Cap Growth Columbia CTIVP/SM/ -- Loomis Sayles Growth Fund -- Class 1 4% 9% 14% 18% --------------------------------------------------------------------------------------------- Fidelity VIP Growth Opportunities Portfolio -- Service Class 2 3% 7% 10% 13% --------------------------------------------------------------------------------------------------------------------------- Mid Cap Growth Federated Hermes Kaufmann Fund II -- Service Shares 1% 2% 2% 3% --------------------------------------------------------------------------------------------------------------------------- Small Cap Core Invesco V.I. Main Street Small Cap Fund(R) -- Series II shares 1% 1% 2% 3% --------------------------------------------------------------------------------------------------------------------------- Small Cap Growth AB Small Cap Growth Portfolio -- Class B 1% 1% 2% 3% --------------------------------------------------------------------------------------------------------------------------- Global Equity Fidelity VIP Equity-Income Portfolio -- Service Class 2 4% 9% 14% 18% --------------------------------------------------------------------------------------------- Invesco V.I. Global Fund -- Series II shares 3% 7% 10% 13% --------------------------------------------------------------------------------------------------------------------------- Foreign Large Cap Value AB International Value Portfolio -- Class B 1% 1% 2% 3% --------------------------------------------------------------------------------------------------------------------------- Natural Resources Prudential Series Natural Resources Portfolio -- Class II Shares 1% 2% 2% 3% --------------------------------------------------------------------------------------------------------------------------- Real Estate (U.S. REITs) State Street Real Estate Securities V.I.S. Fund -- Class 1 Shares 1% 1% 2% 3% --------------------------------------------------------------------------------------------------------------------------- Total % Equities 20% 40% 60% 80% --------------------------------------------------------------------------------------------------------------------------- Fixed Income --------------------------------------------------------------------------------------------------------------------------- Long Duration PIMCO VIT Long-Term U.S. Government Portfolio -- Administrative Class Shares 12% 9% 6% 3% --------------------------------------------------------------------------------------------------------------------------- Medium Duration Fidelity VIP Investment Grade Bond Portfolio -- Service Class 2 20% 15% 10% 5% --------------------------------------------------------------------------------------------- PIMCO VIT Total Return Portfolio -- Administrative Class Shares 16% 12% 8% 4% --------------------------------------------------------------------------------------------------------------------------- Short Duration PIMCO VIT Low Duration Portfolio -- Administrative Class Shares 20% 15% 10% 5% --------------------------------------------------------------------------------------------------------------------------- Treasury Inflation-Protected Securities American Century VP Inflation Protection Fund -- Class II 4% 3% 2% 1% --------------------------------------------------------------------------------------------------------------------------- Domestic High Yield PIMCO VIT High Yield Portfolio -- Administrative Class Shares 4% 3% 2% 1% --------------------------------------------------------------------------------------------------------------------------- Bank Loans Eaton Vance VT Floating-Rate Income Fund 4% 3% 2% 1% --------------------------------------------------------------------------------------------------------------------------- Total % Fixed Income 80% 60% 40% 20% ---------------------------------------------------------------------------------------------------------------------------

Portfolios Model E -------------------------------------------------------------------- -------------------------------------------------------------------- Columbia CTIVP/SM/ -- Loomis Sayles Growth Fund -- Class 1 23% -------------------------------------------------------------------- Fidelity VIP Growth Opportunities Portfolio -- Service Class 2 17% -------------------------------------------------------------------- Federated Hermes Kaufmann Fund II -- Service Shares 4% -------------------------------------------------------------------- Invesco V.I. Main Street Small Cap Fund(R) -- Series II shares 3% -------------------------------------------------------------------- AB Small Cap Growth Portfolio -- Class B 3% -------------------------------------------------------------------- Fidelity VIP Equity-Income Portfolio -- Service Class 2 23% -------------------------------------------------------------------- Invesco V.I. Global Fund -- Series II shares 