ThZeal - The Zeal

N-VPFS 1 d943812dnvpfs.htm GLA_VA_SA1 GLA_VA_SA1

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Financial Statements

Year ended December 31, 2024

(With Report of Independent Registered Public Accounting Firm Thereon)

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Table of Contents

Year ended December 31, 2024


	Page
Report of Independent Registered Public Accounting Firm		F-1

Statements of Assets and Liabilities		F-6

Statements of Operations		F-18

Statements of Changes in Net Assets		F-30

Notes to Financial Statements		F-63

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Genworth Life and Annuity Insurance Company and

Contract Owners of Genworth Life & Annuity VA Separate Account 1:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the subaccounts listed in the Appendix that comprise the Genworth Life & Annuity VA Separate Account 1 (the Separate Account), as of December 31, 2024, the related statements of operations for the year or period then ended and the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the related notes and the financial highlights in Note 6 for each of the years or periods presented in the five-year period then ended (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2024, the results of its operations for the year or period then ended, the changes in its net assets for each of the years or periods in the two-year period then ended, and the financial highlights in Note 6 for each of the years or periods presented in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on these financial statements and financial highlights 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 and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2024, by correspondence with the transfer agent of the underlying mutual funds. 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 and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Separate Account’s auditor since 1997.

Richmond, Virginia

April 23, 2025

F-1

APPENDIX

Statements of assets and liabilities as of December 31, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for the five-year or lesser periods then ended.

AB Variable Products Series Fund, Inc.

AB VPS Balanced Hedged Allocation Portfolio — Class B

AB VPS International Value Portfolio — Class B

AB VPS Large Cap Growth Portfolio — Class B

AB VPS Relative Value Portfolio — Class B (1)

AB VPS Small Cap Growth Portfolio — Class B

AB VPS Sustainable Global Thematic Portfolio — Class B

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

Invesco V.I. American Franchise Fund — Series I shares

Invesco V.I. American Franchise Fund — Series II shares

Invesco V.I. American Value Fund — Series II shares

Invesco V.I. Capital Appreciation Fund — Series I shares

Invesco V.I. Capital Appreciation Fund — Series II shares

Invesco V.I. Comstock Fund — Series II shares

Invesco V.I. Core Equity Fund — Series I shares

Invesco V.I. Core Plus Bond Fund — Series I shares

Invesco V.I. Discovery Mid Cap Growth Fund — Series I shares

Invesco V.I. Discovery Mid Cap Growth Fund — Series II shares

Invesco V.I. EQV International Equity Fund — Series II shares

Invesco V.I. Equity and Income Fund — Series I shares

Invesco V.I. Equity and Income Fund — Series II shares

Invesco V.I. Global Fund — Series II shares

Invesco V.I. Global Real Estate Fund — Series II shares

Invesco V.I. Global Strategic Income Fund — Series I shares

Invesco V.I. Government Securities Fund — Series I shares

Invesco V.I. Main Street Fund^® — Series II shares

Invesco V.I. Main Street Small Cap Fund^® — Series II shares

Invesco V.I. Technology Fund — Series I shares

Allspring Variable Trust

Allspring VT Discovery All Cap Growth Fund — Class 2 (1)

BNY Mellon

BNY Mellon Investment Portfolios — MidCap Stock Portfolio — Initial Shares

BNY Mellon Sustainable U.S. Equity Portfolio, Inc. — Initial Shares

BNY Mellon Variable Investment Fund — Government Money Market Portfolio

BlackRock Variable Series Funds, Inc.

BlackRock Advantage SMID Cap V.I. Fund — Class III Shares

BlackRock Basic Value V.I. Fund — Class III Shares

BlackRock Global Allocation V.I. Fund — Class III Shares

BlackRock Large Cap Focus Growth V.I. Fund — Class III Shares

Columbia Funds Variable Series Trust II

CTIVP^® — Principal Blue Chip Growth Fund — Class 1

Columbia Variable Portfolio — Overseas Core Fund — Class 2

Deutsche DWS Variable Series II

DWS Small Mid Cap Value VIP — Class B Shares

Eaton Vance Variable Trust

VT Floating — Rate Income Fund

Federated Hermes Insurance Series

Federated Hermes High Income Bond Fund II — Primary Shares

Federated Hermes High Income Bond Fund II — Service Shares

F-2

Federated Hermes Kaufmann Fund II — Service Shares

Federated Hermes Managed Volatility Fund II — Primary Shares

Fidelity^® Variable Insurance Products Fund

VIP Asset Manager Portfolio — Initial Class

VIP Asset Manager Portfolio — Service Class 2

VIP Balanced Portfolio — Service Class 2

VIP Contrafund^® Portfolio — Initial Class

VIP Contrafund^® Portfolio — Service Class 2

VIP Dynamic Capital Appreciation Portfolio — Service Class 2

VIP Equity-Income Portfolio^SM — Initial Class

VIP Equity-Income Portfolio^SM — Service Class 2

VIP Growth & Income Portfolio — Initial Class

VIP Growth & Income Portfolio — Service Class 2

VIP Growth Opportunities Portfolio — Initial Class

VIP Growth Opportunities Portfolio — Service Class 2

VIP Growth Portfolio — Initial Class

VIP Growth Portfolio — Service Class 2

VIP Investment Grade Bond Portfolio — Service Class 2

VIP Mid Cap Portfolio — Initial Class

VIP Mid Cap Portfolio — Service Class 2

VIP Overseas Portfolio — Initial Class

VIP Value Strategies Portfolio — Service Class 2

Franklin Templeton Variable Insurance Products Trust

Franklin Allocation VIP Fund — Class 2 Shares

Franklin Income VIP Fund — Class 2 Shares

Franklin Large Cap Growth VIP Fund — Class 2 Shares

Franklin Mutual Shares VIP Fund — Class 2 Shares

Templeton Foreign VIP Fund — Class 1 Shares

Templeton Foreign VIP Fund — Class 2 Shares

Templeton Global Bond VIP Fund — Class 1 Shares

Templeton Growth VIP Fund — Class 2 Shares

Goldman Sachs Variable Insurance Trust

Goldman Sachs Government Money Market Fund — Service Shares

Goldman Sachs Large Cap Value Fund — Institutional Shares

Goldman Sachs Mid Cap Value Fund — Institutional Shares

Janus Aspen Series

Janus Henderson Balanced Portfolio — Institutional Shares

Janus Henderson Balanced Portfolio — Service Shares

Janus Henderson Enterprise Portfolio — Institutional Shares

Janus Henderson Enterprise Portfolio — Service Shares

Janus Henderson Flexible Bond Portfolio — Institutional Shares

Janus Henderson Forty Portfolio — Institutional Shares

Janus Henderson Forty Portfolio — Service Shares

Janus Henderson Global Research Portfolio — Institutional Shares

Janus Henderson Global Research Portfolio — Service Shares

Janus Henderson Global Technology and Innovation Portfolio — Service Shares

Janus Henderson Overseas Portfolio — Institutional Shares

Janus Henderson Overseas Portfolio — Service Shares

Janus Henderson Research Portfolio — Institutional Shares

Janus Henderson Research Portfolio — Service Shares

Legg Mason Partners Variable Equity Trust

ClearBridge Variable Dividend Strategy Portfolio — Class I

ClearBridge Variable Dividend Strategy Portfolio — Class II

ClearBridge Variable Growth Portfolio — Class II (1)

ClearBridge Variable Large Cap Value Portfolio — Class I

F-3

Lincoln Variable Insurance Products Trust

LVIP American Century Disciplined Core Value Fund — Standard Class II (1)

LVIP American Century Inflation Protection Fund — Service Class (1)

LVIP American Century International Fund — Standard Class II (1)

LVIP American Century Ultra^® Fund — Standard Class II (1)

LVIP American Century Value Fund — Standard Class II (1)

LVIP JPMorgan Core Bond Fund — Standard Class (1)

LVIP JPMorgan Mid Cap Value Fund — Standard Class (1)

LVIP JPMorgan Small Cap Core Fund — Standard Class (1)

LVIP JPMorgan U.S. Equity Fund — Standard Class (1)

MFS^® Variable Insurance Trust

MFS^® Investors Trust Series — Service Class Shares

MFS^® New Discovery Series — Service Class Shares

MFS^® Total Return Series — Service Class Shares

MFS^® Utilities Series — Service Class Shares

MFS^® Variable Insurance Trust II

MFS^® Income Portfolio — Service Class Shares

MFS^® Massachusetts Investors Growth Stock Portfolio — Service Class Shares

PIMCO Variable Insurance Trust

All Asset Portfolio — Advisor Class Shares

High Yield Portfolio — Administrative Class Shares

International Bond Portfolio (U.S. Dollar Hedged) — Administrative Class Shares

Long-Term U.S. Government Portfolio — Administrative Class Shares

Low Duration Portfolio — Administrative Class Shares

Total Return Portfolio — Administrative Class Shares

Rydex Variable Trust

NASDAQ — 100^® Fund

State Street Variable Insurance Series Funds, Inc.

Income V.I.S. Fund — Class 1 Shares

Premier Growth Equity V.I.S. Fund — Class 1 Shares

Real Estate Securities V.I.S. Fund — Class 1 Shares

S&P 500^® Index V.I.S. Fund — Class 1 Shares

Small-Cap Equity V.I.S. Fund — Class 1 Shares

Total Return V.I.S. Fund — Class 1 Shares

Total Return V.I.S. Fund — Class 3 Shares

U.S. Equity V.I.S. Fund — Class 1 Shares

The Alger Portfolios

Alger Large Cap Growth Portfolio — Class I-2 Shares

Alger Small Cap Growth Portfolio — Class I-2 Shares

The Prudential Series Fund

PSF Mid-Cap Growth Portfolio — Class II Shares

PSF Natural Resources Portfolio — Class II Shares

PSF PGIM Jennison Blend Portfolio — Class II Shares

PSF PGIM Jennison Growth Portfolio — Class II Shares

Statements of assets and liabilities as of December 31, 2024, the related statements of operations for the period from January 1, 2024 to June 17, 2024 (liquidation date) and the statements of changes in net assets for the period from January 1, 2023 to June 17, 2024 (liquidation date).

Deutsche DWS Variable Series I

DWS Capital Growth VIP — Class B Shares

Deutsche DWS Variable Series II

DWS CROCI^® U.S. VIP — Class B Shares

F-4

Statements of assets and liabilities as of December 31, 2024, the related statements of operations for the period from January 1, 2024 to April 26, 2024 (liquidation date) and the statements of changes in net assets for the period from January 1, 2023 to April 26, 2024 (liquidation date).

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

Invesco V.I. Conservative Balanced Fund — Series I shares

Invesco V.I. Conservative Balanced Fund — Series II shares

Statement of assets and liabilities as of December 31, 2024, the related statement of operations for the year then ended, and the statements of changes in net assets for the period from March 10, 2023 (inception) to December 31, 2024 and the financial highlights for the lesser periods in the five years ended December 31, 2024.

Advanced Series Trust

AST International Equity Portfolio — Class I Shares

(1)	See Note 1 to the financial statements for the former name of the subaccount.

F-5

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Assets and Liabilities

December 31, 2024



	AB Variable Products Series Fund, Inc.

	AB VPS Balanced Hedged Allocation Portfolio — Class B		AB VPS International Value Portfolio — Class B		AB VPS Large Cap Growth Portfolio — Class B		AB VPS Relative Value Portfolio — Class B		AB VPS Small Cap Growth Portfolio — Class B

Assets:
Investments at fair value (note 2b)		$5,553,733		$4,623,726		$12,610,605		$26,232,614		$3,272,050
Dividend receivable		—		—		—		—		—
Receivable for units sold		—		—		5		—		—
Total assets		5,553,733		4,623,726		12,610,610		26,232,614		3,272,050

Liabilities:
Accrued expenses payable to affiliate (note 4b)		286		203		547		1,106		137
Payable for units withdrawn		7,641		6,519		—		65,999		1
Total liabilities		7,927		6,722		547		67,105		138

Net assets attributable to:
Variable annuity contract owners in the accumulation period		5,000,359		4,605,767		11,939,217		25,528,146		3,270,498
Variable annuity contract owners in the annuitization period		545,447		11,237		670,846		637,363		1,414
Net assets		$5,545,806		$4,617,004		$12,610,063		$26,165,509		$3,271,912

Investments in securities at cost		$6,119,716		$4,456,425		$8,624,337		$22,568,151		$4,335,723
Shares outstanding		616,397		307,020		158,186		849,777		346,615



	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)

	Invesco V.I. Conservative Balanced Fund — Series I shares		Invesco V.I. Conservative Balanced Fund — Series II shares		Invesco V.I. Core Equity Fund — Series I shares		Invesco V.I. Core Plus Bond Fund — Series I shares		Invesco V.I. Discovery Mid Cap Growth Fund — Series I shares

Assets:
Investments at fair value (note 2b)		$—		$—		$58,802,972		$5,008,479		$20,643,257
Dividend receivable		—		—		—		—		—
Receivable for units sold		—		—		—		—		—
Total assets		—		—		58,802,972		5,008,479		20,643,257

Liabilities:
Accrued expenses payable to affiliate (note 4b)		—		—		2,761		194		762
Payable for units withdrawn		—		—		16,102		104		6,035
Total liabilities		—		—		18,863		298		6,797

Net assets attributable to:
Variable annuity contract owners in the accumulation period		—		—		56,239,811		4,956,567		20,382,504
Variable annuity contract owners in the annuitization period		—		—		2,544,298		51,614		253,956
Net assets		$—		$—		$58,784,109		$5,008,181		$20,636,460

Investments in securities at cost		$—		$—		$58,716,565		$5,112,457		$17,656,966
Shares outstanding		—		—		1,749,047		878,681		264,555

See accompanying notes to financial statements.

F-6

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Assets and Liabilities — Continued

December 31, 2024



AB Variable Products Series Fund, Inc. (continued)		AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

AB VPS Sustainable Global Thematic Portfolio — Class B		Invesco V.I. American Franchise Fund — Series I shares		Invesco V.I. American Franchise Fund — Series II shares		Invesco V.I. American Value Fund — Series II shares		Invesco V.I. Capital Appreciation Fund — Series I shares		Invesco V.I. Capital Appreciation Fund — Series II shares		Invesco V.I. Comstock Fund — Series II shares


	$1,680,383		$8,090,666		$3,684,432		$11,394,408		$26,226,734		$10,448,684		$42,732,451
	—		—		—		—		—		—		—
	6		216		—		42		—		291		—
	1,680,389		8,090,882		3,684,432		11,394,450		26,226,734		10,448,975		42,732,451


	71		348		155		473		1,017		439		1,863
	—		—		125		—		—		—		375
	71		348		280		473		1,017		439		2,238


	1,680,173		7,833,533		3,682,223		11,344,874		26,091,570		10,374,636		42,075,094
	145		257,001		1,929		49,103		134,147		73,900		655,119
	$1,680,318		$8,090,534		$3,684,152		$11,393,977		$26,225,717		$10,448,536		$42,730,213

	$1,393,127		$5,954,026		$2,481,946		$10,568,126		$18,834,250		$8,495,832		$39,509,639
	51,231		101,731		51,459		657,496		415,309		174,903		2,073,384



AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)

Invesco V.I. Discovery Mid Cap Growth Fund — Series II shares		Invesco V.I. EQV International Equity Fund — Series II shares		Invesco V.I. Equity and Income Fund — Series I shares		Invesco V.I. Equity and Income Fund — Series II shares		Invesco V.I. Global Fund — Series II shares		Invesco V.I. Global Real Estate Fund — Series II shares		Invesco V.I. Global Strategic Income Fund — Series I shares


	$7,018,746		$21,691,884		$6,171,860		$23,127,682		$28,551,140		$181,843		$1,420,478
	—		—		—		—		—		—		—
	151		—		—		—		—		—		—
	7,018,897		21,691,884		6,171,860		23,127,682		28,551,140		181,843		1,420,478


	294		991		226		1,218		1,211		9		54
	—		13,369		162		4,859		32,606		1		—
	294		14,360		388		6,077		33,817		10		54


	7,015,691		21,057,206		6,112,867		22,241,029		28,359,110		111,306		1,372,390
	2,912		620,318		58,605		880,576		158,213		70,527		48,034
	$7,018,603		$21,677,524		$6,171,472		$23,121,605		$28,517,323		$181,833		$1,420,424

	$6,884,263		$22,512,325		$6,091,737		$22,732,865		$27,188,129		$183,573		$1,662,653
	104,867		659,528		353,486		1,334,546		738,519		13,934		331,114

See accompanying notes to financial statements.

F-7

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Assets and Liabilities — Continued

December 31, 2024



	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)								Advanced Series Trust

	Invesco V.I. Government Securities Fund — Series I shares		Invesco V.I. Main Street Fund^® — Series II shares		Invesco V.I. Main Street Small Cap Fund^® — Series II shares		Invesco V.I. Technology Fund — Series I shares		AST International Equity Portfolio — Class I Shares

Assets:
Investments at fair value (note 2b)		$—		$81,468,820		$24,601,609		$—		$—
Dividend receivable		—		—		—		—		—
Receivable for units sold		—		—		2,558		—		—
Total assets		—		81,468,820		24,604,167		—		—

Liabilities:
Accrued expenses payable to affiliate (note 4b)		—		3,792		1,109		—		—
Payable for units withdrawn		—		10,231		—		—		—
Total liabilities		—		14,023		1,109		—		—

Net assets attributable to:
Variable annuity contract owners in the accumulation period		—		78,466,187		23,930,957		—		—
Variable annuity contract owners in the annuitization period		—		2,988,610		672,101		—		—
Net assets		$—		$81,454,797		$24,603,058		$—		$—

Investments in securities at cost		$—		$85,876,140		$22,611,496		$—		$—
Shares outstanding		—		4,112,510		863,517		—		—



	BlackRock Variable Series Funds, Inc. (continued)		Columbia Funds Variable Series Trust II				Deutsche DWS Variable Series I		Deutsche DWS Variable Series II

	BlackRock Large Cap Focus Growth V.I. Fund — Class III Shares		CTIVP^® — Principal Blue Chip Growth Fund — Class 1		Columbia Variable Portfolio — Overseas Core Fund — Class 2		DWS Capital Growth VIP — Class B Shares		DWS CROCI^® U.S. VIP — Class B Shares

Assets:
Investments at fair value (note 2b)		$9,438,999		$27,065,630		$7,401,884		$—		$—
Dividend receivable		—		—		—		—		—
Receivable for units sold		—		1,858		750		—		—
Total assets		9,438,999		27,067,488		7,402,634		—		—

Liabilities:
Accrued expenses payable to affiliate (note 4b)		397		1,121		319		—		—
Payable for units withdrawn		—		—		—		—		—
Total liabilities		397		1,121		319		—		—

Net assets attributable to:
Variable annuity contract owners in the accumulation period		9,438,602		26,924,501		7,372,480		—		—
Variable annuity contract owners in the annuitization period		—		141,866		29,835		—		—
Net assets		$9,438,602		$27,066,367		$7,402,315		$—		$—

Investments in securities at cost		$7,363,765		$17,288,227		$7,299,521		$—		$—
Shares outstanding		422,327		377,748		565,893		—		—

See accompanying notes to financial statements.

F-8

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Assets and Liabilities — Continued

December 31, 2024



Allspring Variable Trust		BNY Mellon						BlackRock Variable Series Funds, Inc.

Allspring VT Discovery All Cap Growth Fund — Class 2		BNY Mellon Investment Portfolios — MidCap Stock Portfolio — Initial Shares		BNY Mellon Sustainable U.S. Equity Portfolio, Inc. — Initial Shares		BNY Mellon Variable Investment Fund — Government Money Market Portfolio		BlackRock Advantage SMID Cap V.I. Fund — Class III Shares		BlackRock Basic Value V.I. Fund — Class III Shares		BlackRock Global Allocation V.I. Fund — Class III Shares


	$2,344,684		$256,343		$9,977,327		$1,145,123		$9,811,492		$12,547,773		$111,739,863
	—		—		—		4,187		—		—		—
	—		—		—		—		—		1,592		—
	2,344,684		256,343		9,977,327		1,149,310		9,811,492		12,549,365		111,739,863


	97		12		416		47		402		522		5,670
	1		2		1		1		36		—		11,901
	98		14		417		48		438		522		17,571


	2,344,586		186,732		9,976,910		1,128,712		9,805,725		12,526,993		102,226,915
	—		69,597		—		20,550		5,329		21,850		9,495,377
	$2,344,586		$256,329		$9,976,910		$1,149,262		$9,811,054		$12,548,843		$111,722,292

	$2,272,982		$228,513		$6,253,896		$1,145,123		$9,300,948		$13,300,053		$121,372,222
	85,354		12,456		179,739		1,145,123		899,312		982,598		8,668,725



Deutsche DWS Variable Series II (continued)		Eaton Vance Variable Trust		Federated Hermes Insurance Series								Fidelity^® Variable Insurance Products Fund

DWS Small Mid Cap Value VIP — Class B Shares		VT Floating-Rate Income Fund		Federated Hermes High Income Bond Fund II — Primary Shares		Federated Hermes High Income Bond Fund II — Service Shares		Federated Hermes Kaufmann Fund II — Service Shares		Federated Hermes Managed Volatility Fund II — Primary Shares		VIP Asset Manager Portfolio — Initial Class


	$10,800		$18,090,846		$4,283,261		$5,224,456		$23,690,295		$6,646,663		$26,661,633
	—		112,277		—		—		—		—		—
	—		—		—		89		276		—		—
	10,800		18,203,123		4,283,261		5,224,545		23,690,571		6,646,663		26,661,633


	1		838		171		221		1,071		268		891
	1		21,464		105		—		—		—		—
	2		22,302		276		221		1,071		268		891


	10,798		17,481,563		4,203,467		5,195,376		23,086,231		6,586,099		26,298,302
	—		699,258		79,518		28,948		603,269		60,296		362,440
	$10,798		$18,180,821		$4,282,985		$5,224,324		$23,689,500		$6,646,395		$26,660,742

	$10,125		$18,391,630		$4,650,226		$5,689,401		$22,204,479		$6,410,101		$24,477,131
	782		2,101,144		754,095		926,322		1,335,417		652,273		1,620,768

See accompanying notes to financial statements.

F-9

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Assets and Liabilities — Continued

December 31, 2024



	Fidelity^® Variable Insurance Products Fund (continued)

	VIP Asset Manager Portfolio — Service Class 2		VIP Balanced Portfolio — Service Class 2		VIP Contrafund^® Portfolio —Initial Class		VIP Contrafund^® Portfolio — Service Class 2		VIP Dynamic Capital Appreciation Portfolio — Service Class 2

Assets:
Investments at fair value (note 2b)		$4,432,607		$52,814,205		$103,774,617		$134,228,549		$1,681,811
Dividend receivable		—		—		—		—		—
Receivable for units sold		—		—		—		—		—
Total assets		4,432,607		52,814,205		103,774,617		134,228,549		1,681,811

Liabilities:
Accrued expenses payable to affiliate (note 4b)		214		2,677		4,064		6,045		71
Payable for units withdrawn		—		304		91,546		30,568		1
Total liabilities		214		2,981		95,610		36,613		72

Net assets attributable to:
Variable annuity contract owners in the accumulation period		4,397,039		50,479,460		102,733,986		130,438,266		1,681,739
Variable annuity contract owners in the annuitization period		35,354		2,331,764		945,021		3,753,670		—
Net assets		$4,432,393		$52,811,224		$103,679,007		$134,191,936		$1,681,739

Investments in securities at cost		$4,130,704		$42,503,793		$65,968,429		$102,519,329		$1,155,585
Shares outstanding		278,780		2,229,388		1,791,070		2,418,532		88,007



	Fidelity^® Variable Insurance Products Fund (continued)

	VIP Growth Portfolio — Service Class 2		VIP Investment Grade Bond Portfolio — Service Class 2		VIP Mid Cap Portfolio — Initial Class		VIP Mid Cap Portfolio — Service Class 2		VIP Overseas Portfolio — Initial Class

Assets:
Investments at fair value (note 2b)		$18,670,161		$49,275,685		$—		$65,104,330		$8,962,977
Dividend receivable		—		—		—		—		—
Receivable for units sold		434		—		—		—		78
Total assets		18,670,595		49,275,685		—		65,104,330		8,963,055

Liabilities:
Accrued expenses payable to affiliate (note 4b)		795		2,326		—		2,769		336
Payable for units withdrawn		—		172,313		—		123,517		—
Total liabilities		795		174,639		—		126,286		336

Net assets attributable to:
Variable annuity contract owners in the accumulation period		18,367,567		46,843,266		—		64,006,399		8,918,295
Variable annuity contract owners in the annuitization period		302,233		2,257,780		—		971,645		44,424
Net assets		$18,669,800		$49,101,046		$—		$64,978,044		$8,962,719

Investments in securities at cost		$15,576,546		$52,746,413		$—		$64,486,293		$7,158,832
Shares outstanding		201,317		4,639,895		—		1,834,959		351,903

See accompanying notes to financial statements.

F-10

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Assets and Liabilities — Continued

December 31, 2024



Fidelity^® Variable Insurance Products Fund (continued)

VIP Equity-Income Portfolio^SM — Initial Class		VIP Equity-Income Portfolio^SM — Service Class 2		VIP Growth & Income Portfolio — Initial Class		VIP Growth & Income Portfolio — Service Class 2		VIP Growth Opportunities Portfolio — Initial Class		VIP Growth Opportunities Portfolio — Service Class 2		VIP Growth Portfolio — Initial Class


	$60,962,370		$31,026,576		$14,320,931		$12,679,082		$15,507,146		$8,379,689		$71,948,685
	—		—		—		—		—		—		—
	—		1,638		—		—		—		—		—
	60,962,370		31,028,214		14,320,931		12,679,082		15,507,146		8,379,689		71,948,685


	2,279		1,328		564		543		613		357		2,632
	2,158		—		72,395		12,028		—		257		26,709
	4,437		1,328		72,959		12,571		613		614		29,341


	60,403,253		30,291,804		14,197,740		12,561,027		15,454,637		8,286,977		71,166,263
	554,680		735,082		50,232		105,484		51,896		92,098		753,081
	$60,957,933		$31,026,886		$14,247,972		$12,666,511		$15,506,533		$8,379,075		$71,919,344

	$52,336,116		$27,372,554		$9,478,690		$9,258,117		$8,743,044		$5,835,007		$53,948,523
	2,292,680		1,216,728		468,770		430,822		186,833		104,290		742,198



Fidelity^® Variable Insurance Products Fund (continued)		Franklin Templeton Variable Insurance Products Trust

VIP Value Strategies Portfolio — Service Class 2		Franklin Allocation VIP Fund — Class 2 Shares		Franklin Income VIP Fund — Class 2 Shares		Franklin Large Cap Growth VIP Fund — Class 2 Shares		Franklin Mutual Shares VIP Fund — Class 2 Shares		Templeton Foreign VIP Fund — Class 1 Shares		Templeton Foreign VIP Fund — Class 2 Shares


	$2,543,131		$25,684,244		$126,719,816		$190,129		$20,926,372		$2,936,397		$157,745
	—		—		—		—		—		—		—
	—		—		—		—		—		—		—
	2,543,131		25,684,244		126,719,816		190,129		20,926,372		2,936,397		157,745


	106		1,353		6,667		8		943		119		7
	—		366,924		250,641		1		1,397		58		1
	106		368,277		257,308		9		2,340		177		8


	2,535,856		21,078,784		115,211,211		190,120		20,325,038		2,909,928		157,737
	7,169		4,237,183		11,251,297		—		598,994		26,292		—
	$2,543,025		$25,315,967		$126,462,508		$190,120		$20,924,032		$2,936,220		$157,737

	$2,332,370		$29,257,893		$131,415,724		$176,135		$21,860,680		$2,939,549		$158,486
	161,674		4,901,573		8,824,500		9,158		1,276,777		208,551		11,464

See accompanying notes to financial statements.

F-11

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Assets and Liabilities — Continued

December 31, 2024



	Franklin Templeton Variable Insurance Products Trust (continued)				Goldman Sachs Variable Insurance Trust

	Templeton Global Bond VIP Fund — Class 1 Shares		Templeton Growth VIP Fund — Class 2 Shares		Goldman Sachs Government Money Market Fund — Service Shares		Goldman Sachs Large Cap Value Fund — Institutional Shares		Goldman Sachs Mid Cap Value Fund — Institutional Shares

Assets:
Investments at fair value (note 2b)		$1,726,648		$4,137,258		$113,414,290		$4,412,163		$25,564,573
Dividend receivable		—		—		414,228		—		—
Receivable for units sold		—		—		423,171		—		—
Total assets		1,726,648		4,137,258		114,251,689		4,412,163		25,564,573

Liabilities:
Accrued expenses payable to affiliate (note 4b)		66		175		4,909		176		1,034
Payable for units withdrawn		—		522		—		—		433
Total liabilities		66		697		4,909		176		1,467

Net assets attributable to:
Variable annuity contract owners in the accumulation period		1,658,465		4,065,752		113,893,803		4,377,151		25,322,248
Variable annuity contract owners in the annuitization period		68,117		70,809		352,977		34,836		240,858
Net assets		$1,726,582		$4,136,561		$114,246,780		$4,411,987		$25,563,106

Investments in securities at cost		$2,354,401		$3,963,267		$113,414,290		$4,836,033		$23,938,065
Shares outstanding		143,171		331,511		113,414,290		511,852		1,515,387



	Janus Aspen Series (continued)

	Janus Henderson Global Research Portfolio — Institutional Shares		Janus Henderson Global Research Portfolio — Service Shares		Janus Henderson Global Technology and Innovation Portfolio— Service Shares		Janus Henderson Overseas Portfolio— Institutional Shares		Janus Henderson Overseas Portfolio — Service Shares

Assets:
Investments at fair value (note 2b)		$33,511,171		$2,462,346		$12,150,504		$14,432,595		$1,360,129
Dividend receivable		—		—		—		—		—
Receivable for units sold		—		136		157,917		—		—
Total assets		33,511,171		2,462,482		12,308,421		14,432,595		1,360,129

Liabilities:
Accrued expenses payable to affiliate (note 4b)		1,288		104		493		570		57
Payable for units withdrawn		13,216		—		—		36,983		7
Total liabilities		14,504		104		493		37,553		64

Net assets attributable to:
Variable annuity contract owners in the accumulation period		32,017,516		2,462,378		12,127,062		14,305,252		1,360,065
Variable annuity contract owners in the annuitization period		1,479,151		—		180,866		89,790		—
Net assets		$33,496,667		$2,462,378		$12,307,928		$14,395,042		$1,360,065

Investments in securities at cost		$19,468,353		$1,428,265		$7,144,311		$12,199,231		$997,038
Shares outstanding		461,586		35,191		574,220		328,611		32,562

See accompanying notes to financial statements.

F-12

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Assets and Liabilities — Continued

December 31, 2024



Janus Aspen Series

Janus Henderson Balanced Portfolio — Institutional Shares		Janus Henderson Balanced Portfolio — Service Shares		Janus Henderson Enterprise Portfolio — Institutional Shares		Janus Henderson Enterprise Portfolio — Service Shares		Janus Henderson Flexible Bond Portfolio — Institutional Shares		Janus Henderson Forty Portfolio — Institutional Shares		Janus Henderson Forty Portfolio — Service Shares


	$48,084,599		$72,042,500		$37,412,225		$4,700,726		$5,886,699		$36,768,621		$16,448,175
	—		—		—		—		—		—		—
	—		—		—		16		—		—		—
	48,084,599		72,042,500		37,412,225		4,700,742		5,886,699		36,768,621		16,448,175


	1,864		3,531		1,455		196		232		1,479		697
	16,367		162,892		71,682		—		1		20,762		6,593
	18,231		166,423		73,137		196		233		22,241		7,290


	47,638,859		68,810,888		37,018,090		4,700,546		5,852,198		36,062,305		16,428,969
	427,509		3,065,189		320,998		—		34,268		684,075		11,916
	$48,066,368		$71,876,077		$37,339,088		$4,700,546		$5,886,466		$36,746,380		$16,440,885

	$30,665,973		$48,683,220		$26,346,510		$3,602,788		$7,048,257		$25,047,280		$12,624,268
	938,786		1,324,554		444,431		62,911		603,764		640,792		322,134



Janus Aspen Series (continued)				Legg Mason Partners Variable Equity Trust								Lincoln Variable Insurance Products Trust

Janus Henderson Research Portfolio — Institutional Shares		Janus Henderson Research Portfolio — Service Shares		ClearBridge Variable Dividend Strategy Portfolio — Class I		ClearBridge Variable Dividend Strategy Portfolio — Class II		ClearBridge Variable Growth Portfolio — Class II		ClearBridge Variable Large Cap Value Portfolio — Class I		LVIP American Century Disciplined Core Value Fund — Standard Class II


	$41,918,066		$3,176,160		$3,721,130		$4,378,492		$2,296,270		$11,722,633		$38,913
	—		—		—		—		—		—		—
	—		214		—		—		—		—		—
	41,918,066		3,176,374		3,721,130		4,378,492		2,296,270		11,722,633		38,913


	1,618		136		146		236		100		482		2
	1,163		—		—		1		15		624		2
	2,781		136		146		237		115		1,106		4


	41,602,534		2,991,040		3,675,810		4,197,398		2,284,787		11,674,811		38,909
	312,751		185,198		45,174		180,857		11,368		46,716		—
	$41,915,285		$3,176,238		$3,720,984		$4,378,255		$2,296,155		$11,721,527		$38,909

	$22,340,783		$1,729,795		$3,473,965		$3,865,443		$3,386,801		$11,868,880		$35,913
	705,691		56,275		175,525		205,274		166,156		601,161		4,543

See accompanying notes to financial statements.

F-13

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Assets and Liabilities — Continued

December 31, 2024



	Lincoln Variable Insurance Products Trust (continued)

	LVIP American Century Inflation Protection Fund — Service Class		LVIP American Century International Fund — Standard Class II		LVIP American Century Ultra^® Fund — Standard Class II		LVIP American Century Value Fund — Standard Class II		LVIP JPMorgan Core Bond Fund — Standard Class

Assets:
Investments at fair value (note 2b)		$14,821,167		$239,314		$34,077		$67,587		$842,988
Dividend receivable		—		—		—		—		—
Receivable for units sold		—		—		—		—		—
Total assets		14,821,167		239,314		34,077		67,587		842,988

Liabilities:
Accrued expenses payable to affiliate (note 4b)		702		11		2		3		43
Payable for units withdrawn		4,365		2		—		—		—
Total liabilities		5,067		13		2		3		43

Net assets attributable to:
Variable annuity contract owners in the accumulation period		13,947,447		168,429		34,075		67,584		553,295
Variable annuity contract owners in the annuitization period		868,653		70,872		—		—		289,650
Net assets		$14,816,100		$239,301		$34,075		$67,584		$842,945

Investments in securities at cost		$16,251,425		$243,019		$24,952		$57,370		$914,658
Shares outstanding		1,617,325		22,399		1,123		5,527		87,720



	MFS^® Variable Insurance Trust II				PIMCO Variable Insurance Trust

	MFS^® Income Portfolio — Service Class Shares		MFS^® Massachusetts Investors Growth Stock Portfolio — Service Class Shares		All Asset Portfolio — Advisor Class Shares		High Yield Portfolio — Administrative Class Shares		International Bond Portfolio (U.S. Dollar Hedged) — Administrative Class Shares

Assets:
Investments at fair value (note 2b)		$10,977		$5,370,190		$3,249,594		$25,168,427		$990,430
Dividend receivable		—		—		—		128,155		3,398
Receivable for units sold		—		—		—		—		181
Total assets		10,977		5,370,190		3,249,594		25,296,582		994,009

Liabilities:
Accrued expenses payable to affiliate (note 4b)		—		229		140		1,142		42
Payable for units withdrawn		—		60,722		261		10,687		—
Total liabilities		—		60,951		401		11,829		42

Net assets attributable to:
Variable annuity contract owners in the accumulation period		10,977		5,155,314		3,249,193		24,535,314		976,705
Variable annuity contract owners in the annuitization period		—		153,925		—		749,439		17,262
Net assets		$10,977		$5,309,239		$3,249,193		$25,284,753		$993,967

Investments in securities at cost		$12,553		$4,588,877		$3,703,307		$25,590,855		$1,033,430
Shares outstanding		1,332		230,184		363,489		3,476,302		99,043

See accompanying notes to financial statements.

F-14

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Assets and Liabilities — Continued

December 31, 2024



Lincoln Variable Insurance Products Trust (continued)						MFS^® Variable Insurance Trust

LVIP JPMorgan Mid Cap Value Fund — Standard Class		LVIP JPMorgan Small Cap Core Fund — Standard Class		LVIP JPMorgan U.S. Equity Fund — Standard Class		MFS^® Investors Trust Series — Service Class Shares		MFS^® New Discovery Series — Service Class Shares		MFS^® Total Return Series — Service Class Shares		MFS^® Utilities Series — Service Class Shares


	$203,057		$148,869		$307,712		$3,592,839		$8,141,422		$24,533,007		$9,725,400
	—		—		—		—		—		—		—
	—		—		—		19		363		1,026		240
	203,057		148,869		307,712		3,592,858		8,141,785		24,534,033		9,725,640


	10		7		15		151		340		1,270		418
	—		2		1		—		—		—		—
	10		9		16		151		340		1,270		418


	132,562		79,727		236,715		3,555,819		8,105,215		23,563,434		9,709,352
	70,485		69,133		70,981		36,888		36,230		969,329		15,870
	$203,047		$148,860		$307,696		$3,592,707		$8,141,445		$24,532,763		$9,725,222

	$206,702		$142,235		$230,634		$2,471,559		$10,941,606		$24,440,875		$8,789,135
	20,835		6,862		6,916		92,385		757,342		1,083,613		291,005



PIMCO Variable Insurance Trust (continued)						Rydex Variable Trust		State Street Variable Insurance Series Funds, Inc.

Long-Term U.S. Government Portfolio — Administrative Class Shares		Low Duration Portfolio — Administrative Class Shares		Total Return Portfolio — Administrative Class Shares		NASDAQ — 100^® Fund		Income V.I.S. Fund — Class 1 Shares		Premier Growth Equity V.I.S. Fund — Class 1 Shares		Real Estate Securities V.I.S. Fund — Class 1 Shares


	$23,196,403		$27,444,326		$95,278,864		$9,547,428		$7,517,888		$27,851,728		$16,744,213
	61,429		91,436		334,316		—		—		—		—
	—		—		—		—		—		144		86
	23,257,832		27,535,762		95,613,180		9,547,428		7,517,888		27,851,872		16,744,299


	1,095		1,267		4,301		403		308		1,167		668
	1,327		10,105		35,790		20		13,239		—		—
	2,422		11,372		40,091		423		13,547		1,167		668


	22,210,228		26,512,579		92,638,448		9,547,005		7,355,508		27,523,857		16,700,402
	1,045,182		1,011,811		2,934,641		—		148,833		326,848		43,229
	$23,255,410		$27,524,390		$95,573,089		$9,547,005		$7,504,341		$27,850,705		$16,743,631

	$30,962,033		$28,380,429		$106,069,402		$5,344,446		$8,862,000		$23,979,358		$18,701,822
	3,190,702		2,846,922		10,539,697		110,939		785,568		239,812		1,584,126

See accompanying notes to financial statements.

F-15

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Assets and Liabilities — Continued

December 31, 2024



	State Street Variable Insurance Series Funds, Inc. (continued)

	S&P 500^® Index V.I.S. Fund — Class 1 Shares		Small-Cap Equity V.I.S. Fund — Class 1 Shares		Total Return V.I.S. Fund — Class 1 Shares		Total Return V.I.S. Fund — Class 3 Shares		U.S. Equity V.I.S. Fund — Class 1 Shares

Assets:
Investments at fair value (note 2b)		$156,416,935		$21,043,180		$606,197,338		$254,163,389		$16,861,065
Dividend receivable		—		—		—		—		—
Receivable for units sold		—		1,574		—		—		—
Total assets		156,416,935		21,044,754		606,197,338		254,163,389		16,861,065

Liabilities:
Accrued expenses payable to affiliate (note 4b)		6,382		880		26,890		13,245		706
Payable for units withdrawn		554,565		—		24,012		13,481		3,327
Total liabilities		560,947		880		50,902		26,726		4,033

Net assets attributable to:
Variable annuity contract owners in the accumulation period		154,897,898		20,857,510		159,886,890		189,423,432		16,799,037
Variable annuity contract owners in the annuitization period		958,090		186,364		446,259,546		64,713,231		57,995
Net assets		$155,855,988		$21,043,874		$606,146,436		$254,136,663		$16,857,032

Investments in securities at cost		$119,533,803		$22,303,444		$632,539,107		$262,352,068		$15,537,178
Shares outstanding		2,865,304		1,676,747		38,709,919		16,219,744		348,585

See accompanying notes to financial statements.

F-16

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Assets and Liabilities — Continued

December 31, 2024



The Alger Portfolios				The Prudential Series Fund

Alger Large Cap Growth Portfolio — Class I-2 Shares		Alger Small Cap Growth Portfolio — Class I-2 Shares		PSF Mid-Cap Growth Portfolio — Class II Shares		PSF Natural Resources Portfolio — Class II Shares		PSF PGIM Jennison Blend Portfolio — Class II Shares		PSF PGIM Jennison Growth Portfolio — Class II Shares


	$28,422,325		$10,910,641		$17,870		$4,428,230		$4,884,048		$8,481,932
	—		—		—		—		—		—
	—		—		—		1,729		—		—
	28,422,325		10,910,641		17,870		4,429,959		4,884,048		8,481,932


	1,119		432		1		193		213		360
	209		4,718		—		—		73		—
	1,328		5,150		1		193		286		360


	28,210,306		10,782,242		17,869		4,410,908		4,880,925		8,481,572
	210,691		123,249		—		18,858		2,837		—
	$28,420,997		$10,905,491		$17,869		$4,429,766		$4,883,762		$8,481,572

	$20,126,324		$14,845,460		$3,942		$3,865,356		$3,831,268		$3,890,754
	318,672		612,613		617		105,284		41,226		48,873

See accompanying notes to financial statements.

F-17

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Operations



	AB Variable Products Series Fund, Inc.

	AB VPS Balanced Hedged Allocation Portfolio — Class B			AB VPS International Value Portfolio — Class B			AB VPS Large Cap Growth Portfolio — Class B			AB VPS Relative Value Portfolio — Class B			AB VPS Small Cap Growth Portfolio — Class B

	Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024

Investment income and expense:
Income — Ordinary dividends		$104,325			$114,229			$—			$347,086			$—
Mortality and expense risk and administrative charges (note 4a)		109,979			222,031			202,169			428,769			53,138
Net investment income (expense)		(5,654	)		(107,802	)		(202,169	)		(81,683	)		(53,138	)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		(292,097	)		897,657			844,925			707,118			(633,497	)
Change in unrealized appreciation (depreciation)		572,733			239,969			1,442,368			1,313,116			1,214,979
Capital gain distributions		120,169			—			570,260			976,624			—
Net realized and unrealized gain (loss) on investments		400,805			1,137,626			2,857,553			2,996,858			581,482

Increase (decrease) in net assets from operations		$395,151			$1,029,824			$2,655,384			$2,915,175			$528,344



	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)

	Invesco V.I. Conservative Balanced Fund — Series I shares			Invesco V.I. Conservative Balanced Fund — Series II shares			Invesco V.I. Core Equity Fund — Series I shares			Invesco V.I. Core Plus Bond Fund — Series I shares			Invesco V.I. Discovery Mid Cap Growth Fund — Series I shares

	Period from January 1 to April 26, 2024			Period from January 1 to April 26, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024

Investment income and expense:
Income — Ordinary dividends		$164,704			$292,728			$409,292			$192,476			$—
Mortality and expense risk and administrative charges (note 4a)		27,919			76,964			495,088			75,226			270,946
Net investment income (expense)		136,785			215,764			(85,796	)		117,250			(270,946	)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		141,029			58,627			190,090			(7,009	)		156,984
Change in unrealized appreciation (depreciation)		(141,222	)		(51,939	)		375,746			(25,721	)		4,120,083
Capital gain distributions		—			—			4,915,408			—			—
Net realized and unrealized gain (loss) on investments		(193	)		6,688			5,481,244			(32,730	)		4,277,067

Increase (decrease) in net assets from operations		$136,592			$222,452			$5,395,448			$84,520			$4,006,121

See accompanying notes to financial statements.

F-18

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Operations — Continued



AB Variable Products Series Fund, Inc. (continued)			AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

AB VPS Sustainable Global Thematic Portfolio — Class B			Invesco V.I. American Franchise Fund — Series I shares			Invesco V.I. American Franchise Fund — Series II shares			Invesco V.I. American Value Fund — Series II shares			Invesco V.I. Capital Appreciation Fund — Series I shares			Invesco V.I. Capital Appreciation Fund — Series II shares			Invesco V.I. Comstock Fund — Series II shares

Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024


	$—			$—			$—			$81,530			$—			$—			$648,504
	27,694			121,604			54,018			156,422			355,634			151,677			748,327
	(27,694	)		(121,604	)		(54,018	)		(74,892	)		(355,634	)		(151,677	)		(99,823	)


	40,836			241,264			131,594			(50,062	)		861,079			101,070			1,180,363
	59,896			2,080,966			902,054			2,355,087			6,448,621			2,707,179			1,738,215
	5,273			—			—			244,463			—			—			3,041,918
	106,005			2,322,230			1,033,648			2,549,488			7,309,700			2,808,249			5,960,496

	$78,311			$2,200,626			$979,630			$2,474,596			$6,954,066			$2,656,572			$5,860,673



AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)

Invesco V.I. Discovery Mid Cap Growth Fund — Series II shares			Invesco V.I. EQV International Equity Fund — Series II shares			Invesco V.I. Equity and Income Fund — Series I shares		Invesco V.I. Equity and Income Fund — Series II shares			Invesco V.I. Global Fund — Series II shares			Invesco V.I. Global Real Estate Fund — Series II shares		Invesco V.I. Global Strategic Income Fund — Series I shares

Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024		Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024		Year ended December 31, 2024


	$—			$343,988			$110,229		$372,321			$—			$4,424		$44,837
	104,921			242,842			56,989		398,244			464,544			2,596		20,812
	(104,921	)		101,146			53,240		(25,923	)		(464,544	)		1,828		24,025


	(150,967	)		60,763			11,809		185,518			318,517			2,825		(42,938	)
	1,606,154			(829,050	)		80,123		788,736			2,355,815			401		44,027
	—			119,122			236,559		909,451			1,711,971			—		—
	1,455,187			(649,165	)		328,491		1,883,705			4,386,303			3,226		1,089

	$1,350,266			$(548,019	)		$381,731		$1,857,782			$3,921,759			$5,054		$25,114

See accompanying notes to financial statements.

