SUPPLEMENT DATED MARCH 26, 2024 TO
PROSPECTUS DATED MAY 1, 2023 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 prospectus. Please read it carefully and keep it with your prospectus for future reference.
This supplement provides updates of information on the following topics: (i) the termination and liquidation of certain Portfolios available as investment options under your variable annuity contract, namely DWS Capital Growth VIP — Class B Shares and DWS CROCI® U.S. VIP — Class B Shares and (ii) notice that the Asset Allocation Models available under your contract will be updated effective the close of business April 26, 2024.
I. Termination and Liquidation of the DWS Capital Growth VIP — Class B Shares and the DWS CROCI® U.S. VIP — Class B Shares
The Board of Trustees (the “Board”) of Deutsche DWS Variable Series II (the “Trust”) approved the termination and liquidation of the Class B Shares of DWS Capital Growth VIP and DWS CROCI® U.S. VIP (the “DWS Portfolios”). It is anticipated that the DWS Portfolios will be liquidated on or about June 17, 2024. The DWS Portfolios are available as investment options under your variable annuity contract.
In accordance with the Board’s decision to terminate operations, the DWS Portfolios will be liquidated effective at the close of trading on the New York Stock Exchange (the “NYSE”) on or about June 17, 2024 (the “Liquidation Date”). Assets held by the Separate Account that are invested in the DWS Portfolios will be transferred at the close of trading on the NYSE on the Liquidation Date to the BNY Mellon Variable Investment Fund — Government Money Market Portfolio.
Please note that the Trust has stated that it will no longer accept the purchase of DWS Portfolio shares after April 30, 2024. Therefore, if you provide us with instructions to purchase shares of one of the DWS Portfolios after April 30, 2024, your request will be rejected.
You may make transfers from the DWS Portfolios to one or more of the Subaccounts investing in the Portfolios listed below. Transfers made from the DWS Portfolios during the period from the date of this supplement to the Liquidation Date will not be considered a transfer for the purpose of calculating the number of transfers that may be made each calendar year without invoking our right to assess a transfer charge or for purposes of calculating the number of transfers that can be made each calendar year by U.S. Mail, voice response, telephone or facsimile.
18891CB SUPP 03/26/24
Portfolios Available Under the Contract
The following is a list of Portfolios currently available under the contract. More information about the Portfolios is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at www.genworth.com/FoundationPre. You can also request this information at no cost by calling (800) 352-9910. Depending on the optional benefits you choose, you may not be able to invest in certain Portfolios.
The current expenses and performance information below reflects fees and expenses of the Portfolios, but does not reflect the other fees and expenses that your contract may charge. Expenses would be higher and performance would be lower if these charges were included. Each Portfolio’s past performance is not necessarily an indication of future performance. You may obtain updated Portfolio performance information by calling (800) 352-9910.
| Average Annual
Total (as of 12/31/2022) | ||||||||||
| Type | Portfolio Company and Adviser/Subadviser | Current Expenses |
1-Year | 5-Year | 10-Year | |||||
| Moderate Allocation | AB VPS Balanced Hedged Allocation Portfolio — Class B AllianceBernstein, L.P. |
0.97%* |
-19.17% |
2.06% |
5.37% | |||||
| US Equity Large Cap Growth |
AB VPS Large Cap Growth Portfolio — Class B AllianceBernstein, L.P. |
0.90% |
-28.69% |
11.26% |
14.79% | |||||
| US Equity Large Cap Value |
AB VPS Relative Value Portfolio — Class B AllianceBernstein, L.P. |
0.84% |
-4.42% |
7.82% |
11.09% | |||||