17% -------------------------------------------------------------------- AB International Value Portfolio -- Class B 3% -------------------------------------------------------------------- Prudential Series Natural Resources Portfolio -- Class II Shares 4% -------------------------------------------------------------------- State Street Real Estate Securities V.I.S. Fund -- Class 1 Shares 3% -------------------------------------------------------------------- 100% -------------------------------------------------------------------- -------------------------------------------------------------------- PIMCO VIT Long-Term U.S. Government Portfolio -- Administrative Class Shares 0% -------------------------------------------------------------------- Fidelity VIP Investment Grade Bond Portfolio -- Service Class 2 0% -------------------------------------------------------------------- PIMCO VIT Total Return Portfolio -- Administrative Class Shares 0% -------------------------------------------------------------------- PIMCO VIT Low Duration Portfolio -- Administrative Class Shares 0% -------------------------------------------------------------------- American Century VP Inflation Protection Fund -- Class II 0% -------------------------------------------------------------------- PIMCO VIT High Yield Portfolio -- Administrative Class Shares 0% -------------------------------------------------------------------- Eaton Vance VT Floating-Rate Income Fund 0% -------------------------------------------------------------------- 0% --------------------------------------------------------------------

MODEL PERCENTAGE ALLOCATIONS AND PORTFOLIO SELECTIONS Effective after the close of business on July 23, 2021

Portfolios Model A Model B Model C Model D --------------------------------------------------------------------------------------------------------------------------- Equities --------------------------------------------------------------------------------------------------------------------------- Large Cap Growth Columbia CTIVP/SM/ -- Loomis Sayles Growth Fund -- Class 1 1% 1% 1% 1% --------------------------------------------------------------------------------------------- Fidelity VIP Contrafund(R) Portfolio -- Service Class 2 0% 1% 1% 1% --------------------------------------------------------------------------------------------------------------------------- Mid Cap Growth Federated Hermes Kaufmann Fund II -- Service Shares 1% 1% 1% 1% --------------------------------------------------------------------------------------------------------------------------- Large Cap Core Columbia Variable Portfolio -- Overseas Core Fund -- Class 2 1% 1% 2% 3% --------------------------------------------------------------------------------------------------------------------------- Invesco V.I. Core Equity Fund -- Series I shares 5% 10% 15% 20% --------------------------------------------------------------------------------------------- Invesco V.I. Main Street Fund(R) -- Series II shares 5% 10% 16% 22% --------------------------------------------------------------------------------------------------------------------------- Large Cap Value AB International Value Portfolio -- Class B 1% 2% 3% 4% --------------------------------------------------------------------------------------------- BlackRock Basic Value V.I. Fund -- Class III Shares 1% 3% 4% 5% --------------------------------------------------------------------------------------------- Fidelity VIP Equity-Income Portfolio -- Service Class 2 0% 1% 1% 1% --------------------------------------------------------------------------------------------- Franklin Mutual Shares VIP Fund -- Class 2 Shares 5% 10% 16% 22% --------------------------------------------------------------------------------------------------------------------------- Total % Equities 20% 40% 60% 80% --------------------------------------------------------------------------------------------------------------------------- Fixed Income --------------------------------------------------------------------------------------------------------------------------- Long Duration PIMCO VIT Long-Term U.S. Government Portfolio -- Administrative Class Shares 16% 12% 8% 3% --------------------------------------------------------------------------------------------------------------------------- Medium Duration Fidelity VIP Investment Grade Bond Portfolio -- Service Class 2 20% 14% 10% 5% --------------------------------------------------------------------------------------------- PIMCO VIT Total Return Portfolio -- Administrative Class Shares 20% 15% 10% 5% --------------------------------------------------------------------------------------------------------------------------- Short Duration PIMCO VIT Low Duration Portfolio -- Administrative Class Shares 16% 12% 8% 4% --------------------------------------------------------------------------------------------------------------------------- Treasury