F-19

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Operations — Continued



	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)										Advanced Series Trust

	Invesco V.I. Government Securities Fund — Series I shares		Invesco V.I. Main Street Fund^® — Series II shares			Invesco V.I. Main Street Small Cap Fund^® — Series II shares			Invesco V.I. Technology Fund — Series I shares		AST International Equity Portfolio — Class I Shares

	Year ended December 31, 2024		Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024		Year ended December 31, 2024

Investment income and expense:
Income — Ordinary dividends		$—		$—			$—			$—		$—
Mortality and expense risk and administrative charges (note 4a)		—		745,734			284,381			—		—
Net investment income (expense)		—		(745,734	)		(284,381	)		—		—

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		—		(448,655	)		435,371			—		—
Change in unrealized appreciation (depreciation)		—		(658,546	)		398,909			—		—
Capital gain distributions		—		8,270,439			926,752			—		—
Net realized and unrealized gain (loss) on investments		—		7,163,238			1,761,032			—		—

Increase (decrease) in net assets from operations		$—		$6,417,504			$1,476,651			$—		$—



	BlackRock Variable Series Funds, Inc. (continued)			Columbia Funds Variable Series Trust II						Deutsche DWS Variable Series I			Deutsche DWS Variable Series II

	BlackRock Large Cap Focus Growth V.I. Fund — Class III Shares			CTIVP^® — Principal Blue Chip Growth Fund — Class 1			Columbia Variable Portfolio — Overseas Core Fund — Class 2			DWS Capital Growth VIP — Class B Shares			DWS CROCI^® U.S. VIP — Class B Shares

	Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Period from January 1 to June 17, 2024			Period from January 1 to June 17, 2024

Investment income and expense:
Income — Ordinary dividends		$—			$—			$937,660			$—			$554
Mortality and expense risk and administrative charges (note 4a)		135,477			1,133,098			265,129			1,028			324
Net investment income (expense)		(135,477	)		(1,133,098	)		672,531			(1,028	)		230

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		340,067			24,591,271			250,632			14,608			11,736
Change in unrealized appreciation (depreciation)		1,264,161			(11,047,024	)		(199,294	)		(14,984	)		(8,888	)
Capital gain distributions		725,013			—			—			12,707			—
Net realized and unrealized gain (loss) on investments		2,329,241			13,544,247			51,338			12,331			2,848

Increase (decrease) in net assets from operations		$2,193,764			$12,411,149			$723,869			$11,303			$3,078

See accompanying notes to financial statements.

F-20

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Operations — Continued



Allspring Variable Trust			BNY Mellon								BlackRock Variable Series Funds, Inc.

Allspring VT Discovery All Cap Growth Fund — Class 2			BNY Mellon Investment Portfolios — MidCap Stock Portfolio — Initial Shares			BNY Mellon Sustainable U.S. Equity Portfolio, Inc. — Initial Shares			BNY Mellon Variable Investment Fund — Government Money Market Portfolio		BlackRock Advantage SMID Cap V.I. Fund — Class III Shares			BlackRock Basic Value V.I. Fund — Class III Shares			BlackRock Global Allocation V.I. Fund — Class III Shares

Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024		Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024


	$—			$922			$53,766			$59,818		$138,589			$219,649			$1,633,147
	36,540			3,693			150,500			19,866		150,464			338,664			2,216,327
	(36,540	)		(2,771	)		(96,734	)		39,952		(11,875	)		(119,015	)		(583,180	)


	(4,494	)		3,751			332,286			—		(101,061	)		112,563			(677,554	)
	341,445			20,039			1,686,144			—		1,044,678			1,379,941			554,915
	119,474			1,578			64,008			—		—			953,326			8,862,319
	456,425			25,368			2,082,438			—		943,617			2,445,830			8,739,680

	$419,885			$22,597			$1,985,704			$39,952		$931,742			$2,326,815			$8,156,500



Deutsche DWS Variable Series II (continued)			Eaton Vance Variable Trust			Federated Hermes Insurance Series												Fidelity^® Variable Insurance Products Fund

DWS Small Mid Cap Value VIP — Class B Shares			VT Floating-Rate Income Fund			Federated Hermes High Income Bond Fund II — Primary Shares			Federated Hermes High Income Bond Fund II — Service Shares			Federated Hermes Kaufmann Fund II — Service Shares			Federated Hermes Managed Volatility Fund II — Primary Shares			VIP Asset Manager Portfolio — Initial Class

Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024


	$89			$1,675,408			$243,011			$286,725			$70,026			$153,452			$649,361
	172			355,239			64,202			83,276			269,182			99,259			336,603
	(83	)		1,320,169			178,809			203,449			(199,156	)		54,193			312,758


	117			(157,530	)		(114,603	)		(95,632	)		170,214			(19,691	)		280,903
	(102	)		53,860			134,298			114,651			1,935,137			837,057			1,130,225
	530			—			—			—			326,574			—			174,588
	545			(103,670	)		19,695			19,019			2,431,925			817,366			1,585,716

	$462			$1,216,499			$198,504			$222,468			$2,232,769			$871,559			$1,898,474

See accompanying notes to financial statements.

F-21

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Operations — Continued



	Fidelity^® Variable Insurance Products Fund (continued)

	VIP Asset Manager Portfolio — Service Class 2		VIP Balanced Portfolio — Service Class 2			VIP Contrafund^® Portfolio — Initial Class			VIP Contrafund^® Portfolio — Service Class 2			VIP Dynamic Capital Appreciation Portfolio — Service Class 2

	Year ended December 31, 2024		Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024

Investment income and expense:
Income — Ordinary dividends		$102,606		$885,117			$185,826			$48,059			$813
Mortality and expense risk and administrative charges (note 4a)		74,193		1,002,266			1,455,109			2,283,352			25,577
Net investment income (expense)		28,413		(117,149	)		(1,269,283	)		(2,235,293	)		(24,764	)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		39,754		2,220,904			8,029,740			12,264,096			121,106
Change in unrealized appreciation (depreciation)		151,203		2,916,293			9,099,948			11,770,800			172,271
Capital gain distributions		27,199		1,786,042			11,694,232			15,992,852			70,972
Net realized and unrealized gain (loss) on investments		218,156		6,923,239			28,823,920			40,027,748			364,349

Increase (decrease) in net assets from operations		$246,569		$6,806,090			$27,554,637			$37,792,455			$339,585



	Fidelity^® Variable Insurance Products Fund (continued)

	VIP Growth Portfolio — Service Class 2			VIP Investment Grade Bond Portfolio — Service Class 2			VIP Mid Cap Portfolio — Initial Class		VIP Mid Cap Portfolio — Service Class 2			VIP Overseas Portfolio — Initial Class

	Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024		Year ended December 31, 2024			Year ended December 31, 2024

Investment income and expense:
Income — Ordinary dividends		$—			$1,520,078			$—		$220,442			$154,972
Mortality and expense risk and administrative charges (note 4a)		279,981			577,501			—		924,602			134,187
Net investment income (expense)		(279,981	)		942,577			—		(704,160	)		20,785

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		1,002,100			(497,089	)		—		1,224,508			430,656
Change in unrealized appreciation (depreciation)		(431,591	)		(597,476	)		—		(873,552	)		(493,990	)
Capital gain distributions		4,046,980			—			—		8,393,163			425,484
Net realized and unrealized gain (loss) on investments		4,617,489			(1,094,565	)		—		8,744,119			362,150

Increase (decrease) in net assets from operations		$4,337,508			$(151,988	)		$—		$8,039,959			$382,935

See accompanying notes to financial statements.

F-22

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Operations — Continued



Fidelity^® Variable Insurance Products Fund (continued)

VIP Equity-Income Portfolio^SM — Initial Class		VIP Equity-Income Portfolio^SM — Service Class 2			VIP Growth & Income Portfolio — Initial Class			VIP Growth & Income Portfolio — Service Class 2			VIP Growth Opportunities Portfolio — Initial Class			VIP Growth Opportunities Portfolio — Service Class 2			VIP Growth Portfolio — Initial Class

Year ended December 31, 2024		Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024


	$1,096,655		$499,962			$200,979			$155,013			$—			$—			$606
	886,646		521,627			211,921			198,296			212,794			123,234			938,343
	210,009		(21,665	)		(10,942	)		(43,283	)		(212,794	)		(123,234	)		(937,737	)


	2,106,686		1,206,671			1,119,596			672,794			1,169,323			366,144			4,103,029
	2,377,202		1,101,826			690,304			807,221			3,630,724			2,191,704			(1,126,190	)
	3,602,377		1,894,319			920,715			841,606			—			—			15,221,638
	8,086,265		4,202,816			2,730,615			2,321,621			4,800,047			2,557,848			18,198,477

	$8,296,274		$4,181,151			$2,719,673			$2,278,338			$4,587,253			$2,434,614			$17,260,740



Fidelity^® Variable Insurance Products Fund (continued)			Franklin Templeton Variable Insurance Products Trust

VIP Value Strategies Portfolio — Service Class 2			Franklin Allocation VIP Fund — Class 2 Shares			Franklin Income VIP Fund — Class 2 Shares			Franklin Large Cap Growth VIP Fund — Class 2 Shares			Franklin Mutual Shares VIP Fund — Class 2 Shares			Templeton Foreign VIP Fund — Class 1 Shares			Templeton Foreign VIP Fund — Class 2 Shares

Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024


	$19,927			$566,008			$7,114,169			$—			$417,354			$81,292			$4,031
	42,053			537,262			2,641,566			2,774			363,136			46,857			2,634
	(22,126	)		28,746			4,472,603			(2,774	)		54,218			34,435			1,397


	105,509			(1,015,162	)		(1,330,531	)		1,695			(278,309	)		17,235			1,435
	(242,003	)		2,938,621			3,281,682			21,234			1,822,106			(118,240	)		(6,472	)
	358,462			—			582,870			20,063			434,013			—			—
	221,968			1,923,459			2,534,021			42,992			1,977,810			(101,005	)		(5,037	)

	$199,842			$1,952,205			$7,006,624			$40,218			$2,032,028			$(66,570	)		$(3,640	)

See accompanying notes to financial statements.

F-23

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Operations — Continued



	Franklin Templeton Variable Insurance Products Trust (continued)						Goldman Sachs Variable Insurance Trust

	Templeton Global Bond VIP Fund — Class 1 Shares			Templeton Growth VIP Fund — Class 2 Shares			Goldman Sachs Government Money Market Fund — Service Shares		Goldman Sachs Large Cap Value Fund — Institutional Shares			Goldman Sachs Mid Cap Value Fund — Institutional Shares

	Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024		Year ended December 31, 2024			Year ended December 31, 2024

Investment income and expense:
Income — Ordinary dividends		$—			$43,118			$5,866,128		$61,089			$256,009
Mortality and expense risk and administrative charges (note 4a)		28,660			67,755			1,939,638		65,560			392,739
Net investment income (expense)		(28,660	)		(24,637	)		3,926,490		(4,471	)		(136,730	)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		(123,770	)		100,785			—		(17,072	)		393,164
Change in unrealized appreciation (depreciation)		(115,775	)		84,746			—		130,526			981,966
Capital gain distributions		—			14,757			—		527,467			1,463,686
Net realized and unrealized gain (loss) on investments		(239,545	)		200,288			—		640,921			2,838,816

Increase (decrease) in net assets from operations		$(268,205	)		$175,651			$3,926,490		$636,450			$2,702,086



	Janus Aspen Series (continued)

	Janus Henderson Global Research Portfolio — Institutional Shares			Janus Henderson Global Research Portfolio — Service Shares			Janus Henderson Global Technology and Innovation Portfolio — Service Shares			Janus Henderson Overseas Portfolio — Institutional Shares			Janus Henderson Overseas Portfolio — Service Shares

	Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024

Investment income and expense:
Income — Ordinary dividends		$248,905			$14,554			$—			$208,260			$21,475
Mortality and expense risk and administrative charges (note 4a)		468,160			38,813			176,842			225,182			26,426
Net investment income (expense)		(219,255	)		(24,259	)		(176,842	)		(16,922	)		(4,951	)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		1,857,914			244,308			744,331			375,692			141,547
Change in unrealized appreciation (depreciation)		3,751,314			190,734			2,479,160			341,861			(59,437	)
Capital gain distributions		1,065,003			80,803			—			—			—
Net realized and unrealized gain (loss) on investments		6,674,231			515,845			3,223,491			717,553			82,110

Increase (decrease) in net assets from operations		$6,454,976			$491,586			$3,046,649			$700,631			$77,159

See accompanying notes to financial statements.

F-24

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Operations — Continued



Janus Aspen Series

Janus Henderson Balanced Portfolio — Institutional Shares		Janus Henderson Balanced Portfolio — Service Shares			Janus Henderson Enterprise Portfolio — Institutional Shares			Janus Henderson Enterprise Portfolio — Service Shares			Janus Henderson Flexible Bond Portfolio — Institutional Shares			Janus Henderson Forty Portfolio — Institutional Shares			Janus Henderson Forty Portfolio — Service Shares

Year ended December 31, 2024		Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024


	$1,000,562		$1,272,269			$279,088			$29,759			$306,324			$38,642			$3,599
	701,672		1,327,075			540,961			72,040			94,838			525,348			433,019
	298,890		(54,806	)		(261,873	)		(42,281	)		211,486			(486,706	)		(429,420	)


	3,636,936		4,776,184			1,638,673			116,779			(230,736	)		1,423,453			5,825,592
	2,451,534		4,339,728			2,051,561			315,534			52,139			5,322,119			(1,122,640	)
	—		—			1,501,505			208,937			—			2,016,936			2,187,391
	6,088,470		9,115,912			5,191,739			641,250			(178,597	)		8,762,508			6,890,343

	$6,387,360		$9,061,106			$4,929,866			$598,969			$32,889			$8,275,802			$6,460,923



Janus Aspen Series (continued)						Legg Mason Partners Variable Equity Trust												Lincoln Variable Insurance Products Trust

Janus Henderson Research Portfolio — Institutional Shares			Janus Henderson Research Portfolio — Service Shares			ClearBridge Variable Dividend Strategy Portfolio — Class I			ClearBridge Variable Dividend Strategy Portfolio — Class II			ClearBridge Variable Growth Portfolio — Class II			ClearBridge Variable Large Cap Value Portfolio — Class I			LVIP American Century Disciplined Core Value Fund — Standard Class II

Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024


	$12,182			$—			$47,502			$48,755			$2,867			$147,995			$434
	568,249			47,435			52,287			85,727			41,720			193,250			603
	(556,067	)		(47,435	)		(4,785	)		(36,972	)		(38,853	)		(45,255	)		(169	)


	2,983,182			196,640			61,623			83,151			(338,924	)		300,475			420
	7,844,378			604,019			52,618			96,099			(152	)		(1,191,126	)		3,226
	1,158,700			90,347			396,378			454,270			643,168			1,779,203			—
	11,986,260			891,006			510,619			633,520			304,092			888,552			3,646

	$11,430,193			$843,571			$505,834			$596,548			$265,239			$843,297			$3,477

See accompanying notes to financial statements.

F-25

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Operations — Continued



	Lincoln Variable Insurance Products Trust (continued)

	LVIP American Century Inflation Protection Fund — Service Class			LVIP American Century International Fund — Standard Class II			LVIP American Century Ultra^® Fund — Standard Class II			LVIP American Century Value Fund — Standard Class II			LVIP JPMorgan Core Bond Fund — Standard Class

	Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024

Investment income and expense:
Income — Ordinary dividends		$566,722			$4,204			$—			$3,373			$37,922
Mortality and expense risk and administrative charges (note 4a)		274,677			4,650			662			2,310			20,401
Net investment income (expense)		292,045			(446	)		(662	)		1,063			17,521

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		(320,399	)		1,716			4,052			1,110			(23,651	)
Change in unrealized appreciation (depreciation)		14,234			2,886			2,552			(6,833	)		10,867
Capital gain distributions		—			—			2,918			13,705			—
Net realized and unrealized gain (loss) on investments		(306,165	)		4,602			9,522			7,982			(12,784	)

Increase (decrease) in net assets from operations		$(14,120	)		$4,156			$8,860			$9,045			$4,737



	MFS^® Variable Insurance Trust II						PIMCO Variable Insurance Trust

	MFS^® Income Portfolio — Service Class Shares			MFS^® Massachusetts Investors Growth Stock Portfolio — Service Class Shares			All Asset Portfolio — Advisor Class Shares			High Yield Portfolio — Administrative Class Shares			International Bond Portfolio (U.S. Dollar Hedged) — Administrative Class Shares

	Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024

Investment income and expense:
Income — Ordinary dividends		$465			$7,026			$217,376			$1,549,343			$37,381
Mortality and expense risk and administrative charges (note 4a)		188			85,027			54,497			442,538			16,018
Net investment income (expense)		277			(78,001	)		162,879			1,106,805			21,363

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		(745	)		132,096			(117,029	)		(131,901	)		(10,951	)
Change in unrealized appreciation (depreciation)		599			176,848			18,311			348,357			28,008
Capital gain distributions		—			488,853			—			—			—
Net realized and unrealized gain (loss) on investments		(146	)		797,797			(98,718	)		216,456			17,057

Increase (decrease) in net assets from operations		$131			$719,796			$64,161			$1,323,261			$38,420

See accompanying notes to financial statements.

F-26

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Operations — Continued



Lincoln Variable Insurance Products Trust (continued)									MFS^® Variable Insurance Trust

LVIP JPMorgan Mid Cap Value Fund — Standard Class			LVIP JPMorgan Small Cap Core Fund — Standard Class			LVIP JPMorgan U.S. Equity Fund — Standard Class			MFS^® Investors Trust Series— Service Class Shares			MFS^® New Discovery Series — Service Class Shares			MFS^® Total Return Series — Service Class Shares			MFS^® Utilities Series — Service Class Shares

Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024


	$2,429			$1,173			$1,525			$18,502			$—			$565,795			$203,658
	4,043			2,147			14,145			61,026			129,776			485,691			147,490
	(1,614	)		(974	)		(12,620	)		(42,524	)		(129,776	)		80,104			56,168


	3,942			3,357			267,698			257,150			(449,359	)		240,946			116,744
	(9,635	)		6,437			(82,185	)		128,184			990,772			(196,935	)		400,866
	32,113			2,200			28,170			288,741			—			1,213,624			283,554
	26,420			11,994			213,683			674,075			541,413			1,257,635			801,164

	$24,806			$11,020			$201,063			$631,551			$411,637			$1,337,739			$857,332



PIMCO Variable Insurance Trust (continued)									Rydex Variable Trust			State Street Variable Insurance Series Funds, Inc.

Long-Term U.S. Government Portfolio — Administrative Class Shares			Low Duration Portfolio — Administrative Class Shares			Total Return Portfolio — Administrative Class Shares			NASDAQ — 100^® Fund			Income V.I.S. Fund — Class 1 Shares			Premier Growth Equity V.I.S. Fund — Class 1 Shares			Real Estate Securities V.I.S. Fund — Class 1 Shares

Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024


	$1,037,242			$1,438,182			$3,817,830			$18,477			$248,749			$—			$810,613
	664,620			618,884			1,561,872			139,747			122,860			430,969			576,473
	372,622			819,298			2,255,958			(121,270	)		125,889			(430,969	)		234,140


	(9,636,161	)		(869,153	)		(2,264,451	)		474,033			(255,429	)		1,629,844			(809,246	)
	6,487,026			990,361			771,893			1,275,637			(56,622	)		323,455			3,543,733
	—			—			—			171,029			—			5,571,739			—
	(3,149,135	)		121,208			(1,492,558	)		1,920,699			(312,051	)		7,525,038			2,734,487

	$(2,776,513	)		$940,506			$763,400			$1,799,429			$(186,162)			$7,094,069			$2,968,627

See accompanying notes to financial statements.

F-27

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Operations — Continued



	State Street Variable Insurance Series Funds, Inc. (continued)

	S&P 500^® Index V.I.S. Fund — Class 1 Shares			Small-Cap Equity V.I.S. Fund — Class 1 Shares			Total Return V.I.S. Fund — Class 1 Shares			Total Return V.I.S. Fund — Class 3 Shares			U.S. Equity V.I.S. Fund — Class 1 Shares

	Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024

Investment income and expense:
Income — Ordinary dividends		$1,699,661			$22,977			$28,083,344			$10,926,604			$66,205
Mortality and expense risk and administrative charges (note 4a)		2,263,792			332,075			9,995,330			5,125,078			291,061
Net investment income (expense)		(564,131	)		(309,098	)		18,088,014			5,801,526			(224,856	)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		7,164,289			(101,160	)		(2,953,897	)		(1,614,831	)		1,283,321
Change in unrealized appreciation (depreciation)		11,117,171			516,170			40,406,402			18,856,724			(518,778	)
Capital gain distributions		12,979,445			1,676,224			125,636			53,019			3,318,841
Net realized and unrealized gain (loss) on investments		31,260,905			2,091,234			37,578,141			17,294,912			4,083,384

Increase (decrease) in net assets from operations		$30,696,774			$1,782,136			$55,666,155			$23,096,438			$3,858,528

See accompanying notes to financial statements.

F-28

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Operations — Continued



The Alger Portfolios						The Prudential Series Fund

Alger Large Cap Growth Portfolio — Class I-2 Shares			Alger Small Cap Growth Portfolio — Class I-2 Shares			PSF Mid-Cap Growth Portfolio — Class II Shares			PSF Natural Resources Portfolio — Class II Shares			PSF PGIM Jennison Blend Portfolio — Class II Shares			PSF PGIM Jennison Growth Portfolio — Class II Shares

Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024			Year ended December 31, 2024


	$—			$41,672			$—			$—			$—			$—
	381,343			163,801			282			214,312			71,336			122,896
	(381,343	)		(122,129	)		(282	)		(214,312	)		(71,336	)		(122,896	)


	989,615			(649,097	)		1,432			2,058,755			132,283			689,835
	8,405,882			1,483,432			889			(636,973	)		912,473			1,409,528
	—			—			—			—			—			—
	9,395,497			834,335			2,321			1,421,782			1,044,756			2,099,363

	$9,014,154			$712,206			$2,039			$1,207,470			$973,420			$1,976,467

See accompanying notes to financial statements.

F-29

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets



	AB Variable Products Series Fund, Inc.

	AB VPS Balanced Hedged Allocation Portfolio — Class B						AB VPS International Value Portfolio — Class B						AB VPS Large Cap Growth Portfolio — Class B

	Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$(5,654	)		$(59,829	)		$(107,802	)		$(57,740	)		$(202,169	)		$(178,096	)
Net realized gain (loss) on investments		(292,097	)		(399,927	)		897,657			(46,435	)		844,925			225,783
Change in unrealized appreciation (depreciation) on investments		572,733			771,267			239,969			379,465			1,442,368			2,326,111
Capital gain distributions		120,169			337,524			—			—			570,260			844,049
Increase (decrease) in net assets from operations		395,151			649,035			1,029,824			275,290			2,655,384			3,217,847

From capital transactions (note 4):
Net premiums		61,370			3,269			30,282			6,581			473			48,552
Transfers for contract benefits and terminations		(1,111,300	)		(796,003	)		(1,496,989	)		(1,019,453	)		(1,810,565	)		(1,185,770	)
Administrative expenses		(53,747	)		(62,299	)		(113,878	)		(95,587	)		(29,139	)		(26,155	)
Transfers between subaccounts (including fixed account), net		(90,043	)		(347,078	)		(14,374,196	)		15,111,288			(501,532	)		(186,675	)
Increase (decrease) in net assets from capital transactions		(1,193,720	)		(1,202,111	)		(15,954,781	)		14,002,829			(2,340,763	)		(1,350,048	)
Increase (decrease) in net assets		(798,569	)		(553,076	)		(14,924,957	)		14,278,119			314,621			1,867,799
Net assets at beginning of year		6,344,375			6,897,451			19,541,961			5,263,842			12,295,442			10,427,643
Net assets at end of year		$5,545,806			$6,344,375			$4,617,004			$19,541,961			$12,610,063			$12,295,442

Change in units (note 5):
Units purchased		79,041			20,981			162,576			2,114,731			7,686			13,352
Units redeemed		(142,996	)		(106,299	)		(2,162,805	)		(250,663	)		(66,351	)		(53,370	)
Net increase (decrease) in units from capital transactions with contract owners		(63,955	)		(85,318	)		(2,000,229	)		1,864,068			(58,665	)		(40,018	)

See accompanying notes to financial statements.

F-30

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



AB Variable Products Series Fund, Inc. (continued)																		AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

AB VPS Relative Value Portfolio — Class B						AB VPS Small Cap Growth Portfolio — Class B						AB VPS Sustainable Global Thematic Portfolio — Class B						Invesco V.I. American Franchise Fund — Series I shares						Invesco V.I. American Franchise Fund — Series II shares

Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023




	$(81,683	)		$(71,381	)		$(53,138	)		$(57,244	)		$(27,694	)		$(27,243	)		$(121,604	)		$(99,465	)		$(54,018	)		$(45,755	)
	707,118			296,389			(633,497	)		(645,232	)		40,836			20,082			241,264			(131,679	)		131,594			(20,764	)
	1,313,116			153,940			1,214,979			1,257,113			59,896			128,399			2,080,966			2,159,201			902,054			962,710
	976,624			2,156,234			—			—			5,273			112,934			—			146,098			—			72,104
	2,915,175			2,535,182			528,344			554,637			78,311			234,172			2,200,626			2,074,155			979,630			968,295


	17,821			86,285			11,972			10,600			—			—			4,977			—			—			—
	(3,500,808	)		(3,211,677	)		(813,790	)		(244,574	)		(148,615	)		(60,250	)		(1,075,532	)		(522,405	)		(352,564	)		(298,733	)
	(58,007	)		(56,683	)		(15,934	)		(16,220	)		(9,134	)		(9,050	)		(23,498	)		(17,868	)		(13,771	)		(11,492	)
	(396,619	)		(118,415	)		(106,783	)		(343,329	)		(46,990	)		(93,355	)		(189,328	)		102,613			(137,337	)		(119,361	)
	(3,937,613	)		(3,300,490	)		(924,535	)		(593,523	)		(204,739	)		(162,655	)		(1,283,381	)		(437,660	)		(503,672	)		(429,586	)
	(1,022,438	)		(765,308	)		(396,191	)		(38,886	)		(126,428	)		71,517			917,245			1,636,495			475,958			538,709
	27,187,947			27,953,255			3,668,103			3,706,989			1,806,746			1,735,229			7,173,289			5,536,794			3,208,194			2,669,485
	$26,165,509			$27,187,947			$3,271,912			$3,668,103			$1,680,318			$1,806,746			$8,090,534			$7,173,289			$3,684,152			$3,208,194


	17,847			29,709			6,856			9,632			875			2,015			1,668			15,154			187			1,375
	(120,117	)		(128,094	)		(32,910	)		(28,399	)		(7,107	)		(6,962	)		(33,491	)		(30,286	)		(10,006	)		(12,534	)
	(102,270	)		(98,385	)		(26,054	)		(18,767	)		(6,232	)		(4,947	)		(31,823	)		(15,132	)		(9,819	)		(11,159	)

See accompanying notes to financial statements.

F-31

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)

	Invesco V.I. American Value Fund — Series II shares						Invesco V.I. Capital Appreciation Fund — Series I shares						Invesco V.I. Capital Appreciation Fund — Series II shares

	Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$(74,892	)		$(88,705	)		$(355,634	)		$(296,086	)		$(151,677	)		$(121,678	)
Net realized gain (loss) on investments		(50,062	)		(216,834	)		861,079			(292,935	)		101,070			(310,618	)
Change in unrealized appreciation (depreciation) on investments		2,355,087			(375,809	)		6,448,621			6,744,128			2,707,179			2,647,385
Capital gain distributions		244,463			1,740,441			—			—			—			—
Increase (decrease) in net assets from operations		2,474,596			1,059,093			6,954,066			6,155,107			2,656,572			2,215,089

From capital transactions (note 4):
Net premiums		48,181			57			68,062			53,740			13,930			107,408
Transfers for contract benefits and terminations		(488,327	)		(514,614	)		(3,830,134	)		(2,140,544	)		(859,001	)		(558,935	)
Administrative expenses		(33,998	)		(27,668	)		(15,605	)		(16,118	)		(54,809	)		(43,490	)
Transfers between subaccounts (including fixed account), net		563,385			836,067			(246,683	)		9,185			(168,129	)		514,994
Increase (decrease) in net assets from capital transactions		89,241			293,842			(4,024,360	)		(2,093,737	)		(1,068,009	)		19,977
Increase (decrease) in net assets		2,563,837			1,352,935			2,929,706			4,061,370			1,588,563			2,235,066
Net assets at beginning of year		8,830,140			7,477,205			23,296,011			19,234,641			8,859,973			6,624,907
Net assets at end of year		$11,393,977			$8,830,140			$26,225,717			$23,296,011			$10,448,536			$8,859,973

Change in units (note 5):
Units purchased		103,092			140,322			2,906			4,664			11,301			31,918
Units redeemed		(97,683	)		(110,534	)		(29,941	)		(30,375	)		(34,980	)		(31,266	)
Net increase (decrease) in units from capital transactions with contract owners		5,409			29,788			(27,035	)		(25,711	)		(23,679	)		652

See accompanying notes to financial statements.

F-32

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)

Invesco V.I. Comstock Fund — Series II shares						Invesco V.I. Conservative Balanced Fund — Series I shares						Invesco V.I. Conservative Balanced Fund — Series II shares						Invesco V.I. Core Equity Fund — Series I shares						Invesco V.I. Core Plus Bond Fund — Series I shares

Year ended December 31, 2024			Year ended December 31, 2023			Period from January 1 to April 26, 2024			Year ended December 31, 2023			Period from January 1 to April 26, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023




	$(99,823	)		$145,397			$136,785			$29,965			$215,764			$(31,336	)		$(85,796	)		$(694,962	)		$117,250			$61,338
	1,180,363			576,970			141,029			(52,793	)		58,627			(155,601	)		190,090			(12,252,176	)		(7,009	)		(32,152	)
	1,738,215			(2,419,857	)		(141,222	)		733,489			(51,939	)		1,423,555			375,746			25,234,698			(25,721	)		210,767
	3,041,918			5,183,003			—			—			—			—			4,915,408			106,315			—			—
	5,860,673			3,485,513			136,592			710,661			222,452			1,236,618			5,395,448			12,393,875			84,520			239,953


	129,546			327,392			—			—			10,675			201			37,346			73,874			10,592			11,143
	(4,679,260	)		(2,957,093	)		(329,056	)		(966,584	)		(308,682	)		(1,365,070	)		(3,582,608	)		(4,560,412	)		(786,447	)		(736,395	)
	(345,644	)		(244,255	)		(2,129	)		(6,594	)		(27,848	)		(83,100	)		(287,395	)		(469,378	)		(5,807	)		(6,789	)
	(5,939,997	)		17,773,941			(6,258,304	)		(292,269	)		(12,154,781	)		(866,266	)		52,488,019			(74,010,417	)		368,422			451,830
	(10,835,355	)		14,899,985			(6,589,489	)		(1,265,447	)		(12,480,636	)		(2,314,235	)		48,655,362			(78,966,333	)		(413,240	)		(280,211	)
	(4,974,682	)		18,385,498			(6,452,897	)		(554,786	)		(12,258,184	)		(1,077,617	)		54,050,810			(66,572,458	)		(328,720	)		(40,258	)
	47,704,895			29,319,397			6,452,897			7,007,683			12,258,184			13,335,801			4,733,299			71,305,757			5,336,901			5,377,159
	$42,730,213			$47,704,895			$—			$6,452,897			$—			$12,258,184			$58,784,109			$4,733,299			$5,008,181			$5,336,901


	95,586			833,965			4,447			4,924			20,736			47,675			2,137,779			118,496			47,767			53,043
	(438,431	)		(207,630	)		(169,610	)		(42,372	)		(976,461	)		(227,219	)		(284,995	)		(3,638,123	)		(89,102	)		(82,457	)
	(342,845	)		626,335			(165,163	)		(37,448	)		(955,725	)		(179,544	)		1,852,784			(3,519,627	)		(41,335	)		(29,414	)

See accompanying notes to financial statements.

F-33

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)

	Invesco V.I. Discovery Mid Cap Growth Fund — Series I shares						Invesco V.I. Discovery Mid Cap Growth Fund — Series II shares						Invesco V.I. EQV International Equity Fund — Series II shares

	Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$(270,946	)		$(245,665	)		$(104,921	)		$(98,937	)		$101,146			$(141,095	)
Net realized gain (loss) on investments		156,984			(418,668	)		(150,967	)		(302,909	)		60,763			(109,577	)
Change in unrealized appreciation (depreciation) on investments		4,120,083			2,678,481			1,606,154			1,061,899			(829,050	)		1,597,343
Capital gain distributions		—			—			—			—			119,122			6,738
Increase (decrease) in net assets from operations		4,006,121			2,014,148			1,350,266			660,053			(548,019	)		1,353,409

From capital transactions (note 4):
Net premiums		91,144			44,503			14,167			44,295			13,105			768
Transfers for contract benefits and terminations		(1,740,811	)		(2,012,803	)		(821,670	)		(402,305	)		(1,585,086	)		(522,040	)
Administrative expenses		(10,454	)		(11,561	)		(33,991	)		(29,549	)		(118,663	)		(51,780	)
Transfers between subaccounts (including fixed account), net		(201,963	)		(110,214	)		(217,109	)		362,975			14,532,689			(218,502	)
Increase (decrease) in net assets from capital transactions		(1,862,084	)		(2,090,075	)		(1,058,603	)		(24,584	)		12,842,045			(791,554	)
Increase (decrease) in net assets		2,144,037			(75,927	)		291,663			635,469			12,294,026			561,855
Net assets at beginning of year		18,492,423			18,568,350			6,726,940			6,091,471			9,383,498			8,821,643
Net assets at end of year		$20,636,460			$18,492,423			$7,018,603			$6,726,940			$21,677,524			$9,383,498

Change in units (note 5):
Units purchased		4,219			9,578			3,548			19,839			1,077,549			22,973
Units redeemed		(25,499	)		(33,139	)		(26,478	)		(20,830	)		(171,295	)		(65,805	)
Net increase (decrease) in units from capital transactions with contract owners		(21,280	)		(23,561	)		(22,930	)		(991	)		906,254			(42,832	)

See accompanying notes to financial statements.

F-34

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)

Invesco V.I. Equity and Income Fund — Series I shares					Invesco V.I. Equity and Income Fund — Series II shares						Invesco V.I. Global Fund — Series II shares						Invesco V.I. Global Real Estate Fund — Series II shares						Invesco V.I. Global Strategic Income Fund — Series I shares

Year ended December 31, 2024			Year ended December 31, 2023		Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023




	$53,240			$—		$(25,923	)		$(146,372	)		$(464,544	)		$(432,711	)		$1,828			$(58	)		$24,025			$(21,959	)
	11,809			—		185,518			(1,968,782	)		318,517			(605,015	)		2,825			(148	)		(42,938	)		(74,672	)
	80,123			—		788,736			2,621,736			2,355,815			5,671,830			401			2,725			44,027			208,290
	236,559			—		909,451			668,372			1,711,971			3,226,547			—			—			—			—
	381,731			—		1,857,782			1,174,954			3,921,759			7,860,651			5,054			2,519			25,114			111,659


	6,093			—		9,900			251,531			49,583			69,800			370			—			1,634			994
	(328,177	)		—		(2,860,838	)		(1,631,426	)		(3,173,469	)		(3,025,844	)		(18,572	)		(191	)		(165,724	)		(178,001	)
	(3,336	)		—		(152,199	)		(157,825	)		(131,701	)		(128,414	)		(277	)		(171	)		(1,288	)		(1,606	)
	6,115,161			—		11,204,170			(12,098,387	)		(1,285,239	)		(2,219,152	)		158,837			2,528			13,151			(11,100	)
	5,789,741			—		8,201,033			(13,636,107	)		(4,540,826	)		(5,303,610	)		140,358			2,166			(152,227	)		(189,713	)
	6,171,472			—		10,058,815			(12,461,153	)		(619,067	)		2,557,041			145,412			4,685			(127,113	)		(78,054	)
	—			—		13,062,790			25,523,943			29,136,390			26,579,349			36,421			31,736			1,547,537			1,625,591
	$6,171,472			$—		$23,121,605			$13,062,790			$28,517,323			$29,136,390			$181,833			$36,421			$1,420,424			$1,547,537


	641,143			—		664,326			77,188			23,004			29,350			17,061			190			6,009			10,242
	(61,062	)		—		(251,156	)		(749,189	)		(146,256	)		(209,996	)		(4,867	)		(44	)		(20,928	)		(29,835	)
	580,081			—		413,170			(672,001	)		(123,252	)		(180,646	)		12,194			146			(14,919	)		(19,593	)

See accompanying notes to financial statements.

F-35

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)

	Invesco V.I. Government Securities Fund — Series I shares				Invesco V.I. Main Street Fund^® — Series II shares						Invesco V.I. Main Street Small Cap Fund^® — Series II shares

	Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$—		$—		$(745,734	)		$(757,227	)		$(284,381	)		$(73,758	)
Net realized gain (loss) on investments		—		—		(448,655	)		(29,367,785	)		435,371			84,465
Change in unrealized appreciation (depreciation) on investments		—		—		(658,546	)		41,983,408			398,909			1,684,815
Capital gain distributions		—		—		8,270,439			931,424			926,752			—
Increase (decrease) in net assets from operations		—		—		6,417,504			12,789,820			1,476,651			1,695,522

From capital transactions (note 4):
Net premiums		—		—		71,350			135,338			63,025			33,094
Transfers for contract benefits and terminations		—		—		(5,596,322	)		(5,254,251	)		(2,150,718	)		(610,387	)
Administrative expenses		—		—		(389,183	)		(465,145	)		(117,855	)		(47,142	)
Transfers between subaccounts (including fixed account), net		—		—		67,138,680			(69,081,054	)		13,536,248			(523,935	)
Increase (decrease) in net assets from capital transactions		—		—		61,224,525			(74,665,112	)		11,330,700			(1,148,370	)
Increase (decrease) in net assets		—		—		67,642,029			(61,875,292	)		12,807,351			547,152
Net assets at beginning of year		—		—		13,812,768			75,688,060			11,795,707			11,248,555
Net assets at end of year		$—		$—		$81,454,797			$13,812,768			$24,603,058			$11,795,707

Change in units (note 5):
Units purchased		—		—		2,350,566			85,558			480,440			14,656
Units redeemed		—		—		(323,143	)		(3,003,454	)		(112,899	)		(38,248	)
Net increase (decrease) in units from capital transactions with contract owners		—		—		2,027,423			(2,917,896	)		367,541			(23,592	)

See accompanying notes to financial statements.

F-36

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)				Advanced Series Trust				Allspring Variable Trust						BNY Mellon

Invesco V.I. Technology Fund — Series I shares				AST International Equity Portfolio — Class I Shares				Allspring VT Discovery All Cap Growth Fund — Class 2						BNY Mellon Investment Portfolios — MidCap Stock Portfolio — Initial Shares						BNY Mellon Sustainable U.S. Equity Portfolio, Inc. — Initial Shares

Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2024		Period from March 10 to December 31, 2023		Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023




	$—		$—		$—		$—		$(36,540	)		$(31,976	)		$(2,771	)		$(661	)		$(96,734	)		$(68,263	)
	—		—		—		—		(4,494	)		(118,794	)		3,751			(95	)		332,286			45,029
	—		—		—		—		341,445			526,106			20,039			13,138			1,686,144			713,146
	—		—		—		—		119,474			220,212			1,578			3,141			64,008			917,956
	—		—		—		—		419,885			595,548			22,597			15,523			1,985,704			1,607,868


	—		—		—		—		480			480			370			—			—			—
	—		—		—		—		(323,631	)		(118,864	)		(22,743	)		(6,400	)		(376,543	)		(150,726	)
	—		—		—		—		(8,270	)		(7,377	)		(799	)		(674	)		(23,162	)		(22,945	)
	—		—		—		—		(39,890	)		(339,846	)		150,609			—			(965,637	)		691,802
	—		—		—		—		(371,311	)		(465,607	)		127,437			(7,074	)		(1,365,342	)		518,131
	—		—		—		—		48,574			129,941			150,034			8,449			620,362			2,125,999
	—		—		—		—		2,296,012			2,166,071			106,295			97,846			9,356,548			7,230,549
	$—		$—		$—		$—		$2,344,586			$2,296,012			$256,329			$106,295			$9,976,910			$9,356,548


	—		—		—		—		159			286			7,383			—			659			25,200
	—		—		—		—		(7,561	)		(12,681	)		(2,393	)		(177	)		(46,466	)		(10,578	)
	—		—		—		—		(7,402	)		(12,395	)		4,990			(177	)		(45,807	)		14,622

See accompanying notes to financial statements.

F-37

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



	BNY Mellon (continued)						BlackRock Variable Series Funds, Inc.

	BNY Mellon Variable Investment Fund — Government Money Market Portfolio						BlackRock Advantage SMID Cap V.I. Fund — Class III Shares						BlackRock Basic Value V.I. Fund — Class III Shares

	Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$39,952			$69,534			$(11,875	)		$117,025			$(119,015	)		$(33,126	)
Net realized gain (loss) on investments		—			—			(101,061	)		(305,181	)		112,563			(759,052	)
Change in unrealized appreciation (depreciation) on investments		—			—			1,044,678			1,167,649			1,379,941			3,341,573
Capital gain distributions		—			—			—			—			953,326			1,041,477
Increase (decrease) in net assets from operations		39,952			69,534			931,742			979,493			2,326,815			3,590,872

From capital transactions (note 4):
Net premiums		—			—			14,142			256			35,869			270,370
Transfers for contract benefits and terminations		(1,020,976	)		(1,146,375	)		(1,387,763	)		(149,171	)		(1,844,052	)		(2,068,775	)
Administrative expenses		(1,546	)		(2,340	)		(57,848	)		(13,835	)		(171,993	)		(245,002	)
Transfers between subaccounts (including fixed account), net		304,837			88,810			422,138			5,944,741			(14,796,764	)		(432,632	)
Increase (decrease) in net assets from capital transactions		(717,685	)		(1,059,905	)		(1,009,331	)		5,781,991			(16,776,940	)		(2,476,039	)
Increase (decrease) in net assets		(677,733	)		(990,371	)		(77,589	)		6,761,484			(14,450,125	)		1,114,833
Net assets at beginning of year		1,826,995			2,817,366			9,888,643			3,127,159			26,998,968			25,884,135
Net assets at end of year		$1,149,262			$1,826,995			$9,811,054			$9,888,643			$12,548,843			$26,998,968

Change in units (note 5):
Units purchased		82,261			100,813			26,652			200,896			52,577			126,751
Units redeemed		(158,150	)		(214,920	)		(55,121	)		(24,800	)		(731,810	)		(237,410	)
Net increase (decrease) in units from capital transactions with contract owners		(75,889	)		(114,107	)		(28,469	)		176,096			(679,233	)		(110,659	)

See accompanying notes to financial statements.

F-38

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



BlackRock Variable Series Funds, Inc. (continued)												Columbia Funds Variable Series Trust II												Deutsche DWS Variable Series I

BlackRock Global Allocation V.I. Fund — Class III Shares						BlackRock Large Cap Focus Growth V.I. Fund — Class III Shares						CTIVP^® — Principal Blue Chip Growth Fund — Class 1						Columbia Variable Portfolio — Overseas Core Fund — Class 2						DWS Capital Growth VIP — Class B Shares

Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Period from January 1 to June 17, 2024			Year ended December 31, 2023




	$(583,180	)		$651,617			$(135,477	)		$(136,307	)		$(1,133,098	)		$(1,213,975	)		$672,531			$7,233			$(1,028	)		$(2,604	)
	(677,554	)		(3,491,067	)		340,067			(128,588	)		24,591,271			2,626,486			250,632			(328,052	)		14,608			(1,132	)
	554,915			15,250,527			1,264,161			3,490,231			(11,047,024	)		21,032,259			(199,294	)		3,290,823			(14,984	)		35,516
	8,862,319			—			725,013			152,884			—			—			—			—			12,707			4,781
	8,156,500			12,411,077			2,193,764			3,378,220			12,411,149			22,444,770			723,869			2,970,004			11,303			36,561


	114,864			131,572			5,945			53,262			152,381			301,007			39,826			13,344			—			—
	(15,362,599	)		(14,884,665	)		(2,095,908	)		(428,140	)		(8,153,330	)		(7,154,098	)		(2,509,110	)		(2,323,816	)		(7,906	)		(16,749	)
	(1,343,028	)		(1,430,656	)		(43,679	)		(31,759	)		(635,528	)		(769,974	)		(120,796	)		(199,596	)		(37	)		(81	)
	(3,636,021	)		(3,595,616	)		(314,050	)		(149,294	)		(76,440,999	)		30,623,256			(14,142,751	)		(588,865	)		(159,639	)		28,174
	(20,226,784	)		(19,779,365	)		(2,447,692	)		(555,931	)		(85,077,476	)		23,000,191			(16,732,831	)		(3,098,933	)		(167,582	)		11,344
	(12,070,284	)		(7,368,288	)		(253,928	)		2,822,289			(72,666,327	)		45,444,961			(16,008,962	)		(128,929	)		(156,279	)		47,905
	123,792,576			131,160,864			9,692,530			6,870,241			99,732,694			54,287,733			23,411,277			23,540,206			156,279			108,374
	$111,722,292			$123,792,576			$9,438,602			$9,692,530			$27,066,367			$99,732,694			$7,402,315			$23,411,277			$—			$156,279


	186,892			235,996			1,944			25,541			118,492			2,106,451			126,671			169,442			194			1,903
	(1,338,055	)		(1,469,720	)		(54,394	)		(38,144	)		(3,288,708	)		(1,087,139	)		(1,342,060	)		(415,445	)		(4,625	)		(1,849	)
	(1,151,163	)		(1,233,724	)		(52,450	)		(12,603	)		(3,170,216	)		1,019,312			(1,215,389	)		(246,003	)		(4,431	)		54

See accompanying notes to financial statements.