| US Equity Large Cap Growth | Invesco V.I. American Franchise Fund — Series I shares Invesco Advisers, Inc. |
0.86% |
-31.11% |
7.66% |
11.64% | |||||
| US Equity Large Cap Growth | Invesco V.I. Capital Appreciation Fund — Series II shares Invesco Advisers, Inc. |
1.05%* |
-30.96% |
8.00% |
10.81% | |||||
| Real Estate Sector Equity | Invesco V.I. Global Real Estate Fund — Series II shares Invesco Advisers, Inc. (subadvised by Invesco Asset Management Limited) |
1.27% |
-25.14% |
-1.16% |
2.22% | |||||
| US Equity Large Cap Blend | Invesco V.I. Main Street Fund® — Series II shares Invesco Advisers, Inc. |
1.05%* |
-20.31% |
6.89% |
10.49% | |||||
| US Equity Small Cap | Invesco V.I. Main Street Small Cap Fund® — Series II shares Invesco Advisers, Inc. |
1.12% |
-16.04% |
6.74% |
10.60% | |||||
| US Equity Large Cap Value | VP Disciplined Core Value Fund — Class I American Century Investment Management, Inc. |
0.71% |
-12.74% |
6.85% |
10.63% | |||||
| US Fixed Income | VP Inflation Protection Fund — Class II American Century Investment Management, Inc. |
0.77% |
-13.08% |
1.38% |
0.67% | |||||
| Global Equity Large Cap | VP International Fund — Class I American Century Investment Management, Inc. |
1.10%* |
-24.75% |
2.32% |
4.95% | |||||
| US Equity Large Cap Growth | VP Ultra® Fund — Class I American Century Investment Management, Inc. |
0.76%* |
-32.38% |
11.10% |
14.12% | |||||
| US Equity Large Cap Value | VP Value Fund — Class I American Century Investment Management, Inc. |
0.73%* |
0.54% |
7.85% |
10.59% | |||||
2
| Average Annual
Total (as of 12/31/2022) | ||||||||||
| Type | Portfolio Company and Adviser/Subadviser | Current Expenses |
1-Year | 5-Year | 10-Year | |||||
| US Equity Mid Cap | BNY Mellon Investment Portfolios — MidCap Stock Portfolio — Initial Shares BNY Mellon Investment Adviser, Inc. (subadvised by Newton Investment Management North America Limited) |
0.80%* |
-14.08% |
3.50% |
8.87% | |||||
| US Equity Large Cap Blend | BNY Mellon Sustainable U.S. Equity Portfolio, Inc. — Initial Shares BNY Mellon Investment Adviser, Inc. (subadvised by Newton Investment Management Limited) |
0.68% |
-22.87% |
9.33% |
11.36% | |||||
| US Money Market | BNY Mellon Variable Investment Fund — Government Money Market Portfolio BNY Mellon Investment Adviser, Inc. (subadvised by Dreyfus) |
0.55% |
1.26% |
0.88% |
0.48% | |||||
| US Equity Small Cap | DWS Small Mid Cap Value VIP — Class B Shares DWS Investment Management Americas, Inc. |
1.18%* |
-16.14% |
1.77% |
6.84% | |||||
| US Fixed Income | VT Floating-Rate Income Fund Eaton Vance Management |
1.17% |
-2.74% |
1.93% |
2.52% | |||||
| US Equity Large Cap Growth | VIP Contrafund® Portfolio — Service Class 2 Fidelity Management & Research Company (FMR) (subadvised by FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR HK), and Fidelity Management & Research (Japan) Limited (FMR Japan)) |
0.85% |
-26.49% |
8.39% |
11.15% | |||||
| US Equity Large Cap Value |
VIP Equity-Income PortfolioSM — Service Class 2 FMR (subadvised by FMR UK, FMR HK, and FMR Japan) |
0.76% |
-5.25% |
7.88% |
9.91% | |||||
| US Equity Mid Cap |
VIP Mid Cap Portfolio — Service Class 2 FMR (subadvised by FMR UK, FMR HK, and FMR Japan) |
0.86% |
-14.97% |
5.68% |
9.69% | |||||
| Moderate Allocation | Franklin Allocation VIP Fund — Class 2 Shares Franklin Advisers, Inc. (subadvised by Franklin Templeton Institutional, LLC, Templeton Global Advisors Limited, Brandywine Global Investment Management, LLC, ClearBridge Investments, LLC, Western Asset Management Company, LLC, and Western Asset Management Company Limited) |
0.82%* |
-16.00% |
2.57% |
5.56% | |||||
| Cautious Allocation | Franklin Income VIP Fund — Class 2 Shares Franklin Advisers, Inc. |
0.71% |
-5.47% |
4.30% |
5.51% | |||||
| US Equity Large Cap Growth | Franklin Large Cap Growth VIP Fund — Class 2 Shares Franklin Advisers, Inc. |
1.10% |
-36.54% |
7.01% |
10.43% | |||||