Inflation-Protected Securities American Century VP Inflation Protection Fund -- Class II 3% 3% 2% 1% --------------------------------------------------------------------------------------------------------------------------- Domestic High Yield PIMCO VIT High Yield Portfolio -- Administrative Class Shares 2% 2% 1% 1% --------------------------------------------------------------------------------------------------------------------------- Bank Loans Eaton Vance VT Floating-Rate Income Fund 3% 2% 1% 1% --------------------------------------------------------------------------------------------------------------------------- Total % Fixed Income 80% 60% 40% 20% ---------------------------------------------------------------------------------------------------------------------------

Portfolios Model E -------------------------------------------------------------------- -------------------------------------------------------------------- Columbia CTIVP/SM/ -- Loomis Sayles Growth Fund -- Class 1 2% -------------------------------------------------------------------- Fidelity VIP Contrafund(R) Portfolio -- Service Class 2 2% -------------------------------------------------------------------- Federated Hermes Kaufmann Fund II -- Service Shares 2% -------------------------------------------------------------------- Columbia Variable Portfolio -- Overseas Core Fund -- Class 2 3% -------------------------------------------------------------------- Invesco V.I. Core Equity Fund -- Series I shares 25% -------------------------------------------------------------------- Invesco V.I. Main Street Fund(R) -- Series II shares 27% -------------------------------------------------------------------- AB International Value Portfolio -- Class B 5% -------------------------------------------------------------------- BlackRock Basic Value V.I. Fund -- Class III Shares 6% -------------------------------------------------------------------- Fidelity VIP Equity-Income Portfolio -- Service Class 2 2% -------------------------------------------------------------------- Franklin Mutual Shares VIP Fund -- Class 2 Shares 26% -------------------------------------------------------------------- 100% -------------------------------------------------------------------- -------------------------------------------------------------------- PIMCO VIT Long-Term U.S. Government Portfolio -- Administrative Class Shares 0% -------------------------------------------------------------------- Fidelity VIP Investment Grade Bond Portfolio -- Service Class 2 0% -------------------------------------------------------------------- PIMCO VIT Total Return Portfolio -- Administrative Class Shares 0% -------------------------------------------------------------------- PIMCO VIT Low Duration Portfolio -- Administrative Class Shares 0% -------------------------------------------------------------------- American Century VP Inflation Protection Fund -- Class II 0% -------------------------------------------------------------------- PIMCO VIT High Yield Portfolio -- Administrative Class Shares 0% -------------------------------------------------------------------- Eaton Vance VT Floating-Rate Income Fund 0% -------------------------------------------------------------------- 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 SMID Cap V.I. Fund PIMCO VIT Total Return Portfolio -- Columbia CTIVP/SM/ -- Loomis Sayles -- Class III Shares Administrative Class Shares Growth Fund -- 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 Hermes High Income Bond Fund Service Class 2 II -- Service Shares Fidelity VIP Equity-Income Portfolio -- Federated Hermes Kaufmann Fund II -- Service Class 2 Service 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. Capital Appreciation Fund Service Class 2 -- Series II shares Fidelity VIP Value Strategies Portfolio Invesco V.I. Comstock Fund -- Series II -- Service Class 2 shares Invesco V.I. Main Street Small Cap Invesco V.I. Conservative Balanced Fund Fund(R) -- Series II shares -- Series II shares Janus Henderson Forty Portfolio -- Invesco V.I. Core Equity Fund -- Series Service Shares I shares MFS(R) Utilities Series -- Service Invesco V.I. Equity and Income Fund -- Class Shares Series II shares PIMCO VIT All Asset Portfolio -- Invesco V.I. Global Fund -- Series II Advisor Class Shares shares PIMCO VIT High Yield Portfolio -- Invesco V.I. International Growth Fund Administrative Class Shares -- Series II shares Prudential Natural Resources Portfolio Invesco V.I. Main Street Fund(R) -- -- Class II Shares Series II shares Prudential PGIM Jennison Focused Blend Janus Henderson Balanced Portfolio -- Portfolio -- Class II Shares Service Shares Prudential PGIM Jennison Growth MFS(R) Total Return Series -- Service Portfolio -- Class II Shares Class 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