F-39

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



	Deutsche DWS Variable Series II												Eaton Vance Variable Trust

	DWS CROCI^® U.S. VIP — Class B Shares						DWS Small Mid Cap Value VIP — Class B Shares						VT Floating — Rate Income Fund

	Period from January 1 to June 17, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$230			$(154	)		$(83	)		$(81	)		$1,320,169			$1,462,333
Net realized gain (loss) on investments		11,736			617			117			62			(157,530	)		(158,707	)
Change in unrealized appreciation (depreciation) on investments		(8,888	)		6,933			(102	)		919			53,860			714,788
Capital gain distributions		—			—			530			392			—			—
Increase (decrease) in net assets from operations		3,078			7,396			462			1,292			1,216,499			2,018,414

From capital transactions (note 4):
Net premiums		—			—			—			—			65,560			331,098
Transfers for contract benefits and terminations		(715	)		(1,710	)		(474	)		(481	)		(2,347,336	)		(2,339,064	)
Administrative expenses		(14	)		(28	)		(26	)		(27	)		(196,082	)		(211,286	)
Transfers between subaccounts (including fixed account), net		(48,298	)		(654	)		(14	)		137			(3,017,637	)		(163,462	)
Increase (decrease) in net assets from capital transactions		(49,027	)		(2,392	)		(514	)		(371	)		(5,495,495	)		(2,382,714	)
Increase (decrease) in net assets		(45,949	)		5,004			(52	)		921			(4,278,996	)		(364,300	)
Net assets at beginning of year		45,949			40,945			10,850			9,929			22,459,817			22,824,117
Net assets at end of year		$—			$45,949			$10,798			$10,850			$18,180,821			$22,459,817

Change in units (note 5):
Units purchased		11			189			19			33			173,223			227,514
Units redeemed		(2,746	)		(345	)		(38	)		(53	)		(525,773	)		(406,102	)
Net increase (decrease) in units from capital transactions with contract owners		(2,735	)		(156	)		(19	)		(20	)		(352,550	)		(178,588	)

See accompanying notes to financial statements.

F-40

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



Federated Hermes Insurance Series																								Fidelity^® Variable Insurance Products Fund

Federated Hermes High Income Bond Fund II — Primary Shares						Federated Hermes High Income Bond Fund II — Service Shares						Federated Hermes Kaufmann Fund II — Service Shares						Federated Hermes Managed Volatility Fund II — Primary Shares						VIP Asset Manager Portfolio — Initial Class

Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023




	$178,809			$212,923			$203,449			$238,821			$(199,156	)		$(298,402	)		$54,193			$30,393			$312,758			$286,775
	(114,603	)		(143,135	)		(95,632	)		(203,472	)		170,214			(1,053,862	)		(19,691	)		(148,246	)		280,903			(43,853	)
	134,298			424,896			114,651			528,030			1,935,137			4,176,643			837,057			575,276			1,130,225			2,490,790
	—			—			—			—			326,574			—			—			—			174,588			317,513
	198,504			494,684			222,468			563,379			2,232,769			2,824,379			871,559			457,423			1,898,474			3,051,225


	12,757			30,097			5,526			27,047			34,972			7,530			18,648			14,887			195,731			75,903
	(768,244	)		(599,695	)		(613,724	)		(845,702	)		(1,747,919	)		(1,793,181	)		(927,888	)		(741,038	)		(3,028,029	)		(3,596,576	)
	(3,582	)		(4,599	)		(15,599	)		(16,404	)		(120,281	)		(146,227	)		(6,308	)		(7,490	)		(16,503	)		(18,962	)
	84,858			5,366			140,436			(19,566	)		12,917,820			(15,352,675	)		54,090			3,768			(72,091	)		(541,573	)
	(674,211	)		(568,831	)		(483,361	)		(854,625	)		11,084,592			(17,284,553	)		(861,458	)		(729,873	)		(2,920,892	)		(4,081,208	)
	(475,707	)		(74,147	)		(260,893	)		(291,246	)		13,317,361			(14,460,174	)		10,101			(272,450	)		(1,022,418	)		(1,029,983	)
	4,758,692			4,832,839			5,485,217			5,776,463			10,372,139			24,832,313			6,636,294			6,908,744			27,683,160			28,713,143
	$4,282,985			$4,758,692			$5,224,324			$5,485,217			$23,689,500			$10,372,139			$6,646,395			$6,636,294			$26,660,742			$27,683,160


	7,971			6,197			15,356			8,368			581,566			59,379			7,335			6,130			5,762			3,238
	(27,089	)		(24,764	)		(34,123	)		(44,896	)		(110,047	)		(798,052	)		(34,177	)		(34,898	)		(51,204	)		(77,291	)
	(19,118	)		(18,567	)		(18,767	)		(36,528	)		471,519			(738,673	)		(26,842	)		(28,768	)		(45,442	)		(74,053	)

See accompanying notes to financial statements.

F-41

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



	Fidelity^® Variable Insurance Products Fund (continued)

	VIP Asset Manager Portfolio — Service Class 2						VIP Balanced Portfolio — Service Class 2						VIP Contrafund^® Portfolio — Initial Class

	Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$28,413			$11,758			$(117,149	)		$(181,270	)		$(1,269,283	)		$(799,620	)
Net realized gain (loss) on investments		39,754			(9,357	)		2,220,904			997,862			8,029,740			3,004,946
Change in unrealized appreciation (depreciation) on investments		151,203			349,149			2,916,293			6,312,992			9,099,948			18,100,743
Capital gain distributions		27,199			44,493			1,786,042			2,039,274			11,694,232			3,000,754
Increase (decrease) in net assets from operations		246,569			396,043			6,806,090			9,168,858			27,554,637			23,306,823

From capital transactions (note 4):
Net premiums		—			—			73,837			56,497			221,082			270,007
Transfers for contract benefits and terminations		(235,796	)		(531,381	)		(6,548,905	)		(5,694,866	)		(15,746,013	)		(9,449,490	)
Administrative expenses		(8,972	)		(7,589	)		(301,763	)		(315,000	)		(62,557	)		(65,839	)
Transfers between subaccounts (including fixed account), net		526,507			102,845			(349,142	)		(2,544,985	)		(256,924	)		(389,855	)
Increase (decrease) in net assets from capital transactions		281,739			(436,125	)		(7,125,973	)		(8,498,354	)		(15,844,412	)		(9,635,177	)
Increase (decrease) in net assets		528,308			(40,082	)		(319,883	)		670,504			11,710,225			13,671,646
Net assets at beginning of year		3,904,085			3,944,167			53,131,107			52,460,603			91,968,782			78,297,136
Net assets at end of year		$4,432,393			$3,904,085			$52,811,224			$53,131,107			$103,679,007			$91,968,782

Change in units (note 5):
Units purchased		31,934			9,366			155,807			123,302			16,298			25,673
Units redeemed		(19,605	)		(33,084	)		(411,935	)		(496,167	)		(142,856	)		(140,609	)
Net increase (decrease) in units from capital transactions with contract owners		12,329			(23,718	)		(256,128	)		(372,865	)		(126,558	)		(114,936	)

See accompanying notes to financial statements.

F-42

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



Fidelity^® Variable Insurance Products Fund (continued)

VIP Contrafund^® Portfolio — Service Class 2						VIP Dynamic Capital Appreciation Portfolio — Service Class 2						VIP Equity-Income Portfolio^SM — Initial Class						VIP Equity-Income Portfolio^SM — Service Class 2						VIP Growth & Income Portfolio — Initial Class

Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023




	$(2,235,293	)		$(1,253,063	)		$(24,764	)		$(21,500	)		$210,009			$304,663			$ (21,665	)		$ (102,388	)		$ (10,942	)		$ 23,850
	12,264,096			2,534,928			121,106			30,261			2,106,686			793,700			1,206,671			1,482,394			1,119,596			695,940
	11,770,800			18,358,467			172,271			263,792			2,377,202			2,547,519			1,101,826			1,099,624			690,304			937,180
	15,992,852			4,046,508			70,972			77,746			3,602,377			1,728,514			1,894,319			943,115			920,715			505,083
	37,792,455			23,686,840			339,585			350,299			8,296,274			5,374,396			4,181,151			3,422,745			2,719,673			2,162,053


	200,325			108,076			980			231			359,732			332,363			106,678			131,196			14,897			28,996
	(17,012,687	)		(11,192,486	)		(341,739	)		(133,496	)		(9,699,560	)		(7,288,594	)		(4,570,232	)		(4,601,601	)		(2,494,612	)		(1,551,080	)
	(1,082,260	)		(715,297	)		(5,217	)		(4,136	)		(40,313	)		(48,542	)		(139,150	)		(238,793	)		(12,959	)		(14,562	)
	(18,403,524	)		50,697,654			114,605			(57,835	)		(180,765	)		(139,749	)		(1,256,910	)		(15,064,849	)		(128,938	)		(234,086	)
	(36,298,146	)		38,897,947			(231,371	)		(195,236	)		(9,560,906	)		(7,144,522	)		(5,859,614	)		(19,774,047	)		(2,621,612	)		(1,770,732	)
	1,494,309			62,584,787			108,214			155,063			(1,264,632	)		(1,770,126	)		(1,678,463	)		(16,351,302	)		98,061			391,321
	132,697,627			70,112,840			1,573,525			1,418,462			62,222,565			63,992,691			32,705,349			49,056,651			14,149,911			13,758,590
	$134,191,936			$132,697,627			$1,681,739			$1,573,525			$60,957,933			$62,222,565			$31,026,886			$32,705,349			$14,247,972			$14,149,911


	209,202			2,131,993			2,626			1,907			15,940			30,971			39,903			128,619			4,340			12,504
	(1,077,174	)		(719,405	)		(6,305	)		(6,175	)		(144,957	)		(115,475	)		(215,494	)		(993,059	)		(55,347	)		(53,563	)
	(867,972	)		1,412,588			(3,679	)		(4,268	)		(129,017	)		(84,504	)		(175,591	)		(864,440	)		(51,007	)		(41,059	)

See accompanying notes to financial statements.

F-43

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



	Fidelity^® Variable Insurance Products Fund (continued)

	VIP Growth & Income Portfolio — Service Class 2						VIP Growth Opportunities Portfolio — Initial Class						VIP Growth Opportunities Portfolio — Service Class 2

	Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$(43,283	)		$(13,597	)		$(212,794	)		$(177,624	)		$(123,234	)		$(100,225	)
Net realized gain (loss) on investments		672,794			372,425			1,169,323			(320,641	)		366,144			(284,714	)
Change in unrealized appreciation (depreciation) on investments		807,221			960,289			3,630,724			4,972,244			2,191,704			2,684,883
Capital gain distributions		841,606			438,630			—			—			—			—
Increase (decrease) in net assets from operations		2,278,338			1,757,747			4,587,253			4,473,979			2,434,614			2,299,944

From capital transactions (note 4):
Net premiums		61,925			56,862			(16,156	)		39,453			38,733			—
Transfers for contract benefits and terminations		(1,382,401	)		(1,008,913	)		(2,516,512	)		(2,894,667	)		(1,187,059	)		(714,441	)
Administrative expenses		(44,825	)		(44,016	)		(8,357	)		(8,585	)		(34,056	)		(29,184	)
Transfers between subaccounts (including fixed account), net		(128,617	)		(108,520	)		(175,488	)		(336,178	)		(38,453	)		(252,593	)
Increase (decrease) in net assets from capital transactions		(1,493,918	)		(1,104,587	)		(2,716,513	)		(3,199,977	)		(1,220,835	)		(996,218	)
Increase (decrease) in net assets		784,420			653,160			1,870,740			1,274,002			1,213,779			1,303,726
Net assets at beginning of year		11,882,091			11,228,931			13,635,793			12,361,791			7,165,296			5,861,570
Net assets at end of year		$12,666,511			$11,882,091			$15,506,533			$13,635,793			$8,379,075			$7,165,296

Change in units (note 5):
Units purchased		15,580			22,023			4,033			8,786			8,183			13,743
Units redeemed		(57,828	)		(61,140	)		(44,594	)		(65,952	)		(27,948	)		(37,307	)
Net increase (decrease) in units from capital transactions with contract owners		(42,248	)		(39,117	)		(40,561	)		(57,166	)		(19,765	)		(23,564	)

See accompanying notes to financial statements.

F-44

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



Fidelity^® Variable Insurance Products Fund (continued)

VIP Growth Portfolio — Initial Class						VIP Growth Portfolio — Service Class 2						VIP Investment Grade Bond Portfolio — Service Class 2						VIP Mid Cap Portfolio — Initial Class				VIP Mid Cap Portfolio — Service Class 2

Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2024			Year ended December 31, 2023




	$(937,737	)		$(704,126	)		$(279,981	)		$(226,189	)		$942,577			$(16,074	)		$—		$—		$(704,160	)		$(683,525	)
	4,103,029			2,433,286			1,002,100			419,693			(497,089	)		(4,049,416	)		—		—		1,224,508			(997,662	)
	(1,126,190	)		12,916,887			(431,591	)		3,385,503			(597,476	)		5,266,925			—		—		(873,552	)		7,049,610
	15,221,638			2,676,557			4,046,980			705,259			—			—			—		—		8,393,163			1,453,870
	17,260,740			17,322,604			4,337,508			4,284,266			(151,988	)		1,201,435			—		—		8,039,959			6,822,293


	137,820			133,435			35,011			11,407			29,105			13,953			—		—		40,157			862,543
	(8,686,907	)		(8,040,600	)		(1,469,601	)		(1,375,815	)		(4,390,785	)		(3,360,025	)		—		—		(7,411,617	)		(5,128,460	)
	(32,353	)		(33,980	)		(42,948	)		(37,112	)		(367,824	)		(352,425	)		—		—		(230,396	)		(209,079	)
	246,049			(517,745	)		(412,965	)		(101,882	)		32,666,503			(16,158,449	)		—		—		12,300,208			(11,643,248	)
	(8,335,391	)		(8,458,890	)		(1,890,503	)		(1,503,402	)		27,936,999			(19,856,946	)		—		—		4,698,352			(16,118,244	)
	8,925,349			8,863,714			2,447,005			2,780,864			27,785,011			(18,655,511	)		—		—		12,738,311			(9,295,951	)
	62,993,995			54,130,281			16,222,795			13,441,931			21,316,035			39,971,546			—		—		52,239,733			61,535,684
	$71,919,344			$62,993,995			$18,669,800			$16,222,795			$49,101,046			$21,316,035			$—		$—		$64,978,044			$52,239,733


	16,411			9,696			24,937			33,775			2,875,817			467,205			—		—		535,565			64,336
	(61,655	)		(81,675	)		(69,937	)		(78,690	)		(600,385	)		(2,125,945	)		—		—		(234,581	)		(354,988	)
	(45,244	)		(71,979	)		(45,000	)		(44,915	)		2,275,432			(1,658,740	)		—		—		300,984			(290,652	)

See accompanying notes to financial statements.

F-45

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



	Fidelity^® Variable Insurance Products Fund (continued)												Franklin Templeton Variable Insurance Products Trust

	VIP Overseas Portfolio — Initial Class						VIP Value Strategies Portfolio — Service Class 2						Franklin Allocation VIP Fund — Class 2 Shares

	Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$20,785			$(32,880	)		$(22,126	)		$(17,819	)		$28,746			$(135,646	)
Net realized gain (loss) on investments		430,656			284,546			105,509			74,827			(1,015,162	)		(2,065,032	)
Change in unrealized appreciation (depreciation) on investments		(493,990	)		1,369,291			(242,003	)		317,040			2,938,621			5,150,792
Capital gain distributions		425,484			24,223			358,462			107,869			—			502,644
Increase (decrease) in net assets from operations		382,935			1,645,180			199,842			481,917			1,952,205			3,452,758

From capital transactions (note 4):
Net premiums		18,946			21,410			7,392			—			132			563
Transfers for contract benefits and terminations		(1,094,487	)		(1,017,040	)		(434,707	)		(217,093	)		(4,216,640	)		(3,885,018	)
Administrative expenses		(8,068	)		(9,644	)		(7,981	)		(8,306	)		(276,299	)		(295,690	)
Transfers between subaccounts (including fixed account), net		(25,061	)		(57,386	)		4,826			(334,398	)		(865,094	)		(1,223,208	)
Increase (decrease) in net assets from capital transactions		(1,108,670	)		(1,062,660	)		(430,470	)		(559,797	)		(5,357,901	)		(5,403,353	)
Increase (decrease) in net assets		(725,735	)		582,520			(230,628	)		(77,880	)		(3,405,696	)		(1,950,595	)
Net assets at beginning of year		9,688,454			9,105,934			2,773,653			2,851,533			28,721,663			30,672,258
Net assets at end of year		$8,962,719			$9,688,454			$2,543,025			$2,773,653			$25,315,967			$28,721,663

Change in units (note 5):
Units purchased		9,135			14,670			1,289			4,831			43,399			46,618
Units redeemed		(38,889	)		(42,751	)		(12,312	)		(21,483	)		(386,650	)		(438,312	)
Net increase (decrease) in units from capital transactions with contract owners		(29,754	)		(28,081	)		(11,023	)		(16,652	)		(343,251	)		(391,694	)

See accompanying notes to financial statements.

F-46

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



Franklin Templeton Variable Insurance Products Trust (continued)

Franklin Income VIP Fund — Class 2 Shares						Franklin Large Cap Growth VIP Fund — Class 2 Shares						Franklin Mutual Shares VIP Fund — Class 2 Shares						Templeton Foreign VIP Fund — Class 1 Shares						Templeton Foreign VIP Fund — Class 2 Shares

Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023




	$4,472,603			$4,883,321			$(2,774	)		$(3,539	)		$54,218			$39,511			$34,435			$64,369			$1,397			$2,871
	(1,330,531	)		(2,137,448	)		1,695			(15,106	)		(278,309	)		(868,527	)		17,235			(19,597	)		1,435			(379	)
	3,281,682			(2,927,988	)		21,234			87,732			1,822,106			1,504,279			(118,240	)		531,979			(6,472	)		27,661
	582,870			9,419,690			20,063			7,824			434,013			1,864,397			—			—			—			—
	7,006,624			9,237,575			40,218			76,911			2,032,028			2,539,660			(66,570	)		576,751			(3,640	)		30,153


	283,002			300,561			—			—			34,946			40,232			23,995			62,126			—			—
	(19,665,679	)		(19,656,434	)		(20,216	)		(11,234	)		(2,184,577	)		(2,228,574	)		(257,747	)		(447,782	)		(22,633	)		(6,526	)
	(868,305	)		(918,979	)		(850	)		(749	)		(210,448	)		(220,582	)		(4,025	)		(4,780	)		(636	)		(694	)
	(4,324,831	)		(4,295,890	)		(1,444	)		(132,455	)		(918,932	)		(817,417	)		21,213			(155,110	)		3,260			(5,902	)
	(24,575,813	)		(24,570,742	)		(22,510	)		(144,438	)		(3,279,011	)		(3,226,341	)		(216,564	)		(545,546	)		(20,009	)		(13,122	)
	(17,569,189	)		(15,333,167	)		17,708			(67,527	)		(1,246,983	)		(686,681	)		(283,134	)		31,205			(23,649	)		17,031
	144,031,697			159,364,864			172,412			239,939			22,171,015			22,857,696			3,219,354			3,188,149			181,386			164,355
	$126,462,508			$144,031,697			$190,120			$172,412			$20,924,032			$22,171,015			$2,936,220			$3,219,354			$157,737			$181,386


	422,270			441,340			24			132			124,154			164,124			9,316			18,074			377			154
	(1,676,323	)		(1,817,344	)		(466	)		(5,267	)		(292,531	)		(331,856	)		(22,328	)		(53,867	)		(1,222	)		(873	)
	(1,254,053	)		(1,376,004	)		(442	)		(5,135	)		(168,377	)		(167,732	)		(13,012	)		(35,793	)		(845	)		(719	)

See accompanying notes to financial statements.

F-47

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



	Franklin Templeton Variable Insurance Products Trust (continued)												Goldman Sachs Variable Insurance Trust

	Templeton Global Bond VIP Fund — Class 1 Shares						Templeton Growth VIP Fund — Class 2 Shares						Goldman Sachs Government Money Market Fund — Service Shares

	Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$(28,660	)		$(31,986	)		$(24,637	)		$75,821			$3,926,490			$4,010,869
Net realized gain (loss) on investments		(123,770	)		(86,697	)		100,785			(105,025	)		—			—
Change in unrealized appreciation (depreciation) on investments		(115,775	)		160,820			84,746			821,984			—			—
Capital gain distributions		—			—			14,757			—			—			—
Increase (decrease) in net assets from operations		(268,205	)		42,137			175,651			792,780			3,926,490			4,010,869

From capital transactions (note 4):
Net premiums		720			52,301			19,070			42,714			793,486			4,905,808
Transfers for contract benefits and terminations		(339,817	)		(239,607	)		(470,958	)		(507,863	)		(78,705,542	)		(84,486,394	)
Administrative expenses		(3,341	)		(3,843	)		(34,449	)		(35,417	)		(361,710	)		(383,016	)
Transfers between subaccounts (including fixed account), net		12,271			(7,654	)		63,071			(580,564	)		58,726,101			65,425,761
Increase (decrease) in net assets from capital transactions		(330,167	)		(198,803	)		(423,266	)		(1,081,130	)		(19,547,665	)		(14,537,841	)
Increase (decrease) in net assets		(598,372	)		(156,666	)		(247,615	)		(288,350	)		(15,621,175	)		(10,526,972	)
Net assets at beginning of year		2,324,954			2,481,620			4,384,176			4,672,526			129,867,955			140,394,927
Net assets at end of year		$1,726,582			$2,324,954			$4,136,561			$4,384,176			$114,246,780			$129,867,955

Change in units (note 5):
Units purchased		5,726			3,384			47,228			20,370			9,539,581			12,078,804
Units redeemed		(28,528	)		(16,337	)		(77,054	)		(107,324	)		(11,610,868	)		(13,701,623	)
Net increase (decrease) in units from capital transactions with contract owners		(22,802	)		(12,953	)		(29,826	)		(86,954	)		(2,071,287	)		(1,622,819	)

See accompanying notes to financial statements.

F-48

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



Goldman Sachs Variable Insurance Trust (continued)												Janus Aspen Series

Goldman Sachs Large Cap Value Fund — Institutional Shares						Goldman Sachs Mid Cap Value Fund — Institutional Shares						Janus Henderson Balanced Portfolio — Institutional Shares						Janus Henderson Balanced Portfolio — Service Shares						Janus Henderson Enterprise Portfolio — Institutional Shares

Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023




	$(4,471	)		$10,230			$(136,730	)		$(117,283	)		$298,890			$325,343			$(54,806	)		$(34,105	)		$(261,873	)		$(467,770	)
	(17,072	)		(113,914	)		393,164			(106,960	)		3,636,936			2,368,749			4,776,184			3,005,769			1,638,673			1,161,740
	130,526			198,772			981,966			2,009,784			2,451,534			3,698,278			4,339,728			5,902,527			2,051,561			2,384,939
	527,467			368,369			1,463,686			644,503			—			—			—			—			1,501,505			2,511,012
	636,450			463,457			2,702,086			2,430,044			6,387,360			6,392,370			9,061,106			8,874,191			4,929,866			5,589,921


	33,669			6,200			114,654			10,134			104,173			95,482			61,713			77,838			76,744			32,040
	(565,344	)		(564,833	)		(3,516,193	)		(2,725,589	)		(7,496,800	)		(6,273,364	)		(8,458,654	)		(7,957,818	)		(5,102,209	)		(4,283,667	)
	(5,495	)		(6,135	)		(40,434	)		(38,816	)		(38,546	)		(44,957	)		(374,521	)		(387,693	)		(27,002	)		(31,594	)
	(21,918	)		(190,677	)		(704,506	)		746,929			(178,739	)		(670,175	)		(723,813	)		(1,461,959	)		(37,712	)		(237,976	)
	(559,088	)		(755,445	)		(4,146,479	)		(2,007,342	)		(7,609,912	)		(6,893,014	)		(9,495,275	)		(9,729,632	)		(5,090,179	)		(4,521,197	)
	77,362			(291,988	)		(1,444,393	)		422,702			(1,222,552	)		(500,644	)		(434,169	)		(855,441	)		(160,313	)		1,068,724
	4,334,625			4,626,613			27,007,499			26,584,797			49,288,920			49,789,564			72,310,246			73,165,687			37,499,401			36,430,677
	$4,411,987			$4,334,625			$25,563,106			$27,007,499			$48,066,368			$49,288,920			$71,876,077			$72,310,246			$37,339,088			$37,499,401


	11,985			2,553			7,554			45,242			24,133			26,802			158,198			101,861			4,515			4,478
	(31,208	)		(33,371	)		(75,972	)		(70,744	)		(138,086	)		(151,346	)		(464,690	)		(479,446	)		(57,622	)		(63,049	)
	(19,223	)		(30,818	)		(68,418	)		(25,502	)		(113,953	)		(124,544	)		(306,492	)		(377,585	)		(53,107	)		(58,571	)

See accompanying notes to financial statements.

F-49

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



	Janus Aspen Series (continued)

	Janus Henderson Enterprise Portfolio — Service Shares						Janus Henderson Flexible Bond Portfolio — Institutional Shares						Janus Henderson Forty Portfolio — Institutional Shares

	Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$(42,281	)		$(61,932	)		$211,486			$188,938			$(486,706	)		$(382,477	)
Net realized gain (loss) on investments		116,779			51,481			(230,736	)		(204,518	)		1,423,453			295,089
Change in unrealized appreciation (depreciation) on investments		315,534			326,941			52,139			280,443			5,322,119			9,651,831
Capital gain distributions		208,937			326,918			—			—			2,016,936			—
Increase (decrease) in net assets from operations		598,969			643,408			32,889			264,863			8,275,802			9,564,443

From capital transactions (note 4):
Net premiums		—			11,997			9,507			6,440			60,240			59,336
Transfers for contract benefits and terminations		(329,690	)		(222,042	)		(825,429	)		(780,343	)		(4,083,114	)		(3,601,822	)
Administrative expenses		(7,173	)		(7,054	)		(7,415	)		(8,954	)		(24,028	)		(25,167	)
Transfers between subaccounts (including fixed account), net		(62,261	)		(83,715	)		(96,283	)		105,867			(187,903	)		(38,842	)
Increase (decrease) in net assets from capital transactions		(399,124	)		(300,814	)		(919,620	)		(676,990	)		(4,234,805	)		(3,606,495	)
Increase (decrease) in net assets		199,845			342,594			(886,731	)		(412,127	)		4,040,997			5,957,948
Net assets at beginning of year		4,500,701			4,158,107			6,773,197			7,185,324			32,705,383			26,747,435
Net assets at end of year		$4,700,546			$4,500,701			$5,886,466			$6,773,197			$36,746,380			$32,705,383

Change in units (note 5):
Units purchased		1,372			942			11,369			10,488			3,082			8,432
Units redeemed		(13,346	)		(14,025	)		(53,942	)		(41,899	)		(44,113	)		(61,115	)
Net increase (decrease) in units from capital transactions with contract owners		(11,974	)		(13,083	)		(42,573	)		(31,411	)		(41,031	)		(52,683	)

See accompanying notes to financial statements.

F-50

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



Janus Aspen Series (continued)

Janus Henderson Forty Portfolio — Service Shares						Janus Henderson Global Research Portfolio — Institutional Shares						Janus Henderson Global Research Portfolio — Service Shares						Janus Henderson Global Technology and Innovation Portfolio — Service Shares						Janus Henderson Overseas Portfolio — Institutional Shares

Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023




	$(429,420	)		$(459,111	)		$(219,255	)		$(141,636	)		$(24,259	)		$(18,088	)		$(176,842	)		$(137,070	)		$(16,922	)		$6,873
	5,825,592			338,636			1,857,914			1,352,225			244,308			119,966			744,331			122,771			375,692			334,895
	(1,122,640	)		9,475,441			3,751,314			4,497,726			190,734			346,877			2,479,160			3,786,661			341,861			1,171,773
	2,187,391			—			1,065,003			831,391			80,803			67,963			—			—			—			—
	6,460,923			9,354,966			6,454,976			6,539,706			491,586			516,718			3,046,649			3,772,362			700,631			1,513,541


	38,973			104,385			53,144			79,119			53,873			—			62,062			8,336			13,451			7,039
	(3,170,578	)		(3,107,836	)		(3,493,797	)		(3,583,175	)		(508,652	)		(181,421	)		(1,419,338	)		(713,579	)		(1,858,731	)		(2,967,457	)
	(183,249	)		(247,964	)		(19,967	)		(21,615	)		(3,605	)		(3,660	)		(15,867	)		(13,878	)		(10,355	)		(16,377	)
	(20,837,879	)		1,317,732			(115,380	)		(227,035	)		28,490			(144,569	)		34,441			(2,298	)		70,846			(182,949	)
	(24,152,733	)		(1,933,683	)		(3,576,000	)		(3,752,706	)		(429,894	)		(329,650	)		(1,338,702	)		(721,419	)		(1,784,789	)		(3,159,744	)
	(17,691,810	)		7,421,283			2,878,976			2,787,000			61,692			187,068			1,707,947			3,050,943			(1,084,158	)		(1,646,203	)
	34,132,695			26,711,412			30,617,691			27,830,691			2,400,686			2,213,618			10,599,981			7,549,038			15,479,200			17,125,403
	$16,440,885			$34,132,695			$33,496,667			$30,617,691			$2,462,378			$2,400,686			$12,307,928			$10,599,981			$14,395,042			$15,479,200


	23,781			176,192			12,037			13,405			7,159			1,606			11,804			21,955			5,839			11,029
	(580,450	)		(233,188	)		(72,437	)		(95,339	)		(31,135	)		(23,645	)		(50,619	)		(52,192	)		(48,786	)		(105,600	)
	(556,669	)		(56,996	)		(60,400	)		(81,934	)		(23,976	)		(22,039	)		(38,815	)		(30,237	)		(42,947	)		(94,571	)

See accompanying notes to financial statements.

F-51

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



	Janus Aspen Series (continued)

	Janus Henderson Overseas Portfolio — Service Shares						Janus Henderson Research Portfolio — Institutional Shares						Janus Henderson Research Portfolio — Service Shares

	Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$(4,951	)		$(2,389	)		$(556,067	)		$(427,006	)		$(47,435	)		$(37,329	)
Net realized gain (loss) on investments		141,547			49,820			2,983,182			1,348,464			196,640			69,772
Change in unrealized appreciation (depreciation) on investments		(59,437	)		105,377			7,844,378			10,658,503			604,019			818,481
Capital gain distributions		—			—			1,158,700			—			90,347			—
Increase (decrease) in net assets from operations		77,159			152,808			11,430,193			11,579,961			843,571			850,924

From capital transactions (note 4):
Net premiums		—			—			139,978			40,595			396			8,250
Transfers for contract benefits and terminations		(407,674	)		(178,102	)		(5,876,660	)		(4,905,935	)		(406,078	)		(257,538	)
Administrative expenses		(3,256	)		(3,333	)		(24,287	)		(27,447	)		(3,992	)		(3,481	)
Transfers between subaccounts (including fixed account), net		(44,469	)		(17,970	)		(392,423	)		(128,418	)		(22,604	)		(6,114	)
Increase (decrease) in net assets from capital transactions		(455,399	)		(199,405	)		(6,153,392	)		(5,021,205	)		(432,278	)		(258,883	)
Increase (decrease) in net assets		(378,240	)		(46,597	)		5,276,801			6,558,756			411,293			592,041
Net assets at beginning of year		1,738,305			1,784,902			36,638,484			30,079,728			2,764,945			2,172,904
Net assets at end of year		$1,360,065			$1,738,305			$41,915,285			$36,638,484			$3,176,238			$2,764,945

Change in units (note 5):
Units purchased		1,543			—			4,968			18,868			654			735
Units redeemed		(23,398	)		(11,226	)		(88,082	)		(109,552	)		(15,151	)		(11,586	)
Net increase (decrease) in units from capital transactions with contract owners		(21,855	)		(11,226	)		(83,114	)		(90,684	)		(14,497	)		(10,851	)

See accompanying notes to financial statements.

F-52

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



Legg Mason Partners Variable Equity Trust																								Lincoln Variable Insurance Products Trust

ClearBridge Variable Dividend Strategy Portfolio — Class I						ClearBridge Variable Dividend Strategy Portfolio — Class II						ClearBridge Variable Growth Portfolio — Class II						ClearBridge Variable Large Cap Value Portfolio — Class I						LVIP American Century Disciplined Core Value Fund — Standard Class II

Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023




	$(4,785	)		$21,580			$(36,972	)		$2,433			$(38,853	)		$(39,778	)		$(45,255	)		$(42,750	)		$(169	)		$(706	)
	61,623			82,606			83,151			82,872			(338,924	)		(144,006	)		300,475			168,295			420			(20,075	)
	52,618			(174,247	)		96,099			(220,810	)		(152	)		433,934			(1,191,126	)		627,897			3,226			30,193
	396,378			482,671			454,270			645,634			643,168			268,213			1,779,203			1,054,872			—			—
	505,834			412,610			596,548			510,129			265,239			518,363			843,297			1,808,314			3,477			9,412


	42,953			2,550			—			—			15,794			13			12,982			1,200			—			—
	(388,215	)		(300,565	)		(701,053	)		(195,879	)		(501,464	)		(100,786	)		(3,489,938	)		(836,460	)		(2,226	)		(10,554	)
	(3,780	)		(4,509	)		(8,004	)		(7,868	)		(11,239	)		(10,498	)		(30,341	)		(29,137	)		(5	)		(65	)
	142,136			(259,275	)		(80,221	)		(201,400	)		(260,750	)		(95,539	)		(559,511	)		(259,729	)		19,354			(215,354	)
	(206,906	)		(561,799	)		(789,278	)		(405,147	)		(757,659	)		(206,810	)		(4,066,808	)		(1,124,126	)		17,123			(225,973	)
	298,928			(149,189	)		(192,730	)		104,982			(492,420	)		311,553			(3,223,511	)		684,188			20,600			(216,561	)
	3,422,056			3,571,245			4,570,985			4,466,003			2,788,575			2,477,022			14,945,038			14,260,850			18,309			234,870
	$3,720,984			$3,422,056			$4,378,255			$4,570,985			$2,296,155			$2,788,575			$11,721,527			$14,945,038			$38,909			$18,309


	8,909			8,731			2,118			11,136			7,688			1,669			11,250			23,719			827			1,130
	(15,544	)		(28,932	)		(29,713	)		(26,943	)		(25,794	)		(8,181	)		(187,661	)		(62,510	)		(176	)		(10,736	)
	(6,635	)		(20,201	)		(27,595	)		(15,807	)		(18,106	)		(6,512	)		(176,411	)		(38,791	)		651			(9,606	)

See accompanying notes to financial statements.

F-53

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



	Lincoln Variable Insurance Products Trust (continued)

	LVIP American Century Inflation Protection Fund — Service Class						LVIP American Century International Fund — Standard Class II						LVIP American Century Ultra^® Fund — Standard Class II

	Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$292,045			$269,335			$(446	)		$(1,201	)		$(662	)		$(638	)
Net realized gain (loss) on investments		(320,399	)		(399,344	)		1,716			(4,979	)		4,052			1,148
Change in unrealized appreciation (depreciation) on investments		14,234			387,913			2,886			27,680			2,552			8,959
Capital gain distributions		—			—			—			—			2,918			2,629
Increase (decrease) in net assets from operations		(14,120	)		257,904			4,156			21,500			8,860			12,098

From capital transactions (note 4):
Net premiums		18,763			26,483			370			—			—			—
Transfers for contract benefits and terminations		(2,071,650	)		(1,824,058	)		(47,824	)		(21,934	)		(2,388	)		(2,260	)
Administrative expenses		(167,095	)		(181,425	)		(613	)		(651	)		(253	)		(231	)
Transfers between subaccounts (including fixed account), net		417,502			846,115			13,567			55,042			(6,967	)		(7,949	)
Increase (decrease) in net assets from capital transactions		(1,802,480	)		(1,132,885	)		(34,500	)		32,457			(9,608	)		(10,440	)
Increase (decrease) in net assets		(1,816,600	)		(874,981	)		(30,344	)		53,957			(748	)		1,658
Net assets at beginning of year		16,632,700			17,507,681			269,645			215,688			34,823			33,165
Net assets at end of year		$14,816,100			$16,632,700			$239,301			$269,645			$34,075			$34,823

Change in units (note 5):
Units purchased		204,979			230,476			3,010			4,805			120			118
Units redeemed		(350,665	)		(326,731	)		(4,552	)		(2,800	)		(272	)		(348	)
Net increase (decrease) in units from capital transactions with contract owners		(145,686	)		(96,255	)		(1,542	)		2,005			(152	)		(230	)

See accompanying notes to financial statements.

F-54

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



Lincoln Variable Insurance Products Trust (continued)

LVIP American Century Value Fund — Standard Class II						LVIP JPMorgan Core Bond Fund — Standard Class						LVIP JPMorgan Mid Cap Value Fund — Standard Class						LVIP JPMorgan Small Cap Core Fund — Standard Class						LVIP JPMorgan U.S. Equity Fund — Standard Class

Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023




	$1,063			$1,244			$17,521			$19,513			$(1,614	)		$2,298			$(974	)		$(4	)		$(12,620	)		$(2,840	)
	1,110			1,034			(23,651	)		(34,903	)		3,942			(574	)		3,357			(3	)		267,698			24,605
	(6,833	)		(3,564	)		10,867			60,887			(9,635	)		2,212			6,437			524			(82,185	)		156,368
	13,705			17,353			—			—			32,113			4,711			2,200			44			28,170			43,691
	9,045			16,067			4,737			45,497			24,806			8,647			11,020			561			201,063			221,824


	—			—			1,482			—			370			—			370			—			370			—
	(13,601	)		(23,764	)		(537,039	)		(81,996	)		(27,278	)		(13,994	)		(18,471	)		—			(568,901	)		(90,196	)
	(171	)		(237	)		(1,536	)		(1,724	)		(340	)		(270	)		(78	)		(6	)		(1,240	)		(1,277	)
	(195,622	)		53,046			178,556			275,257			(5,816	)		162,792			150,569			(1	)		(486,411	)		155,964
	(209,394	)		29,045			(358,537	)		191,537			(33,064	)		148,528			132,390			(7	)		(1,056,182	)		64,491
	(200,349	)		45,112			(353,800	)		237,034			(8,258	)		157,175			143,410			554			(855,119	)		286,315
	267,933			222,821			1,196,745			959,711			211,305			54,130			5,450			4,896			1,162,815			876,500
	$67,584			$267,933			$842,945			$1,196,745			$203,047			$211,305			$148,860			$5,450			$307,696			$1,162,815


	619			3,042			25,386			34,057			1,494			9,451			8,571			—			1,097			9,188
	(8,340	)		(2,115	)		(49,990	)		(21,977	)		(3,214	)		(1,406	)		(2,519	)		—			(22,034	)		(10,278	)
	(7,721	)		927			(24,604	)		12,080			(1,720	)		8,045			6,052			—			(20,937	)		(1,090	)

See accompanying notes to financial statements.

F-55

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



	MFS^® Variable Insurance Trust

	MFS^® Investors Trust Series — Service Class Shares						MFS^® New Discovery Series — Service Class Shares						MFS^® Total Return Series — Service Class Shares

	Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$(42,524	)		$(39,462	)		$(129,776	)		$(130,587	)		$80,104			$(18,780	)
Net realized gain (loss) on investments		257,150			208,407			(449,359	)		(771,665	)		240,946			(31,381	)
Change in unrealized appreciation (depreciation) on investments		128,184			201,725			990,772			1,930,040			(196,935	)		887,791
Capital gain distributions		288,741			201,971			—			—			1,213,624			1,139,705
Increase (decrease) in net assets from operations		631,551			572,641			411,637			1,027,788			1,337,739			1,977,335

From capital transactions (note 4):
Net premiums		—			12,706			255			34,660			188,382			14,511
Transfers for contract benefits and terminations		(480,861	)		(652,335	)		(722,753	)		(750,649	)		(3,145,065	)		(2,622,033	)
Administrative expenses		(7,183	)		(6,949	)		(16,253	)		(16,747	)		(130,510	)		(143,334	)
Transfers between subaccounts (including fixed account), net		(255,540	)		(136,898	)		(156,862	)		(254,201	)		155,474			1,124,514
Increase (decrease) in net assets from capital transactions		(743,584	)		(783,476	)		(895,613	)		(986,937	)		(2,931,719	)		(1,626,342	)
Increase (decrease) in net assets		(112,033	)		(210,835	)		(483,976	)		40,851			(1,593,980	)		350,993
Net assets at beginning of year		3,704,740			3,915,575			8,625,421			8,584,570			26,126,743			25,775,750
Net assets at end of year		$3,592,707			$3,704,740			$8,141,445			$8,625,421			$24,532,763			$26,126,743

Change in units (note 5):
Units purchased		1,035			3,525			3,780			9,372			107,556			159,756
Units redeemed		(19,599	)		(29,708	)		(29,701	)		(39,879	)		(259,826	)		(241,603	)
Net increase (decrease) in units from capital transactions with contract owners		(18,564	)		(26,183	)		(25,921	)		(30,507	)		(152,270	)		(81,847	)

See accompanying notes to financial statements.

F-56

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



MFS^® Variable Insurance Trust II																		PIMCO Variable Insurance Trust

MFS^® Utilities Series — Service Class Shares						MFS^® Income Portfolio — Service Class Shares						MFS^® Massachusetts Investors Growth Stock Portfolio — Service Class Shares						All Asset Portfolio — Advisor Class Shares						High Yield Portfolio — Administrative Class Shares

Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023




	$56,168			$170,035			$277			$306			$(78,001	)		$(76,612	)		$162,879			$46,008			$1,106,805			$1,088,436
	116,744			167,881			(745	)		(232	)		132,096			46,861			(117,029	)		(103,600	)		(131,901	)		(408,414	)
	400,866			(1,298,339	)		599			743			176,848			773,593			18,311			287,193			348,357			1,987,468
	283,554			538,732			—			—			488,853			267,847			—			—			—			—
	857,332			(421,691	)		131			817			719,796			1,011,689			64,161			229,601			1,323,261			2,667,490


	136			186			—			—			2,305			10,716			46,093			13			33,256			33,280
	(993,177	)		(763,516	)		(4,788	)		(902	)		(571,155	)		(435,261	)		(404,209	)		(403,383	)		(3,541,446	)		(2,447,561	)
	(24,711	)		(28,470	)		(34	)		(104	)		(9,560	)		(9,652	)		(15,046	)		(17,842	)		(195,560	)		(209,984	)
	614,176			(131,398	)		924			772			(31,309	)		(391,606	)		(172,050	)		156,986			155,173			(91,905	)
	(403,576	)		(923,198	)		(3,898	)		(234	)		(609,719	)		(825,803	)		(545,212	)		(264,226	)		(3,548,577	)		(2,716,170	)
	453,756			(1,344,889	)		(3,767	)		583			110,077			185,886			(481,051	)		(34,625	)		(2,225,316	)		(48,680	)
	9,271,466			10,616,355			14,744			14,161			5,199,162			5,013,276			3,730,244			3,764,869			27,510,069			27,558,749
	$9,725,222			$9,271,466			$10,977			$14,744			$5,309,239			$5,199,162			$3,249,193			$3,730,244			$25,284,753			$27,510,069


	29,036			21,461			83			73			11,674			1,843			14,096			17,875			122,433			140,179
	(40,449	)		(44,763	)		(434	)		(95	)		(33,469	)		(38,359	)		(44,922	)		(34,050	)		(288,878	)		(282,396	)
	(11,413	)		(23,302	)		(351	)		(22	)		(21,795	)		(36,516	)		(30,826	)		(16,175	)		(166,445	)		(142,217	)

See accompanying notes to financial statements.