| Aggressive Allocation | Franklin Mutual Shares VIP Fund — Class 2 Shares Franklin Mutual Advisers, LLC |
0.94% |
-7.43% |
3.15% |
6.73% | |||||
| Global Equity Large Cap | Templeton Foreign VIP Fund — Class 2 Shares Templeton Investment Counsel, LLC |
1.09%* |
-7.61% |
-1.97% |
1.47% | |||||
3
| Average Annual
Total (as of 12/31/2022) | ||||||||||
| Type | Portfolio Company and Adviser/Subadviser | Current Expenses |
1-Year | 5-Year | 10-Year | |||||
| Global Equity Large Cap | Templeton Growth VIP Fund — Class 2 Shares Templeton Global Advisors Limited (subadvised by Templeton Asset Management Ltd) |
1.12%* |
-11.50% |
-0.76% |
-4.05% | |||||
| US Fixed Income | LVIP JPMorgan Core Bond Fund — Standard Class JPMorgan Investment Management Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. |
0.51% |
-12.58% |
0.13% |
1.07% | |||||
| US Equity Mid Cap | LVIP JPMorgan Mid Cap Value Fund — Standard Class JPMorgan Investment Management Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. |
0.73% |
-8.16% |
6.00% |
9.98% | |||||
| US Equity Small Cap | LVIP JPMorgan Small Cap Core Fund — Standard Class JPMorgan Investment Management Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. |
0.76% |
-19.35% |
4.07% |
9.59% | |||||
| US Equity Large Cap Blend | LVIP JPMorgan U.S. Equity Fund — Standard Class JPMorgan Investment Management Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. |
0.67% |
-18.69% |
10.25% |
13.21% | |||||
| US Fixed Income | MFS® Income Portfolio — Service Class Shares Massachusetts Financial Services Company |
1.00%* |
-13.85% |
0.50% |
1.80% | |||||
| US Equity Large Cap Growth | MFS® Massachusetts Investors Growth Stock Portfolio — Service Class Shares Massachusetts Financial Services Company |
0.98%* |
-19.45% |
11.67% |
13.01% | |||||
| Moderate Allocation | MFS® Total Return Series — Service Class Shares Massachusetts Financial Services Company |
0.86%* |
-9.84% |
4.91% |
7.07% | |||||
| US Fixed Income |
High Yield Portfolio — Administrative Class Shares Pacific Investment Management Company LLC |
0.76% |
-10.28% |
1.89% |
3.53% | |||||
| US Fixed Income |
Low Duration Portfolio — Administrative Class Shares Pacific Investment Management Company LLC |
0.67% |
-5.74% |
0.08% |
0.42% | |||||
| Moderate Allocation | Total Return V.I.S. Fund1 — Class 3 Shares SSGA Funds Management, Inc. |
0.95% |
-16.72% |
1.55% |
4.61% | |||||
| 1 | For contracts issued on or after May 1, 2006, only Class 3 Shares of the Total Return V.I.S. Fund will be available. If your contract was issued prior to May 1, 2006, Class 1 Shares of the Total Return V.I.S. Fund are available. |
The following Portfolio is not available to contracts issued on or after May 1, 2006:
| Average Annual
Total (as of 12/31/2022) | ||||||||||
| Type | Portfolio Company and Adviser/Subadviser | Current Expenses |
1-Year | 5-Year | 10-Year | |||||
| Moderate Allocation | Total Return V.I.S. Fund — Class 1 Shares SSGA Funds Management, Inc. |
0.70% |
-16.51% |
1.81% |
4.87% | |||||
| * | The Portfolio is subject to an expense reimbursement or fee waiver arrangement. The annual expenses shown reflect temporary fee reductions. |
4
Not all of these Portfolios may be available in all states or all markets. Prospectuses for the Portfolios listed above may be obtained free of charge from our Home Office by calling:
800.352.9910
or by writing:
Genworth Life and Annuity Insurance Company
6610 West Broad Street
Richmond, Virginia 23230
Please include your name, the Annuitant’s name, your contract number and your current mailing address on any written correspondence so we can ensure that the correct prospectuses are mailed to you.
II. Notice of Update to Asset Allocation Models Effective After the Close of Business on April 26, 2024
The Asset Allocation Models available in your contract will be updated effective after the close of business on April 26, 2024.
The current Asset Allocation Models and the updated Asset Allocation Models are provided in the tables below.
