SUPPLEMENT DATED MAY 1, 2023 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. Please read the supplement carefully and keep it with your prospectus for future reference.
Asset Allocation Program — Model Update
Effective after the close of business July 21, 2023, 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 05/01/23
MODEL PERCENTAGE ALLOCATIONS AND PORTFOLIO SELECTIONS
Current through July 21, 2023
| Portfolios | Model A | Model B | Model C | Model D | Model E | |||||||||||||||||
| Equities |
||||||||||||||||||||||
| Large Cap Blend | Columbia Variable Portfolio — Overseas Core Fund — Class 2 | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| Invesco V.I. Core Equity Fund — Series I shares | 5.0% | 9.0% | 14.0% | 19.0% | 23.0% | |||||||||||||||||
| Invesco V.I. Main Street Fund® — Series II shares | 4.0% | 9.0% | 13.0% | 17.0% | 22.0% | |||||||||||||||||
| Large Cap Growth | CTIVP® — Principal Blue Chip Growth Fund — Class 1 | 3.0% | 6.0% | 9.0% | 12.0% | 15.0% | ||||||||||||||||
| Fidelity® VIP Contrafund® Portfolio — Service Class 2 | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Janus Henderson Forty Portfolio — Service Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Large Cap Value | BlackRock Basic Value V.I. Fund — Class III Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| Fidelity VIP Equity-Income PortfolioSM — Service Class 2 | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Franklin Mutual Shares VIP Fund — Class 2 Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Mid Cap Growth | Federated Hermes Kaufmann Fund II — Service Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| Mid Cap Blend | State Street Real Estate Securities V.I.S. Fund — Class 1 Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| Total % Equities |
20% | 40% | 60% | 80% | 100% | |||||||||||||||||
| Fixed Income | ||||||||||||||||||||||
| Core | Fidelity VIP Investment Grade Bond Portfolio — Service Class 2 | 16.0% | 11.0% | 8.0% | 3.0% | 0.0% | ||||||||||||||||
| PIMCO VIT Total Return Portfolio — Administrative Class Shares | 10.0% | 8.0% | 5.0% | 3.0% | 0.0% | |||||||||||||||||
| High Yield | PIMCO VIT High Yield Portfolio — Administrative Class Shares | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| Inflation Adjusted | American Century VP Inflation Protection Fund — Class II | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| Short Duration | PIMCO VIT Low Duration Portfolio — Administrative Class Shares | 12.0% | 9.0% | 6.0% | 3.0% | 0.0% | ||||||||||||||||
| Long Duration | PIMCO VIT Long-Term U.S. Government Portfolio — Administrative Class Shares | 24.0% | 17.0% | 12.0% | 5.0% | 0.0% | ||||||||||||||||
| Floating Rate | Eaton Vance VT Floating-Rate Income Fund | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| Total % Fixed Income |
80% | 60% | 40% | 20% | 0% | |||||||||||||||||
MODEL PERCENTAGE ALLOCATIONS AND PORTFOLIO SELECTIONS
Effective after the close of business on July 21, 2023
| Portfolios | Model A | Model B | Model C | Model D | Model E | |||||||||||||||||
| Equities |
||||||||||||||||||||||
| Large Cap Blend | Columbia Variable Portfolio — Overseas Core Fund — Class 2 | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| PSF Natural Resource Portfolio — Class II Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Large Cap Growth | CTIVP® — Principal Blue Chip Growth Fund — Class 1 | 6.0% | 9.0% | 15.0% | 21.0% | 24.0% | ||||||||||||||||
| Fidelity® VIP Contrafund® Portfolio — Service Class 2 | 5.0% | 10.0% | 15.0% | 20.0% | 25.0% | |||||||||||||||||
| Janus Henderson Forty Portfolio — Service Shares | 1.0% | 3.0% | 4.0% | 5.0% | 7.0% | |||||||||||||||||
| Large Cap Value | AB VPS International Value Portfolio — Class B | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| BlackRock Basic Value V.I. Fund — Class III Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Franklin Mutual Shares VIP Fund — Class 2 Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Invesco V.I. Comstock Fund — Series II shares | 1.0% | 3.0% | 4.0% | 5.0% | 7.0% | |||||||||||||||||