F-57

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



	PIMCO Variable Insurance Trust (continued)

	International Bond Portfolio (U.S. Dollar Hedged) — Administrative Class Shares						Long-Term U.S. Government Portfolio — Administrative Class Shares						Low Duration Portfolio — Administrative Class Shares

	Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$21,363			$11,231			$372,622			$338,312			$819,298			$805,975
Net realized gain (loss) on investments		(10,951	)		(10,823	)		(9,636,161	)		(5,872,003	)		(869,153	)		(875,944	)
Change in unrealized appreciation (depreciation) on investments		28,008			46,737			6,487,026			6,934,340			990,361			1,410,542
Capital gain distributions		—			28,696			—			—			—			—
Increase (decrease) in net assets from operations		38,420			75,841			(2,776,513	)		1,400,649			940,506			1,340,573

From capital transactions (note 4):
Net premiums		537			—			82,707			99,215			56,784			28,885
Transfers for contract benefits and terminations		(150,043	)		(64,436	)		(4,880,752	)		(5,741,713	)		(4,429,948	)		(5,185,083	)
Administrative expenses		(1,735	)		(1,971	)		(408,409	)		(593,322	)		(360,876	)		(445,617	)
Transfers between subaccounts (including fixed account), net		18,585			8,165			(19,223,215	)		1,422,664			(11,827,795	)		4,158,478
Increase (decrease) in net assets from capital transactions		(132,656	)		(58,242	)		(24,429,669	)		(4,813,156	)		(16,561,835	)		(1,443,337	)
Increase (decrease) in net assets		(94,236	)		17,599			(27,206,182	)		(3,412,507	)		(15,621,329	)		(102,764	)
Net assets at beginning of year		1,088,203			1,070,604			50,461,592			53,874,099			43,145,719			43,248,483
Net assets at end of year		$993,967			$1,088,203			$23,255,410			$50,461,592			$27,524,390			$43,145,719

Change in units (note 5):
Units purchased		1,926			1,886			658,029			906,538			503,583			1,015,548
Units redeemed		(8,521	)		(4,953	)		(2,444,285	)		(1,224,591	)		(2,016,958	)		(1,137,405	)
Net increase (decrease) in units from capital transactions with contract owners		(6,595	)		(3,067	)		(1,786,256	)		(318,053	)		(1,513,375	)		(121,857	)

See accompanying notes to financial statements.

F-58

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



PIMCO Variable Insurance Trust (continued)						Rydex Variable Trust						State Street Variable Insurance Series Funds, Inc.

Total Return Portfolio — Administrative Class Shares						NASDAQ — 100^® Fund						Income V.I.S. Fund — Class 1 Shares						Premier Growth Equity V.I.S. Fund — Class 1 Shares						Real Estate Securities V.I.S. Fund — Class 1 Shares

Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023




	$2,255,958			$1,667,507			$(121,270	)		$(109,369	)		$125,889			$44,453			$(430,969	)		$(355,966	)		$234,140			$473,138
	(2,264,451	)		(3,192,529	)		474,033			319,288			(255,429	)		(240,421	)		1,629,844			(48,253	)		(809,246	)		(2,017,441	)
	771,893			5,093,067			1,275,637			2,453,558			(56,622	)		466,161			323,455			8,281,230			3,543,733			5,694,382
	—			—			171,029			—			—			—			5,571,739			568,902			—			—
	763,400			3,568,045			1,799,429			2,663,477			(186,162	)		270,193			7,094,069			8,445,913			2,968,627			4,150,079


	272,632			190,229			5,945			14,979			186,107			7,191			10,274			17,806			42,736			19,367
	(11,600,475	)		(9,413,233	)		(771,647	)		(718,603	)		(905,865	)		(841,039	)		(4,549,056	)		(2,435,921	)		(3,960,417	)		(3,935,514	)
	(774,068	)		(669,015	)		(35,436	)		(27,554	)		(28,028	)		(30,236	)		(60,871	)		(48,955	)		(247,196	)		(302,048	)
	12,536,768			20,444,134			(201,773	)		2,463,128			(174,597	)		198,928			(579,459	)		(536,299	)		(32,882,450	)		19,084,951
	434,857			10,552,115			(1,002,911	)		1,731,950			(922,383	)		(665,156	)		(5,179,112	)		(3,003,369	)		(37,047,327	)		14,866,756
	1,198,257			14,120,160			796,518			4,395,427			(1,108,545	)		(394,963	)		1,914,957			5,442,544			(34,078,700	)		19,016,835
	94,374,832			80,254,672			8,750,487			4,355,060			8,612,886			9,007,849			25,935,748			20,493,204			50,822,331			31,805,496
	$95,573,089			$94,374,832			$9,547,005			$8,750,487			$7,504,341			$8,612,886			$27,850,705			$25,935,748			$16,743,631			$50,822,331


	1,426,035			2,048,428			1,759			92,288			47,424			51,379			3,854			11,742			190,287			1,091,414
	(1,339,902	)		(1,165,987	)		(31,559	)		(50,180	)		(114,209	)		(97,231	)		(100,820	)		(84,584	)		(1,641,808	)		(381,621	)
	86,133			882,441			(29,800	)		42,108			(66,785	)		(45,852	)		(96,966	)		(72,842	)		(1,451,521	)		709,793

See accompanying notes to financial statements.

F-59

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



	State Street Variable Insurance Series Funds, Inc. (continued)

	S&P 500^® Index V.I.S. Fund — Class 1 Shares						Small-Cap Equity V.I.S. Fund — Class 1 Shares						Total Return V.I.S. Fund — Class 1 Shares

	Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$(564,131	)		$(73,624	)		$(309,098	)		$(324,803	)		$18,088,014			$3,785,185
Net realized gain (loss) on investments		7,164,289			2,735,365			(101,160	)		(285,123	)		(2,953,897	)		(15,912,127	)
Change in unrealized appreciation (depreciation) on investments		11,117,171			19,673,410			516,170			1,145,063			40,406,402			87,029,374
Capital gain distributions		12,979,445			4,684,930			1,676,224			1,879,655			125,636			—
Increase (decrease) in net assets from operations		30,696,774			27,020,081			1,782,136			2,414,792			55,666,155			74,902,432

From capital transactions (note 4):
Net premiums		186,871			596,754			4,684			24,884			1,915,125			1,669,126
Transfers for contract benefits and terminations		(18,153,661	)		(13,691,635	)		(2,422,697	)		(2,166,347	)		(50,220,368	)		(45,772,356	)
Administrative expenses		(366,400	)		(266,541	)		(58,125	)		(58,187	)		(180,751	)		(188,730	)
Transfers between subaccounts (including fixed account), net		472,723			17,339,062			(41,200	)		(312,717	)		(3,310,726	)		(5,071,462	)
Increase (decrease) in net assets from capital transactions		(17,860,467	)		3,977,640			(2,517,338	)		(2,512,367	)		(51,796,720	)		(49,363,422	)
Increase (decrease) in net assets		12,836,307			30,997,721			(735,202	)		(97,575	)		3,869,435			25,539,010
Net assets at beginning of year		143,019,681			112,021,960			21,779,076			21,876,651			602,277,001			576,737,991
Net assets at end of year		$155,855,988			$143,019,681			$21,043,874			$21,779,076			$606,146,436			$602,277,001

Change in units (note 5):
Units purchased		106,603			487,963			14,080			15,728			1,214,009			1,471,149
Units redeemed		(446,760	)		(389,902	)		(65,269	)		(71,984	)		(3,537,122	)		(3,995,652	)
Net increase (decrease) in units from capital transactions with contract owners		(340,157	)		98,061			(51,189	)		(56,256	)		(2,323,113	)		(2,524,503	)

See accompanying notes to financial statements.

F-60

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



State Street Variable Insurance Series Funds, Inc. (continued)												The Alger Portfolios												The Prudential Series Fund

Total Return V.I.S. Fund — Class 3 Shares						U.S. Equity V.I.S. Fund — Class 1 Shares						Alger Large Cap Growth Portfolio — Class I-2 Shares						Alger Small Cap Growth Portfolio — Class I-2 Shares						PSF Mid-Cap Growth Portfolio — Class II Shares

Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023




	$5,801,526			$60,511			$(224,856	)		$(177,492	)		$(381,343	)		$(317,993	)		$(122,129	)		$(162,645	)		$(282	)		$(250	)
	(1,614,831	)		(9,770,845	)		1,283,321			173,463			989,615			(423,356	)		(649,097	)		(1,229,212	)		1,432			558
	18,856,724			43,597,228			(518,778	)		2,741,496			8,405,882			6,648,133			1,483,432			2,936,841			889			2,767
	53,019			—			3,318,841			1,171,685			—			—			—			—			—			—
	23,096,438			33,886,894			3,858,528			3,909,152			9,014,154			5,906,784			712,206			1,544,984			2,039			3,075


	288,778			272,935			29,250			47,178			89,505			153,958			295			1,515			—			—
	(31,997,413	)		(31,451,153	)		(3,727,303	)		(2,936,826	)		(3,477,271	)		(2,186,751	)		(1,151,505	)		(1,153,214	)		(1,549	)		(499	)
	(2,054,325	)		(2,178,399	)		(48,893	)		(43,950	)		(18,409	)		(19,479	)		(9,699	)		(11,659	)		(28	)		(29	)
	(8,576,360	)		(11,429,345	)		(726,100	)		(623,074	)		(675,387	)		(540,334	)		(150,931	)		(106,844	)		—			—
	(42,339,320	)		(44,785,962	)		(4,473,046	)		(3,556,672	)		(4,081,562	)		(2,592,606	)		(1,311,840	)		(1,270,202	)		(1,577	)		(528	)
	(19,242,882	)		(10,899,068	)		(614,518	)		352,480			4,932,592			3,314,178			(599,634	)		274,782			462			2,547
	273,379,545			284,278,613			17,471,550			17,119,070			23,488,405			20,174,227			11,505,125			11,230,343			17,407			14,860
	$254,136,663			$273,379,545			$16,857,032			$17,471,550			$28,420,997			$23,488,405			$10,905,491			$11,505,125			$17,869			$17,407


	489,603			538,838			7,555			15,582			11,093			9,935			3,184			10,767			—			—
	(3,279,624	)		(3,869,367	)		(106,262	)		(119,788	)		(86,794	)		(68,656	)		(43,292	)		(54,727	)		(33	)		(14	)
	(2,790,021	)		(3,330,529	)		(98,707	)		(104,206	)		(75,701	)		(58,721	)		(40,108	)		(43,960	)		(33	)		(14	)

See accompanying notes to financial statements.

F-61

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Statements of Changes in Net Assets — Continued



	The Prudential Series Fund (continued)

	PSF Natural Resources Portfolio — Class II Shares						PSF PGIM Jennison Blend Portfolio — Class II Shares						PSF PGIM Jennison Growth Portfolio — Class II Shares

	Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023			Year ended December 31, 2024			Year ended December 31, 2023

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$(214,312	)		$(316,530	)		$(71,336	)		$(3,734	)		$(122,896	)		$(108,378	)
Net realized gain (loss) on investments		2,058,755			1,872,380			132,283			17,617			689,835			655,099
Change in unrealized appreciation (depreciation) on investments		(636,973	)		(2,387,485	)		912,473			140,307			1,409,528			2,256,981
Capital gain distributions		—			—			—			—			—			—
Increase (decrease) in net assets from operations		1,207,470			(831,635	)		973,420			154,190			1,976,467			2,803,702

From capital transactions (note 4):
Net premiums		19,064			327,902			—			—			10,038			106,923
Transfers for contract benefits and terminations		(1,425,253	)		(1,592,158	)		(703,687	)		(5,243	)		(839,161	)		(422,054	)
Administrative expenses		(135,358	)		(171,589	)		(15,240	)		(352	)		(38,904	)		(31,449	)
Transfers between subaccounts (including fixed account), net		(14,334,937	)		1,503,930			387,667			4,093,007			(218,571	)		(413,252	)
Increase (decrease) in net assets from capital transactions		(15,876,484	)		68,085			(331,260	)		4,087,412			(1,086,598	)		(759,832	)
Increase (decrease) in net assets		(14,669,014	)		(763,550	)		642,160			4,241,602			889,869			2,043,870
Net assets at beginning of year		19,098,780			19,862,330			4,241,602			—			7,591,703			5,547,833
Net assets at end of year		$4,429,766			$19,098,780			$4,883,762			$4,241,602			$8,481,572			$7,591,703

Change in units (note 5):
Units purchased		253,318			1,770,713			41,846			743,696			2,554			19,622
Units redeemed		(1,793,786	)		(1,002,914	)		(76,707	)		(361,428	)		(16,533	)		(31,236	)
Net increase (decrease) in units from capital transactions with contract owners		(1,540,468	)		767,799			(34,861	)		382,268			(13,979	)		(11,614	)

See accompanying notes to financial statements.

F-62

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements

December 31, 2024

(1)

Description of Entity

Genworth Life & Annuity VA Separate Account 1 (the “Separate Account”) is a separate investment account established on August 19, 1987 by Genworth Life and Annuity Insurance Company (“GLAIC”), pursuant to the laws of the Commonwealth of Virginia. GLAIC is a stock life insurance company operating under a charter granted by the Commonwealth of Virginia on March 21, 1871. GLAIC is licensed as a life insurer to do business in Bermuda, the District of Columbia and all states except for New York. GLAIC is wholly-owned by Genworth Life Insurance Company, which is wholly-owned by Genworth North America Corporation, which is indirectly wholly-owned by Genworth Financial, Inc.

GLAIC has a 34.5% investment in an affiliate, Genworth Life Insurance Company of New York.

GLAIC’s principal products are life insurance and fixed deferred and immediate annuities. Life insurance products provide protection against financial hardship after the death of an insured. Deferred annuities are investment vehicles intended for contract owners who want to accumulate tax-deferred assets for retirement, desire a tax-efficient source of income and seek to protect against outliving their assets. Immediate annuities provide a fixed amount of income for either a defined number of years, the annuitant’s lifetime or the longer of a defined number of years or the annuitant’s lifetime. In March 2016, GLAIC suspended sales of traditional life insurance and fixed annuity products. GLAIC, however, continues to service its existing retained and reinsured blocks of business.

GLAIC also has other products which have not been actively sold since 2011, but it continues to service its existing blocks of business. Those products include variable annuities, including group variable annuities offered through retirement plans, variable life insurance and funding agreements. Most of its variable annuities include guaranteed minimum death benefits. Some of GLAIC’s group and individual variable annuity products include guaranteed minimum benefit features such as guaranteed minimum withdrawal benefits and certain types of guaranteed annuitization benefits.

The Separate Account has subaccounts that currently invest in series or portfolios (“Portfolios”) of open-end mutual funds (“Funds”). Such Portfolios are not sold directly to the general public. The Portfolios are sold to GLAIC, and they may also be sold to other insurance companies that issue variable annuity contracts and variable life insurance policies, including affiliated insurance companies of GLAIC. In addition, the Portfolios may be sold to retirement plans. GLAIC uses the Separate Account to support flexible premium variable deferred and immediate annuity contracts issued by GLAIC, as well as other purposes permitted by law.

Currently, there are multiple subaccounts of the Separate Account available under each contract. Each subaccount invests exclusively in shares representing an interest in a separate corresponding Portfolio (a division of a Fund, the assets of which are separate from other Portfolios that may be available in the Fund).

The assets of the Separate Account belong to GLAIC. However, GLAIC does not charge the assets in the Separate Account attributable to the contracts with liabilities arising out of any other business that GLAIC may conduct. The assets of the Separate Account will, however, be available to cover the liabilities of GLAIC’s General Account to the extent that the assets of the Separate Account exceed its liabilities arising under the contracts supported by it. Income and both realized and unrealized gains or losses from the assets of the Separate Account are credited to or charged against the Separate Account without regard to the income, gains or losses arising out of any other business GLAIC may conduct. Guarantees made under the contracts, including any rider options, are based on the claims paying ability of GLAIC to the extent that the amount of the guarantee exceeds the assets available in the Separate Account.

The Separate Account is registered with the U.S. Securities and Exchange Commission (“SEC”) as a unit investment trust under the Investment Company Act of 1940, as amended. The Separate Account meets the definition of a separate account under the Federal securities laws. Registration with the SEC does not involve supervision of the management or investment practices or policies of the Separate Account by the SEC. Contract owners assume the full investment risk for amounts allocated by contract owners to the Separate Account.

F-63

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024

During the years ended December 31, 2024 and 2023, the following Portfolio names were changed:


Prior Portfolio Name	Current Portfolio Name	Effective Date
Legg Mason Partners Variable Equity Trust — ClearBridge Variable Aggressive Growth Portfolio — Class II	Legg Mason Partners Variable Equity Trust — ClearBridge Variable Growth Portfolio — Class II	April 29, 2024
American Century Variable Portfolios II, Inc. — VP Inflation Protection Fund — Class II	Lincoln Variable Insurance Products Trust — LVIP American Century Inflation Protection Fund — Service Class	April 26, 2024
American Century Variable Portfolios, Inc. — VP Disciplined Core Value Fund — Class I	Lincoln Variable Insurance Products Trust — LVIP American Century Disciplined Core Value Fund — Standard Class II	April 26, 2024
American Century Variable Portfolios, Inc. — VP International Fund — Class I	Lincoln Variable Insurance Products Trust — LVIP American Century International Fund — Standard Class II	April 26, 2024
American Century Variable Portfolios, Inc. — VP Ultra^® Fund — Class I	Lincoln Variable Insurance Products Trust — LVIP American Century Ultra^® Fund — Standard Class II	April 26, 2024
American Century Variable Portfolios, Inc. — VP Value Fund — Class I	Lincoln Variable Insurance Products Trust — LVIP American Century Value Fund — Standard Class II	April 26, 2024
AB Variable Products Series Fund, Inc. — AB VP Growth and Income Portfolio — Class B	AB Variable Products Series Fund, Inc. — AB VPS Relative Value Portfolio — Class B	April 28, 2023
Allspring Variable Trust — Allspring VT Omega Growth Fund — Class 2	Allspring Variable Trust — Allspring VT Discovery All Cap Growth Fund — Class 2	April 28, 2023
JPMorgan Insurance Trust — JPMorgan Insurance Trust Core Bond Portfolio — Class 1	Lincoln Variable Insurance Products Trust — LVIP JPMorgan Core Bond Fund — Standard Class	April 28, 2023
JPMorgan Insurance Trust — JPMorgan Insurance Trust Mid Cap Value Portfolio — Class 1	Lincoln Variable Insurance Products Trust — LVIP JPMorgan Mid Cap Value Fund — Standard Class	April 28, 2023
JPMorgan Insurance Trust — JPMorgan Insurance Trust Small Cap Core Portfolio — Class 1	Lincoln Variable Insurance Products Trust — LVIP JPMorgan Small Cap Core Fund — Standard Class	April 28, 2023
JPMorgan Insurance Trust — JPMorgan Insurance Trust U.S. Equity Portfolio — Class 1	Lincoln Variable Insurance Products Trust — LVIP JPMorgan U.S. Equity Fund — Standard Class	April 28, 2023

F-64

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024

During the years ended December 31, 2024 and 2023, the following Portfolio(s) were liquidated, and the Portfolio assets were reinvested in new or existing Portfolio(s):


Liquidated Portfolio	Reinvested Portfolio	Inception Date
Deutsche DWS Variable Series I — DWS Capital Growth VIP — Class B Shares	BNY Mellon — BNY Mellon Variable Investment Fund — Government Money Market Portfolio	June 17, 2024
Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP — Class B Shares	BNY Mellon — BNY Mellon Variable Investment Fund — Government Money Market Portfolio	June 17, 2024
AIM Variable Insurance Funds (Invesco Variable Insurance Funds) — Invesco V.I. Conservative Balanced Fund — Series I shares	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) — Invesco V.I. Equity and Income Fund — Series I shares	April 26, 2024
AIM Variable Insurance Funds (Invesco Variable Insurance Funds) — Invesco V.I. Conservative Balanced Fund — Series II shares	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) — Invesco V.I. Equity and Income Fund — Series II shares	April 26, 2024
The Prudential Series Fund — PSF PGIM Jennison Focused Blend Portfolio — Class II Shares	The Prudential Series Fund — PSF PGIM Jennison Blend Portfolio — Class II Shares	December 8, 2023
The Prudential Series Fund — PSF International Growth Portfolio — Class II Shares	Advanced Series Trust — AST International Equity Portfolio — Class I Shares	March 10, 2023

All designated Portfolios listed above are series type mutual funds.

(2)

Summary of Significant Accounting Policies

(a) Basis of Presentation

These financial statements have been prepared on the basis of U.S. generally accepted accounting principles (“U.S. GAAP”). Preparing financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts and disclosures reported therein. Actual results could differ from those estimates. The Separate Account is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies.

(b) Investments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Separate Account, generally, uses a market approach as the valuation technique due to the nature of the mutual fund investments offered in the Separate Account. This technique maximizes the use of observable inputs and minimizes the use of unobservable inputs. Investments in mutual funds are valued at the mutual fund’s closing net asset value per share on the day of valuation.

Valuation Inputs: Various inputs are used to determine the value of the mutual fund’s investments. These inputs are summarized in the three broad levels listed below:

•

Level 1 — quoted prices in active markets for identical securities;

•

Level 2 — observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds and credit risk); and

•

Level 3 — unobservable inputs.

F-65

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024

The investments of the Separate Account are measured at fair value on a recurring basis. All investments are categorized as Level 1 as of December 31, 2024 and there were no transfers between the levels during 2024.

Purchases and redemptions of investments in mutual funds are recorded on the Valuation Day that the request for the purchase or redemption is received. A Valuation Day is any day that the New York Stock Exchange is open for regular trading, except for days on which a Portfolio does not value its shares. Income distributions, and gains from realized gain distributions, are recorded on the ex-dividend date. Realized gains and losses on investments are determined on the average cost basis. Units and unit values are disclosed as of the last Valuation Day of the applicable year or period.

(c) Unit Classes

There are several unit classes of subaccounts based on the variable annuity contract through which the subaccounts are available. An indefinite number of units in each unit class is authorized. Each unit class has its own expense structure as noted in note 4(a) below. In January 2011, Genworth announced that its insurance company subsidiaries, including GLAIC, would discontinue new sales of variable annuity products but would continue to service existing blocks of business. Although the contracts are no longer available for new sales, additional purchase payments may still be accepted under the terms of the contracts.

(d) Federal Income Taxes

The operations of the Separate Account are a part of, and taxed with, the operations of GLAIC. Therefore, the Separate Account is not separately taxed as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Under existing federal income tax laws, investment income and capital gains of the Separate Account are not taxed. Accordingly, the Separate Account paid no federal income taxes and no federal income tax payment was required. GLAIC is taxed as a life insurance company under the Code.

(e) Payments During Annuitization

Net assets allocated to the contracts in variable payout stages (“variable annuitization”) are computed in accordance with the mortality tables in effect at the time of contract issue. The default assumed interest rate is an effective annual rate of 3% for all variable annuitizations paid on a life contingency basis, with the exception of those contract owners who have annuitized while electing the Payment Optimizer Plus rider option. Under this rider option, the assumed interest rate is 4%. For contract owners who have purchased the RetireReady^{SM Retirement Answer
variable annuity, the assumed interest rate is 3.5%. The mortality risk is fully borne by GLAIC and may result in amounts transferred from GLAIC’s General Account to the Separate Account should annuitants live longer than assumed. GLAIC may
transfer amounts from the Separate Account to its General Account should the contracts experience higher mortality than assumed.}

(f) Segment Reporting

In this reporting period, the subaccounts within the Separate Account adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the financial position or the results of operations for the subaccounts of the Separate Account. 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 a 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 subaccounts have acted as single reportable segments and the CODM of the subaccounts within the Separate Account is the Variable Product Portfolio Manager. The Separate Account is structured with a limited purpose by design and its sole purpose is to record and

F-66

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024

report the invested funds and activities and performance chosen by contract/policy holders. Investment performance of funds may vary based on the underlying fund’s investment objectives specified in the fund prospectuses. Significant revenues and expenses are reported on the Statements of Changes in Net Assets and are reviewed by the CODM. The accounting policies of the segment are the same as those described in the summary of significant accounting policies herein.

(g) Subsequent Events

No material subsequent events have occurred since December 31, 2024 through April 23, 2025, the date the financial statements were available to be issued, that would require adjustment to the financial statements.

(3)

Purchases and Sales of Investments

The aggregate cost of investments acquired, and the aggregate proceeds of investments sold, for the year or lesser period ended December 31, 2024 were:


Fund/Portfolio	Cost of Shares Acquired		Proceeds from Shares Sold
AB Variable Products Series Fund, Inc.
AB VPS Balanced Hedged Allocation Portfolio — Class B	$	1,273,379	$	2,349,754
AB VPS International Value Portfolio — Class B		1,389,778		17,448,857
AB VPS Large Cap Growth Portfolio — Class B		863,803		2,838,905
AB VPS Relative Value Portfolio — Class B		1,980,739		4,998,266
AB VPS Small Cap Growth Portfolio — Class B		263,566		1,321,087
AB VPS Sustainable Global Thematic Portfolio — Class B		25,602		252,909
AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
Invesco V.I. American Franchise Fund — Series I shares		62,921		1,470,199
Invesco V.I. American Franchise Fund — Series II shares		9,285		567,047
Invesco V.I. American Value Fund — Series II shares		1,662,650		1,404,934
Invesco V.I. Capital Appreciation Fund — Series I shares		393,204		4,778,624
Invesco V.I. Capital Appreciation Fund — Series II shares		511,617		1,731,655
Invesco V.I. Comstock Fund — Series II shares		6,676,040		14,623,635
Invesco V.I. Conservative Balanced Fund — Series I shares		442,198		6,895,145
Invesco V.I. Conservative Balanced Fund — Series II shares		567,281		12,833,164
Invesco V.I. Core Equity Fund — Series I shares		62,000,892		8,497,264
Invesco V.I. Core Plus Bond Fund — Series I shares		665,225		961,134
Invesco V.I. Discovery Mid Cap Growth Fund — Series I shares		379,819		2,528,307
Invesco V.I. Discovery Mid Cap Growth Fund — Series II shares		167,667		1,331,476
Invesco V.I. EQV International Equity Fund — Series II shares		16,228,377		3,155,500
Invesco V.I. Equity and Income Fund — Series I shares		6,761,595		681,668
Invesco V.I. Equity and Income Fund — Series II shares		14,814,555		5,725,353
Invesco V.I. Global Fund — Series II shares		2,395,257		5,689,201
Invesco V.I. Global Real Estate Fund — Series II shares		209,081		66,886
Invesco V.I. Global Strategic Income Fund — Series I shares		104,606		243,089
Invesco V.I. Government Securities Fund — Series I shares		—		—
Invesco V.I. Main Street Fund^® — Series II shares		79,916,612		11,155,814
Invesco V.I. Main Street Small Cap Fund^® — Series II shares		16,616,870		4,651,828
Invesco V.I. Technology Fund — Series I shares		—		—
Advanced Series Trust
AST International Equity Portfolio — Class I Shares		—		—

F-67

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


Fund/Portfolio	Cost of Shares Acquired		Proceeds from Shares Sold
Allspring Variable Trust
Allspring VT Discovery All Cap Growth Fund — Class 2	$	127,201	$	416,228
BNY Mellon
BNY Mellon Investment Portfolios — MidCap Stock Portfolio — Initial Shares		200,236		73,983
BNY Mellon Sustainable U.S. Equity Portfolio, Inc. — Initial Shares		144,382		1,542,434
BNY Mellon Variable Investment Fund — Government Money Market Portfolio		835,246		1,509,986
BlackRock Variable Series Funds, Inc.
BlackRock Advantage SMID Cap V.I. Fund — Class III Shares		1,112,025		2,216,548
BlackRock Basic Value V.I. Fund — Class III Shares		2,487,081		18,450,032
BlackRock Global Allocation V.I. Fund — Class III Shares		13,699,512		25,647,656
BlackRock Large Cap Focus Growth V.I. Fund — Class III Shares		833,430		2,693,697
Columbia Funds Variable Series Trust II
CTIVP^® — Principal Blue Chip Growth Fund — Class 1		3,150,579		89,393,596
Columbia Variable Portfolio — Overseas Core Fund — Class 2		2,634,549		18,705,595
Deutsche DWS Variable Series I
DWS Capital Growth VIP — Class B Shares		20,585		176,497
Deutsche DWS Variable Series II
DWS CROCI^® U.S. VIP — Class B Shares		753		49,552
DWS Small Mid Cap Value VIP — Class B Shares		1,050		1,116
Eaton Vance Variable Trust
VT Floating-Rate Income Fund		4,221,946		8,328,857
Federated Hermes Insurance Series
Federated Hermes High Income Bond Fund II — Primary Shares		502,880		998,202
Federated Hermes High Income Bond Fund II — Service Shares		658,174		938,421
Federated Hermes Kaufmann Fund II — Service Shares		14,974,135		3,763,549
Federated Hermes Managed Volatility Fund II — Primary Shares		325,738		1,133,014
Fidelity^® Variable Insurance Products Fund
VIP Asset Manager Portfolio — Initial Class		1,192,475		3,622,388
VIP Asset Manager Portfolio — Service Class 2		827,618		489,992
VIP Balanced Portfolio — Service Class 2		6,738,982		12,195,236
VIP Contrafund^® Portfolio — Initial Class		13,887,564		19,278,667
VIP Contrafund^® Portfolio — Service Class 2		24,893,118		47,389,196
VIP Dynamic Capital Appreciation Portfolio — Service Class 2		248,582		433,794
VIP Equity-Income Portfolio^SM — Initial Class		6,192,937		11,901,213
VIP Equity-Income Portfolio^SM — Service Class 2		3,589,977		7,582,665
VIP Growth & Income Portfolio — Initial Class		1,385,007		3,024,452
VIP Growth & Income Portfolio — Service Class 2		1,593,419		2,277,564
VIP Growth Opportunities Portfolio — Initial Class		340,658		3,269,897
VIP Growth Opportunities Portfolio — Service Class 2		513,687		1,858,332
VIP Growth Portfolio — Initial Class		16,695,620		10,727,810
VIP Growth Portfolio — Service Class 2		5,239,825		3,285,247
VIP Investment Grade Bond Portfolio — Service Class 2		36,940,374		7,889,222
VIP Mid Cap Portfolio — Initial Class		—		—
VIP Mid Cap Portfolio — Service Class 2		25,132,605		12,658,286
VIP Overseas Portfolio — Initial Class		875,127		1,551,760
VIP Value Strategies Portfolio — Service Class 2		423,924		518,069

F-68

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


Fund/Portfolio	Cost of Shares Acquired		Proceeds from Shares Sold
Franklin Templeton Variable Insurance Products Trust
Franklin Allocation VIP Fund — Class 2 Shares	$	1,265,334	$	6,233,453
Franklin Income VIP Fund — Class 2 Shares		15,207,948		34,501,654
Franklin Large Cap Growth VIP Fund — Class 2 Shares		20,948		26,168
Franklin Mutual Shares VIP Fund — Class 2 Shares		3,189,564		5,989,427
Templeton Foreign VIP Fund — Class 1 Shares		235,814		418,474
Templeton Foreign VIP Fund — Class 2 Shares		9,913		28,526
Templeton Global Bond VIP Fund — Class 1 Shares		82,573		441,430
Templeton Growth VIP Fund — Class 2 Shares		692,880		1,125,921
Goldman Sachs Variable Insurance Trust
Goldman Sachs Government Money Market Fund — Service Shares		93,746,470		109,692,293
Goldman Sachs Large Cap Value Fund — Institutional Shares		945,739		983,901
Goldman Sachs Mid Cap Value Fund — Institutional Shares		2,147,111		4,967,352
Janus Aspen Series
Janus Henderson Balanced Portfolio — Institutional Shares		2,998,227		10,309,719
Janus Henderson Balanced Portfolio — Service Shares		5,858,592		15,262,960
Janus Henderson Enterprise Portfolio — Institutional Shares		2,160,947		5,944,528
Janus Henderson Enterprise Portfolio — Service Shares		283,622		516,163
Janus Henderson Flexible Bond Portfolio — Institutional Shares		588,284		1,296,769
Janus Henderson Forty Portfolio — Institutional Shares		2,405,581		5,081,263
Janus Henderson Forty Portfolio — Service Shares		3,259,844		25,701,983
Janus Henderson Global Research Portfolio — Institutional Shares		1,936,438		4,674,744
Janus Henderson Global Research Portfolio — Service Shares		234,076		607,578
Janus Henderson Global Technology and Innovation Portfolio — Service Shares		270,897		1,944,343
Janus Henderson Overseas Portfolio — Institutional Shares		469,075		2,225,212
Janus Henderson Overseas Portfolio — Service Shares		55,967		516,466
Janus Henderson Research Portfolio — Institutional Shares		1,607,190		7,182,345
Janus Henderson Research Portfolio — Service Shares		110,806		500,399
Legg Mason Partners Variable Equity Trust
ClearBridge Variable Dividend Strategy Portfolio — Class I		740,097		555,399
ClearBridge Variable Dividend Strategy Portfolio — Class II		559,563		931,549
ClearBridge Variable Growth Portfolio — Class II		954,278		1,107,657
ClearBridge Variable Large Cap Value Portfolio — Class I		2,231,561		4,563,963
Lincoln Variable Insurance Products Trust
LVIP American Century Disciplined Core Value Fund — Standard Class II		22,655		5,698
LVIP American Century Inflation Protection Fund — Service Class		3,000,736		4,503,174
LVIP American Century International Fund — Standard Class II		61,045		95,990
LVIP American Century Ultra^® Fund — Standard Class II		9,641		16,994
LVIP American Century Value Fund — Standard Class II		36,452		231,090
LVIP JPMorgan Core Bond Fund — Standard Class		357,520		698,549
LVIP JPMorgan Mid Cap Value Fund — Standard Class		85,212		87,779
LVIP JPMorgan Small Cap Core Fund — Standard Class		204,368		70,745
LVIP JPMorgan U.S. Equity Fund — Standard Class		83,879		1,124,553
MFS^® Variable Insurance Trust
MFS^® Investors Trust Series — Service Class Shares		343,636		841,088
MFS^® New Discovery Series — Service Class Shares		136,136		1,162,700
MFS^® Total Return Series — Service Class Shares		4,214,883		5,858,909
MFS^® Utilities Series — Service Class Shares		1,544,811		1,609,168

F-69

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


Fund/Portfolio	Cost of Shares Acquired		Proceeds from Shares Sold
MFS^® Variable Insurance Trust II
MFS^® Income Portfolio — Service Class Shares	$	1,390	$	5,011
MFS^® Massachusetts Investors Growth Stock Portfolio — Service Class Shares		792,199		930,387
PIMCO Variable Insurance Trust
All Asset Portfolio — Advisor Class Shares		469,658		851,738
High Yield Portfolio — Administrative Class Shares		3,987,881		6,456,569
International Bond Portfolio (U.S. Dollar Hedged) — Administrative Class Shares		74,930		187,379
Long-Term U.S. Government Portfolio — Administrative Class Shares		10,058,269		34,134,386
Low Duration Portfolio — Administrative Class Shares		7,077,234		22,745,174
Total Return Portfolio — Administrative Class Shares		23,984,392		21,334,486
Rydex Variable Trust
NASDAQ — 100^® Fund		304,216		1,257,315
State Street Variable Insurance Series Funds, Inc.
Income V.I.S. Fund — Class 1 Shares		886,316		1,669,440
Premier Growth Equity V.I.S. Fund — Class 1 Shares		5,800,110		5,841,417
Real Estate Securities V.I.S. Fund — Class 1 Shares		5,413,511		42,302,476
S&P 500^® Index V.I.S. Fund — Class 1 Shares		20,803,635		25,718,343
Small-Cap Equity V.I.S. Fund — Class 1 Shares		2,340,326		3,523,135
Total Return V.I.S. Fund — Class 1 Shares		56,036,589		89,608,678
Total Return V.I.S. Fund — Class 3 Shares		18,335,112		54,865,115
U.S. Equity V.I.S. Fund — Class 1 Shares		3,699,126		5,080,069
The Alger Portfolios
Alger Large Cap Growth Portfolio — Class I-2 Shares		682,707		5,141,298
Alger Small Cap Growth Portfolio — Class I-2 Shares		147,691		1,582,101
The Prudential Series Fund
PSF Mid-Cap Growth Portfolio — Class II Shares		—		1,860
PSF Natural Resources Portfolio — Class II Shares		2,461,409		18,550,933
PSF PGIM Jennison Blend Portfolio — Class II Shares		587,739		989,509
PSF PGIM Jennison Growth Portfolio — Class II Shares		187,751		1,397,390

(4)

Related Party Transactions

(a) GLAIC

Net purchase payments (premiums) transferred from GLAIC to the Separate Account represent gross premiums recorded by GLAIC on its flexible premium variable deferred and immediate annuity contracts, less deductions retained as compensation for premium taxes. For contracts issued on or after May 1, 1993, the deduction for premium taxes is deferred until the contracts are surrendered.

Some contracts permit contract owners to elect to allocate assets to a Guarantee Account that is part of the General Account of GLAIC. Amounts allocated to the Guarantee Account earn interest at the interest rate in effect at the time of such allocation or transfer. The interest rate remains in effect for a guaranteed period of time (at least a period of one year), after which a new rate may be declared. Contract owners may transfer amounts from the Guarantee Account to the subaccounts of the Separate Account and in certain instances transfer amounts from the subaccounts of the Separate Account to the Guarantee Account.

Generally, charges are assessed under the contracts to cover surrenders, certain administrative expenses, and the mortality and expense risks that GLAIC assumes, as well as any additional benefits provided under the contract such as optional benefits, as applicable. The surrender charges are assessed to cover certain expenses relating to the sale of a

F-70

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024

contract. The fees charged to cover administrative expenses and mortality and expense risk charges, as well as through certain electable rider options, are assessed through the daily unit value calculation. Those fees are assessed on the contract owner’s daily average net assets in the Separate Account. Other charges assessed to cover certain other administrative expenses, as well as certain optional riders, are assessed by the redemption of units. Note 6 presents the total charge percentage by unit in a range. The unit class may encompass multiple contracts through a combination of one or more electable rider options equal to the total amount assessed on a daily basis.

The Separate Account assesses charges associated with the contracts issued. These charges are either assessed as a direct reduction in unit values or through a redemption of units for all contracts contained within the Separate Account.


Mortality and Expense Risk Charge (including benefit rider options) This charge is assessed through a reduction in unit values.		0.40% — 2.80% of the daily value of the assets invested in each Portfolio (fund).

Administrative Charge This charge is assessed through a reduction in unit values.		0.15% — 0.35% of the daily value of the assets invested in each fund.

Annual Administrative Charge This charge is assessed through a redemption in units.		$0 — $30 per contract year invested in each fund.

Surrender Charge This charge is assessed through a redemption in units.		0.00% — 9.00% on the value of the accumulation units purchased.

(b) Accrued Expenses Payable to Affiliate

Charges and deductions made under the contracts for services and benefits unpaid at year-end are accrued and payable to GLAIC.

(c) Bonus Credit

For certain contracts, transfers from the General Account for payments by GLAIC were paid in the form of bonus credits. Bonus credits are amounts that are added by GLAIC to the premium payments received from contract owners.

(d) Capital Brokerage Corporation

Capital Brokerage Corporation (“CBC”), an affiliate of GLAIC, is a Washington corporation registered with the SEC under the Securities Exchange Act of 1934 as a broker-dealer and is a member of the Financial Industry Regulatory Authority (“FINRA”). CBC serves as the distributor and principal underwriter for variable annuity contracts, variable life insurance policies, and certain guaranteed income annuity contracts issued by GLAIC. GLAIC pays commissions and other marketing related expenses to CBC. Certain officers and directors of GLAIC are also officers and directors of CBC.

(5)

Capital Transactions

All dividends and capital gain distributions of the Portfolios are automatically reinvested in shares of the distributing Portfolios at their net asset value on the date of distribution. In other words, Portfolio dividends or Portfolio distributions are not paid to contract owners as additional units, but instead are reflected in unit values.

The increase (decrease) in outstanding units and amounts by subaccount from capital transactions for the years or lesser periods ended December 31, 2024 and 2023 is reflected in the Statements of Changes in Net Assets.

F-71

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024

(6)

Financial Highlights

GLAIC’s variable annuity products have unique combinations of features and fees that are assessed to the contract owner. Differences in fee structures result in a variety of contract expense rates, unit values, and total returns. A summary by type and by subaccount of the outstanding units, unit values, net assets, expense ratios, investment income ratios, and total return ratios for the years or lesser periods ended December 31, 2024, 2023, 2022, 2021, and 2020 follows. This information is presented as a range based upon product grouping. Expenses as a percent of average net assets are presented as a range of lowest to highest contract expense rate. The unit value and total return ranges are presented to correlate to the respective expense rate. Accordingly, some individual contract amounts may not be within the ranges presented due to the timing of the introduction of new funds.

Financial highlights are only disclosed for Portfolios that were available to contract owners as of December 31, 2024. Portfolios liquidated in the current year (see note 1) are not included.