5
MODEL PERCENTAGE ALLOCATIONS AND PORTFOLIO SELECTIONS
Current through April 26, 2024
| Portfolios | Model A | Model B | Model C | Model D | Model E | |||||||||||||||||
| Equities |
||||||||||||||||||||||
| Mid Cap Value | LVIP JPMorgan Mid Cap Value Fund — Standard Class | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| Large Cap Growth | AB VPS Large Cap Growth Portfolio — Class B | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| American Century VP International Fund — Class I | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc. — Initial Shares | 5.0% | 8.0% | 13.0% | 18.0% | 21.0% | |||||||||||||||||
| DWS Capital Growth VIP — Class B Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Fidelity® VIP Contrafund® Portfolio — Service Class 2 | 1.0% | 3.0% | 4.0% | 5.0% | 7.0% | |||||||||||||||||
| Invesco V.I. American Franchise Fund — Series I shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Invesco V.I. Capital Appreciation Fund — Series II shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| LVIP JPMorgan U.S. Equity Fund — Standard Class | 4.0% | 8.0% | 12.0% | 16.0% | 20.0% | |||||||||||||||||
| MFS® Massachusetts Investors Growth Stock Portfolio — Service Class Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Large Cap Value | AB VPS Relative Value Portfolio — Class B | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| American Century VP Value Fund — Class I | 1.0% | 3.0% | 4.0% | 5.0% | 7.0% | |||||||||||||||||
| Franklin Mutual Shares VIP Fund — Class 2 Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Total % Equities |
20% | 40% | 60% | 80% | 100% | |||||||||||||||||
| Fixed Income | ||||||||||||||||||||||
| Medium Duration | LVIP JPMorgan Core Bond Fund — Standard Class | 20.0% | 15.0% | 10.0% | 5.0% | 0.0% | ||||||||||||||||
| Short Duration | PIMCO VIT Low Duration Portfolio — Administrative Class Shares | 20.0% | 14.0% | 10.0% | 4.0% | 0.0% | ||||||||||||||||
| Treasury Inflation Protected Securities | American Century VP Inflation Protection Fund — Class II | 20.0% | 15.0% | 10.0% | 5.0% | 0.0% | ||||||||||||||||
| High Yield | PIMCO VIT High Yield Portfolio — Administrative Class Shares | 14.0% | 11.0% | 7.0% | 4.0% | 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% | |||||||||||||||||
6
MODEL PERCENTAGE ALLOCATIONS AND PORTFOLIO SELECTIONS
Effective after the close of business on April 26, 2024
| Portfolios | Model A | Model B | Model C | Model D | Model E | |||||||||||||||||
| Equities |
||||||||||||||||||||||
| Large Cap Blend | Templeton Growth VIP Fund — Class 2 Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| Large Cap Growth | AB VPS Large Cap Growth Portfolio — Class B | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| American Century VP International Fund — Class I | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Fidelity VIP Contrafund® Portfolio — Service Class 2 | 5.0% | 10.0% | 15.0% | 20.0% | 25.0% | |||||||||||||||||
| Invesco V.I. Capital Appreciation Fund — Series II shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Invesco V.I. American Franchise Fund — Series I shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| LVIP JPMorgan U.S. Equity Fund — Standard Class | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| MFS® Massachusetts Investors Growth Stock Portfolio — Service Class Shares | 2.0% | 4.0% | 6.0% | 8.0% | 10.0% | |||||||||||||||||
| Large Cap Value | AB VPS Relative Value Portfolio — Class B | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| Mid Cap Blend | Fidelity VIP Mid Cap Portfolio — Service Class 2 | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| Invesco V.I. Global Real Estate Fund — Series II shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| LVIP JPMorgan Mid Cap Value Fund — Standard Class | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Small Cap Blend | BNY Mellon MidCap Stock Portfolio — Initial Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| Invesco V.I. Main Street Small Cap Fund® — Service II shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| LVIP JPMorgan Small Cap Core Fund — Standard Class | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Total % Equities |
20% | 40% | 60% | 80% | 100% | |||||||||||||||||
| Fixed Income | ||||||||||||||||||||||
| Medium Duration | LVIP JPMorgan Core Bond Fund — Standard Class | 24.0% | 18.0% | 12.0% | 6.0% | 0.0% | ||||||||||||||||
| Short Duration | PIMCO VIT Low Duration Portfolio — Administrative Class Shares | 24.0% | 17.0% | 12.0% | 5.0% | 0.0% | ||||||||||||||||
| Treasury Inflation Protected Securities | American Century VP Inflation Protection Fund — Class II | 20.0% | 15.0% | 10.0% | 5.0% | 0.0% | ||||||||||||||||
| High Yield | PIMCO VIT High Yield Portfolio — Administrative Class Shares | 6.0% | 5.0% | 3.0% | 2.0% | 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% | |||||||||||||||||
7
If you wish to accept the changes to your selected Model, you will not need to take any action, as your Contract Value (and subsequent purchase payments, if applicable) will be reallocated in accordance with the updated Model.
If you choose to reject a change in an Asset Allocation Model, you create your own portfolio (a “self-directed portfolio”), you have terminated your advisory relationship with AssetMark, Inc. (“AssetMark”), your investment adviser for purposes of the Asset Allocation Program, and AssetMark provides no investment advice related to the creation of a self-directed portfolio. Further, once you have rejected a change in a Model, you are considered to have elected to reject all future changes in the Model. Therefore, if you reject a Model change and thereby create a self-directed portfolio, you will not receive a periodic review of or changes to your portfolio, as would be provided by AssetMark with respect to the Asset Allocation Models. You will, however, continue to receive a quarterly statement with information about your Contract Value, as well as written materials from AssetMark about any changes proposed to be made to the Models, and you can notify us in writing to allocate your Contract Value in accordance with such changes.
8