| Mid Cap Growth | State Street Real Estate Securities V.I.S. Fund — Class 1 Shares | 2.0% | 5.0% | 7.0% | 9.0% | 12.0% | ||||||||||||||||
| Total % Equities |
20% | 40% | 60% | 80% | 100% | |||||||||||||||||
| Fixed Income | ||||||||||||||||||||||
| Medium Duration | Fidelity VIP Investment Grade Bond Portfolio — Service Class 2 | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| PIMCO VIT Total Return Portfolio — Administrative Class Shares | 20.0% | 14.0% | 10.0% | 4.0% | 0.0% | |||||||||||||||||
| High Yield | PIMCO VIT High Yield Portfolio — Administrative Class Shares | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| Treasury Inflation Protected Securities | American Century VP Inflation Protection Fund — Class II | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| Short Duration | PIMCO VIT Low Duration Portfolio — Administrative Class Shares | 14.0% | 10.0% | 7.0% | 3.0% | 0.0% | ||||||||||||||||
| Long Duration | PIMCO VIT Long-Term U.S. Government Portfolio — Administrative Class Shares | 22.0% | 16.0% | 11.0% | 5.0% | 0.0% | ||||||||||||||||
| Floating Rate | Eaton Vance VT Floating-Rate Income Fund | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| 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 VPS Balanced Hedged Allocation Portfolio — Class B AB VPS Relative Value Portfolio — Class B BlackRock Basic Value V.I. Fund — Class III Shares BlackRock Global Allocation V.I. Fund — Class III Shares CTIVP® — Principal Blue Chip Growth Fund — Class 1 Fidelity VIP Balanced Portfolio — Service Class 2 Fidelity VIP Contrafund® Portfolio — Service Class 2 Fidelity VIP Equity-Income PortfolioSM — Service Class 2 Fidelity VIP Growth & Income Portfolio — Service Class 2 Franklin Mutual Shares VIP Fund — Class 2 Shares Templeton Growth VIP Fund — Class 2 Shares Invesco V.I. American Franchise Fund — Series I shares Invesco V.I. Capital Appreciation Fund — Series II shares Invesco V.I. Comstock Fund — Series II shares Invesco V.I. Conservative Balanced Fund — Series II shares Invesco V.I. Core Equity Fund — Series I shares Invesco V.I. Equity and Income Fund — Series II shares Invesco V.I. EQV International Equity Fund — Series II shares Invesco V.I. Global Fund — Series II shares Invesco V.I. Main Street Fund® — Series II shares Janus Henderson Balanced Portfolio — Service Shares MFS® Total Return Series — Service Class Shares State Street Total Return V.I.S. Fund — Class 3 Shares State Street U.S. Equity V.I.S. Fund — Class 1 Shares |
AB VPS International Value Portfolio — Class B AB VPS Small Cap Growth Portfolio — Class B AB VPS Sustainable Global Thematic Portfolio — Class B Allspring VT Discovery All Cap Fund — Class 2 American Century VP Inflation Protection Fund — Class II BlackRock Advantage SMID Cap V.I. Fund — Class III Shares Columbia Variable Portfolio — Overseas Core Fund — Class 2 Eaton Vance VT Floating-Rate Income Fund Federated Hermes High Income Bond Fund II — Service Shares Federated Hermes Kaufmann Fund II — Service Shares Fidelity VIP Dynamic Capital Appreciation Portfolio — Service Class 2 Fidelity VIP Growth Portfolio — Service Class 2 Fidelity VIP Growth Opportunities Portfolio — Service Class 2 Fidelity VIP Mid Cap Portfolio — Service Class 2 Fidelity VIP Value Strategies Portfolio — Service Class 2 Invesco V.I. Main Street Small Cap Fund® — Series II shares Janus Henderson Forty Portfolio — Service Shares MFS® Utilities Series — Service Class Shares PIMCO VIT All Asset Portfolio — Advisor Class Shares PIMCO VIT High Yield Portfolio — Administrative Class Shares PSF Natural Resources Portfolio — Class II Shares PSF PGIM Jennison Focused Blend Portfolio — Class II Shares PSF PGIM Jennison Growth Portfolio — Class II Shares State Street Real Estate Securities V.I.S. Fund — Class 1 Shares State Street Small-Cap Equity V.I.S. Fund — Class 1 Shares
|
Fidelity VIP Investment Grade Bond Portfolio — Service Class 2 PIMCO VIT Long-Term U.S. Government Portfolio — Administrative Class Shares PIMCO VIT Low Duration Portfolio — Administrative Class Shares PIMCO VIT Total Return Portfolio — Administrative Class Shares |