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
AB Variable Products Series Fund, Inc.
AB VPS Balanced Hedged Allocation Portfolio — Class B
2024		1.45% to 2.95%		362,017		17.28 to 10.93		5,546		1.75%		6.99% to 5.36%
2023		1.45% to 2.95%		425,972		16.15 to 10.37		6,344		0.89%		11.03% to 9.34%
2022		1.45% to 2.95%		511,290		14.55 to 9.48		6,897		3.00%		(20.34)% to (21.55)%
2021		1.45% to 2.95%		585,455		18.26 to 12.09		9,952		0.25%		11.72% to 10.02%
2020		1.45% to 2.95%		716,614		16.34 to 10.99		10,983		2.15%		7.67% to 6.03%
AB VPS International Value Portfolio — Class B
2024		1.45% to 2.70%		423,324		12.15 to 10.87		4,617		0.94%		3.28% to 1.96%
2023		1.45% to 2.95%		2,423,553		11.77 to 10.54		19,542		1.10%		13.17% to 11.45%
2022		1.45% to 2.70%		559,485		10.40 to 9.54		5,264		1.58%		(15.04)% to (16.12)%
2021		1.45% to 2.95%		3,264,527		12.24 to 11.30		27,429		1.92%		9.25% to 7.59%
2020		1.45% to 2.95%		2,760,732		11.20 to 10.50		21,761		1.32%		0.73% to (0.80)%
AB VPS Large Cap Growth Portfolio — Class B
2024		1.45% to 2.70%		302,509		80.93 to 19.73		12,610		0.00%		23.13% to 21.56%
2023		1.45% to 2.70%		361,174		65.72 to 16.23		12,295		0.00%		32.84% to 31.16%
2022		1.45% to 2.70%		401,192		49.48 to 12.38		10,428		0.00%		(29.72)% to (30.61)%
2021		1.45% to 2.70%		847,098		70.40 to 17.83		38,288		0.00%		26.79% to 25.18%
2020		1.45% to 2.70%		926,116		55.53 to 14.25		33,067		0.00%		33.19% to 31.50%
AB VPS Relative Value Portfolio — Class B
2024		1.15% to 2.70%		661,082		49.82 to 14.61		26,166		1.26%		11.46% to 9.70%
2023		1.15% to 2.70%		763,352		44.70 to 13.32		27,188		1.28%		10.44% to 8.71%
2022		1.15% to 2.70%		861,737		40.48 to 12.25		27,953		1.09%		(5.52)% to (6.99)%
2021		1.15% to 2.70%		998,243		42.84 to 13.17		34,408		0.62%		26.37% to 24.39%
2020		1.15% to 2.70%		1,197,002		33.90 to 10.59		32,803		1.28%		1.29% to (0.29)%

F-72

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
AB VPS Small Cap Growth Portfolio — Class B
2024		1.45% to 2.70%		84,474		39.44 to 12.72		3,272		0.00%		16.72% to 15.23%
2023		1.45% to 2.70%		110,528		33.79 to 11.04		3,668		0.00%		16.02% to 14.56%
2022		1.45% to 2.70%		129,295		29.12 to 9.64		3,707		0.00%		(40.14)% to (40.90)%
2021		1.45% to 2.70%		137,125		48.65 to 16.31		6,571		0.00%		7.62% to 6.25%
2020		1.45% to 2.95%		795,460		45.21 to 15.29		33,896		0.00%		51.42% to 49.11%
AB VPS Sustainable Global Thematic Portfolio — Class B
2024		1.45% to 1.70%		50,008		36.09 to 19.29		1,680		0.00%		4.41% to 4.15%
2023		1.45% to 1.70%		56,240		34.57 to 18.52		1,807		0.03%		14.03% to 13.74%
2022		1.45% to 1.70%		61,187		30.31 to 16.28		1,735		0.00%		(28.22)% to (28.41)%
2021		1.45% to 1.70%		68,663		42.23 to 22.74		2,731		0.00%		20.80% to 20.49%
2020		1.45% to 1.70%		79,757		34.96 to 18.88		2,617		0.45%		37.07% to 36.72%
AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
Invesco V.I. American Franchise Fund — Series I shares
2024		0.75% to 2.70%		178,111		50.65 to 19.82		8,091		0.00%		33.87% to 31.23%
2023		0.75% to 2.70%		209,934		37.83 to 15.11		7,173		0.00%		39.87% to 37.14%
2022		0.75% to 2.70%		225,066		27.05 to 11.02		5,537		0.00%		(31.63)% to (32.97)%
2021		0.75% to 2.70%		266,290		39.56 to 16.43		9,679		0.00%		11.09% to 8.90%
2020		0.75% to 1.70%		736,113		35.61 to 32.42		24,380		0.07%		41.29% to 39.94%
Invesco V.I. American Franchise Fund — Series II shares
2024		1.45% to 1.85%		62,463		71.12 to 53.78		3,684		0.00%		32.60% to 32.06%
2023		1.45% to 1.70%		72,282		53.64 to 39.01		3,208		0.00%		38.57% to 38.22%
2022		1.45% to 1.70%		83,441		38.71 to 28.22		2,669		0.00%		(32.29)% to (32.46)%
2021		1.45% to 1.70%		98,756		57.17 to 41.78		4,725		0.00%		10.03% to 9.75%
2020		1.45% to 1.70%		119,779		51.96 to 38.07		5,228		0.00%		39.94% to 39.58%
Invesco V.I. American Value Fund — Series II shares
2024		1.45% to 2.30%		780,259		14.63 to 14.18		11,394		0.80%		28.20% to 27.09%
2023		1.45% to 2.30%		774,850		11.42 to 11.15		8,830		0.40%		13.62% to 12.65%
2022		1.45% to 2.30%		745,062		10.05 to 9.90		7,477		0.49%		(4.27)% to (5.09)%
2021 (4)		1.45% to 2.30%		651,151		10.49 to 10.43		6,830		0.25%		4.95% to 4.34%
Invesco V.I. Capital Appreciation Fund — Series I shares
2024		1.15% to 1.60%		212,383		282.45 to 49.88		26,226		0.00%		32.61% to 32.01%
2023		1.15% to 1.60%		239,418		213.00 to 37.79		23,296		0.00%		33.82% to 33.22%
2022		1.15% to 1.60%		265,129		159.16 to 28.36		19,235		0.00%		(31.58)% to (31.89)%
2021		1.15% to 1.60%		290,608		232.62 to 41.64		30,665		0.00%		21.16% to 20.61%
2020		1.15% to 1.60%		345,154		192.00 to 34.53		29,406		0.00%		35.01% to 34.41%

F-73

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Invesco V.I. Capital Appreciation Fund — Series II shares
2024		1.45% to 2.70%		182,809		60.08 to 19.72		10,449		0.00%		31.88% to 30.20%
2023		1.45% to 2.70%		206,488		45.56 to 15.14		8,860		0.00%		33.08% to 31.40%
2022		1.45% to 2.70%		205,836		34.24 to 11.52		6,625		0.00%		(31.96)% to (32.83)%
2021		1.45% to 2.70%		246,907		50.32 to 17.16		11,799		0.00%		20.51% to 18.98%
2020		1.45% to 2.10%		263,778		41.76 to 29.48		10,441		0.00%		34.27% to 33.38%
Invesco V.I. Comstock Fund — Series II shares
2024		1.45% to 2.95%		1,130,020		50.61 to 15.74		42,730		1.40%		13.19% to 11.46%
2023		1.45% to 2.95%		1,472,865		44.71 to 14.12		47,705		1.90%		10.47% to 8.80%
2022		1.45% to 2.70%		846,530		40.47 to 13.09		29,319		1.28%		(0.61)% to (1.87)%
2021		1.45% to 2.70%		1,122,231		40.72 to 13.34		39,839		1.82%		31.12% to 29.45%
2020		1.45% to 2.70%		810,189		31.06 to 10.31		20,552		2.16%		(2.52)% to (3.76)%
Invesco V.I. Core Equity Fund — Series I shares
2024		1.45% to 2.95%		2,026,932		34.53 to 16.46		58,784		1.19%		23.78% to 21.88%
2023		1.45% to 2.45%		174,148		27.89 to 23.29		4,733		0.09%		21.58% to 20.35%
2022		1.45% to 2.95%		3,693,775		22.94 to 11.28		71,306		0.86%		(21.70)% to (22.89)%
2021		1.45% to 2.95%		4,320,745		29.30 to 14.62		107,031		1.12%		25.89% to 23.97%
2020		1.45% to 2.30%		246,205		23.27 to 20.50		5,593		0.20%		12.20% to 11.23%
Invesco V.I. Core Plus Bond Fund — Series I shares
2024		1.15% to 1.60%		499,478		10.10 to 9.98		5,008		3.66%		1.86% to 1.40%
2023		1.15% to 1.60%		540,813		9.91 to 9.84		5,337		2.58%		4.92% to 4.45%
2022 (5)		1.15% to 1.60%		570,227		9.45 to 9.42		5,377		0.86%		(5.53)% to (5.82)%
Invesco V.I. Discovery Mid Cap Growth Fund — Series I shares
2024		1.15% to 1.60%		180,940		195.75 to 38.19		20,636		0.00%		22.79% to 22.24%
2023		1.15% to 1.60%		202,220		159.41 to 31.24		18,492		0.00%		11.85% to 11.35%
2022		1.15% to 1.60%		225,781		142.52 to 28.06		18,568		0.00%		(31.78)% to (32.08)%
2021		1.15% to 1.60%		255,884		208.90 to 41.31		30,780		0.00%		17.73% to 17.20%
2020		1.15% to 1.60%		275,333		177.44 to 35.25		28,623		0.04%		39.07% to 38.44%
Invesco V.I. Discovery Mid Cap Growth Fund — Series II shares
2024		1.45% to 1.70%		132,841		53.68 to 50.62		7,019		0.00%		22.12% to 21.80%
2023		1.45% to 1.70%		155,771		43.96 to 41.56		6,727		0.00%		11.22% to 10.94%
2022		1.45% to 1.70%		156,762		39.52 to 37.46		6,091		0.00%		(32.13)% to (32.30)%
2021		1.45% to 1.70%		201,921		58.23 to 55.34		11,546		0.00%		17.07% to 16.77%
2020		1.45% to 1.70%		235,666		49.74 to 47.39		11,513		0.00%		38.21% to 37.86%

F-74

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Invesco V.I. EQV International Equity Fund — Series II shares
2024		1.45% to 2.95%		1,369,831		23.50 to 10.51		21,678		2.14%		(1.12)% to (2.63)%
2023		1.45% to 2.30%		463,577		23.77 to 17.68		9,383		0.00%		16.16% to 15.16%
2022		1.45% to 2.70%		506,409		20.46 to 9.52		8,822		1.41%		(19.68)% to (20.70)%
2021		1.45% to 2.70%		573,173		25.48 to 12.01		12,521		1.08%		4.07% to 2.75%
2020		1.45% to 2.70%		601,678		24.48 to 11.68		12,641		1.01%		12.09% to 10.67%
Invesco V.I. Equity and Income Fund — Series I shares
2024		1.15% to 1.60%		580,081		10.65 to 10.62		6,171		1.76%		6.52% to 6.20%
2023		0.75% to 0.75%		—		10.60 to 10.60		—		0.00%		9.73% to 9.73%
2022		0.75% to 0.75%		—		9.66 to 9.66		—		0.00%		(8.20)% to (8.20)%
2021 (4)		0.75% to 0.75%		—		10.52 to 10.52		—		0.00%		5.20% to 5.20%
Invesco V.I. Equity and Income Fund — Series II shares
2024		1.45% to 2.95%		1,086,564		24.14 to 13.25		23,122		1.76%		10.28% to 8.59%
2023		1.45% to 2.95%		673,394		21.89 to 12.20		13,063		1.05%		8.64% to 7.00%
2022		1.45% to 2.95%		1,345,395		20.15 to 11.40		25,524		1.81%		(9.05)% to (10.43)%
2021		1.45% to 2.95%		825,869		22.15 to 12.73		16,402		1.55%		16.64% to 14.86%
2020		1.45% to 2.95%		984,337		18.99 to 11.08		17,258		2.18%		8.06% to 6.42%
Invesco V.I. Global Fund — Series II shares
2024		1.45% to 2.70%		752,374		60.49 to 14.40		28,517		0.00%		14.10% to 12.64%
2023		1.45% to 2.70%		875,626		53.01 to 12.79		29,136		0.00%		32.50% to 30.83%
2022		1.45% to 2.70%		1,056,272		40.01 to 9.77		26,579		0.00%		(32.92)% to (33.77)%
2021		1.45% to 2.70%		1,403,987		59.65 to 14.76		56,905		0.00%		13.50% to 12.06%
2020		1.45% to 2.95%		4,465,223		52.55 to 13.12		125,239		0.57%		25.49% to 23.58%
Invesco V.I. Global Real Estate Fund — Series II shares
2024		1.45% to 2.70%		14,431		15.69 to 7.82		182		2.42%		(3.54)% to (4.77)%
2023		1.45% to 1.45%		2,237		16.27 to 16.27		36		1.28%		7.25% to 7.25%
2022		1.45% to 1.45%		2,091		15.17 to 15.17		32		2.60%		(26.23)% to (26.23)%
2021		1.45% to 1.45%		1,929		20.56 to 20.56		40		1.94%		23.63% to 23.63%
2020		1.45% to 2.70%		14,007		16.63 to 8.72		189		4.76%		(13.83)% to (14.93)%
Invesco V.I. Global Strategic Income Fund — Series I shares
2024		1.15% to 1.60%		138,323		10.57 to 10.00		1,420		3.02%		1.96% to 1.50%
2023		1.15% to 1.60%		153,242		10.37 to 9.86		1,548		0.00%		7.63% to 7.15%
2022		1.15% to 1.60%		172,835		9.63 to 9.20		1,626		0.00%		(12.48)% to (12.87)%
2021		1.15% to 1.60%		195,809		11.01 to 10.56		2,108		4.59%		(4.52)% to (4.96)%
2020		1.15% to 1.60%		217,269		11.53 to 11.11		2,456		5.70%		2.21% to 1.75%

F-75

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Invesco V.I. Government Securities Fund — Series I shares
2024		0.75% to 0.75%		—		17.20 to 17.20		—		0.00%		0.95% to 0.95%
2023		0.75% to 0.75%		—		17.04 to 17.04		—		0.00%		3.84% to 3.84%
2022		0.75% to 0.75%		—		16.41 to 16.41		—		0.00%		(10.96)% to (10.96)%
2021		0.75% to 0.75%		—		18.43 to 18.43		—		0.00%		(3.00)% to (3.00)%
2020		0.75% to 0.75%		—		19.00 to 19.00		—		0.00%		5.48% to 5.48%
Invesco V.I. Main Street Fund^® — Series II shares
2024		1.45% to 2.95%		2,472,407		53.34 to 15.92		81,455		0.00%		21.59% to 19.73%
2023		1.45% to 2.45%		444,984		43.87 to 25.65		13,813		0.15%		21.05% to 19.83%
2022		1.45% to 2.95%		3,362,880		36.24 to 11.15		75,688		0.97%		(21.46)% to (22.66)%
2021		1.45% to 2.95%		4,459,194		46.14 to 14.42		128,165		0.84%		25.39% to 23.48%
2020		1.45% to 2.35%		659,954		36.80 to 22.52		17,203		0.34%		12.05% to 11.02%
Invesco V.I. Main Street Small Cap Fund^® — Series II shares
2024		1.45% to 2.95%		603,318		64.88 to 15.10		24,603		0.00%		10.77% to 9.07%
2023		1.45% to 2.70%		235,777		58.58 to 14.01		11,796		0.92%		16.12% to 14.65%
2022		1.45% to 2.70%		259,369		50.45 to 12.22		11,249		0.24%		(17.26)% to (18.31)%
2021		1.45% to 2.70%		305,034		60.97 to 14.95		16,198		0.12%		20.49% to 18.96%
2020		1.45% to 2.95%		884,580		50.60 to 12.52		29,237		0.37%		17.90% to 16.11%
Invesco V.I. Technology Fund — Series I shares
2024		0.75% to 0.75%		—		18.64 to 18.64		—		0.00%		33.26% to 33.26%
2023		0.75% to 0.75%		—		13.98 to 13.98		—		0.00%		45.85% to 45.85%
2022		0.75% to 0.75%		—		9.59 to 9.59		—		0.00%		(40.40)% to (40.40)%
2021		0.75% to 0.75%		—		16.09 to 16.09		—		0.00%		13.55% to 13.55%
2020		0.75% to 0.75%		—		14.17 to 14.17		—		0.00%		45.02% to 45.02%
Advanced Series Trust
AST International Equity Portfolio — Class I Shares
2024		1.55% to 1.55%		—		11.57 to 11.57		—		0.00%		3.82% to 3.82%
2023 (6)		1.55% to 1.55%		—		11.15 to 11.15		—		0.00%		11.49% to 11.49%
Allspring Variable Trust
Allspring VT Discovery All Cap Growth Fund — Class 2
2024		1.45% to 1.95%		44,290		53.29 to 49.51		2,345		0.00%		19.24% to 18.63%
2023		1.45% to 1.95%		51,692		44.69 to 41.74		2,296		0.00%		31.24% to 30.58%
2022		1.45% to 1.95%		64,087		34.05 to 31.96		2,166		0.00%		(38.11)% to (38.42)%
2021		1.45% to 1.95%		69,207		55.02 to 51.91		3,781		0.00%		13.30% to 12.73%
2020		1.45% to 1.95%		82,022		48.56 to 46.04		3,956		0.00%		41.11% to 40.40%

F-76

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
BNY Mellon
BNY Mellon Investment Portfolios — MidCap Stock Portfolio — Initial Shares
2024		1.45% to 2.70%		7,408		48.79 to 14.18		256		0.36%		10.97% to 9.56%
2023		1.45% to 1.45%		2,418		43.96 to 43.96		106		0.79%		16.60% to 16.60%
2022		1.45% to 1.45%		2,595		37.70 to 37.70		98		0.73%		(15.32)% to (15.32)%
2021		1.45% to 1.45%		2,730		44.52 to 44.52		122		0.62%		24.06% to 24.06%
2020		1.45% to 1.45%		2,853		35.89 to 35.89		102		0.82%		6.54% to 6.54%
BNY Mellon Sustainable U.S. Equity Portfolio, Inc. — Initial Shares
2024		1.50% to 1.70%		359,303		27.76 to 26.41		9,977		0.52%		23.01% to 22.76%
2023		1.45% to 2.70%		405,110		47.85 to 14.69		9,357		0.67%		22.03% to 20.49%
2022		1.50% to 1.70%		390,488		18.50 to 17.68		7,231		0.52%		(24.03)% to (24.18)%
2021		1.50% to 1.70%		393,232		24.36 to 23.32		9,587		0.75%		25.09% to 24.84%
2020		1.50% to 1.70%		423,043		19.47 to 18.68		8,245		1.09%		22.28% to 22.03%
BNY Mellon Variable Investment Fund — Government Money Market Portfolio
2024		1.45% to 2.70%		118,814		9.76 to 9.64		1,149		4.49%		3.24% to 1.92%
2023		1.45% to 2.70%		194,703		9.46 to 9.46		1,827		4.29%		3.08% to 1.78%
2022		1.45% to 2.20%		308,810		9.17 to 8.04		2,817		1.17%		(0.20)% to (0.96)%
2021		1.45% to 2.05%		333,901		9.19 to 8.40		2,945		0.01%		(1.44)% to (2.04)%
2020		1.45% to 2.05%		156,045		9.33 to 8.57		1,442		0.18%		(1.24)% to (1.84)%
BlackRock Variable Series Funds, Inc.
BlackRock Advantage SMID Cap V.I. Fund — Class III Shares
2024		1.45% to 2.30%		254,507		39.00 to 28.73		9,811		1.40%		10.08% to 9.12%
2023		1.45% to 2.30%		282,976		35.43 to 26.32		9,889		5.00%		16.92% to 15.91%
2022		1.45% to 2.30%		106,880		30.31 to 22.71		3,127		1.71%		(17.88)% to (18.59)%
2021		1.45% to 2.30%		110,260		36.91 to 27.90		3,939		1.08%		11.71% to 10.74%
2020		1.45% to 2.30%		128,201		33.04 to 25.19		4,077		1.51%		17.92% to 16.90%
BlackRock Basic Value V.I. Fund — Class III Shares
2024		1.45% to 2.45%		400,435		32.84 to 22.98		12,549		1.10%		8.45% to 7.34%
2023		1.45% to 2.95%		1,079,668		30.28 to 12.95		26,999		1.51%		14.56% to 12.82%
2022		1.45% to 2.95%		1,190,327		26.43 to 11.48		25,884		1.02%		(6.50)% to (7.92)%
2021		1.45% to 2.95%		1,543,677		28.27 to 12.46		33,905		1.73%		19.58% to 17.76%
2020		1.45% to 2.30%		314,614		23.64 to 19.76		6,794		0.81%		1.63% to 0.76%
BlackRock Global Allocation V.I. Fund — Class III Shares
2024		1.45% to 2.95%		6,191,069		25.22 to 11.91		111,722		1.37%		7.34% to 5.70%
2023		1.45% to 2.95%		7,342,232		23.49 to 11.27		123,793		2.36%		10.86% to 9.18%
2022		1.45% to 2.95%		8,575,956		21.19 to 10.32		131,161		0.00%		(17.29)% to (18.55)%
2021		1.45% to 2.95%		10,019,147		25.62 to 12.67		186,114		0.81%		4.87% to 3.28%
2020		1.45% to 2.95%		11,261,826		24.43 to 12.27		203,199		1.22%		18.96% to 17.15%

F-77

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
BlackRock Large Cap Focus Growth V.I. Fund — Class III Shares
2024		1.45% to 1.85%		148,163		64.57 to 59.36		9,439		0.00%		29.47% to 28.95%
2023		1.45% to 1.95%		200,613		49.87 to 44.59		9,693		0.00%		50.27% to 49.51%
2022		1.45% to 1.95%		213,216		33.19 to 29.82		6,870		0.00%		(39.15)% to (39.46)%
2021		1.45% to 1.95%		268,008		54.54 to 49.26		14,206		0.00%		16.07% to 15.48%
2020		1.45% to 1.95%		278,524		46.98 to 42.65		12,744		0.00%		41.35% to 40.63%
Columbia Funds Variable Series Trust II
CTIVP^® — Principal Blue Chip Growth Fund — Class 1
2024		1.45% to 2.70%		896,006		30.35 to 17.52		27,066		0.00%		19.65% to 18.12%
2023		1.45% to 2.95%		4,066,222		25.37 to 14.67		99,733		0.00%		37.52% to 35.44%
2022		1.45% to 2.95%		3,046,910		18.44 to 10.83		54,288		0.00%		(29.05)% to (30.13)%
2021		1.45% to 2.95%		923,961		26.00 to 15.50		23,666		0.00%		16.85% to 15.08%
2020		1.45% to 2.95%		5,183,864		22.25 to 13.47		112,646		0.00%		30.02% to 28.04%
Columbia Variable Portfolio — Overseas Core Fund — Class 2
2024		1.45% to 2.45%		540,286		13.84 to 12.67		7,402		5.83%		1.73% to 0.70%
2023		1.45% to 2.95%		1,755,675		13.61 to 11.18		23,411		1.71%		13.66% to 11.93%
2022		1.45% to 2.95%		2,001,678		11.97 to 9.99		23,540		0.70%		(16.13)% to (17.41)%
2021		1.45% to 2.95%		1,837,093		14.27 to 12.10		25,853		0.86%		8.15% to 6.51%
2020		1.45% to 2.70%		918,564		13.20 to 11.40		12,037		1.44%		7.25% to 5.89%
Deutsche DWS Variable Series II
DWS Small Mid Cap Value VIP — Class B Shares
2024		1.45% to 2.05%		270		46.36 to 23.38		11		0.81%		4.25% to 3.61%
2023		1.45% to 2.05%		289		44.47 to 22.56		11		0.79%		12.93% to 12.25%
2022		1.45% to 2.05%		309		39.38 to 20.10		10		0.47%		(17.35)% to (17.86)%
2021		1.45% to 2.05%		324		47.64 to 24.47		12		0.87%		28.16% to 27.38%
2020		1.45% to 2.05%		381		37.18 to 19.21		11		1.12%		(2.54)% to (3.13)%
Eaton Vance Variable Trust
VT Floating-Rate Income Fund
2024		1.45% to 2.95%		1,212,965		16.56 to 10.67		18,181		7.88%		6.11% to 4.49%
2023		1.45% to 2.95%		1,565,515		15.61 to 10.21		22,460		8.17%		9.60% to 7.94%
2022		1.45% to 2.95%		1,744,103		14.24 to 9.46		22,824		4.41%		(4.14)% to (5.60)%
2021		1.45% to 2.95%		1,769,406		14.85 to 10.02		25,112		2.91%		2.12% to 0.57%
2020		1.45% to 2.95%		2,304,568		14.55 to 9.97		31,675		3.35%		0.52% to (1.01)%
Federated Hermes Insurance Series
Federated Hermes High Income Bond Fund II — Primary Shares
2024		1.15% to 1.60%		128,451		46.01 to 25.46		4,283		5.56%		5.04% to 4.56%
2023		1.15% to 1.60%		147,569		43.81 to 24.35		4,759		5.97%		11.42% to 10.92%
2022		1.15% to 1.60%		166,136		39.32 to 21.95		4,833		5.75%		(12.79)% to (13.19)%
2021		1.15% to 1.60%		208,374		45.08 to 25.28		6,975		4.97%		3.64% to 3.17%
2020		1.15% to 1.60%		229,820		43.50 to 24.51		7,564		5.95%		4.37% to 3.90%

F-78

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Federated Hermes High Income Bond Fund II — Service Shares
2024		1.45% to 2.30%		199,471		26.55 to 18.92		5,224		5.35%		4.31% to 3.41%
2023		1.45% to 2.30%		218,238		25.46 to 18.30		5,485		5.80%		10.84% to 9.89%
2022		1.45% to 2.30%		254,766		22.97 to 16.65		5,776		5.65%		(13.19)% to (13.94)%
2021		1.45% to 2.30%		311,754		26.46 to 19.35		8,155		4.76%		2.93% to 2.04%
2020		1.45% to 2.30%		342,250		25.70 to 18.96		8,704		5.87%		3.93% to 3.03%
Federated Hermes Kaufmann Fund II — Service Shares
2024		1.45% to 2.95%		709,074		56.09 to 10.91		23,690		0.40%		15.08% to 13.31%
2023		1.45% to 2.70%		237,555		48.74 to 9.74		10,372		0.00%		13.20% to 11.77%
2022		1.45% to 2.95%		976,228		43.06 to 8.64		24,832		0.00%		(31.27)% to (32.31)%
2021		1.45% to 2.95%		518,125		62.64 to 12.76		23,716		0.00%		0.78% to (0.75)%
2020		1.45% to 2.95%		817,878		62.16 to 12.86		33,781		0.00%		26.62% to 24.69%
Federated Hermes Managed Volatility Fund II — Primary Shares
2024		1.15% to 1.60%		237,133		41.86 to 19.52		6,646		2.28%		14.22% to 13.70%
2023		1.15% to 1.60%		263,975		36.65 to 17.17		6,636		1.92%		7.44% to 6.95%
2022		1.15% to 1.60%		292,743		34.11 to 16.05		6,909		1.91%		(14.75)% to (15.13)%
2021		1.15% to 1.60%		315,605		40.01 to 18.92		8,820		1.80%		17.15% to 16.62%
2020		1.15% to 1.60%		346,612		34.16 to 16.22		8,326		2.63%		(0.23)% to (0.68)%
Fidelity^® Variable Insurance Products Fund
VIP Asset Manager Portfolio — Initial Class
2024		1.15% to 1.60%		394,524		75.80 to 23.35		26,661		2.37%		7.24% to 6.76%
2023		1.15% to 1.60%		439,966		70.68 to 21.87		27,683		2.24%		11.65% to 11.15%
2022		1.15% to 1.60%		514,019		63.31 to 19.68		28,713		1.98%		(15.91)% to (16.29)%
2021		1.15% to 1.60%		583,068		75.29 to 23.51		38,580		1.58%		8.66% to 8.16%
2020		1.15% to 1.60%		643,594		69.29 to 21.74		39,298		1.49%		13.55% to 13.04%
VIP Asset Manager Portfolio — Service Class 2
2024		1.45% to 2.30%		203,936		23.23 to 19.18		4,432		2.46%		6.66% to 5.73%
2023		1.45% to 2.30%		191,607		21.78 to 18.14		3,904		2.08%		11.02% to 10.07%
2022		1.45% to 2.70%		215,325		19.62 to 10.27		3,944		1.81%		(16.38)% to (17.44)%
2021		1.45% to 2.70%		239,303		23.46 to 12.44		5,243		1.37%		8.09% to 6.72%
2020		1.45% to 2.30%		264,508		21.70 to 18.55		5,381		1.28%		12.87% to 11.90%
VIP Balanced Portfolio — Service Class 2
2024		1.45% to 2.95%		1,890,726		33.11 to 15.10		52,811		1.65%		13.94% to 12.20%
2023		1.45% to 2.95%		2,146,854		29.06 to 13.46		53,131		1.51%		19.48% to 17.67%
2022		1.45% to 2.95%		2,519,719		24.32 to 11.44		52,461		1.02%		(19.37)% to (20.60)%
2021		1.45% to 2.95%		2,931,945		30.16 to 14.41		76,574		0.72%		16.28% to 14.51%
2020		1.45% to 2.95%		3,167,986		25.94 to 12.58		73,537		1.26%		20.36% to 18.53%

F-79

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
VIP Contrafund^® Portfolio — Initial Class
2024		1.15% to 1.60%		754,010		223.90 to 69.88		103,679		0.18%		32.24% to 31.64%
2023		1.15% to 1.60%		880,568		169.31 to 53.09		91,969		0.48%		31.92% to 31.33%
2022		1.15% to 1.60%		995,504		128.34 to 40.42		78,297		0.49%		(27.16)% to (27.49)%
2021		1.15% to 1.60%		1,129,797		176.19 to 55.75		121,184		0.06%		26.37% to 25.79%
2020		1.15% to 1.60%		1,330,933		139.43 to 44.31		111,998		0.25%		29.06% to 28.48%
VIP Contrafund^® Portfolio — Service Class 2
2024		1.45% to 2.95%		2,697,811		83.90 to 19.80		134,192		0.03%		31.50% to 29.49%
2023		1.45% to 2.95%		3,565,783		63.80 to 15.29		132,698		0.32%		31.19% to 29.20%
2022		1.45% to 2.95%		2,153,195		48.63 to 11.83		70,113		0.27%		(27.55)% to (28.65)%
2021		1.45% to 2.95%		2,032,242		67.13 to 16.58		100,263		0.03%		25.66% to 23.75%
2020		1.45% to 2.70%		2,105,121		53.42 to 13.45		84,624		0.09%		28.35% to 26.72%
VIP Dynamic Capital Appreciation Portfolio — Service Class 2
2024		1.45% to 1.70%		23,344		73.51 to 69.57		1,682		0.05%		23.37% to 23.05%
2023		1.45% to 1.70%		27,023		59.58 to 56.54		1,574		0.12%		26.86% to 26.54%
2022		1.45% to 1.70%		31,291		46.97 to 25.51		1,418		0.10%		(22.19)% to (22.39)%
2021		1.45% to 1.70%		35,238		60.36 to 57.57		2,076		0.11%		22.47% to 22.16%
2020		1.45% to 1.70%		46,449		49.29 to 47.12		2,233		0.05%		31.41% to 31.08%
VIP Equity-Income Portfolio^SM — Initial Class
2024		1.15% to 1.60%		565,043		178.83 to 34.36		60,958		1.71%		14.01% to 13.50%
2023		1.15% to 1.60%		694,060		156.86 to 30.27		62,223		1.86%		9.38% to 8.89%
2022		1.15% to 1.60%		778,564		143.41 to 27.80		63,993		1.83%		(6.05)% to (6.47)%
2021		1.15% to 1.60%		858,919		152.64 to 29.72		75,265		1.86%		23.46% to 22.90%
2020		1.15% to 1.60%		952,178		123.64 to 24.19		68,677		1.78%		5.46% to 4.99%
VIP Equity-Income Portfolio^SM — Service Class 2
2024		1.45% to 2.70%		910,695		43.39 to 14.93		31,027		1.51%		13.38% to 11.93%
2023		1.45% to 2.70%		1,086,286		38.27 to 13.34		32,705		1.38%		8.78% to 7.41%
2022		1.45% to 2.95%		1,950,726		35.18 to 12.31		49,057		1.83%		(6.62)% to (8.03)%
2021		1.45% to 2.95%		1,737,852		37.67 to 13.38		49,553		1.04%		22.80% to 20.93%
2020		1.45% to 2.95%		6,938,864		30.68 to 11.06		137,238		2.07%		4.90% to 3.30%
VIP Growth & Income Portfolio — Initial Class
2024		1.15% to 1.60%		247,296		74.87 to 39.19		14,248		1.37%		20.80% to 20.25%
2023		1.15% to 1.60%		298,303		61.98 to 32.59		14,150		1.61%		17.36% to 16.83%
2022		1.15% to 1.60%		339,362		52.81 to 27.89		13,759		1.58%		(6.04)% to (6.46)%
2021		1.15% to 1.60%		395,914		56.21 to 29.82		17,190		2.31%		24.50% to 23.94%
2020		1.15% to 1.60%		468,224		45.14 to 24.06		16,382		2.06%		6.60% to 6.13%

F-80

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
VIP Growth & Income Portfolio — Service Class 2
2024		1.45% to 1.95%		324,219		51.46 to 41.01		12,667		1.23%		20.18% to 19.57%
2023		1.45% to 1.95%		366,467		42.81 to 34.29		11,882		1.45%		16.65% to 16.06%
2022		1.45% to 1.95%		405,584		36.70 to 29.55		11,229		1.28%		(6.55)% to (7.02)%
2021		1.45% to 1.95%		533,883		39.27 to 31.78		16,128		2.15%		23.82% to 23.19%
2020		1.45% to 1.95%		622,539		31.72 to 25.80		15,242		1.95%		6.03% to 5.50%
VIP Growth Opportunities Portfolio — Initial Class
2024		1.15% to 1.60%		191,633		104.65 to 59.18		15,507		0.00%		37.28% to 36.66%
2023		1.15% to 1.60%		232,194		76.23 to 43.30		13,636		0.00%		43.98% to 43.33%
2022		1.15% to 1.60%		289,360		52.95 to 30.21		12,362		0.00%		(38.86)% to (39.14)%
2021		1.15% to 1.60%		321,928		86.60 to 49.64		22,280		0.00%		10.65% to 10.15%
2020		1.15% to 1.60%		349,783		78.26 to 45.06		21,657		0.01%		66.72% to 65.97%
VIP Growth Opportunities Portfolio — Service Class 2
2024		1.45% to 2.70%		117,954		72.13 to 22.13		8,379		0.00%		36.54% to 34.80%
2023		1.45% to 2.70%		137,719		52.83 to 16.42		7,165		0.00%		43.20% to 41.40%
2022		1.45% to 2.70%		161,283		36.89 to 11.61		5,862		0.00%		(39.21)% to (39.98)%
2021		1.45% to 2.70%		221,009		60.68 to 19.35		13,219		0.00%		10.05% to 8.65%
2020		1.45% to 2.95%		1,610,844		55.14 to 17.74		83,616		0.00%		65.79% to 63.28%
VIP Growth Portfolio — Initial Class
2024		1.15% to 1.60%		373,940		381.46 to 56.95		71,919		0.00%		28.88% to 28.30%
2023		1.15% to 1.60%		419,184		295.99 to 44.39		62,994		0.13%		34.68% to 34.07%
2022		1.15% to 1.60%		491,163		219.78 to 33.11		54,130		0.62%		(25.32)% to (25.66)%
2021		1.15% to 1.60%		581,242		294.31 to 44.54		82,131		0.00%		21.80% to 21.25%
2020		1.15% to 1.60%		709,677		241.64 to 36.74		77,383		0.08%		42.23% to 41.60%
VIP Growth Portfolio — Service Class 2
2024		1.45% to 2.20%		381,973		88.16 to 62.21		18,670		0.00%		28.18% to 27.20%
2023		1.45% to 2.20%		426,973		68.78 to 48.91		16,223		0.00%		33.93% to 32.91%
2022		1.45% to 2.30%		471,888		51.36 to 35.43		13,442		0.37%		(25.74)% to (26.38)%
2021		1.45% to 2.30%		531,475		69.15 to 48.12		20,672		0.00%		21.12% to 20.08%
2020		1.45% to 2.30%		638,950		57.09 to 40.08		20,823		0.05%		41.47% to 40.25%
VIP Investment Grade Bond Portfolio — Service Class 2
2024		1.45% to 2.95%		3,982,304		13.06 to 8.81		49,101		4.50%		0.02% to (1.51)%
2023		1.45% to 2.95%		1,706,872		13.06 to 8.94		21,316		1.67%		4.47% to 2.88%
2022		1.45% to 2.95%		3,365,612		12.50 to 8.69		39,972		1.74%		(14.47)% to (15.77)%
2021		1.45% to 2.95%		4,924,558		14.61 to 10.32		68,538		1.80%		(2.33)% to (3.82)%
2020		1.45% to 2.95%		5,125,703		14.96 to 10.73		73,491		2.07%		7.58% to 5.94%
VIP Mid Cap Portfolio — Initial Class
2024		0.75% to 0.75%		—		84.14 to 84.14		—		0.00%		16.61% to 16.61%
2023		0.75% to 0.75%		—		72.16 to 72.16		—		0.00%		14.22% to 14.22%
2022		0.75% to 0.75%		—		63.18 to 63.18		—		0.00%		(15.38)% to (15.38)%
2021		0.75% to 0.75%		—		74.66 to 74.66		—		0.00%		24.66% to 24.66%
2020		0.75% to 0.75%		139		59.89 to 59.89		8		0.66%		17.30% to 17.30%

F-81

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
VIP Mid Cap Portfolio — Service Class 2
2024		1.15% to 2.95%		1,245,667		78.45 to 15.04		64,978		0.36%		15.82% to 13.70%
2023		1.15% to 2.30%		944,683		67.74 to 29.15		52,240		0.33%		13.49% to 12.17%
2022		1.15% to 2.70%		1,235,335		59.69 to 11.98		61,536		0.28%		(15.94)% to (17.26)%
2021		1.15% to 2.70%		1,094,199		71.01 to 14.48		63,111		0.32%		23.87% to 21.92%
2020		1.15% to 2.70%		1,245,670		57.33 to 11.87		57,839		0.36%		16.51% to 14.69%
VIP Overseas Portfolio — Initial Class
2024		1.15% to 1.60%		223,312		60.53 to 21.26		8,963		1.59%		3.83% to 3.37%
2023		1.15% to 1.60%		253,066		58.29 to 20.57		9,688		1.02%		19.12% to 18.59%
2022		1.15% to 1.60%		281,147		48.93 to 17.34		9,106		1.04%		(25.35)% to (25.69)%
2021		1.15% to 1.60%		303,483		65.55 to 23.34		13,167		0.51%		18.32% to 17.79%
2020		0.75% to 1.60%		339,686		20.05 to 19.82		12,442		0.44%		14.75% to 13.77%
VIP Value Strategies Portfolio — Service Class 2
2024		1.45% to 1.70%		64,750		40.03 to 27.26		2,543		0.73%		7.57% to 7.30%
2023		1.45% to 1.70%		75,773		37.22 to 25.41		2,774		0.89%		18.86% to 18.56%
2022		1.45% to 1.70%		92,425		31.31 to 21.43		2,852		0.87%		(8.69)% to (8.92)%
2021		1.45% to 1.70%		108,235		34.29 to 32.78		3,670		1.27%		31.41% to 31.08%
2020		1.45% to 1.85%		100,450		26.09 to 24.38		2,595		1.05%		6.45% to 6.02%
Franklin Templeton Variable Insurance Products Trust
Franklin Allocation VIP Fund — Class 2 Shares
2024		1.45% to 2.95%		1,614,203		17.39 to 11.77		25,316		2.04%		7.56% to 5.91%
2023		1.45% to 2.95%		1,957,454		16.16 to 11.11		28,722		1.46%		12.96% to 11.24%
2022		1.45% to 2.95%		2,349,148		14.31 to 9.99		30,672		1.63%		(17.22)% to (18.47)%
2021		1.45% to 2.95%		2,777,133		17.29 to 12.25		44,074		1.76%		10.06% to 8.39%
2020		1.45% to 2.95%		3,226,110		15.71 to 11.30		46,846		1.49%		10.12% to 8.45%
Franklin Income VIP Fund —Class 2 Shares
2024		1.45% to 2.95%		6,607,329		23.88 to 11.46		126,463		5.22%		5.64% to 4.02%
2023		1.45% to 2.95%		7,861,382		22.60 to 11.01		144,032		5.19%		7.05% to 5.43%
2022		1.45% to 2.95%		9,237,386		21.11 to 10.45		159,365		4.97%		(6.84)% to (8.26)%
2021		1.45% to 2.95%		10,383,063		22.66 to 11.39		188,586		4.68%		15.06% to 13.31%
2020		1.45% to 2.95%		12,214,101		19.70 to 10.05		197,153		5.89%		(0.77)% to (2.28)%
Franklin Large Cap Growth VIP Fund — Class 2 Shares
2024		1.45% to 2.05%		3,384		57.06 to 41.27		190		0.00%		24.46% to 23.69%
2023		1.45% to 2.05%		3,826		45.85 to 33.36		172		0.00%		38.41% to 37.57%
2022		1.45% to 2.70%		8,961		33.12 to 10.08		240		0.00%		(37.46)% to (38.25)%
2021		1.45% to 2.70%		6,294		52.96 to 16.32		294		0.00%		13.60% to 12.16%
2020		1.45% to 2.70%		8,569		46.62 to 14.55		332		0.00%		42.54% to 40.73%

F-82

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Franklin Mutual Shares VIP Fund — Class 2 Shares
2024		1.45% to 2.95%		1,016,572		32.45 to 12.02		20,924		1.92%		9.65% to 7.97%
2023		1.45% to 2.95%		1,184,949		29.60 to 11.13		22,171		1.84%		11.82% to 10.13%
2022		1.45% to 2.95%		1,352,681		26.47 to 10.11		22,858		0.68%		(8.77)% to (10.16)%
2021		1.45% to 2.95%		6,853,421		29.01 to 11.25		118,673		5.08%		17.44% to 15.65%
2020		1.45% to 2.30%		518,822		24.70 to 14.05		9,787		2.88%		(6.42)% to (7.23)%
Templeton Foreign VIP Fund — Class 1 Shares
2024		1.15% to 1.60%		183,669		17.05 to 15.57		2,936		2.58%		(1.94)% to (2.39)%
2023		1.15% to 1.60%		196,681		17.39 to 15.96		3,219		3.42%		19.70% to 19.17%
2022		1.15% to 1.60%		232,474		14.53 to 13.39		3,188		3.44%		(8.45)% to (8.86)%
2021		1.15% to 1.60%		246,527		15.87 to 14.69		3,706		2.03%		3.23% to 2.77%
2020		1.15% to 1.60%		285,937		15.37 to 14.30		4,181		3.60%		(2.06)% to (2.50)%
Templeton Foreign VIP Fund — Class 2 Shares
2024		1.45% to 2.05%		7,588		22.88 to 12.70		158		2.36%		(2.44)% to (3.04)%
2023		1.45% to 2.05%		8,433		23.45 to 13.10		181		3.18%		19.01% to 18.29%
2022		1.45% to 2.05%		9,152		19.71 to 11.08		164		3.21%		(8.94)% to (9.50)%
2021		1.45% to 2.70%		15,860		21.64 to 10.26		264		1.43%		2.65% to 1.35%
2020		1.45% to 2.05%		9,754		21.08 to 12.00		186		4.05%		(2.59)% to (3.18)%
Templeton Global Bond VIP Fund — Class 1 Shares
2024		1.15% to 1.40%		127,305		14.21 to 13.51		1,727		0.00%		(12.16)% to (12.38)%
2023		1.15% to 1.40%		150,107		16.18 to 15.42		2,325		0.00%		2.01% to 1.75%
2022		1.15% to 1.40%		163,060		15.86 to 15.16		2,482		0.00%		(5.94)% to (6.18)%
2021		1.15% to 1.40%		191,673		16.86 to 16.15		3,121		0.00%		(5.72)% to (5.96)%
2020		1.15% to 1.40%		211,197		17.88 to 17.18		3,655		8.41%		(6.17)% to (6.40)%
Templeton Growth VIP Fund — Class 2 Shares
2024		1.45% to 2.70%		294,911		15.09 to 11.61		4,137		0.97%		3.87% to 2.54%
2023		1.45% to 1.95%		324,737		14.52 to 13.28		4,384		3.26%		19.26% to 18.66%
2022		1.45% to 2.20%		411,691		12.18 to 10.72		4,673		0.16%		(12.78)% to (13.45)%
2021		1.45% to 2.70%		464,747		13.96 to 11.17		6,021		1.07%		3.35% to 2.04%
2020		1.45% to 2.20%		500,692		13.51 to 12.08		6,307		3.03%		4.27% to 3.47%
Goldman Sachs Variable Insurance Trust
Goldman Sachs Government Money Market Fund — Service Shares
2024		1.15% to 2.95%		11,958,902		10.06 to 9.56		114,247		4.80%		3.69% to 1.80%
2023		0.75% to 2.95%		14,030,189		10.16 to 9.39		129,868		4.67%		4.00% to 1.70%
2022		0.75% to 2.95%		15,653,008		9.77 to 9.23		140,395		1.39%		0.61% to (1.61)%
2021		0.75% to 2.95%		13,708,774		9.71 to 9.38		123,322		0.01%		(0.74)% to (2.94)%
2020		0.75% to 2.80%		14,188,414		9.78 to 9.69		129,769		0.25%		(0.48)% to (2.54)%

F-83

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Goldman Sachs Large Cap Value Fund — Institutional Shares
2024		1.15% to 1.60%		145,147		31.38 to 28.92		4,412		1.37%		15.74% to 15.22%
2023		1.15% to 1.60%		164,370		27.12 to 25.10		4,335		1.69%		11.72% to 11.21%
2022		1.15% to 1.60%		195,188		24.27 to 22.57		4,627		1.21%		(7.44)% to (7.86)%
2021		1.15% to 1.60%		251,827		26.23 to 24.49		6,490		1.11%		22.71% to 22.15%
2020		1.15% to 1.60%		278,468		21.37 to 20.05		5,868		1.42%		2.78% to 2.32%
Goldman Sachs Mid Cap Value Fund — Institutional Shares
2024		1.15% to 2.30%		413,362		72.71 to 30.25		25,563		0.97%		11.10% to 9.80%
2023		1.15% to 2.30%		481,780		65.45 to 27.55		27,007		1.02%		10.14% to 8.86%
2022		1.15% to 2.30%		507,282		59.43 to 25.31		26,585		0.66%		(11.02)% to (12.06)%
2021		1.15% to 2.30%		569,305		66.79 to 28.78		34,036		0.45%		29.45% to 27.94%
2020		1.15% to 2.30%		659,144		51.59 to 22.49		30,767		0.63%		7.15% to 5.91%
Janus Aspen Series
Janus Henderson Balanced Portfolio — Institutional Shares
2024		1.15% to 1.60%		677,153		103.77 to 42.80		48,066		2.03%		14.09% to 13.57%
2023		1.15% to 1.60%		791,106		90.96 to 37.68		49,289		2.07%		14.09% to 13.58%
2022		1.15% to 1.60%		915,650		79.72 to 33.18		49,790		1.36%		(17.36)% to (17.73)%
2021		1.15% to 1.60%		1,053,486		96.47 to 40.33		68,972		1.11%		15.85% to 15.32%
2020		1.15% to 1.60%		1,201,550		83.27 to 34.97		67,618		2.41%		12.99% to 12.49%
Janus Henderson Balanced Portfolio — Service Shares
2024		1.45% to 2.95%		2,356,705		43.40 to 13.46		71,876		1.73%		13.47% to 11.73%
2023		1.45% to 2.95%		2,663,197		38.25 to 12.05		72,310		1.74%		13.47% to 11.75%
2022		1.45% to 2.95%		3,040,782		33.71 to 10.78		73,166		1.09%		(17.82)% to (19.07)%
2021		1.45% to 2.95%		3,497,016		41.02 to 13.32		103,288		0.87%		15.21% to 13.46%
2020		1.45% to 2.95%		3,934,377		35.61 to 11.74		103,837		2.06%		12.38% to 10.67%
Janus Henderson Enterprise Portfolio — Institutional Shares
2024		1.15% to 1.60%		337,332		192.72 to 51.92		37,339		0.74%		14.27% to 13.75%
2023		1.15% to 1.60%		390,439		168.66 to 45.64		37,499		0.15%		16.72% to 16.19%
2022		1.15% to 1.60%		449,010		144.50 to 39.28		36,431		0.38%		(16.91)% to (17.28)%
2021		1.15% to 1.60%		501,217		173.90 to 47.49		49,547		0.32%		15.49% to 14.97%
2020		1.15% to 1.60%		567,328		150.58 to 41.31		48,775		0.11%		18.10% to 17.57%
Janus Henderson Enterprise Portfolio — Service Shares
2024		1.50% to 1.70%		159,236		27.47 to 26.14		4,701		0.63%		13.58% to 13.35%
2023		1.50% to 1.70%		171,210		24.19 to 23.06		4,501		0.09%		16.01% to 15.78%
2022		1.50% to 1.70%		184,293		20.85 to 19.92		4,158		0.27%		(17.41)% to (17.57)%
2021		1.50% to 1.70%		192,932		25.24 to 24.16		5,287		0.24%		14.79% to 14.56%
2020		1.50% to 1.70%		239,694		21.99 to 21.09		5,743		0.04%		17.40% to 17.16%

F-84

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Janus Henderson Flexible Bond Portfolio — Institutional Shares
2024		0.75% to 1.60%		241,836		23.99 to 19.44		5,886		4.72%		1.19% to 0.32%
2023		0.75% to 1.60%		284,409		23.71 to 19.38		6,773		4.19%		4.71% to 3.82%
2022		0.75% to 1.60%		315,820		22.64 to 18.66		7,185		2.61%		(14.31)% to (15.04)%
2021		0.75% to 1.60%		358,273		26.42 to 21.96		9,622		2.77%		(1.64)% to (2.48)%
2020		0.75% to 1.60%		328,355		26.86 to 22.52		9,236		2.89%		9.65% to 8.72%
Janus Henderson Forty Portfolio — Institutional Shares
2024		1.15% to 1.60%		311,053		194.56 to 70.99		36,746		0.11%		26.98% to 26.41%
2023		1.15% to 1.60%		352,084		153.22 to 56.16		32,705		0.19%		38.36% to 37.74%
2022		1.15% to 1.60%		404,767		110.74 to 40.77		26,747		0.18%		(34.32)% to (34.61)%
2021		1.15% to 1.60%		468,125		168.60 to 62.36		46,901		0.49%		21.48% to 20.94%
2020		0.75% to 1.60%		540,957		49.38 to 51.56		44,644		0.71%		38.36% to 37.18%
Janus Henderson Forty Portfolio —Service Shares
2024		1.45% to 2.45%		246,890		100.43 to 53.77		16,441		0.01%		26.27% to 24.98%
2023		1.45% to 2.95%		803,559		79.53 to 15.10		34,133		0.13%		37.64% to 35.55%
2022		1.45% to 2.95%		860,555		57.79 to 11.14		26,711		0.07%		(34.69)% to (35.68)%
2021		1.45% to 2.70%		388,821		88.48 to 17.43		22,540		0.54%		20.82% to 19.29%
2020		1.45% to 2.70%		355,733		73.23 to 14.61		16,225		0.63%		37.02% to 35.28%
Janus Henderson Global Research Portfolio — Institutional Shares
2024		1.15% to 1.60%		484,073		106.99 to 29.89		33,497		0.75%		22.15% to 21.60%
2023		1.15% to 1.60%		544,473		87.59 to 24.58		30,618		0.92%		25.32% to 24.76%
2022		1.15% to 1.60%		626,407		69.89 to 19.70		27,831		1.62%		(20.34)% to (20.70)%
2021		1.15% to 1.60%		699,744		87.73 to 24.84		38,786		0.51%		16.73% to 16.20%
2020		1.15% to 1.60%		806,441		75.16 to 21.38		38,570		0.82%		18.68% to 18.14%
Janus Henderson Global Research Portfolio — Service Shares
2024		1.50% to 1.70%		123,501		18.98 to 18.06		2,462		0.58%		21.41% to 21.16%
2023		1.50% to 1.70%		147,477		15.63 to 14.90		2,401		0.76%		24.58% to 24.33%
2022		1.50% to 1.70%		169,516		12.55 to 11.99		2,214		1.47%		(20.81)% to (20.98)%
2021		1.50% to 1.70%		187,057		15.85 to 15.17		3,079		0.36%		16.03% to 15.79%
2020		1.50% to 1.70%		216,251		13.66 to 13.10		3,064		0.64%		17.97% to 17.73%
Janus Henderson Global Technology and Innovation Portfolio — Service Shares
2024		1.15% to 1.70%		322,473		41.57 to 35.48		12,308		0.00%		30.23% to 29.51%
2023		1.15% to 1.70%		361,288		31.92 to 27.40		10,600		0.00%		52.51% to 51.66%
2022		1.15% to 1.70%		391,525		20.93 to 18.07		7,549		0.00%		(37.85)% to (38.19)%
2021		1.15% to 1.70%		442,480		33.67 to 29.23		13,783		0.66%		16.39% to 15.74%
2020		1.15% to 1.70%		465,814		28.93 to 25.25		12,498		0.00%		48.99% to 48.17%

F-85

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Janus Henderson Overseas Portfolio — Institutional Shares
2024		1.15% to 1.60%		316,304		59.13 to 31.33		14,395		1.34%		4.61% to 4.14%
2023		1.15% to 1.60%		359,251		56.53 to 30.09		15,479		1.49%		9.60% to 9.11%
2022		1.15% to 1.60%		453,822		51.57 to 27.58		17,125		1.74%		(9.65)% to (10.06)%
2021		1.15% to 1.60%		503,564		57.09 to 30.66		21,111		1.13%		12.28% to 11.77%
2020		0.75% to 1.60%		546,581		19.44 to 27.43		20,468		1.35%		15.42% to 14.44%
Janus Henderson Overseas Portfolio — Service Shares
2024		1.45% to 1.70%		73,387		40.39 to 16.60		1,360		1.26%		4.04% to 3.77%
2023		1.45% to 2.10%		95,242		38.83 to 23.64		1,738		1.40%		8.99% to 8.27%
2022		1.45% to 2.10%		106,468		35.62 to 21.83		1,785		1.65%		(10.16)% to (10.75)%
2021		1.45% to 2.10%		118,255		39.65 to 24.46		2,269		1.01%		11.65% to 10.91%
2020		1.45% to 2.10%		133,890		35.52 to 22.06		2,298		1.22%		14.34% to 13.59%
Janus Henderson Research Portfolio — Institutional Shares
2024		1.15% to 1.60%		473,397		143.97 to 44.93		41,915		0.03%		33.74% to 33.14%
2023		1.15% to 1.60%		556,511		107.65 to 33.75		36,638		0.15%		41.53% to 40.89%
2022		1.15% to 1.60%		647,195		76.06 to 23.95		30,080		0.70%		(30.70)% to (31.01)%
2021		1.15% to 1.60%		721,553		109.75 to 34.72		48,298		0.10%		18.95% to 18.41%
2020		1.15% to 1.60%		851,566		92.26 to 29.32		47,480		0.54%		31.42% to 30.83%
Janus Henderson Research Portfolio — Service Shares
2024		1.50% to 1.70%		91,398		33.60 to 31.97		3,176		0.00%		32.92% to 32.65%
2023		1.50% to 1.70%		105,895		25.28 to 24.10		2,765		0.06%		40.68% to 40.39%
2022		1.50% to 1.70%		116,746		17.97 to 17.16		2,173		0.57%		(31.11)% to (31.25)%
2021		1.50% to 1.70%		127,775		26.08 to 24.97		3,457		0.02%		18.25% to 18.01%
2020		1.50% to 1.70%		149,158		22.06 to 21.16		3,409		0.36%		30.59% to 30.32%
Legg Mason Partners Variable Equity Trust
ClearBridge Variable Dividend Strategy Portfolio — Class I
2024		1.15% to 1.60%		109,167		35.81 to 33.06		3,721		1.32%		15.49% to 14.97%
2023		1.15% to 1.60%		115,802		31.01 to 28.76		3,422		2.07%		12.89% to 12.38%
2022		1.15% to 1.60%		136,003		27.47 to 25.59		3,571		1.37%		(9.16)% to (9.57)%
2021		1.15% to 1.60%		149,457		30.24 to 28.30		4,330		1.49%		25.34% to 24.77%
2020		1.15% to 1.60%		176,004		24.13 to 22.68		4,072		1.40%		6.43% to 5.95%
ClearBridge Variable Dividend Strategy Portfolio — Class II
2024		1.45% to 2.95%		146,812		33.11 to 15.27		4,378		1.11%		14.99% to 13.23%
2023		1.45% to 2.95%		174,407		28.80 to 13.48		4,571		1.96%		12.36% to 10.66%
2022		1.45% to 2.95%		190,214		25.63 to 12.19		4,466		1.22%		(9.56)% to (10.93)%
2021		1.45% to 2.95%		200,036		28.34 to 13.68		5,208		1.34%		24.78% to 22.88%
2020		1.45% to 2.95%		215,116		22.71 to 11.13		4,508		1.16%		5.94% to 4.32%

F-86

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
ClearBridge Variable Growth Portfolio — Class II
2024		1.45% to 2.30%		54,977		45.40 to 27.52		2,296		0.11%		10.78% to 9.82%
2023		1.45% to 2.30%		73,083		40.98 to 25.06		2,789		0.06%		22.34% to 21.29%
2022		1.45% to 2.30%		79,595		33.50 to 20.66		2,477		0.00%		(27.65)% to (28.27)%
2021		1.45% to 2.30%		117,214		46.30 to 28.81		5,118		0.17%		8.45% to 7.51%
2020		1.45% to 2.30%		147,463		42.69 to 26.80		5,984		0.58%		16.02% to 15.02%
ClearBridge Variable Large Cap Value Portfolio — Class I
2024		1.15% to 2.30%		385,942		59.21 to 17.98		11,722		1.17%		6.83% to 5.58%
2023		1.15% to 2.30%		562,353		55.42 to 17.03		14,945		1.27%		13.77% to 12.46%
2022		1.15% to 2.30%		601,144		48.71 to 15.15		14,261		1.30%		(7.50)% to (8.58)%
2021		1.15% to 2.30%		650,591		52.66 to 16.57		16,744		1.05%		24.76% to 23.31%
2020		1.15% to 2.30%		662,450		42.21 to 13.44		13,836		1.38%		4.03% to 2.83%
Lincoln Variable Insurance Products Trust
LVIP American Century Disciplined Core Value Fund — Standard Class II
2024		1.45% to 2.05%		1,185		44.33 to 28.57		39		1.31%		11.45% to 10.76%
2023		1.45% to 2.05%		534		39.78 to 25.80		18		1.50%		7.08% to 6.43%
2022		1.45% to 2.70%		10,140		37.15 to 11.81		235		1.87%		(14.00)% to (15.09)%
2021		1.45% to 2.70%		7,937		43.19 to 13.90		246		1.00%		21.86% to 20.31%
2020		1.45% to 2.70%		26,442		35.45 to 11.56		633		1.93%		10.19% to 8.79%
LVIP American Century Inflation Protection Fund — Service Class
2024		1.45% to 2.95%		1,249,464		12.89 to 9.21		14,816		3.59%		0.06% to (1.47)%
2023		1.45% to 2.95%		1,395,150		12.88 to 9.34		16,633		3.30%		1.90% to 0.36%
2022		1.45% to 2.95%		1,491,405		12.64 to 9.31		17,508		5.08%		(14.34)% to (15.64)%
2021		1.45% to 2.95%		1,162,727		14.75 to 11.04		15,954		3.10%		4.73% to 3.13%
2020		1.45% to 2.95%		1,277,455		14.09 to 10.70		16,822		1.19%		7.97% to 6.32%
LVIP American Century International Fund — Standard Class II
2024		1.45% to 2.70%		12,240		29.67 to 11.18		239		1.64%		1.11% to -0.18%
2023		1.45% to 2.70%		13,782		29.35 to 11.20		270		1.27%		10.94% to 9.54%
2022		1.45% to 2.70%		11,777		26.45 to 10.23		216		1.48%		(25.84)% to (26.78)%
2021		1.45% to 2.70%		11,901		35.67 to 13.97		297		0.21%		7.17% to 5.81%
2020		1.45% to 2.70%		29,986		33.29 to 13.20		635		0.47%		24.05% to 22.48%
LVIP American Century Ultra^® Fund — Standard Class II
2024		1.85% to 1.85%		521		65.38 to 65.38		34		0.00%		26.40% to 26.40%
2023		1.85% to 1.85%		673		51.73 to 51.73		35		0.00%		40.87% to 40.87%
2022		1.85% to 1.85%		903		36.72 to 36.72		33		0.00%		(33.63)% to (33.63)%
2021		1.45% to 2.70%		2,338		69.98 to 19.00		116		0.00%		21.38% to 19.84%
2020		1.45% to 2.70%		4,804		57.65 to 15.85		202		0.00%		47.68% to 45.81%

F-87

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
LVIP American Century Value Fund — Standard Class II
2024		1.45% to 1.45%		1,452		46.53 to 46.53		68		2.87%		7.89% to 7.89%
2023		1.45% to 2.70%		9,173		43.13 to 13.40		268		2.38%		7.52% to 6.16%
2022		1.45% to 2.70%		8,246		40.11 to 12.62		223		2.07%		(0.91)% to (2.17)%
2021		1.45% to 2.70%		4,637		40.48 to 12.90		141		1.30%		22.71% to 21.15%
2020		1.45% to 1.45%		1,929		32.99 to 32.99		64		2.32%		(0.49)% to (0.49)%
LVIP JPMorgan Core Bond Fund — Standard Class
2024		1.45% to 2.70%		64,992		14.05 to 8.82		843		3.23%		0.24% to (1.04)%
2023		1.45% to 2.70%		89,596		14.02 to 8.91		1,197		3.59%		4.38% to 3.05%
2022		1.45% to 2.70%		77,516		13.43 to 8.65		960		1.96%		(13.84)% to (14.93)%
2021		1.45% to 2.70%		86,497		15.59 to 10.17		1,248		2.33%		(2.79)% to (4.02)%
2020		1.45% to 2.70%		159,380		16.03 to 10.59		2,376		1.89%		6.28% to 4.93%
LVIP JPMorgan Mid Cap Value Fund — Standard Class
2024		1.45% to 2.70%		7,657		51.57 to 13.83		203		1.15%		12.62% to 11.18%
2023		1.45% to 2.70%		9,377		45.79 to 12.44		211		2.34%		9.30% to 7.92%
2022		1.45% to 1.95%		1,332		41.90 to 39.08		54		1.01%		(9.49)% to (9.95)%
2021		1.45% to 2.70%		5,273		46.29 to 12.90		138		1.01%		28.00% to 26.38%
2020		1.45% to 2.70%		11,919		36.16 to 10.21		229		1.63%		(1.09)% to (2.34)%
LVIP JPMorgan Small Cap Core Fund — Standard Class
2024		1.45% to 2.70%		6,177		47.50 to 12.96		149		0.77%		10.08% to 8.68%
2023		1.45% to 1.45%		125		43.15 to 43.15		5		1.37%		11.46% to 11.46%
2022		1.45% to 1.45%		125		38.72 to 38.72		5		0.45%		(20.52)% to (20.52)%
2021		1.45% to 1.45%		125		48.71 to 48.71		6		0.76%		19.63% to 19.63%
2020		1.45% to 2.70%		7,847		40.72 to 11.69		162		0.83%		12.04% to 10.62%
LVIP JPMorgan U.S. Equity Fund — Standard Class
2024		1.45% to 2.70%		5,706		58.27 to 19.71		308		0.18%		22.18% to 20.62%
2023		1.45% to 2.70%		26,643		47.69 to 16.34		1,163		1.55%		25.32% to 23.74%
2022		1.45% to 2.70%		27,733		38.05 to 13.21		876		0.54%		(19.87)% to (20.89)%
2021		1.45% to 2.70%		31,410		47.49 to 16.70		1,248		0.70%		27.47% to 25.85%
2020		1.45% to 2.70%		34,903		37.26 to 13.27		1,146		0.83%		23.45% to 21.88%
MFS^® Variable Insurance Trust
MFS^® Investors Trust Series — Service Class Shares
2024		1.45% to 1.70%		96,371		56.04 to 34.26		3,593		0.47%		17.48% to 17.18%
2023		1.45% to 1.70%		114,935		47.70 to 29.23		3,705		0.45%		16.95% to 16.65%
2022		1.45% to 1.70%		141,118		40.79 to 25.06		3,916		0.38%		(17.89)% to (18.10)%
2021		1.45% to 1.70%		156,913		49.68 to 30.60		5,300		0.41%		24.67% to 24.36%
2020		1.45% to 1.70%		184,924		39.85 to 24.61		5,012		0.43%		11.95% to 11.67%

F-88

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
MFS^® New Discovery Series — Service Class Shares
2024		1.15% to 2.30%		229,227		57.38 to 35.03		8,141		0.00%		5.20% to 3.97%
2023		1.15% to 2.30%		255,148		54.54 to 33.69		8,625		0.00%		12.94% to 11.63%
2022		1.15% to 2.30%		285,655		48.29 to 30.18		8,585		0.00%		(30.80)% to (31.60)%
2021		1.15% to 2.30%		312,846		69.79 to 44.13		13,745		0.00%		0.40% to (0.76)%
2020		1.15% to 2.30%		501,130		69.51 to 44.47		23,355		0.00%		43.91% to 42.24%
MFS^® Total Return Series — Service Class Shares
2024		1.45% to 2.95%		1,168,323		28.97 to 11.98		24,533		2.24%		5.89% to 4.27%
2023		1.45% to 2.95%		1,320,593		27.35 to 11.49		26,127		1.82%		8.62% to 6.98%
2022		1.45% to 2.95%		1,402,440		25.18 to 10.74		25,776		1.45%		(11.14)% to (12.49)%
2021		1.45% to 2.95%		1,820,883		28.34 to 12.27		37,727		1.59%		12.19% to 10.48%
2020		1.45% to 2.95%		1,983,929		25.26 to 11.11		37,022		2.07%		7.93% to 6.29%
MFS^® Utilities Series — Service Class Shares
2024		1.45% to 1.95%		240,855		62.73 to 36.09		9,725		2.14%		9.72% to 9.16%
2023		1.45% to 1.95%		252,268		57.17 to 33.06		9,271		3.28%		(3.74)% to (4.23)%
2022		1.45% to 2.20%		275,570		59.39 to 33.00		10,616		2.19%		(0.97)% to (1.73)%
2021		1.45% to 2.20%		302,306		59.98 to 33.58		11,610		1.52%		12.17% to 11.32%
2020		1.45% to 2.20%		344,249		53.47 to 30.16		11,723		2.20%		4.09% to 3.30%
MFS^® Variable Insurance Trust II
MFS^® Income Portfolio — Service Class Shares
2024		1.45% to 1.45%		966		11.34 to 11.34		11		3.64%		1.41% to 1.41%
2023		1.45% to 1.45%		1,317		11.18 to 11.18		15		3.53%		5.81% to 5.81%
2022		1.45% to 1.45%		1,339		10.57 to 10.57		14		3.02%		(15.09)% to (15.09)%
2021		1.45% to 1.45%		1,350		12.45 to 12.45		17		2.70%		(1.35)% to (1.35)%
2020		1.45% to 1.45%		2,021		12.62 to 12.62		26		3.51%		7.53% to 7.53%
MFS^® Massachusetts Investors Growth Stock Portfolio — Service Class Shares
2024		1.45% to 2.70%		186,187		28.81 to 16.95		5,309		0.13%		14.29% to 12.83%
2023		1.45% to 2.70%		207,982		25.21 to 15.02		5,199		0.05%		21.92% to 20.38%
2022		1.45% to 2.70%		244,498		20.68 to 12.48		5,013		0.00%		(20.61)% to (21.62)%
2021		1.45% to 2.30%		273,142		26.05 to 24.57		7,079		0.03%		23.84% to 22.77%
2020		1.45% to 2.30%		325,718		21.03 to 20.01		6,820		0.22%		20.43% to 19.39%
PIMCO Variable Insurance Trust
All Asset Portfolio — Advisor Class Shares
2024		1.45% to 1.95%		183,085		18.38 to 16.63		3,249		6.29%		2.06% to 1.54%
2023		1.45% to 1.95%		213,911		18.01 to 16.38		3,730		2.79%		6.46% to 5.92%
2022		1.45% to 1.95%		230,086		16.91 to 15.46		3,765		7.52%		(13.14)% to (13.58)%
2021		1.45% to 1.95%		251,131		19.47 to 17.89		4,731		10.85%		14.36% to 13.78%
2020		1.45% to 1.95%		268,189		17.03 to 15.72		4,417		4.87%		6.34% to 5.80%

F-89

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
High Yield Portfolio — Administrative Class Shares
2024		1.45% to 2.95%		1,150,996		25.34 to 10.39		25,285		5.83%		5.33% to 3.72%
2023		1.45% to 2.95%		1,317,441		24.06 to 10.01		27,510		5.66%		10.60% to 8.92%
2022		1.45% to 2.95%		1,459,658		21.75 to 9.19		27,559		5.08%		(11.58)% to (12.92)%
2021		1.45% to 2.95%		1,113,122		24.60 to 10.56		25,510		4.44%		2.13% to 0.57%
2020		1.45% to 2.95%		1,453,818		24.09 to 10.50		31,530		4.87%		4.21% to 2.62%
International Bond Portfolio (U.S. Dollar Hedged) — Administrative Class Shares
2024		1.50% to 1.70%		47,800		20.99 to 19.97		994		3.60%		3.87% to 3.66%
2023		1.50% to 1.70%		54,395		20.20 to 19.26		1,088		2.58%		7.38% to 7.17%
2022		1.50% to 1.70%		57,462		18.81 to 17.97		1,071		1.47%		(11.50)% to (11.68)%
2021		1.50% to 1.70%		71,668		21.26 to 20.35		1,503		1.59%		(3.43)% to (3.62)%
2020		1.50% to 1.70%		76,842		22.01 to 21.12		1,669		6.10%		3.97% to 3.76%
Long-Term U.S. Government Portfolio — Administrative Class Shares
2024		1.45% to 2.95%		1,674,227		15.52 to 6.78		23,255		2.73%		(7.38)% to (8.80)%
2023		1.45% to 2.95%		3,460,483		16.76 to 7.44		50,462		2.38%		2.48% to 0.92%
2022		1.45% to 2.95%		3,778,536		16.35 to 7.37		53,874		2.05%		(29.91)% to (30.97)%
2021		1.45% to 2.95%		2,622,435		23.33 to 10.68		54,640		1.55%		(6.16)% to (7.59)%
2020		1.45% to 2.95%		2,221,564		24.86 to 11.56		51,242		1.67%		15.69% to 13.93%
Low Duration Portfolio — Administrative Class Shares
2024		1.45% to 2.95%		2,415,389		12.29 to 9.08		27,524		4.00%		2.97% to 1.40%
2023		1.45% to 2.95%		3,928,764		11.93 to 8.95		43,146		3.59%		3.45% to 1.88%
2022		1.45% to 2.95%		4,050,621		11.53 to 8.79		43,248		1.56%		(7.10)% to (8.51)%
2021		1.45% to 2.95%		5,989,897		12.41 to 9.60		68,669		0.52%		(2.36)% to (3.85)%
2020		1.45% to 2.95%		7,376,295		12.71 to 9.99		86,838		1.04%		1.50% to (0.05)%
Total Return Portfolio — Administrative Class Shares
2024		1.15% to 2.95%		6,354,863		16.81 to 8.67		95,573		4.03%		1.35% to (0.51)%
2023		1.15% to 2.95%		6,268,730		16.59 to 8.71		94,375		3.56%		4.72% to 2.82%
2022		1.15% to 2.95%		5,386,289		15.84 to 8.47		80,255		2.56%		(15.28)% to (16.82)%
2021		1.15% to 2.95%		8,123,779		18.70 to 10.19		139,271		1.82%		(2.40)% to (4.18)%
2020		1.15% to 2.95%		7,899,166		19.16 to 10.63		141,984		2.14%		7.40% to 5.44%
Rydex Variable Trust
NASDAQ — 100^® Fund
2024		1.45% to 1.70%		207,285		117.81 to 29.06		9,547		0.20%		22.10% to 21.79%
2023		1.45% to 1.70%		237,085		96.49 to 23.86		8,750		0.00%		51.01% to 50.63%
2022		1.45% to 1.85%		194,977		63.90 to 45.27		4,355		0.00%		(35.10)% to (35.36)%
2021		1.45% to 1.85%		227,854		98.45 to 70.03		7,892		0.00%		23.72% to 23.22%
2020		1.45% to 1.85%		249,291		79.57 to 56.84		7,046		0.29%		42.86% to 42.28%

F-90

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
State Street Variable Insurance Series Funds, Inc.
Income V.I.S. Fund — Class 1 Shares
2024		0.75% to 2.30%		572,566		17.06 to 9.64		7,504		3.06%		(1.56)% to (3.11)%
2023		0.75% to 2.30%		639,351		17.33 to 9.95		8,613		2.01%		3.90% to 2.28%
2022		0.75% to 2.30%		685,203		16.68 to 9.73		9,008		2.53%		(15.02)% to (16.35)%
2021		0.75% to 2.30%		802,680		19.63 to 11.63		12,578		2.12%		(2.55)% to (4.07)%
2020		0.75% to 2.30%		918,881		20.14 to 12.13		14,901		2.43%		6.22% to 4.57%
Premier Growth Equity V.I.S. Fund — Class 1 Shares
2024		1.15% to 1.95%		440,971		71.29 to 62.63		27,851		0.00%		29.54% to 28.49%
2023		1.15% to 1.95%		537,937		55.03 to 48.74		25,936		0.00%		44.60% to 43.44%
2022		1.15% to 2.10%		610,779		38.06 to 31.53		20,493		0.00%		(31.23)% to (31.89)%
2021		1.15% to 2.10%		696,883		55.34 to 46.29		34,295		0.00%		23.53% to 22.35%
2020		1.15% to 2.10%		800,152		44.80 to 37.84		32,006		0.03%		32.08% to 30.81%
Real Estate Securities V.I.S. Fund — Class 1 Shares
2024		0.75% to 2.70%		222,267		78.75 to 11.30		16,744		2.27%		9.63% to 7.47%
2023		0.75% to 2.95%		1,673,788		71.83 to 10.39		50,822		2.81%		12.65% to 10.16%
2022		0.75% to 2.95%		963,995		63.76 to 9.43		31,805		1.73%		(25.49)% to (27.14)%
2021		0.75% to 2.70%		516,159		85.58 to 13.03		38,566		2.23%		40.74% to 37.98%
2020		0.75% to 2.95%		1,079,009		60.80 to 9.41		37,528		0.51%		(5.94)% to (8.03)%
S&P 500^® Index V.I.S. Fund — Class 1 Shares
2024		1.15% to 2.30%		2,445,959		263.46 to 43.06		155,856		1.12%		23.18% to 21.75%
2023		0.75% to 2.30%		2,786,116		40.21 to 35.37		143,020		1.42%		25.02% to 23.07%
2022		0.75% to 2.70%		2,688,055		32.16 to 12.29		112,022		1.25%		(18.93)% to (20.52)%
2021		0.75% to 2.70%		3,167,505		39.67 to 15.47		163,536		1.07%		27.31% to 24.81%
2020		0.75% to 2.70%		3,543,023		31.16 to 12.39		145,954		1.74%		17.04% to 14.74%
Small-Cap Equity V.I.S. Fund — Class 1 Shares
2024		1.15% to 2.30%		408,933		57.42 to 30.08		21,044		0.11%		9.04% to 7.77%
2023		1.15% to 2.30%		460,122		52.66 to 27.91		21,779		0.00%		12.25% to 10.95%
2022		1.15% to 2.30%		516,378		46.91 to 25.15		21,877		0.00%		(16.37)% to (17.34)%
2021		1.15% to 2.30%		614,611		56.09 to 30.43		31,221		0.00%		19.15% to 17.76%
2020		1.15% to 2.30%		681,934		47.08 to 25.84		29,159		0.00%		13.21% to 11.90%
Total Return V.I.S. Fund — Class 1 Shares
2024		1.15% to 2.95%		26,388,511		94.26 to 11.43		606,146		4.58%		10.02% to 8.01%
2023		0.75% to 2.95%		28,711,624		24.68 to 10.58		602,277		2.27%		14.62% to 12.09%
2022		0.75% to 2.95%		31,236,127		21.53 to 9.44		576,738		0.90%		(17.13)% to (18.97)%
2021		0.75% to 2.95%		33,565,522		25.98 to 11.65		754,081		2.08%		12.60% to 10.10%
2020		0.75% to 2.95%		36,271,022		23.08 to 10.58		730,164		1.92%		5.65% to 3.30%

F-91

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Total Return V.I.S. Fund — Class 3 Shares
2024		1.45% to 2.95%		16,156,286		18.53 to 11.28		254,137		4.10%		9.44% to 7.76%
2023		1.45% to 2.95%		18,946,307		16.93 to 10.46		273,380		1.93%		13.54% to 11.82%
2022		1.45% to 2.95%		22,276,836		14.91 to 9.36		284,279		0.38%		(17.92)% to (19.17)%
2021		1.45% to 2.95%		25,159,448		18.17 to 11.58		393,270		1.75%		11.56% to 9.86%
2020		1.45% to 2.95%		29,261,248		16.28 to 10.54		416,050		1.61%		4.60% to 3.01%
U.S. Equity V.I.S. Fund — Class 1 Shares
2024		1.15% to 1.95%		342,860		60.78 to 46.35		16,857		0.35%		23.10% to 22.10%
2023		0.75% to 1.95%		441,567		43.47 to 37.96		17,472		0.47%		26.95% to 25.42%
2022		0.75% to 1.95%		545,773		34.24 to 30.26		17,119		0.46%		(19.52)% to (20.49)%
2021		0.75% to 1.95%		632,397		42.54 to 38.06		24,875		0.33%		24.55% to 23.05%
2020		0.75% to 1.95%		712,379		34.16 to 30.93		22,655		0.52%		21.72% to 20.25%
The Alger Portfolios
Alger Large Cap Growth Portfolio — Class I-2 Shares
2024		1.15% to 1.60%		387,809		106.96 to 43.67		28,421		0.00%		41.23% to 40.59%
2023		1.15% to 1.60%		463,510		75.73 to 31.06		23,488		0.00%		31.15% to 30.56%
2022		1.15% to 1.60%		522,231		57.74 to 23.79		20,174		0.00%		(39.36)% to (39.63)%
2021		1.15% to 1.60%		571,353		95.22 to 39.42		36,365		0.00%		10.56% to 10.06%
2020		1.15% to 1.60%		670,853		86.13 to 35.81		37,760		0.18%		65.11% to 64.37%
Alger Small Cap Growth Portfolio — Class I-2 Shares
2024		1.15% to 1.60%		315,955		40.51 to 28.79		10,905		0.37%		6.88% to 6.39%
2023		1.15% to 1.60%		356,063		37.90 to 27.06		11,505		0.00%		15.16% to 14.64%
2022		1.15% to 1.60%		400,023		32.91 to 23.61		11,230		0.00%		(38.73)% to (39.00)%
2021		1.15% to 1.60%		434,896		53.72 to 38.70		20,053		0.00%		(7.14)% to (7.56)%
2020		1.15% to 1.60%		504,148		57.85 to 41.87		25,158		1.04%		65.23% to 64.49%
The Prudential Series Fund
PSF Mid-Cap Growth Portfolio — Class II Shares
2024		1.55% to 1.55%		366		48.76 to 48.76		18		0.00%		12.01% to 12.01%
2023		1.55% to 1.55%		399		43.54 to 43.54		17		0.00%		21.15% to 21.15%
2022		1.55% to 1.55%		413		35.94 to 35.94		15		0.00%		(28.37)% to (28.37)%
2021		1.55% to 1.55%		600		50.17 to 50.17		30		0.00%		8.52% to 8.52%
2020		1.55% to 1.55%		617		46.23 to 46.23		29		0.00%		44.63% to 44.63%
PSF Natural Resources Portfolio — Class II Shares
2024		1.45% to 2.70%		343,279		20.94 to 15.21		4,430		0.00%		2.44% to 1.13%
2023		1.45% to 2.95%		1,883,747		20.44 to 14.87		19,099		0.00%		0.11% to (1.41)%
2022		1.45% to 2.70%		1,115,948		20.42 to 15.22		19,862		0.00%		19.79% to 18.27%
2021		1.45% to 2.70%		1,114,323		17.05 to 12.86		15,426		0.00%		23.22% to 21.66%
2020		1.45% to 2.95%		2,971,820		13.83 to 10.53		20,161		0.00%		10.20% to 8.52%

F-92

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1

Notes to Financial Statements — Continued

December 31, 2024


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
PSF PGIM Jennison Blend Portfolio — Class II Shares
2024		1.45% to 2.30%		347,407		12.86 to 12.75		4,884		0.00%		23.97% to 22.90%
2023		1.45% to 2.30%		382,268		10.38 to 10.37		4,242		0.00%		3.77% to 3.72%
2022		1.55% to 1.55%		—		26.21 to 26.21		—		0.00%		(26.55)% to (26.55)%
2021		1.55% to 1.55%		—		35.68 to 35.68		—		0.00%		18.03% to 18.03%
2020		1.55% to 1.55%		—		30.23 to 30.23		—		0.00%		26.50% to 26.50%
PSF PGIM Jennison Growth Portfolio — Class II Shares
2024		1.45% to 2.30%		93,220		94.48 to 58.79		8,482		0.00%		28.45% to 27.34%
2023		1.45% to 2.30%		107,199		73.55 to 46.17		7,592		0.00%		50.69% to 49.39%
2022		1.45% to 2.30%		118,813		48.81 to 30.90		5,548		0.00%		(38.75)% to (39.28)%
2021		1.45% to 2.30%		138,763		79.69 to 50.89		10,610		0.00%		13.88% to 12.90%
2020		1.45% to 2.30%		146,330		69.98 to 45.08		9,860		0.00%		53.32% to 52.00%

(1)

Expenses as a percentage of average net assets represent the annualized asset-based contract expenses of the Separate Account, consisting of mortality and expense risk charges, administrative expenses, and other rider charges for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to the contract owner through the redemption of units and expenses of the underlying Portfolios are excluded.

(2)	The investment income ratio represents the ordinary dividends received by the subaccount from the Portfolio divided by average net assets.

(3)

The total return represents a range of maximum and minimum annual total returns for the year or lesser period indicated and includes deductions for expenses assessed through the daily unit value calculation. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Standardized total returns shown separately in a prospectus or marketing material for a product supported by the Separate Account include the maximum contract charges that may be assessed to any contract through both the daily unit value calculation and the redemption of units. Accordingly, these standardized total returns will generally reflect a lower return than the total return.

(4)	The ratios of expenses and net investment income to average net assets are annualized for the period from April 30, 2021, to December 31, 2021.

(5)	The ratios of expenses and net investment income to average net assets are annualized for the period from April 29, 2022, to December 31, 2022.

(6)	The ratios of expenses and net investment income to average net assets are annualized for the period from March 10, 2023, to December 31, 2023.

F-93

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Financial Statements

Years Ended December 31, 2024, 2023 and 2022

(With Independent Auditors’ Report Thereon)

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Index to Statutory Financial Statements


	Page
Independent Auditors’ Report		F-1

Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus		F-3

Statutory Statements of Summary of Operations		F-5

Statutory Statements of Changes in Capital and Surplus		F-6

Statutory Statements of Cash Flow		F-7

Notes to Statutory Financial Statements		F-9

Independent Auditors’ Report

Audit, Compensation, and Nominating Committee

Genworth Life and Annuity Insurance Company:

Report on the Audit of the Financial Statements

Opinions

We have audited the financial statements of Genworth Life and Annuity Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities, and capital and surplus as of December 31, 2024 and 2023, and the related statutory statements of summary of operations, statutory statements of changes in capital and surplus, and statutory statements of cash flow for each of the years in the three-year period ended December 31, 2024, and the related notes to the financial statements.

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2024 in accordance with accounting practices prescribed or permitted by the Virginia State Corporation Commission, Bureau of Insurance described in Note 1.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the financial statements do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2024 and 2023, or the results of its operations or its cash flows for each of the years in the three-year period ended December 31, 2024.

Basis for Opinions

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 1 to the financial statements, the financial statements are prepared by the Company using accounting practices prescribed or permitted by the Virginia State Corporation Commission, Bureau of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles. The effects on the financial statements of the variances between the statutory accounting practices described in Note 1 and U.S. generally accepted accounting principles, although not reasonably determinable, are presumed to be material and pervasive.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting practices prescribed or permitted by the Virginia State Corporation Commission, Bureau of Insurance. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the financial statements are issued.

F-1

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

•

Exercise professional judgment and maintain professional skepticism throughout the audit.

•

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

•

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

/s/ KPMG LLP

Richmond, Virginia

April 25, 2025

F-2

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus

December 31, 2024 and 2023

(Dollar amounts in millions, except per share amounts)


	2024		2023
Admitted Assets
Cash and invested assets:
Bonds	$	8,808.9	$	9,199.0
Preferred stocks — nonaffiliates		33.6		14.0
Common stocks — affiliates		119.1		118.1
Common stocks — nonaffiliates		46.9		45.7
Mortgage loans		1,599.4		1,681.5
Real estate		11.5		11.0
Contract loans		422.2		433.3
Cash, cash equivalents and short-term investments		234.9		314.3
Other invested assets		180.1		166.6
Receivable for securities		5.5		3.8
Derivative assets		20.4		16.5

Total cash and invested assets		11,482.5		12,003.8

Amounts recoverable from reinsurers and funds held		324.2		356.6
Deferred tax asset		51.4		95.1
Guaranty funds receivable		7.2		6.7
Premiums and accounts receivable		287.3		315.2
Investment income due and accrued		110.6		114.9
Receivable from parent, subsidiaries and affiliates		—		0.2
Current Federal income tax recoverable		1.1		—
Other assets		8.9		10.4
Separate account assets		4,175.2		4,231.0

Total admitted assets	$	16,448.4	$	17,133.9

F-3

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus — Continued

December 31, 2024 and 2023

(Dollar amounts in millions, except per share amounts)


	2024			2023
Liabilities and Capital and Surplus
Liabilities
Aggregate reserves — life	$	6,905.7		$	7,050.7
Aggregate reserves — annuity contracts		2,112.7			2,425.8
Aggregate reserves — accident and health policies		0.3			0.4
Liability for deposit-type contracts		337.7			432.0
Liability for policy and contract claims		95.2			91.6
Policyholders dividends		0.3			0.3
Premiums and annuity considerations received in advance		4.1			4.3
Other amounts payable on reinsurance		147.9			138.3
Interest maintenance reserve		20.9			30.8
Commissions payable		0.2			0.1
General expenses due or accrued		3.0			1.0
Transfers to separate accounts due or accrued		(12.7	)		(11.3	)
Taxes, licenses, and fees due or accrued		6.8			7.4
Current Federal income tax payable		—			2.2
Unearned investment income		5.4			5.5
Amounts withheld or retained by company as agent or trustee		28.3			23.3
Remittances and items not allocated		31.4			26.1
Asset valuation reserve		116.1			119.1
Payable to parent, subsidiaries and affiliates		12.6			11.8
Funds held under coinsurance and treaties with unauthorized reinsurers		1,621.8			1,646.5
Payable for securities		0.3			—
Derivative liabilities		0.8			0.9
Payable for collateral received from derivatives counterparties		—			1.1
Separate account liabilities		4,175.2			4,231.0

Total liabilities		15,614.0			16,238.9

Capital and surplus:
Common stock, Class A ($1,000 par value. 50,000 shares authorized; 25,651 shares issued and outstanding)		25.6			25.6
Paid in surplus		1,456.7			1,456.7
Unassigned deficit		(647.9	)		(587.3	)

Total capital and surplus		834.4			895.0

Total liabilities and capital and surplus	$	16,448.4		$	17,133.9

See accompanying notes to statutory financial statements.

F-4

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Statements of Summary of Operations

Years ended December 31, 2024, 2023 and 2022

(Dollar amounts in millions)


	2024			2023			2022
Revenues:
Premiums and annuity considerations	$	137.6		$	220.1		$	181.7
Considerations for supplementary contracts with life contingencies		25.7			23.8			26.5
Net investment income		533.5			552.8			570.7
Amortization of interest maintenance reserve		1.0			2.1			4.5
Commissions and expense allowances on reinsurance ceded		99.5			97.7			124.8
Reserve adjustments on reinsurance ceded		(95.7	)		(95.4	)		(89.3	)
Income from fees associated with investment management, administration, and contract guarantees from separate accounts		76.7			78.0			85.4
Other income		22.4			24.1			23.7

Total revenues		800.7			903.2			928.0

Benefits:
Death benefits		380.7			419.7			370.0
Matured endowments		1.1			2.0			1.8
Annuity benefits		276.6			308.6			331.3
Disability benefits and benefits under accident and health policies		4.3			4.1			4.5
Surrender benefits and other fund withdrawals		477.1			511.7			586.3
Payments on supplementary contracts with life contingencies		22.5			20.6			19.0
Interest and adjustments on contracts or deposit-type contract funds		11.6			15.0			16.3
Decrease in aggregate reserves – life, annuity and accident and health		(458.2	)		(592.3	)		(464.6	)

Total benefits		715.7			689.4			864.6

Expenses:
Commissions		78.9			83.9			90.2
General insurance expenses		147.9			134.5			168.0
Insurance taxes, licenses, and fees, excluding Federal income taxes		20.6			20.8			21.5
Net transfer from separate accounts		(362.2	)		(329.8	)		(335.6	)
Other expenses		63.8			71.5			59.1

Total expenses		(51.0	)		(19.1	)		3.2

Total benefits and expenses		664.7			670.3			867.8

Income before Federal income taxes and realized capital losses, net		136.0			232.9			60.2
Federal income taxes		(6.9	)		14.9			(23.4	)

Income before realized capital losses		142.9			218.0			83.6
Realized capital losses, net		(79.4	)		(119.6	)		(83.5	)

Net income	$	63.5		$	98.4		$	0.1

See accompanying notes to statutory financial statements.

F-5

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Statements of Changes in Capital and Surplus

Years ended December 31, 2024, 2023 and 2022

(Dollar amounts in millions)


	Common stock
	Amount		Shares		Paid in surplus		Unassigned deficit			Total
Balances as of December 31, 2021	$	25.6		25,651	$	1,456.7	$	(617.7	)	$	864.6
Net income		—		—		—		0.1			0.1
Change in net unrealized capital gains and losses		—		—		—		160.4			160.4
Change in net unrealized foreign exchange capital gains and losses		—		—		—		(1.2	)		(1.2	)
Change in net deferred income taxes		—		—		—		(7.2	)		(7.2	)
Change in nonadmitted assets		—		—		—		(1.5	)		(1.5	)
Change in liability for reinsurance in unauthorized companies		—		—		—		(12.4	)		(12.4	)
Change in asset valuation reserve		—		—		—		5.1			5.1
Change in surplus as a result of reinsurance		—		—		—		(45.3	)		(45.3	)
Prior period correction — cross-entity term conversions		—		—		—		19.7			19.7
Special tax allocation agreement with Genworth		—		—		—		(177.8	)		(177.8	)

Balances as of December 31, 2022		25.6		25,651		1,456.7		(677.8	)		804.5
Net income		—		—		—		98.4			98.4
Change in net unrealized capital gains and losses		—		—		—		(5.0	)		(5.0	)
Change in net unrealized foreign exchange capital gains and losses		—		—		—		1.3			1.3
Change in net deferred income taxes		—		—		—		(6.6	)		(6.6	)
Change in nonadmitted assets		—		—		—		31.3			31.3
Change in liability for reinsurance in unauthorized companies		—		—		—		12.4			12.4
Change in asset valuation reserve		—		—		—		(9.5	)		(9.5	)
Change in surplus as a result of reinsurance		—		—		—		(31.8	)		(31.8	)

Balances as of December 31, 2023		25.6		25,651		1,456.7		(587.3	)		895.0
Net income		—		—		—		63.5			63.5
Change in net unrealized capital gains and losses		—		—		—		(47.4	)		(47.4	)
Change in net unrealized foreign exchange capital gains and losses		—		—		—		(1.4	)		(1.4	)
Change in net deferred income taxes		—		—		—		(11.1	)		(11.1	)
Change in nonadmitted assets		—		—		—		(34.5	)		(34.5	)
Change in asset valuation reserve		—		—		—		3.0			3.0
Change in surplus as a result of reinsurance		—		—		—		(32.7	)		(32.7	)

Balances as of December 31, 2024	$	25.6		25,651	$	1,456.7	$	(647.9	)	$	834.4

See accompanying notes to statutory financial statements.

F-6

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Statements of Cash Flow

Years ended December 31, 2024, 2023 and 2022

(Dollar amounts in millions)


	2024			2023			2022
Cash flow from operations:
Premiums collected net of reinsurance	$	172.2		$	231.7		$	210.1
Net investment income		510.2			538.7			559.1
Miscellaneous income		109.2			140.4			116.3

Total cash provided from revenues		791.6			910.8			885.5

Benefit and loss related payments		1,096.8			1,143.9			1,257.6
Net transfers from separate, segregated accounts, and protected cell accounts		(360.8	)		(327.0	)		(335.1	)
Commissions, expenses paid, and aggregate write-ins for deductions		243.2			236.4			276.3
Federal income taxes paid (recovered), net of capital gains (losses)		30.3			66.1			(19.6	)

Total cash applied to benefits and general and other expenses		1,009.5			1,119.4			1,179.2

Net cash applied to operations		(217.9	)		(208.6	)		(293.7	)

Cash flow from investments:
Proceeds from investments sold, matured, or repaid:
Bonds		1,151.9			827.1			848.4
Stocks		7.8			8.4			14.3
Mortgage loans		171.3			91.9			219.4
Real estate		—			—			2.2
Other invested assets		6.5			2.2			1.2
Miscellaneous proceeds		0.3			6.0			0.1

Total investment proceeds		1,337.8			935.6			1,085.6

Cost of investments acquired:
Bonds		769.1			238.4			276.4
Stocks		0.7			4.9			1.3
Mortgage loans		89.2			27.9			211.8
Real estate		1.1			—			—
Derivatives, net		105.0			99.8			49.9
Other invested assets		19.7			26.0			21.5
Miscellaneous applications		1.2			(2.9	)		5.2

Total investments acquired		986.0			394.1			566.1
Net decrease in contract loans and premium notes		(11.6	)		(8.2	)		(21.3	)

Net cash provided by investments		363.4			549.7			540.8

Cash flow from financing and miscellaneous sources:
Cash applied:
Net deposits on deposit-type contracts and other insurance liabilities		(167.6	)		(209.9	)		(140.0	)
Other cash applied		(57.3	)		(32.2	)		(61.1	)

Net cash applied to financing and miscellaneous sources		(224.9	)		(242.1	)		(201.1	)

Net change in cash, cash equivalents and short-term investments		(79.4	)		99.0			46.0
Cash, cash equivalents and short-term investments:
Beginning of year		314.3			215.3			169.3

End of year	$	234.9		$	314.3		$	215.3

F-7

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Statements of Cash Flow — Continued

Years ended December 31, 2024, 2023 and 2022

(Dollar amounts in millions)


	2024			2023			2022
Supplemental information:
Interest capitalization — net investment income	$	(8.4	)	$	(8.2	)	$	(8.1	)
Interest capitalization — bond purchases		(8.4	)		(8.2	)		(8.1	)
Securities exchanged — bond proceeds		(50.1	)		(62.6	)		(108.7	)
Securities exchanged — bond purchases		(50.1	)		(62.6	)		(108.7	)
Tax sharing agreement transfer of taxes payable — taxes paid		(37.6	)		(28.2	)		(22.6	)
Tax sharing agreement transfer of taxes payable — stock proceeds		(49.5	)		(38.9	)		(364.5	)
Tax sharing agreement transfer of taxes payable — stock purchases		(87.1	)		(67.1	)		(209.3	)
Transfer to stocks — bond proceeds		(24.0	)		—			—
Transfer from bonds — stock purchases		(24.0	)		—			—
Tax sharing agreement transfer of taxes payable — special tax allocation agreement		—			—			(177.8	)
Reinsurance treaty non-cash transaction Scottish Re recapture — premiums collected net of reinsurance		—			(36.7	)		—
Reinsurance treaty non-cash transaction Scottish Re recapture — miscellaneous income		—			(6.8	)		—
Reinsurance treaty non-cash transaction Scottish Re recapture — benefit and loss related payments		—			(30.9	)		—
Reinsurance treaty non-cash transaction Scottish Re recapture — other cash applied		—			(1.0	)		—

See accompanying notes to statutory financial statements.

F-8

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

(1)

Corporate Structure, Basis of Presentation, and Summary of Significant Accounting Policies

(a) Corporate Structure

Genworth Life and Annuity Insurance Company (the “Company” or “GLAIC”) is a stock life insurance company operating under a charter granted by the Commonwealth of Virginia on March 21, 1871. The Company is licensed as a life insurer to do business in Bermuda, the District of Columbia and all states except for New York. The Company is wholly-owned by Genworth Life Insurance Company (“GLIC”), which is wholly-owned by Genworth North America Corporation (“GNA”), which is indirectly wholly-owned by Genworth Financial, Inc. (“Genworth”).

The following are the Company’s direct subsidiaries with percentage of ownership listed as of December 31, 2024:


Genworth Life Insurance Company of New York (“GLICNY”)	34.5	%
River Lake Insurance Company VI (“RLIC VI”)	100.0
River Lake Insurance Company X (“RLIC X”)	100.0
GNWLAAC Real Estate Holding, LLC (“GNWLAAC RE”)	100.0
Newco Properties, Inc. (“Newco”)	100.0
Jamestown Assignment Company, Inc. (“JAC”)	100.0
Assigned Settlement Inc. (“ASI”)	100.0

As of December 31, 2024, GNWLAAC RE, JAC and ASI were unaudited and fully nonadmitted.

The Company’s direct subsidiaries previously included River Lake Insurance Company VII (“RLIC VII”) and River Lake Insurance Company VIII (“RLIC VIII”). RLIC VII and RLIC VIII were dissolved on March 17, 2022.

(b) Nature of Business

The Company’s principal products are life insurance and fixed deferred and immediate annuities. Life insurance products provide protection against financial hardship after the death of an insured. Deferred annuities are investment vehicles intended for contractholders who want to accumulate tax-deferred assets for retirement, desire a tax-efficient source of income and seek to protect against outliving their assets. Immediate annuities provide a fixed amount of income for either a defined number of years, the annuitant’s lifetime or the longer of a defined number of years or the annuitant’s lifetime. In March 2016, Genworth suspended sales of traditional life insurance and fixed annuity products; however, the Company continues to service its existing retained and reinsured blocks of business.

The Company also has other products which have not been actively sold since 2011, but it continues to service its existing blocks of business. Those products include variable annuities, including group variable annuities offered through retirement plans; variable life insurance and funding agreements. Most of its variable annuities include guaranteed minimum death benefits (“GMDBs”). Some of the Company’s group and individual variable annuity products include guaranteed minimum benefit features such as guaranteed minimum withdrawal benefits (“GMWBs”) and certain types of guaranteed annuitization benefits.

(c) Basis of Presentation

The accompanying statutory financial statements of the Company have been prepared in conformity with accounting practices prescribed or permitted by the Virginia State Corporation Commission, Bureau of Insurance (the “Virginia Bureau”). These prescribed statutory accounting practices (“SAP”) include a variety of publications of the National Association of Insurance Commissioners (“NAIC”), including Statements of Statutory Accounting Principles (“SSAP”), as well as state laws, regulations, and general administrative rules. Permitted statutory accounting practices encompass all accounting practices not so prescribed.

F-9

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

Certain of the Company’s subsidiaries have permitted practices granted by their respective state of domicile as described in Note 2(b).

The preparation of financial statements requires management to make informed judgments and estimates that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and liabilities, as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company considers its significant estimates to be those made for future policy benefits and claims. The Company also makes estimates for legal and regulatory reserves, certain investment and derivative valuations and valuation of deferred tax assets, if applicable. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year presentation.

(d) Differences Between SAP and U.S. GAAP

The effects on the financial statements of the variances between SAP and U.S. generally accepted accounting principles (“U.S. GAAP”), although not reasonably determinable, are presumed to be material. The principal differences between SAP and U.S. GAAP include:

•

Investments in bonds are generally carried at amortized cost under SAP. The amortized cost is written down when an impairment is deemed other-than-temporary. Under U.S. GAAP, investments in bonds are carried at fair value with changes recorded in accumulated other comprehensive income (loss). A temporary allowance is recorded for declines in fair value related to credit losses.

•

The carrying value of commercial mortgage loans is stated at principal amounts outstanding under SAP. Under U.S. GAAP, the carrying value of commercial mortgage loans is stated at principal amounts outstanding, net of unamortized premium or discount, deferred expenses and allowance for credit losses.

•

The change in the unrealized gains or losses on certain investments is recorded as an increase or decrease in statutory surplus under SAP. Under U.S. GAAP, such unrealized gains and losses are recorded as a component of comprehensive income (loss).

•

Investments in subsidiaries are generally carried on a statutory equity basis with equity in the earnings of subsidiaries reflected in unassigned surplus. Under U.S. GAAP, controlled subsidiaries are consolidated and results of operations are included in net income (loss).

•

Under SAP, derivative instruments are valued consistently with hedged items. Derivatives are recorded at amortized cost if the hedged item is recorded at amortized cost. Derivatives are recorded at fair value and surplus is adjusted for fair value changes, if the hedged item is also recorded at fair value. Derivative instruments that do not meet or no longer meet the criteria of a highly effective hedge (“non-qualifying derivatives”) are recorded at fair value and the changes in fair value are recorded as unrealized gains and losses in statutory surplus. Under U.S. GAAP, derivatives are recorded at fair value and changes in fair value are recorded in accumulated other comprehensive income (loss) for qualified cash flow hedges or net income (loss) (with an offsetting change in value for changes in the hedged item) for qualified fair value hedges and non-qualifying derivatives. To the extent that hedging relationships are highly effective, the derivatives’ impact on operations is limited to payments and receipts of periodic coupons.

•

Under SAP, embedded derivatives are carried consistently with the host instruments. Under U.S. GAAP, the embedded derivatives that are not clearly and closely related to the host are bifurcated and accounted for like any other free-standing derivative.

•

Interest maintenance reserve (“IMR”) represents the deferral of interest related realized gains and losses, net of tax, on primarily fixed maturity investments and interest rate derivatives which are amortized into operations over the remaining life of the investment sold under SAP. No such reserve is required under U.S. GAAP.

F-10

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

•

Asset valuation reserve (“AVR”) represents a contingency reserve for credit related risk on most invested assets of the Company, and is charged to statutory surplus under SAP. No such reserve is required under U.S. GAAP, but mortgage loans are recorded net of allowances for estimated uncollectible amounts.

•

Certain assets, principally furniture, equipment, prepaid expenses, agents’ balances, and certain deferred tax assets have been designated as nonadmitted assets and excluded from assets by a charge to statutory surplus under SAP. Under U.S. GAAP, such amounts are carried with an appropriate valuation allowance, when necessary.

•

Intangible assets such as present value of future profits and other adjustments, resulting from the Company’s acquisitions, are not recorded under SAP. Intangible assets such as goodwill are recorded under SAP and amortized. Under U.S. GAAP, the present value of future profits is recorded and amortized and goodwill is recorded at cost and tested for impairment using a fair value methodology at least annually.

•

Under SAP, a provision is established for unsecured reinsurance recoverable balances from unauthorized reinsurers with the change credited or charged to unassigned statutory surplus. In addition, any amounts over due by 90 days are nonadmitted. Under U.S. GAAP, an allowance is established for expected credit losses for reinsurance balances with any changes to this allowance reflected in operations for the period.

•

Under SAP, aggregate reserves for a majority of life insurance and fixed annuity products are based on statutory mortality and interest requirements without consideration for anticipated withdrawals. Variable annuity contracts are reserved for using a prescribed principles-based approach. Reserves for long-term care insurance (“LTC”) are based on morbidity assumptions derived from the Company’s experience. Asset adequacy analysis (for which the Company uses cash flow testing) is performed annually using best estimate assumptions with provisions for adverse deviation to determine if there is adequate margin when comparing assets to all future liabilities under moderately adverse conditions. If the margin is negative, the Company would be required to record additional statutory reserves in the statutory statement of summary of operations. Under U.S. GAAP, reserves for term life insurance, life-contingent annuity, and LTC products are based on the present value of future benefits less the present value of future net premiums based on mortality, morbidity and other assumptions. Reserves for universal life insurance, term universal life insurance and non life-contingent annuity products are recognized by establishing a liability equal to the current account value of the policyholders’ contracts, with an additional reserve for certain guaranteed benefits. The U.S. GAAP liability uses best estimate cash flow assumptions, which are reviewed at least annually or more frequently if actual experience indicates a change is required. The change in the liability for future policy benefits resulting from cash flow assumption updates is recorded in the income statement.

•

Reserves are reported net of ceded reinsurance under SAP. Under U.S. GAAP, reserves relating to business in which the ceding company is not legally relieved of its liability are reported gross with an offsetting reinsurance receivable.

•

Under SAP, certain annuity contracts which do not pass through all investment gains to the contractholders are maintained in the separate accounts, whereas U.S. GAAP reports these contracts in the general account of the Company.

•

Policy acquisition costs are expensed as incurred under SAP. Under U.S. GAAP, costs that are related to the successful acquisition of new and renewal insurance policies and investment contracts are deferred and recognized on a constant-level basis.

•

Under SAP, the cumulative effect of changes in accounting principles are recorded as increases or decreases in statutory surplus. Under U.S. GAAP, cumulative effects of changes in accounting principles generally affect equity and net income (loss).

•

Under SAP, premiums of universal life insurance and deferred annuity contracts, including policy charges, are recorded as revenue when received. Under U.S. GAAP, policy charges are recorded as revenue when due, and the premiums are recorded as policyholder account balances.

•

Under SAP, Federal income taxes are provided for in the Company’s estimated current and deferred tax liability. Income taxes incurred include current year estimates of Federal income taxes due or refundable, based on tax returns

F-11

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

for the current year and all prior years to the extent not previously provided. Deferred taxes are provided for differences between the financial statement basis and the tax basis of assets and liabilities. Changes in deferred tax assets (“DTA”) and deferred tax liabilities (“DTL”) are recognized as a separate component of gains and losses in statutory unassigned surplus, while under U.S. GAAP, these changes are included in income tax expense or benefit. Under U.S. GAAP and SAP, gross DTAs are reduced by a valuation allowance if it is more likely than not that some portion or all of the assets will not be realized. The remaining adjusted gross DTA not meeting certain criteria outlined in SSAP No. 101, Income Taxes, are not admitted for SAP.

•

The Statutory Statements of Cash Flow differs in certain respects from the presentation required by U.S. GAAP, including the presentation of the changes in cash, cash equivalents and short-term investments instead of cash and cash equivalents. Short-term investments include securities with maturities of one year or less at the time of acquisition. For statutory purposes, there is no reconciliation between net income (loss) and cash from operations.

•

SAP does not require the presentation of a Statement of Comprehensive Income; however, U.S. GAAP does require a Statement of Comprehensive Income.

(e) Recognition of Revenue and Related Expenses

Scheduled life and accident and health insurance premiums and annuity considerations are recognized as revenue when due from policyholders with an unearned premium reserve provided for amounts unearned at the valuation date. Premiums and fund deposits for universal life insurance and single premium contracts are recognized as revenue when collected. Benefits, surrenders and withdrawals are expensed as incurred. All acquisition costs and maintenance expenses are charged to operations as incurred.

(f) Investments

Investments in bonds are generally stated at amortized cost except for bonds where the NAIC designation has fallen to six and the fair value has fallen below amortized cost, in which case they are carried at fair value. Amortization of mortgage-backed and asset-backed bonds is based on anticipated prepayments at the date of purchase with significant changes in estimated cash flows from original purchase assumptions recognized using a retrospective method. Amortization is accounted for using a method that approximates the scientific interest method. Prepayment assumptions for mortgage-backed and asset-backed bonds are based on internal estimates.

Investments in common stocks of unaffiliated companies are carried at fair value. Investments in common stocks of subsidiary controlled and affiliated (“SCA”) insurance companies are carried at the Company’s proportionate share of the audited statutory capital and surplus of the entity. Noninsurance SCAs are carried at the audited U.S. GAAP equity of the investee, adjusted for unamortized goodwill. Changes in the proportionate share of equity of such subsidiaries are recorded as unrealized gains and losses. Dividends from subsidiaries are recorded as net investment income when paid.

Investments in preferred stocks are carried at fair value.

Investments in short-term investments (maturity dates of one year or less from the acquisition date) are stated at amortized cost, which approximates fair value due to their short-term maturity. Money market funds are stated at fair value and classified as cash equivalents.

The Company regularly evaluates securities, excluding loan-backed and structured securities, in an unrealized loss position for other-than-temporary impairments (“OTTI”). For these securities, the Company considers all available information relevant to the collectability of the securities, including information about past events, current conditions, and reasonable and supportable forecasts, when developing the estimate of cash flows expected to be collected. When it is determined that an impairment is other than temporary because the Company has made a decision to sell the security at an

F-12

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

amount below its carrying value, or it is probable that the Company will not collect all amounts due based on the contractual terms of the security, the Company will recognize that an OTTI has occurred and record a realized loss equal to the difference between the security’s carrying value and its fair value.

For loan-backed and structured securities, the Company also utilizes performance indicators of the underlying assets including defaults or delinquency rates, loan to collateral value ratios, third-party credit enhancements, current levels of subordination, collateral vintage and other relevant characteristics of the underlying assets or the security to develop its estimate of cash flows. Estimating the expected cash flows is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions and judgments regarding the future performance of the underlying collateral. Where possible, this data is benchmarked against third-party sources. When it is determined that an impairment is other than temporary because it is probable that the Company will not collect all amounts due based on the contractual terms of the security, even if the Company has no intent to sell and has the intent and ability to hold to recovery, the Company will recognize a realized loss equal to the difference between the carrying value of the security and the present value of the expected cash flows. Under circumstances whereby the Company has the intent to sell or does not have the ability and intent to hold to recovery, the security is impaired to its fair value.

In addition, for certain asset-backed securities in an unrealized loss position, management also evaluates whether it has the intent and ability to retain the investment for a period of time sufficient to recover the amortized cost basis.

Investments in real estate are stated at depreciated cost. As of December 31, 2024 and 2023, the Company’s investment in real estate consisted of properties occupied by the Company of $11.5 and $11.0, respectively. On September 16, 2022, the Company sold land located in Lynchburg, Virginia to the City of Lynchburg for a purchase price of $2.4. As a result of the sale, the Company recorded a pre-tax gain of $1.8.

Newco, a noninsurance subsidiary, owns and leases certain properties occupied by the Company and its affiliates.

Mortgage loans are stated at principal amounts outstanding, net of discounts, premiums, and valuation allowances. Interest on loans is recognized on an accrual basis at the applicable interest rate on the principal amount outstanding. Premiums and discounts are amortized as level yield adjustments over the respective loan terms.

GNWLAAC RE, a noninsurance subsidiary, at times owns certain mortgage loans contributed by the Company. GNWLAAC RE will take possession of real estate through, or in lieu of, foreclosure on its loans. The transfers are recorded at the lower of book value or fair value at the date of transfer. GNWLAAC RE was nonadmitted as of December 31, 2024 and 2023.

Impaired loans are defined by SSAP No. 37, Mortgage Loans, as loans for which it is probable that the Company will be unable to collect all amounts due according to original contractual terms of the loan agreement. In determining whether it is probable that the Company will be unable to collect all amounts due, the Company considers current payment status, debt service coverage ratios, occupancy levels and current loan-to-value. For individually impaired loans, the Company records an impairment charge when it is probable that a loss has occurred. Impaired loans are carried on a non-accrual status. Loans are placed on non-accrual status when, in management’s opinion, the collection of principal or interest is unlikely, or when the collection of principal or interest is 90 days or more past due. Income on impaired loans is not recognized until the loan is sold or the cash received exceeds the carrying amount recorded.

Investments in joint ventures, partnerships or limited liability companies are stated based on the underlying audited U.S. GAAP equity adjusted for any unamortized goodwill. Changes in the proportionate share of these investments are recorded as unrealized gains and losses. The cost basis and carrying value of joint ventures and limited partnership investments are adjusted for impairments in value deemed to be other than temporary, with associated realized loss reported in net income (loss).

F-13

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

Realized investment gains and losses, determined on a specific identification basis and recorded on the trade date, are reduced by amounts transferred to IMR and are reflected as an element of net income (loss), net of related tax. For bonds carried at fair value, the difference between amortized cost and fair value is reflected as unrealized gains and losses on investments in unassigned surplus. Changes in fair values of common stocks, preferred stocks and changes in statutory equity of subsidiaries are reflected as unrealized gains and losses on investments in unassigned surplus.

The Company may from time to time participate in a program managed by an unaffiliated financial institution in which it lends securities to brokers or other parties. The Company receives collateral for the loaned securities which can consist of cash or government securities, on a daily basis, in amounts equal to or exceeding 102% of the fair value of the applicable securities loaned. Currently, the Company only accepts cash collateral from borrowers under the program. As of December 31, 2024 and 2023, there were no loaned securities or collateral held.

Sales of securities to affiliates are considered economic transactions and are accounted for at fair value, with interest related gains and losses transferred to IMR.

(g) Fair Value Measurements

The Company may from time to time hold certain long-term bonds, common and preferred stocks, derivatives, securities held as collateral, and separate account assets which are carried at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect a view of market assumptions in the absence of observable market information. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. All assets carried or disclosed at fair value are classified and disclosed in one of the following three categories:

•

Level 1 — Quoted prices for identical instruments in active markets.

•

Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

•

Level 3 — Instruments whose significant value drivers are unobservable.

Level 1 primarily consists of separate account assets and financial instruments whose value is based on quoted market prices such as actively traded equity securities and actively traded mutual fund investments.

Level 2 includes those financial instruments that are valued using industry-standard pricing methodologies, models or other valuation methodologies. These models are primarily industry-standard models that consider various inputs, such as interest rate, credit spread and foreign exchange rates for the underlying financial instruments. All significant inputs are observable, or derived from observable information, in the marketplace or are supported by observable levels at which transactions are executed in the marketplace. Financial instruments in this category primarily include: certain public and private corporate bonds; government or agency securities; certain mortgage-backed and asset-backed securities; securities held as collateral; and certain non-exchange-traded derivatives such as interest rate swaps.

Level 3 is comprised of financial instruments whose fair value is estimated based on industry-standard pricing methodologies and internally developed models utilizing significant inputs not based on, nor corroborated by, readily available market information. In limited instances, this category may also utilize non-binding broker quotes. This category primarily consists of certain less liquid bonds and preferred stocks, and certain derivative instruments where the Company cannot corroborate the significant valuation inputs with market observable data.

F-14

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

As of each reporting period, all assets and liabilities recorded or disclosed at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability, such as the relative impact on the fair value from including a particular input. The Company reviews the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur.

The valuation of financial futures is based on the closing exchange prices. Accordingly, these financial futures are classified as Level 1.

The valuation of equity index options is determined using an income approach. The primary inputs into the valuation are forward interest rate volatility and a time value component associated with the optionality in the derivative, which are considered significant unobservable inputs in most instances. The equity index volatility surface is determined based on market information that is not readily observable and is developed based upon inputs received from several third-party sources. Accordingly, these options are classified as Level 3.

The valuation of cross currency swaps is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve and foreign currency exchange rates, both of which are considered an observable input, and results in the derivative being classified as Level 2.

The valuation of bond purchase commitments is determined using an income approach. The primary inputs into the valuation represent current bond prices and interest rates, as well as an estimate of the cost of counterparty financing to acquire and carry the bond during the forward period. The estimated cost of counterparty financing is not readily observable and is developed based upon an assumed spread; accordingly, these derivatives are classified as Level 3.

The fair value of the majority of separate account assets is based on the quoted price of the underlying fund investments and, therefore, represents Level 1 pricing. The remaining separate account assets represent Level 2 pricing, as defined above.

(h) Investment Income Due and Accrued

Accrued investment income consists primarily of interest and dividends. Interest is recognized on an accrual basis and dividends are recorded as earned on the ex-dividend date. Due and accrued income is not recorded on: (a) bonds in default and (b) bonds delinquent more than 90 days or where collection of interest is improbable. As of December 31, 2024 and 2023, the Company’s nonadmitted investment income due and accrued was zero.

(i) Nonadmitted Assets

Certain assets, principally furniture, equipment, agents’ debit balances, certain amounts related to investments in or near default, prepaid expenses, and certain deferred income tax assets have been designated as nonadmitted assets and are excluded from assets by a charge to statutory surplus. Changes in these nonadmitted assets are presented as changes in unassigned surplus.

(j) Aggregate Reserves and Liability for Deposit-Type Contracts

Policy reserves on non-variable annuity and supplementary contracts are calculated using the Commissioners’ Annuity Reserve Valuation Method. The valuation interest assumptions follow the Standard Valuation Law and vary by the contracts’ characteristics and their issue year.

Variable annuity reserves follow the reserve requirements prescribed in the NAIC Valuation Manual-21: Requirements for Principle-Based Reserves for Variable Annuities.

F-15

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

Policy reserves on life insurance contracts are based on statutory mortality and valuation interest rates using the Commissioner’s Reserve Valuation Method without consideration of withdrawals. The valuation interest and mortality assumptions follow the Standard Valuation Law and vary by the contracts’ characteristics and their issue year.

Valuation methods provide, in the aggregate, reserves that are greater than or equal to the minimum guaranteed policy cash values or the amount required by law.

Accident and health benefit reserves are developed by actuarial methods and are determined based on published tables using specified statutory interest rates and mortality. Morbidity assumptions are based on Company experience.

Liability for deposit-type contracts represents contracts without significant mortality or morbidity risk. Payments received from sales of deposit-type contracts are recognized by providing a liability equal to the current value of the policyholders’ contracts. Interest rates credited to these contracts are based on the applicable terms of the respective contract.

(k) Liability for Policy and Contract Claims

The liability for policy and contract claims represents the amount needed to provide for the estimated cost of settling due and unpaid claims relating to insured events that have occurred on or before the end of the respective reporting period. The estimated liability includes requirements for payments of claims that have been reported to the insurer, and claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated.

Management considers the liability for policy and contract claims provided to be satisfactory to cover the losses that have occurred. Management monitors actual experience, and where circumstances warrant, will revise its assumptions. The methods of determining such estimates and establishing the liability are reviewed continuously and any adjustments are reflected in operations in the period in which they become known. Future developments may result in losses greater or less than the liability for policy and contract claims provided.

(l) Interest Maintenance Reserve

IMR represents the deferral of interest-related realized capital gains and losses, net of tax, on primarily fixed maturity investments and interest rate derivatives. These gains and losses are amortized into income (loss) on a level yield method, based on statutory factor tables over the estimated remaining life of the investment sold or called.

(m) Asset Valuation Reserve

AVR is a contingency reserve for credit-related losses on most investments and is recorded as a liability through a charge to statutory surplus. The reserve is calculated based on credit quality using factors provided by the NAIC.

(n) Federal Income Taxes

The Company determines DTAs and/or DTLs by multiplying the differences between the statutory financial reporting and tax reporting bases for assets and liabilities by the enacted tax rates expected to be in effect when such differences are recovered or settled if there is no change in law. The effect on deferred taxes of a change in tax rates is recognized in unassigned deficit in the period that includes the enactment date. Valuation allowances on DTAs are estimated based on the Company’s assessment of the realizability of such amounts.

(o) Reinsurance

Premiums, commissions, expense reimbursement, claim, and claim adjustment expenses related to reinsured business are accounted for on a basis consistent with that used in accounting for the original policies issued and with the terms of the reinsurance contracts and are reported net of amounts ceded to other companies.

F-16

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

A liability has been provided for unsecured policy reserves on reinsurance ceded to companies not authorized to assume business in the state of domicile and is included in reinsurance in unauthorized companies. Changes in this liability are reported directly in unassigned surplus.

Policy and contract liabilities ceded have been reported as reductions to the related reserves.

(p) Guaranty Association Assessments

The Company is required by law to participate in the guaranty associations of the various states in which it is licensed to do business. The state guaranty associations ensure payment of guaranteed benefits, with certain restrictions, to policyholders of impaired or insolvent insurance companies by assessing all other companies involved in similar lines of business. See Note 7(b).

(q) Electronic Data Processing (“EDP”) Equipment and Software

EDP equipment and operating software are admitted assets to the extent they do not exceed 3% of capital and surplus (as adjusted for certain fixed assets and intangible assets) and are depreciated over three years on a straight line basis. As of December 31, 2024 and 2023, EDP equipment and operating and non-operating software totaled $0.1 (net of accumulated depreciation of $113.8) and $0.5 (net of accumulated depreciation of $113.4), respectively. For the years ended December 31, 2024, 2023 and 2022, total depreciation expense for EDP equipment and operating software was $0.3, $0.3 and $0.5, respectively, and non-operating software was $2.2, $2.9 and $3.5, respectively.

(r) Derivative Instruments

Derivative instruments used in hedging transactions that meet the criteria of a highly effective hedge are valued and reported consistently with the hedged items. Derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge shall be valued at fair value with the changes in fair value recorded as unrealized gains and losses in statutory surplus.

The Company uses cross currency swaps, equity index options, bond purchase commitments, and financial futures for hedging. Interest rate futures are used to reduce market risks from changes in interest rates and to alter interest rate exposures arising from mismatches between assets and liabilities. Equity index options and equity futures are used to hedge the equity market risks that are part of some of the Company’s annuity liabilities. Bond purchase commitments are used to lock in prices of future bond purchases.

The Company uses cross currency swaps to reduce market risks from changes in foreign currency rates and to alter interest rate exposure arising from mismatches between assets and liabilities. In a cross currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a forward exchange rate calculated by reference to an agreed upon principal amount. The principal amount of each currency is exchanged at the inception and termination of the currency swap by each party.

Cross currency swaps and bond purchase commitments that qualify for hedge accounting are carried at amortized cost while non-qualifying equity options and financial futures are carried at fair value with changes in fair value recorded in statutory surplus. Realized investment gains and losses from derivatives that qualify for hedge accounting are reduced by amounts transferred to IMR and are reflected as an element of investment income, net of investment and interest expenses. Any fees associated with swaps are held in surplus and the full fee amount will be recognized in income at the time of termination.

The Company reports net cash flows from the purchase or termination of derivative instruments as cash flows from investing activities in the Statutory Statements of Cash Flow.

F-17

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

(s) Experience Refunds

Experience refunds are calculated in accordance with the applicable reinsurance agreements. Experience refunds are primarily determined by claims experience on the ceded blocks, in addition to numerous factors that include profitability of the Company during the period covered by the refund and capitalization levels of the Company.

(t) Going Concern

The Company’s management does not have any doubts about the Company’s ability to continue as a going concern within one year from the date the statutory financial statements were issued.

(u) Accounting Changes

In March 2023, the NAIC adopted modifications to SSAP No. 34, Investment Income Due and Accrued, effective December 31, 2023. The modifications require additional disclosures related to gross, non-admitted and admitted amounts for interest income due and accrued, deferred interest, and paid-in-kind (“PIK”) interest. See Note 2.

In August 2022, the NAIC adopted Actuarial Guideline LIII, Application of the Valuation Manual for Testing the Adequacy of Life Insurer Reserves (“AG 53”), which was effective December 31, 2022. AG 53 provides uniform guidance and clarification of the requirements for the appropriate support of certain assumptions for the asset adequacy analysis performed by life insurers. The adoption of AG 53 did not have an impact on the Company’s financial statements.

(v) Accounting Pronouncements Not Yet Adopted

In August 2023, the NAIC revised SSAP No. 26, Bonds and SSAP No. 43, Asset-Backed Securities, effective January 1, 2025. The revisions adopt a principles-based bond definition for determining the investments eligible for bond accounting and reporting as issuer credit obligations and asset-backed securities and expand disclosure requirements. The Company will adopt the revised guidance for periods starting on January 1, 2025, and does not expect this adoption to have a material impact on its financial statements but will require expanded annual disclosures.

(w) Correction of Error

During 2022, the Company recorded a prior period correction related to historical reinsurance impacts on cross-entity term conversions. To record this correction, the Company recorded a reinsurance recoverable from GLIC of $25.0 and decreased net deferred tax assets by $5.3, with an offsetting decrease of $19.7 to unassigned deficit, in accordance with SSAP No. 3, Accounting Changes and Corrections of Errors. See Notes 5 and 16 for additional information.

F-18

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

(2)

Investments

(a) Bonds and Preferred and Common Stocks

As of December 31, 2024 and 2023, the carrying value, gross unrealized gains and losses, and fair value of the Company’s bonds and preferred and common stocks, excluding stocks of affiliates, were as follows:


	2024
			Gross unrealized gains				Gross unrealized losses
	Carrying value		Not OTTI		OTTI		Not OTTI			OTTI		Fair value
Bonds:
U.S. government and U.S. government agencies	$	536.0	$	0.7	$	—		$ (90.2	)	$	—	$	446.5
All other governments		149.3		0.9		—		(21.8	)		—		128.4
States, territories, and possessions		100.7		0.3		—		(2.3	)		—		98.7
Special revenue and special assessment obligations		322.1		5.7		—		(27.9	)		—		299.9
Industrial and miscellaneous		6,767.6		50.3		—		(733.2	)		—		6,084.7
Bank loans — industrial and miscellaneous		8.8		—		—		—			—		8.8
Residential mortgage-backed		317.6		1.4		—		(21.8	)		—		297.2
Commercial mortgage-backed		398.7		—		—		(83.2	)		—		315.5
Other asset-backed and structured securities		187.8		0.7		—		(4.3	)		—		184.2
Hybrids		20.3		0.5		—		(0.1	)		—		20.7

Total bonds		8,808.9		60.5		—		(984.8	)		—		7,884.6
Preferred and common stocks — nonaffiliates		80.5		1.0		—		—			—		81.5

Total bonds and preferred and common stocks	$	8,889.4	$	61.5	$	—		$(984.8	)	$	—	$	7,966.1


	2023
			Gross unrealized gains				Gross unrealized losses
	Carrying value		Not OTTI		OTTI		Not OTTI			OTTI		Fair value
Bonds:
U.S. government and U.S. government agencies	$	482.5	$	20.2	$	—		$ (49.9	)	$	—	$	452.8
All other governments		128.9		3.7		—		(15.8	)		—		116.8
States, territories, and possessions		116.2		2.8		—		(0.9	)		—		118.1
Special revenue and special assessment obligations		330.7		10.0		—		(21.5	)		—		319.2
Industrial and miscellaneous		7,038.4		121.7		—		(572.7	)		—		6,587.4
Residential mortgage-backed		348.2		2.7		—		(20.0	)		—		330.9
Commercial mortgage-backed		456.9		—		—		(83.6	)		—		373.3
Other asset-backed and structured securities		252.6		0.2		—		(7.7	)		—		245.1
Hybrids		44.6		0.6		—		(0.3	)		—		44.9

Total bonds		9,199.0		161.9		—		(772.4	)		—		8,588.5
Preferred and common stocks — nonaffiliates		59.7		—		—		—			—		59.7

Total bonds and preferred and common stocks	$	9,258.7	$	161.9	$	—		$(772.4	)	$	—	$	8,648.2

Gross unrealized losses in the tables above include declines in the fair value of certain bonds below carrying value, where an OTTI has not occurred as the Company does not intend to sell, has the intent and ability to retain the investment for

F-19

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

a period of time sufficient to recover the entire amortized cost basis of the investment and otherwise expects to recover the entire amortized cost basis of the investment. In addition, gross unrealized losses include declines in the fair value below the carrying value for certain bonds that have been other-than-temporarily impaired and were written down to their discounted estimated future cash flows, which were greater than their fair value, as the Company does not expect to recover the entire amortized cost basis of these bonds based on its estimate of future cash flows to be collected, despite not having the intent to sell and having the intent and ability to retain the investment for a period of time sufficient to recover the amortized cost basis.

As of December 31, 2024, the scheduled contractual maturity distribution of the bond portfolio was as follows:


	2024
	Carrying value		Fair value
Due in one year or less	$	307.6	$	306.8
Due after one year through five years		921.0		909.5
Due after five years through ten years		1,164.5		1,098.5
Due after ten years		5,511.7		4,772.9

Subtotals		7,904.8		7,087.7
Residential mortgage-backed		317.6		297.2
Commercial mortgage-backed		398.7		315.5
Other asset-backed structured securities		187.8		184.2

Totals	$	8,808.9	$	7,884.6

Actual and expected maturities may differ from scheduled contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.

As required by law, the Company has investments on deposit with governmental authorities and banks for the protection of policyholders with a statement value of $7.5 and $7.8 as of December 31, 2024 and 2023, respectively.

As of December 31, 2024 and 2023, approximately 76.8% and 76.5%, respectively, of the Company’s long-term bond portfolio was composed of security issues in the industrial and miscellaneous category, the vast majority of which are rated investment grade and are senior secured bonds. The Company’s portfolio is widely diversified among various geographic regions in the United States, and is not dependent on the economic stability of one particular region.

As of December 31, 2024 and 2023, the Company did not hold any investments in any single issuer, other than securities issued or guaranteed by the U.S. government or money market securities, which exceeded 10% of capital and surplus.

The credit quality mix of the bond portfolio as of December 31, 2024 and 2023 was as follows. The quality ratings represent NAIC designations.


	2024					2023
	Carrying value		Percent			Carrying value		Percent
Class 1 — highest quality	$	4,584.6		52.0	%	$	4,827.8		52.5	%
Class 2 — high quality		3,921.1		44.5			4,033.5		43.8
Class 3 — medium quality		281.8		3.2			312.6		3.4
Class 4 — low quality		16.2		0.2			18.0		0.2
Class 5 — lower quality		5.2		0.1			7.0		0.1
Class 6 — in or near default		—		—			0.1		—

Totals	$	8,808.9		100.0	%	$	9,199.0		100.0	%

F-20

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

Bonds with ratings categories ranging from AAA/Aaa to BBB/Baa, as assigned by a rating service such as Standard & Poor’s Financial Services LLC or Moody’s Investors Service, Inc., are generally regarded as investment grade securities. Some agencies and treasuries (that is, those securities issued by the U.S. government or an agency thereof) are not rated, but all are considered to be investment grade securities. The NAIC regards agencies and treasuries and all A ratings as Class 1 (highest quality), BBB/Baa ratings as Class 2 (high quality), BB/Ba ratings as Class 3 (medium quality), B ratings as Class 4 (low quality), CCC/Caa ratings as Class 5 (lower quality), and CC/Ca or below ratings as Class 6 (in or near default).

There were no bonds in default as of December 31, 2024 and 2023.

(b) Common Stocks of Affiliates

The Company’s investment in common stocks of affiliates as of December 31, 2024 and 2023 included its proportionate ownership percentage as disclosed in Note 1(a), except as disclosed below. The following tables summarize data from the statutory financial statements of the Company’s insurance company subsidiaries as of and for the years ended December 31, 2024, 2023 and 2022:


	GLICNY			RLIC VI¹		RLIC X¹
2024
Total admitted assets	$	6,849.0		$	1,877.2	$	879.9
Total liabilities		6,630.8			1,803.1		852.8
Total capital and surplus		218.2			74.1		27.1
Net income		4.7			100.4		28.4

2023
Total admitted assets	$	7,050.7		$	2,038.2	$	926.6
Total liabilities		6,838.8			1,966.5		901.5
Total capital and surplus		211.9			71.7		25.1
Net income (loss)		(1.1	)		80.3		13.5

2022
Total admitted assets	$	7,262.1		$	2,196.4	$	952.2
Total liabilities		7,050.4			2,122.2		930.5
Total capital and surplus		211.7			74.2		21.7
Net income		0.3			185.8		66.8

¹	As of December 31, 2024 and 2023, the Company carried its investment in the subsidiary at zero.

As of December 31, 2024 and 2023, the Company’s investment in GLICNY was $75.3 and $73.1, respectively.

Effective December 1, 2021, RLIC X was granted a permitted practice from the Vermont Department of Financial Regulation to record an excess of loss (“XOL”) reinsurance agreement with Hannover Life Reassurance Company of America (“Hannover”) as a gross admitted asset and as paid in surplus.

Effective December 1, 2019, RLIC VI entered into an XOL reinsurance agreement (the “RLIC VI XOL Treaty”) with Canada Life Assurance Company (“Canada Life”), operating through its Barbados branch and the Company. The Company requested and was subsequently granted effective December 1, 2019, a permitted practice from the Delaware Department of Insurance (“Delaware Department”) pursuant to Title 18, Sections 6907 and 6962 of the Delaware Insurance Code. RLIC VI is permitted to record the portion of the XOL coverage amount pursuant to the RLIC VI XOL Treaty allocable to the universal life insurance contracts as a gross admitted asset and as paid in surplus. Effective December 1, 2021, RLIC VI was granted a permitted practice from the Delaware Department whereby RLIC VI is permitted to record the portion of the XOL coverage amount pursuant to the RLIC VI XOL Treaty allocable to the term life insurance policies as a gross admitted asset and as paid in surplus.

F-21

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

The Company has an investment in Newco which is audited and fully admitted at audited U.S. GAAP equity, adjusted for goodwill, in common stock of affiliates. As of December 31, 2024 and 2023, the Company’s investment in Newco was $43.8 and $45.0, respectively. Statutory goodwill was amortized over 10 years in accordance with SSAP No. 97 and was fully amortized in 2022. The amount amortized for the year ended December 31, 2022 was $0.8.

As of December 31, 2024 and 2023, GNWLAAC RE and JAC were unaudited and nonadmitted.

(c) Mortgage Loans

As of December 31, 2024 and 2023, the Company’s mortgage loan portfolio consisted of 351 and 367, respectively, of first lien commercial mortgage loans. The loans, which were originated by the Company through a network of mortgage bankers, were made only on developed and leased properties and had a maximum loan-to-value ratio of 75% as of the date of origination. The Company does not engage in construction lending or land loans. The maximum and minimum lending rates for new mortgage loans during 2024 were 6.6% and 5.7%, respectively. All of the mortgage loans were current as of December 31, 2024 and 2023.

The Company’s mortgage loans are collateralized by commercial properties, including multi-family residential buildings. The carrying value of mortgage loans is stated at original cost net of prepayments and amortization.

The Company diversifies its mortgage loans by both property type and geographic region. The following tables set forth the distribution across property type and geographic region for mortgage loans as of December 31, 2024 and 2023:


	2024					2023
Property type	Carrying value		Percent of total			Carrying value		Percent of total
Retail	$	622.8		38.9	%	$	656.7		39.1	%
Office		397.2		24.8			420.9		25.0
Industrial		380.3		23.8			403.1		24.0
Mixed use		99.4		6.2			99.4		5.9
Apartments		73.2		4.6			73.2		4.3
Other		26.5		1.7			28.2		1.7

Total principal balance	$	1,599.4		100.0	%	$	1,681.5		100.0	%


	2024					2023
Geographic region	Carrying value		Percent of total			Carrying value		Percent of total
South Atlantic	$	465.1		29.1	%	$	468.3		27.8	%
Pacific		270.8		16.9			320.6		19.1
Mountain		182.3		11.4			180.7		10.7
Middle Atlantic		166.3		10.4			164.9		9.8
West North Central		142.1		8.9			149.1		8.9
East North Central		129.6		8.1			136.1		8.1
West South Central		123.7		7.7			130.0		7.7
East South Central		72.8		4.6			81.6		4.9
New England		46.7		2.9			50.2		3.0

Total principal balance	$	1,599.4		100.0	%	$	1,681.5		100.0	%

F-22

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

Mortgage loans are considered past due when contractual payments have not been received from the borrower by the required payment date. The Company had no loans greater than 30 days past due as of December 31, 2024 and 2023. The Company had no impaired loans as of December 31, 2024 and 2023.

The following table sets forth the age analysis of mortgage loans and identification of mortgage loans in which the insurer is a participant or co-lender in a mortgage loan agreement as of December 31, 2024 and 2023:


	2024									2023
	Commercial									Commercial
	Insured			All Other			Total			Insured			All Other			Total
Recorded investment (All)
Current (less than 30 days past due)	$	—		$	1,599.4		$	1,599.4		$	—		$	1,681.5		$	1,681.5
Interest reduced
Recorded investment	$	—		$	—		$	—		$	—		$	—		$	—
Number of loans		—			—			—			—			—			—
Percent reduced		—	%		—	%		—	%		—	%		—	%		—	%
Participant or co-lender in a mortgage loan agreement
Recorded investment	$	—		$	—		$	—		$	—		$	—		$	—

As of December 31, 2024 and 2023, the Company held no farm, mezzanine or residential mortgage loans.

During the years ended December 31, 2024 and 2023, the Company did not have any modifications or extensions that were considered troubled debt restructurings.

In evaluating the credit quality of mortgage loans, the Company assesses the performance of the underlying loans using both quantitative and qualitative criteria. Certain risks associated with mortgage loans can be evaluated by reviewing both the loan-to-value and debt service coverage ratios to understand both the probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the underlying property for an amount that would enable the Company to recover its unpaid principal balance in the event of default by the borrower. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt service coverage ratio should not be used without considering other factors associated with the borrower, such as the borrower’s liquidity or access to other resources that may result in the Company’s expectation that the borrower will continue to make the future scheduled payments. A lower loan-to-value indicates that its loan value is more likely to be recovered in the event of default by the borrower if the property was sold.

The Company monitors mortgage loan concentration by state. California is the only state exceeding 10% of the total mortgage loan portfolio. During the years ended December 31, 2024, 2023 and 2022, the Company originated $6.8, $3.8, and $28.1, respectively, in mortgage loans secured by real estate in California. As of December 31, 2024 and 2023, the Company held $160.0 and $191.3, respectively, of mortgages secured by real estate in California, which was 10.0% and 11.4%, respectively, of its total mortgage portfolio.

While the Company’s investment portfolio has exposure to the State of California, it has limited exposure to the areas impacted by the January 2025 Los Angeles wildfires. Therefore, the Company does not expect a material impact on its results of operations, nor does it believe there is a material risk to the valuation of its investment portfolio.

F-23

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

The following tables set forth the average loan-to-value of mortgage loans by property type as of December 31, 2024 and 2023:


	2024 Average loan-to-value⁽¹⁾
Property type	0%-50%			51%-60%			61%-75%			76%-100%			Greater than 100%			Total
Retail	$	265.0		$	146.2		$	211.6		$	—		$	—		$	622.8
Office		51.9			40.1			199.6			105.6			—			397.2
Industrial		156.9			82.1			137.5			3.8			—			380.3
Mixed use		9.0			6.8			68.6			—			15.0			99.4
Apartments		39.5			3.7			30.0			—			—			73.2
Other		9.5			14.2			2.8			—			—			26.5

Total	$	531.8		$	293.1		$	650.1		$	109.4		$	15.0		$	1,599.4

Percent of total		33.3	%		18.3	%		40.7	%		6.8	%		0.9	%		100.0	%

Weighted-average debt service coverage ratio⁽²⁾		2.4			1.8			1.6			1.5			0.8			1.9

⁽¹⁾	Average loan-to-value is based on the Company’s most recent estimate of the fair value for the underlying property as of the date indicated above. Values are evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan.

⁽²⁾

Debt service coverage ratio is based on “normalized” annual net operating income of the property compared to the payments required under the terms of the loan. Normalization allows for the removal of annual one-time events such as capital expenditures, prepaid or late real estate tax payments or non-recurring third-party fees (such as legal, consulting or contract fees). This ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan.


	2023 Average loan-to-value⁽¹⁾
Property type	0%-50%			51%-60%			61%-75%			76%-100%			Greater than 100%			Total
Retail	$	214.6		$	222.3		$	219.8		$	—		$	—		$	656.7
Office		81.7			45.4			286.8			7.0			—			420.9
Industrial		193.1			64.8			145.2			—			—			403.1
Mixed use		22.9			1.6			74.9			—			—			99.4
Apartments		34.0			8.4			30.8			—			—			73.2
Other		10.7			—			17.5			—			—			28.2

Total	$	557.0		$	342.5		$	775.0		$	7.0		$	—		$	1,681.5

Percent of total		33.1	%		20.4	%		46.1	%		0.4	%		—	%		100.0	%

Weighted-average debt service coverage ratio⁽²⁾		2.3			1.9			1.7			1.4			—			1.9

⁽¹⁾	Average loan-to-value is based on the Company’s most recent estimate of the fair value for the underlying property as of the date indicated above. Values are evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan.

⁽²⁾

F-24

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

The following tables set forth the debt service coverage ratio for fixed rate mortgage loans by property type as of December 31, 2024 and 2023:


	2024 Debt service coverage ratio — fixed rate⁽¹⁾
Property type	Less than 1.00			1.00 – 1.25			1.26 – 1.50			1.51 – 2.00			Greater than 2.00			Total
Retail	$	18.4		$	15.7		$	145.1		$	250.2		$	193.4		$	622.8
Office		52.4			15.4			74.3			141.9			113.2			397.2
Industrial		—			10.3			75.6			160.0			134.4			380.3
Mixed use		27.2			23.8			17.2			28.0			3.2			99.4
Apartments		—			1.9			6.7			39.4			25.2			73.2
Other		—			14.2			2.5			2.8			7.0			26.5

Total	$	98.0		$	81.3		$	321.4		$	622.3		$	476.4		$	1,599.4

Percent of total		6.1	%		5.1	%		20.1	%		38.9	%		29.8	%		100.0	%

Weighted-average loan-to-value⁽²⁾		78.6	%		58.1	%		65.5	%		60.2	%		43.5	%		57.3	%

⁽¹⁾

⁽²⁾	Average loan-to-value is based on the Company’s most recent estimate of the fair value for the underlying property as of the date indicated above. Values are evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan.


	2023 Debt service coverage ratio — fixed rate⁽¹⁾
Property type	Less than 1.00			1.00 – 1.25			1.26 – 1.50			1.51 – 2.00			Greater than 2.00			Total
Retail	$	21.7		$	18.3		$	109.8		$	283.4		$	223.5		$	656.7
Office		53.0			10.4			75.3			175.5			106.7			420.9
Industrial		10.8			1.7			27.5			151.6			211.5			403.1
Mixed use		0.8			9.2			20.9			32.0			36.5			99.4
Apartments		2.2			—			7.6			52.4			11.0			73.2
Other		—			14.6			2.9			3.4			7.3			28.2

Total	$	88.5		$	54.2		$	244.0		$	698.3		$	596.5		$	1,681.5

Percent of total		5.3	%		3.2	%		14.5	%		41.5	%		35.5	%		100.0	%

Weighted-average loan-to-value⁽²⁾		63.6	%		63.8	%		63.9	%		58.1	%		47.1	%		55.5	%

⁽¹⁾

⁽²⁾	Average loan-to-value is based on the Company’s most recent estimate of the fair value for the underlying property as of the date indicated above. Values are evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan.

F-25

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

As of December 31, 2024 and 2023, the Company did not have any floating rate mortgage loans.

(d) Derivative Instruments

The Company uses exchange-traded futures to reduce the market risks from changes in interest rates and equity indexes. Under exchange traded financial futures, the Company purchases or sells a futures contract on an exchange and posts variation margin to the exchange on a daily basis in an amount equal to the difference in the daily market values of those contracts. The Company accesses the exchange through regulated futures commission merchants who are members of a trading exchange.

The Company also purchases over-the-counter equity index call and put options to hedge the risk embedded in the Company’s annuity liabilities. These transactions are entered into pursuant to an International Swaps and Derivatives Association, Inc (“ISDA”) Master Agreement. The Company may make a single option premium payment to the counterparty at the inception of the transaction or a series of premium payment installations over the life of the option.

The Company uses bond purchase commitments to lock in prices of future bond purchases.

Counterparty Risk

The Company is exposed to credit-related losses in the event of nonperformance by counterparties to financial instruments, but it does not expect any counterparties to fail to meet their obligations given their high credit ratings. The Company manages counterparty risk by transacting with multiple high-rated counterparties and uses collateral support where possible. The Company’s maximum credit exposure to derivative counterparties is limited to the sum of the net fair value of contracts with counterparties that exhibit a positive fair value net of collateral.

The current credit exposure of the Company’s derivative contracts is limited to net positive fair value owed by the counterparties, less collateral posted by the counterparties to the Company. Credit risk is managed by entering into transactions with creditworthy counterparties and requiring the posting of collateral. In many instances, new over-the-counter derivatives contracts will require both parties to post initial margin, thereby resulting in over collateralizations. The Company also attempts to minimize its exposure to credit risk through the use of various credit monitoring techniques and monitoring overall collateral held. All of the net credit exposure for the Company from derivative contracts is with investment-grade counterparties. As of December 31, 2024, the counterparties to all of the Company’s derivatives had a minimum credit rating of BBB+. As of December 31, 2024 and 2023, the Company held derivative counterparty collateral with fair value of zero and $3.8, respectively.

F-26

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

The table below provides a summary of the net carrying value, fair value and notional value by the type of derivative instruments held by the Company as of December 31, 2024 and 2023:


	2024							2023
Derivative type	Carrying value		Fair value			Notional value		Carrying value			Fair value		Notional value
Financial futures	$	—	$	—		$	988.4	$	—		$	—	$	1,120.7
Cross currency swaps		1.3		2.4			42.8		(0.3	)		1.2		29.9
Equity index options		18.9		18.9			603.1		14.9			14.9		701.1
Bond purchase commitments		—		(9.7	)		960.0		—			19.8		385.0

Totals	$	20.2	$	11.6		$	2,594.3	$	14.6		$	35.9	$	2,236.7

The financial futures, cross currency swaps, equity index options, and bond purchase commitments in the table above are presented net of their respective liabilities. The Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus present derivative assets and liabilities separately.

The Company has no amounts excluded from the assessment of hedge effectiveness for the years ended December 31, 2024, 2023 and 2022.

The Company recorded no unrealized gains or losses as of December 31, 2024 and 2023 resulting from derivatives that no longer qualify for hedge accounting.

For derivatives accounted for as cash flow hedges of a forecasted transaction:

1) As of December 31, 2024, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is 9 years; and

2) For the years ended December 31, 2024, 2023, and 2022, there were no cash flow hedges discontinued in the statement year as a result of it no longer being probable that the original forecasted transactions would occur by the end of the originally specified time period or within two months of that date.

The futures margin account recorded as part of derivative assets was zero and $1.0 as of December 31, 2024 and 2023, respectively, and the futures margin account recorded as part of derivative liabilities was $0.6 and zero as of December 31, 2024 and 2023, respectively.

The Company has no derivative contracts with financing premiums in which premium cost is paid at the end of the derivative contract or throughout the derivative contract.

Certain of the Company’s master swap agreements contain a provision that allows the counterparty to terminate derivative transactions if the risk-based capital (“RBC”) ratio of the Company goes below a certain threshold. As of December 31, 2024, the RBC ratio of the Company was above the thresholds negotiated in the applicable master swap agreements; therefore, no counterparty had rights to take action against the Company under the RBC threshold provisions.

F-27

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

(e) Net Investment Income

For the years ended December 31, 2024, 2023 and 2022, the sources of net investment income of the Company were as follows:


	2024			2023			2022
Bonds	$	419.5		$	439.6		$	460.4
Preferred and common stocks		2.8			2.8			2.3
Mortgage loans		73.0			74.1			80.6
Contract loans		26.7			27.3			27.6
Cash, cash equivalents and short-term investments		14.7			12.6			3.0
Real estate		3.6			3.6			3.6
Other invested assets		9.0			7.9			7.8
Derivative instruments		0.4			0.4			0.0
Other		0.1			0.1			0.1

Gross investment income		549.8			568.4			585.4
Investment and interest expenses		(16.3	)		(15.6	)		(14.7	)

Net investment income	$	533.5		$	552.8		$	570.7

The gross, nonadmitted and admitted amounts for interest income due and accrued as of December 31, 2024 and 2023 were as follows:


Interest Income Due and Accrued	2024		2023
1. Gross	$	110.6	$	114.9
2. Nonadmitted	$	—	$	—
3. Admitted	$	110.6	$	114.9

There was no aggregate deferred interest as of December 31, 2024 and 2023.

The cumulative amounts of PIK interest included in the current principal balance as of December 31, 2024 and 2023 were $65.9 and $59.8, respectively.

The number of CUSIPs sold, redeemed or otherwise disposed as a result of a callable feature and the aggregate amount of investment income (loss) generated as a result of a prepayment penalty and/or accelerations fees for the years ended December 31, 2024, 2023 and 2022 were as follows:


	2024					2023					2022
	General account			Separate account		General account			Separate account		General account		Separate account
(1) Number of CUSIPS		17			—		9			—		22		—
(2) Aggregate amount of investment income (loss)	$	(1.4	)	$	—	$	(0.4	)	$	—	$	3.4	$	—

F-28

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

For the years ended December 31, 2024, 2023 and 2022, proceeds and gross realized capital gains and losses resulting from sales, maturities, impairments, or other redemptions of investment securities were as follows:


	2024			2023			2022
Proceeds from sales, maturities or other redemptions of bonds	$	1,151.9		$	827.1		$	848.4

Gross realized capital:
Gains on sales	$	72.5		$	40.5		$	83.9
Losses on sales		(163.7	)		(173.8	)		(166.8	)

Net realized gains (losses) on sales		(91.2	)		(133.3	)		(82.9	)
Impairment losses		(0.8	)		—			—

Subtotal		(92.0	)		(133.3	)		(82.9	)
Federal income tax provision		3.7			3.8			(1.0	)
Transfers to IMR, net of tax		8.9			9.9			0.4

Realized capital losses, net	$	(79.4	)	$	(119.6	)	$	(83.5	)

(f) Impairment of Investment Securities

The evaluation of OTTI is subject to risks and uncertainties and is intended to determine the appropriate amount and timing for recognizing an impairment charge. The assessment of whether such impairment has occurred is based on management’s best estimate of the cash flows to be collected at the individual security level. The Company regularly monitors its investment portfolio to ensure that securities that may be other-than-temporarily impaired are identified in a timely manner and that any impairment charges are recognized in the proper period.

The Company recognizes OTTI on loan-backed and structured securities in an unrealized loss position when one of the following circumstances exists:

•

The Company does not expect full recovery of the amortized cost based on its estimate of cash flows expected to be collected;

•

The Company intends to sell a security; or

•

The Company does not have the intent and ability to retain the investment for a period of time sufficient to recover the amortized cost basis of the investment.

As of December 31, 2024, the Company had no loan-backed securities which recognized OTTI.

As of December 31, 2024, the Company had no loan-backed securities with recognized OTTI where it had the intent to sell or did not have the intent and ability to retain the investment for a period of time sufficient to recover the amortized cost basis.

While the OTTI model for debt securities generally includes fixed maturity securities, there are certain hybrid securities that are classified as fixed maturity securities where the application of a debt impairment model depends on whether there has been any evidence of deterioration in credit of the issuer. Under certain circumstances, evidence of deterioration in credit of the issuer may result in the application of the equity impairment model.

For equity securities, the Company recognizes an impairment charge in the period in which the Company determines that the security will not recover to book value within a reasonable period. The Company determines what constitutes a reasonable period on a security-by-security basis based upon consideration of all the evidence available to it, including the magnitude of an unrealized loss and its duration. In any event, this period does not exceed 18 months for common equity securities. The Company measures OTTI based upon the difference between the amortized cost of a security and its fair value.

F-29

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

The following table presents the gross unrealized losses and fair value of the Company’s investment securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position as of December 31, 2024:


	2024
	Less Than 12 Months							12 Months or More
Description of securities	Fair value		Gross unrealized losses			Number of securities		Fair value		Gross unrealized losses			Number of securities
Fixed maturity securities:
U.S. governments and U.S. government agencies	$	259.8	$	(19.2	)		12	$	167.0	$	(71.0	)		13
All other governments		53.3		(2.9	)		28		62.8		(18.9	)		15
States, territories and possessions		57.4		(1.3	)		14		5.3		(1.0	)		7
Special revenue and special assessment obligations		80.1		(2.6	)		17		146.9		(25.3	)		39
Industrial and miscellaneous		999.4		(34.0	)		256		3,666.1		(699.2	)		811
Bank loans-industrial and miscellaneous		1.2		—			3		—		—			—
Residential mortgage-backed		55.7		(1.1	)		31		160.1		(20.7	)		64
Commercial mortgage-backed		1.5		—			3		314.0		(83.2	)		66
Other asset-backed and structured securities		15.4		(0.1	)		5		106.6		(4.2	)		34
Hybrids		9.2		(0.1	)		2		5.0		—			1

Total fixed maturity securities		1,533.0		(61.3	)		371		4,633.8		(923.5	)		1,050

Total equity securities		2.0		—			1		8.4		(0.4	)		1

Total temporarily impaired securities	$	1,535.0	$	(61.3	)		372	$	4,642.2	$	(923.9	)		1,051

% below cost — fixed maturity securities:
<20% below cost	$	1,516.6	$	(56.6	)		368	$	3,267.8	$	(383.6	)		753
20-50% below cost		16.4		(4.7	)		3		1,364.8		(538.6	)		295
>50% below cost		—		—			—		1.2		(1.3	)		2

Total fixed maturity securities		1,533.0		(61.3	)		371		4,633.8		(923.5	)		1,050

% below cost — equity securities:
<20% below cost		2.0		—			1		8.4		(0.4	)		1
20-50% below cost		—		—			—		—		—			—
>50% below cost		—		—			—		—		—			—

Total equity securities		2.0		—			1		8.4		(0.4	)		1

Total temporarily impaired securities	$	1,535.0	$	(61.3	)		372	$	4,642.2	$	(923.9	)		1,051

Investment grade — fixed maturity securities	$	1,486.2	$	(58.9	)		347	$	4,443.7	$	(895.1	)		1,002
Below investment grade — fixed maturity securities		46.8		(2.4	)		24		190.1		(28.4	)		48
Investment grade — equity securities		2.0		—			1		—		—			—
Below investment grade — equity securities		—		—			—		8.4		(0.4	)		1

Total temporarily impaired securities	$	1,535.0	$	(61.3	)		372	$	4,642.2	$	(923.9	)		1,051

Based on a qualitative and quantitative review of the issuers of the securities in the table above, the Company believes the decline in fair value was largely due to increased interest rates since purchase and was not indicative of credit losses. The issuers continue to make timely principal and interest payments. For all securities in an unrealized loss position, the

F-30

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

Company expects to recover the amortized cost based on its estimate of the amount and timing of cash flows to be collected. The Company does not intend to sell nor does it expect that it will be required to sell these securities prior to recovering its amortized cost.


	2023
	Less Than 12 Months							12 Months or More
Description of securities	Fair value		Gross unrealized losses			Number of securities		Fair value		Gross unrealized losses			Number of securities
Fixed maturity securities:
U.S. governments and U.S. government agencies	$	9.7	$	(0.1	)		2	$	177.2	$	(49.8	)		12
All other governments		1.6		—			1		84.8		(15.8	)		20
States, territories and possessions		15.6		(0.1	)		3		12.0		(0.8	)		9
Special revenue and special assessment obligations		29.3		(0.3	)		8		156.5		(21.2	)		43
Industrial and miscellaneous		263.1		(5.3	)		56		4,275.6		(567.4	)		928
Residential mortgage-backed		25.5		(0.3	)		13		174.9		(19.7	)		69
Commercial mortgage-backed		8.0		(0.3	)		3		365.3		(83.3	)		75
Other asset-backed and structured securities		—		—			—		228.8		(7.7	)		64
Hybrids		7.8		—			1		10.4		(0.3	)		4

Total fixed maturity securities		360.6		(6.4	)		87		5,485.5		(766.0	)		1,224

Total equity securities		7.8		(1.0	)		1		4.9		(0.1	)		2

Total temporarily impaired securities	$	368.4	$	(7.4	)		88	$	5,490.4	$	(766.1	)		1,226

% below cost — fixed maturity securities:
<20% below cost	$	360.6	$	(6.4	)		87	$	4,518.0	$	(421.3	)		1,032
20-50% below cost		—		—			—		965.5		(341.7	)		191
>50% below cost		—		—			—		2.0		(3.0	)		1

Total fixed maturity securities		360.6		(6.4	)		87		5,485.5		(766.0	)		1,224

% below cost — equity securities:
<20% below cost		7.8		(1.0	)		1		4.9		(0.1	)		2
20-50% below cost		—		—			—		—		—			—
>50% below cost		—		—			—		—		—			—

Total equity securities		7.8		(1.0	)		1		4.9		(0.1	)		2

Total temporarily impaired securities	$	368.4	$	(7.4	)		88	$	5,490.4	$	(766.1	)		1,226

Investment grade — fixed maturity securities	$	347.2	$	(6.3	)		82	$	5,227.4	$	(737.7	)		1,150
Below investment grade — fixed maturity securities		13.4		(0.1	)		5		258.1		(28.3	)		74
Investment grade — equity securities		—		—			—		4.9		(0.1	)		2
Below investment grade — equity securities		7.8		(1.0	)		1		—		—			—

Total temporarily impaired securities	$	368.4	$	(7.4	)		88	$	5,490.4	$	(766.1	)		1,226

F-31

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

(g) Sub-prime Mortgage Related Risk

Fair Isaac Company (“FICO”) developed the FICO credit-scoring model to calculate a score based upon a borrower’s credit history. FICO credit scores are used as one indicator of a borrower’s credit quality. The higher the credit score, the lower the likelihood that a borrower will default on a loan. FICO credit scores range up to 850, with a score of 620 or more generally viewed as a “prime” loan and a score below 620 generally viewed as a “sub-prime” loan. “A minus” loans generally are loans where the borrowers have FICO credit scores between 575 and 660, and where the borrower has a blemished credit history.

As of December 31, 2024, the Company did not hold any direct investments in sub-prime or Alt-A mortgage loans. Alt-A mortgage loans are loans considered alternative or low documentation loans.

The Company did not have any direct exposure in other investments with underlying sub-prime or Alt-A related risk as of December 31, 2024.

The Company did not have any underwriting exposure to sub-prime or Alt-A mortgages as of December 31, 2024.

(h) Restricted Assets

The following table sets forth restricted assets including pledged assets held by the Company as of December 31, 2024 and 2023:


	Gross (admitted and nonadmitted) restricted													Percentage
	2024
Restricted asset category	Total general account		Total separate account restricted assets		Total		Total from 2023		Increase/ (decrease)			Total 2024 admitted restricted		Gross (admitted and nonadmitted) restricted to total assets			Admitted restricted to total admitted assets
Federal Home Loan Bank (“FHLB”) capital stock	$	14.4	$	—	$	14.4	$	17.1	$	(2.7	)	$	14.4		0.1	%		0.1	%
On deposit with states		7.5		—		7.5		7.8		(0.3	)		7.5		—			—
Pledged as collateral:
Derivatives		143.9		—		143.9		143.9		—			143.9		0.9			0.9
Reinsurance trust		1,275.2		—		1,275.2		1,235.3		39.9			1,275.2		7.6			7.8
FHLB agreements		186.7		—		186.7		200.7		(14.0	)		186.7		1.1			1.1

Total restricted assets	$	1,627.7	$	—	$	1,627.7	$	1,604.8	$	22.9		$	1,627.7		9.7	%		9.9	%

There were no general account restricted assets, including pledged assets, supporting separate account activity as of December 31, 2024 and 2023.

As of December 31, 2024 and 2023, the Company held no other restricted assets.

There was no collateral received and reflected as assets within the Company’s financial statements as of December 31, 2024 and 2023.

F-32

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

(i) 5GI Securities

The table below presents 5GI securities held as of December 31, 2024 and 2023:


	Number of 5GI Securities				Aggregate BACV				Aggregate fair value
Investments	2024		2023		2024		2023		2024		2023
(1) Bonds — AC		1		—	$	0.7	$	—	$	0.7	$	—
(2) Loan-backed & Structured Securities — AC		—		—		—		—		—		—
(3) Preferred Stock — AC		—		—		—		—		—		—
(4) Preferred Stock — FV		1		1		0.5		0.5		0.5		0.5

(5) Total (1+2+3+4)		2		1	$	1.2	$	0.5	$	1.2	$	0.5

AC — Amortized cost FV — Fair value BACV — Book adjusted carry value

(3) Aggregate Reserves

As of December 31, 2024 and 2023, the following table summarizes the aggregate reserves and weighted-average interest rate assumptions for the Company:


	2024					2023
Line of business	Amount		Interest rates			Amount		Interest rates
Individual life:
Traditional	$	467.6		3.9	%	$	503.9		4.1	%
Universal		5,296.2		4.3	%		5,311.6		4.3	%
Supplementary contracts with life contingencies		121.2		3.9	%		117.3		3.6	%

Total individual life		5,885.0					5,932.8

Group life		13.3		4.4	%		13.9		4.4	%

Total life		5,898.3					5,946.7

Annuities:
Individual annuities:
Immediate		819.5		5.8	%		883.6		5.8	%
Deferred		815.3		4.3	%		990.6		4.3	%
Variable		51.7		3.7	%		55.9		3.4	%

Total individual annuities		1,686.5					1,930.1

Group annuities:
Other group annuities		22.0		6.3	%		26.1		6.4	%

Total annuities		1,708.5					1,956.2

Accidental death benefits		0.4		3.0	%		0.4		3.0	%
Disability:
Active lives		6.6		4.3	%		7.3		4.3	%
Disabled lives		66.9		3.6	%		61.8		3.7	%

Total disability		73.5					69.1

F-33

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)


	2024					2023
Line of business	Amount		Interest rates			Amount		Interest rates
Other reserves	$	1,337.7		3.9	%	$	1,504.1		3.9	%
Accident and health:
Individual		0.3		3.3	%		0.4		3.4	%

Total accident and health		0.3					0.4

Total life, annuities, and accident and health aggregate reserves		9,018.7					9,476.9

Deposit-type funds:
Supplementary contracts without life contingencies		236.9		2.8	%		274.4		2.7	%
Other deposit-type funds		100.8		3.1	%		157.6		2.5	%

Total deposit-type funds		337.7					432.0

Total aggregate reserves and deposit-type funds	$	9,356.4				$	9,908.9

Liabilities for life insurance products are based on the AE, AM (5), 41 CSO, 41 STD IND, 58 CSO, 58 CET, 61 CIET, 61 CSI, 80 CSO, 80 CET, 2001 CSO, or 2017 CSO mortality tables. Liabilities for most annuities used the a-1949, 51 GAM, 71 IAM, 71 GAM, 83 GAM, 83a, 94 GAR, 37SA, 2012 IAR, 2012 IAM Basic, or a-2000 mortality tables.

As of December 31, 2024 and 2023, the Company had $805.8 and $891.3, respectively, of additional statutory reserves resulting from updates to its asset adequacy testing assumptions for universal life insurance products with secondary guarantees related to Actuarial Guideline XXXVIII (“AG38”) section 8.D.

The Company waives deduction of deferred fractional premiums upon death of the insured and returns any portion of the final premium beyond the end of the month of death. There were $0.4 in reserves for surrender values in excess of reserves otherwise required as of December 31, 2024 and 2023.

Additional premiums or charges apply for policies issued on substandard lives according to underwriting classifications. The substandard extra reserve held on such policies was either one-half of the annual gross extra premiums or one-twenty-fourth of the annual valuation cost of insurance, adjusted for the substandard ratings on the policy.

The reserve for substandard structured settlements policies is based on a flat extra mortality rate calculated at issue to produce the life expectancy determined during the underwriting process.

The reserve for substandard immediate annuities issued in 2005 and later, other than structured settlement policies, is based on a standard mortality plus a flat extra mortality rate calculated at issue to produce the present value of future benefits using the rated age determined during the underwriting process.

As of December 31, 2024 and 2023, the Company had $20,428.6 and $21,105.5, respectively, of insurance in-force for which the future guaranteed maximum gross premiums were less than the future net premiums according to the standard of valuation set by the Virginia Bureau. Reserves to cover the above insurance totaled $259.0 and $267.2, respectively, as of December 31, 2024 and 2023 and are reported in aggregate reserves — life and annuity contracts.

For certain interest sensitive life and immediate annuity reserves, tabular interest has been determined from basic data. The tabular interest for all other lines of business has been determined by formula as described in the NAIC instructions. For certain interest sensitive life reserves, tabular cost has been determined from basic data. Tabular cost for all other lines of business and tabular less actual reserve released have been determined by formula as described in the NAIC instructions.

For funds held on deposit, interest on funds was the actual interest credited to funds. For other funds not involving life contingencies, interest has been determined by formula or from basic data.

F-34

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

As of December 31, 2024, withdrawal characteristics of annuity actuarial reserves and deposit-type contract funds and other liabilities without life or disability contingencies were as follows:


	2024
	General account		Separate accounts with guarantees		Separate accounts nonguaranteed		Total		Percent of total
A. Individual annuities:
(1) Subject to discretionary withdrawal:
a. With market value adjustment	$	596.6	$	4.7	$	—	$	601.3		5.9	%
b. At book value less current surrender charge of 5% or more		10.6		—		—		10.6		0.1
c. At fair value		—		—		3,805.0		3,805.0		37.2

d. Total with market value adjustment or at fair value (total of a-c)		607.2		4.7		3,805.0		4,416.9		43.2
e. At book value without adjustment (minimal or no charge or adjustment)		571.9		—		—		571.9		5.6
(2) Not subject to discretionary withdrawal		5,206.0		—		20.2		5,226.2		51.2

(3) Total (gross: direct + assumed)		6,385.1		4.7		3,825.2		10,215.0		100.0	%

(4) Reinsurance ceded		4,577.4		—		—		4,577.4

(5) Total net (3) – (4)	$	1,807.7	$	4.7	$	3,825.2	$	5,637.6

(6) Amount included in A(1)b above that will move to A(1)e for the first time within the year after the statement date:	$	2.2	$	—	$	—	$	2.2


	General account		Separate accounts with guarantees		Separate accounts nonguaranteed		Total		Percent of total
B. Group annuities:
(1) Subject to discretionary withdrawal:
a. With market value adjustment	$	—	$	—	$	—	$	—		—	%
b. At book value less current surrender charge of 5% or more		—		—		—		—		—
c. At fair value		—		—		38.1		38.1		63.4

d. Total with market value adjustment or at fair value (total of a-c)		—		—		38.1		38.1		63.4
e. At book value without adjustment (minimal or no charge or adjustment)		0.1		—		—		0.1		0.2
(2) Not subject to discretionary withdrawal		21.9		—		—		21.9		36.4

(3) Total (gross: direct + assumed)		22.0		—		38.1		60.1		100.0	%

(4) Reinsurance ceded		—		—		—		—

(5) Total net (3) – (4)	$	22.0	$	—	$	38.1	$	60.1

(6) Amount included in B(1)b above that will move to B(1)e for the first time within the year after the statement date:	$	—	$	—	$	—	$	—

F-35

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)


	General account		Separate accounts with guarantees		Separate accounts nonguaranteed		Total		Percent of total
C. Deposit-type contracts (no life contingencies):
(1) Subject to discretionary withdrawal:
a. With market value adjustment	$	—	$	—	$	—	$	—		—	%
b. At book value less current surrender charge of 5% or more		—		—		—		—		—
c. At fair value		—		—		—		—		—

d. Total with market value adjustment or at fair value (total of a-c)		—		—		—		—		—
e. At book value without adjustment (minimal or no charge or adjustment)		196.9		—		—		196.9		27.6
(2) Not subject to discretionary withdrawal		516.2		—		—		516.2		72.4

(3) Total (gross: direct + assumed)		713.1		—		—		713.1		100.0	%

(4) Reinsurance ceded		375.4		—		—		375.4

(5) Total net (3) – (4)	$	337.7	$	—	$	—	$	337.7

(6) Amount included in C(1)b above that will move to C(1)e for the first time within the year after the statement date:	$	—	$	—	$	—	$	—

As of December 31, 2024, withdrawal characteristics of life actuarial reserves were as follows:


	Account value		Cash value		Reserve
A. General account
(1) Subject to discretionary withdrawal, surrender values, or policy loans;
a. Term policies with cash value	$	—	$	136.6	$	206.1
b. Universal life		1,728.5		1,516.7		1,685.1
c. Universal life with secondary guarantees		2,194.9		2,142.5		6,420.5
d. Indexed universal life		44.2		39.1		44.3
e. Indexed universal life with secondary guarantees		—		—		—
f. Indexed life		—		—		—
g. Other permanent cash value life insurance		—		—		—
h. Variable life		—		—		—
i. Variable universal life		8.8		8.8		9.1
j. Miscellaneous reserves		—		—		—
(2) Not subject to discretionary withdrawal or no cash values
a. Term policies without cash value		XXX		XXX		5,441.7
b. Accidental death benefits		XXX		XXX		0.4
c. Disability — active lives		XXX		XXX		7.5
d. Disability — disabled lives		XXX		XXX		67.9
e. Miscellaneous reserves		XXX		XXX		1,084.9

(3) Total (gross: direct + assumed)		3,976.4		3,843.7		14,967.5
(4) Reinsurance ceded		1,086.4		1,080.5		8,061.8

(5) Total (net) (3) – (4)	$	2,890.0	$	2,763.2	$	6,905.7

F-36

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)


	Account value		Cash value		Reserve
B. Separate account with guarantees
(1) Subject to discretionary withdrawal, surrender values, or policy loans;
a. Term policies with cash value	$	—	$	—	$	—
b. Universal life		—		—		—
c. Universal life with secondary guarantees		—		—		—
d. Indexed universal life		—		—		—
e. Indexed universal life with secondary guarantees		—		—		—
f. Indexed life		—		—		—
g. Other permanent cash value life insurance		—		—		—
h. Variable life		—		—		—
i. Variable universal life		287.4		287.4		287.7
j. Miscellaneous reserves		—		—		—
(2) Not subject to discretionary withdrawal or no cash values
a. Term policies without cash value		XXX		XXX		—
b. Accidental death benefits		XXX		XXX		—
c. Disability — active lives		XXX		XXX		—
d. Disability — disabled lives		XXX		XXX		—
e. Miscellaneous reserves		XXX		XXX		—

(3) Total (gross: direct + assumed)		287.4		287.4		287.7
(4) Reinsurance ceded		—		—		—

(5) Total (net) (3) – (4)	$	287.4	$	287.4	$	287.7


	Account value		Cash value		Reserve
C. Separate account nonguaranteed
(1) Subject to discretionary withdrawal, surrender values, or policy loans;
a. Term policies with cash value	$	—	$	—	$	—
b. Universal life		—		—		—
c. Universal life with secondary guarantees		—		—		—
d. Indexed universal life		—		—		—
e. Indexed universal life with secondary guarantees		—		—		—
f. Indexed life		—		—		—
g. Other permanent cash value life insurance		—		—		—
h. Variable life		—		—		—
i. Variable universal life		—		—		—
j. Miscellaneous reserves		—		—		—
(2) Not subject to discretionary withdrawal or no cash values
a. Term policies without cash value		XXX		XXX		—
b. Accidental death benefits		XXX		XXX		—
c. Disability — active lives		XXX		XXX		—
d. Disability — disabled lives		XXX		XXX		—
e. Miscellaneous reserves		XXX		XXX		—

(3) Total (gross: direct + assumed)		—		—		—
(4) Reinsurance ceded		—		—		—

(5) Total (net) (3) – (4)	$	—	$	—	$	—

F-37

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

Deferred and uncollected life insurance premiums and annuity considerations as of December 31, 2024 and 2023 were as follows:


	2024				2023
	Gross		Net of loading		Gross		Net of loading
Industrial	$	0.2	$	0.1	$	0.2	$	0.2
Ordinary renewal		136.8		286.0		144.8		313.8
Group life		0.2		1.2		0.3		1.4

Total	$	137.2	$	287.3	$	145.3	$	315.4

The Company did not have any direct written premiums generated through managing general agents or third-party administrators during the years ended December 31, 2024 and 2023.

Guaranteed Minimum Death Benefit, Guaranteed Minimum Withdrawal Benefit and Guaranteed Annuitization Benefit

The Company’s variable annuity products provide a basic GMDB which provides a minimum account value to be paid upon the annuitant’s death. Some variable annuity contracts permit contractholders to have the option to purchase through riders, at an additional charge, enhanced death benefits. The Company’s separate account guarantees are primarily death benefits but also include some GMWBs and guaranteed annuitization benefits. The GMWB allows contractholders to withdraw a pre-defined percentage of account value or benefit each year, either for a specified period of time or for life. The guaranteed annuitization benefit generally provides for a guaranteed minimum level of income upon annuitization accompanied by the potential for upside market participation. As of December 31, 2024 and 2023, the Company had reserves related to these guaranteed benefits of $283.0 and $352.3, respectively.

The following table sets forth total account values, net of reinsurance, with death benefit and living benefit guarantees as of December 31, 2024 and 2023:


	2024		2023
Account values with death benefit guarantees (net of reinsurance):
Standard death benefits (return of net deposits) account value	$	1,638.1	$	1,726.7
Net amount at risk	$	0.9	$	1.5
Average attained age of contractholders		78		77
Enhanced death benefits (step-up, roll-up, payment protection) account value	$	888.3	$	901.3
Net amount at risk	$	95.0	$	115.9
Average attained age of contractholders		78		77
Account values with living benefit guarantees:
Guaranteed minimum withdrawal benefits	$	1,021.7	$	1,119.8
Guaranteed annuitization benefits	$	775.9	$	782.4

The contracts underlying the GMWB and guaranteed annuitization benefits are considered “in the money” if the contractholder’s benefit base, defined as the greater of the contract value or the protected value, is greater than the account value. As of December 31, 2024 and 2023, the Company’s exposure related to GMWB and guaranteed annuitization benefits contracts that were considered “in the money” was $587.0 and $659.3, respectively. For GMWBs and guaranteed annuitization benefits, the only way the contractholder can monetize the excess of the benefit base over the account value of the contract is upon annuitization and the amount to be paid by the Company will either be in the form of a lump sum, or over the annuity period for certain GMWBs and guaranteed annuitization benefits.

F-38

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

(4)

Liability for Policy and Contract Claims

Activity in the accident and health policy claim reserves, including the present value of amounts not yet due (which were included as a component of aggregate reserves) of $0.3, $0.4, and $0.4 as of December 31, 2024, 2023 and 2022, respectively, is summarized as follows:


	2024		2023		2022
Balance as of January 1	$	26.5	$	30.4	$	30.2
Less reinsurance reserve credit and recoverable		26.1		30.0		29.8

Net balance as of January 1		0.4		0.4		0.4

Incurred related to:
Current year		—		—		—
Prior years		—		0.1		0.1

Total incurred		—		0.1		0.1

Paid related to:
Current year		—		—		—
Prior years		0.1		0.1		0.1

Total paid		0.1		0.1		0.1

Net balance as of December 31		0.3		0.4		0.4
Plus reinsurance reserve credit and recoverable		24.4		26.1		30.0

Balance as of December 31	$	24.7	$	26.5	$	30.4

Incurred claims related to prior years did not change by a significant amount in any year as a result of changes in estimates of insured events in prior years.

For the years ended December 31, 2024, 2023 and 2022, the Company did not have any significant changes in methodologies or assumptions used to calculate the liability for unpaid claims and claim adjustment expenses.

The liability for policy and contract claims presented in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus included $95.2 and $91.6 of life contract claims as of December 31, 2024 and 2023, respectively.

(5)

Transactions with Affiliates

The Company and various affiliates, all direct and/or indirect subsidiaries of Genworth, are parties to an amended and restated services and shared expenses agreement under which each company agrees to provide and each company agrees to receive certain general services. These services include, but are not limited to, data processing, communications, marketing, public relations, advertising, investment management, human resources, accounting, actuarial, legal, administration of agent and agency matters, purchasing, underwriting and claims. Under the terms of the agreement, settlements are to be made quarterly. This agreement represents the principal administrative service agreement between the Company and the following affiliates:

GLIC

GNA

Enact Mortgage Insurance Corporation (“EMIC”)

JAC

RLIC VI

RLIC X

F-39

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

In April 2023, the Company received $44.3 in cash from GLIC to settle the reinsurance receivables discussed in Notes 1(w) and 16.

On January 6, 2023, RLIC VI returned contributed surplus to the Company of $5.0 in cash.

On December 16, 2022, RLIC X returned contributed surplus to the Company of $13.0 in cash.

Effective March 17, 2022, RLIC VII and RLIC VIII were dissolved and each returned contributed surplus to the Company in the amount of $0.3 in cash on March 28, 2022.

For years ended December 31, 2024, 2023 and 2022, the Company made net payments for intercompany settlements of $45.6, $41.4, and $51.0, respectively.

On August 31, 2021, after receiving approval from the Virginia Bureau and the State of Delaware Department of Insurance, the Company and GLIC executed a Master Promissory Note. Under terms of this note the borrower may borrow up to a maximum of $300.0 from the lender for up to 90 business days. Any loan shall be repaid by the borrower to the lender immediately upon written demand. The note pays interest at the daily overnight U.S. Federal Funds Rate less 0.10%, with a floor of 0.25%. There were no outstanding balances payable to or due from GLIC as of December 31, 2024 or 2023.

The Company has a Master Promissory Note agreement, approved by the Virginia Bureau, which involves borrowing from and making loans to GNA, the Company’s indirect parent. The principal is payable upon written demand by GNA or at the discretion of the Company. The note pays interest at the cost of funds of GNA, which was 4.23%, 5.23%, and 4.23% during the years ended December 31, 2024, 2023 and 2022, respectively. There were no outstanding balances payable to or due from GNA as of December 31, 2024 or 2023.

The Company and GLICNY are parties to an Administrative Services Agreement whereby the Company provides services to GLICNY with respect to GLICNY’s variable annuity products.

The Company and GLIC are parties to a Master Services and Shared Expenses Agreement with two affiliates, Genworth Financial India Private Limited and EMIC, whereby the parties agree to benefit from centralized functions and processes by pooling their purchasing power by entering separate Statements of Work which will provide the specifics of each service to be provided.

The Company participates in reinsurance agreements whereby the Company assumes business from or cedes business to its affiliates. See Note 8 for further details on affiliate reinsurance agreements.

Total amounts due from or owed to affiliates as of December 31, 2024 and 2023 are included in the following balance sheet captions:


	2024		2023
Assets:
Amounts recoverable from reinsurers and funds held	$	281.9	$	306.5
Receivable from parent, subsidiaries and affiliates		—		0.2
Current Federal income tax recoverable		1.1		—

Total assets	$	283.0	$	306.7

Liabilities:
Current Federal income tax payable	$	—	$	2.2
Payable to parent, subsidiaries and affiliates		12.6		11.8
Other amounts payable on reinsurance		24.1		13.5

Total liabilities	$	36.7	$	27.5

F-40

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

(6)

Income Taxes

In August 2022, the Inflation Reduction Act of 2022 (“Act”) was passed by the U.S. Congress and signed into law by President Biden. The Act includes a new Federal corporate alternative minimum tax (“CAMT”), effective in 2023, that is based on the adjusted financial statement income (“AFSI”) set forth on the applicable financial statement (“AFS”) of an applicable corporation. A corporation is an applicable corporation if its rolling average pre-tax AFSI over three prior years (starting with 2020-2022) is greater than $1.0 billion. For a group of related entities, the $1.0 billion threshold is determined on a group basis, and the group’s AFS is generally treated as the AFS for all separate taxpayers in the group. Except under limited circumstances, once a corporation is an applicable corporation, it is an applicable corporation in all future years.

An applicable corporation is not automatically subject to a CAMT liability. The corporation’s tentative CAMT liability is equal to 15% of its adjusted AFSI, and CAMT is payable to the extent the tentative CAMT liability exceeds regular corporate income tax. However, any CAMT paid would be indefinitely available as a credit carryover that could reduce future regular tax in excess of CAMT. The controlled group of corporations of which the Company is a member were not an applicable corporation in 2024 or 2023. The Company intends to amend its tax sharing agreement in 2025 to reflect CAMT.

(a) Components of deferred tax assets and deferred tax liabilities

The components of the net DTA recognized in the Company’s Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus as of December 31, 2024 and 2023 were as follows:


	2024						2023						Change
	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital			Total
a. Gross DTA	$	523.9	$	7.5	$	531.4	$	543.0	$	9.9	$	552.9	$	(19.1	)	$	(2.4	)	$	(21.5	)
b. Statutory valuation allowance adjustment		—		—		—		—		—		—		—			—			—

c. Adjusted gross DTA (1a – 1b)		523.9		7.5		531.4		543.0		9.9		552.9		(19.1	)		(2.4	)		(21.5	)
d. DTA nonadmitted		398.5		7.3		405.8		361.2		8.8		370.0		37.3			(1.5	)		35.8

e. Subtotal: net admitted DTA (1c – 1d)		125.4		0.2		125.6		181.8		1.1		182.9		(56.4	)		(0.9	)		(57.3	)
f. DTL		74.0		0.2		74.2		87.7		0.1		87.8		(13.7	)		0.1			(13.6	)

g. Net admitted DTA/ (DTL) (1e – 1f)	$	51.4	$	—	$	51.4	$	94.1	$	1.0	$	95.1	$	(42.7	)	$	(1.0	)	$	(43.7	)

F-41

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

Admission calculation components for SSAP No. 101 as of December 31, 2024 and 2023:


	2024						2023						Change
	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital			Total
a. Federal income taxes paid in prior years recoverable through loss carrybacks	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—		$	—
b. Adjusted gross DTA expected to be realized (excluding the amount of DTA from 2(a) above) after application of the threshold limitation. (The lessor of 2(b)1 and 2(b)2 below)		51.4		—		51.4		94.0		1.1		95.1		(42.6	)		(1.1	)		(43.7	)
1. Adjusted gross DTA expected to be realized following the balance sheet date		51.4		—		51.4		94.0		1.1		95.1		(42.6	)		(1.1	)		(43.7	)
2. Adjusted gross DTA allowed per limitation threshold		XXX		XXX		117.4		XXX		XXX		120.0		XXX			XXX			(2.6	)
c. Adjusted gross DTA (excluding the amount of DTA from 2(a) and 2(b) above) offset by gross DTL		74.0		0.2		74.2		87.8		—		87.8		(13.8	)		0.2			(13.6	)

d. DTA admitted as a result of the application of SSAP No. 101 (Total 2(a) + 2(b) + 2(c))	$	125.4	$	0.2	$	125.6	$	181.8	$	1.1	$	182.9	$	(56.4	)	$	(0.9	)	$	(57.3	)

Ratio used to determine applicable period used in 6(a)2:


	2024			2023
a. Ratio percentage used to determine recovery period and threshold limitation amount		789	%		783	%
b. Amount of adjusted capital and surplus used to determine recovery period and threshold limitation in 2(b)2 above	$	915.9		$	937.0

F-42

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

Impact of tax planning strategies:

Determination of adjusted gross deferred tax assets and net admitted deferred tax assets, by character as a percentage:


	2024						2023						Change
	Ordinary			Capital			Ordinary			Capital			Ordinary			Capital
1. Adjusted Gross DTAs Amount from Note 6a1(c)	$	523.9		$	7.5		$	543.0		$	9.9		$	(19.1	)	$	(2.4	)

2. Percentage of Adjusted Gross DTAs by Tax Character Attribute to the impact of Tax Planning Strategies		—	%		—	%		—	%		—	%		—	%		—	%

3. Net Admitted Adjusted Gross DTAs Amount from Note 6a1(e)	$	125.4		$	0.2		$	181.8		$	1.1		$	(56.4	)	$	(0.9	)

4. Percentage of Net Admitted Adjusted Gross DTAs by Tax Character admitted because of the impact of tax planning strategies		—	%		—	%		—	%		—	%		—	%		—	%

The Company did not use reinsurance tax planning strategies for the years ended December 31, 2024 and 2023.

(b) Unrecognized deferred tax liabilities

The Company did not have any unrecognized DTLs during the years ended December 31, 2024 and 2023.

(c) Current income tax and change in deferred tax

The provision for income taxes incurred on operations for the years ended December 31, 2024, 2023 and 2022 were as follows:


	2024			2023			Change
1. Current Income Taxes
a. Federal income taxes	$	(6.9	)	$	14.9		$	(21.8	)
b. Foreign income taxes		—			—			—

c. Federal and foreign income taxes		(6.9	)		14.9			(21.8	)
d. Federal income tax on net capital gains (losses)		(3.7	)		(3.8	)		0.1
e. Utilization of capital loss carry forwards		—			—			—
f. Other		—			—			—

g. Federal income taxes incurred	$	(10.6	)	$	11.1		$	(21.7	)


	2023			2022			Change
1. Current Income Taxes
a. Federal income taxes	$	14.9		$	(23.4	)	$	38.3
b. Foreign income taxes		—			—			—

c. Federal and foreign income taxes		14.9			(23.4	)		38.3
d. Federal income tax on net capital gains (losses)		(3.8	)		1.0			(4.8	)
e. Utilization of capital loss carry forwards		—			—			—
f. Other		—			—			—

g. Federal income taxes incurred	$	11.1		$	(22.4	)	$	33.5

F-43

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

The tax effects of temporary differences that give rise to significant portions of the DTAs and DTLs were as follows as of December 31, 2024 and 2023:


	2024		2023		Change
2. DTA
A. Ordinary
1. Discounting of unpaid losses	$	—	$	—	$	—
2. Unearned premium reserve		—		—		—
3a. Transition reserves		1.5		3.0		(1.5	)
3b. Policyholder reserves		340.9		366.8		(25.9	)
4. Investments		50.4		42.0		8.4
5. Deferred acquisition costs		127.6		127.0		0.6
6. Policyholder dividends accrual		—		—		—
7. Fixed assets		0.6		0.6		—
8. Compensation and benefits accrual		—		—		—
9. Pension accrual		—		—		—
10. Receivable–nonadmitted		2.0		2.3		(0.3	)
11. Net operating loss carry forward		—		—		—
12. Tax credit carry forward		—		0.4		(0.4	)
13. Other (including items less than 5% of total ordinary tax assets)		0.9		0.9		—

99. Subtotal ordinary		523.9		543.0		(19.1	)
B. Statutory valuation allowance adjustment		—		—		—
C. Nonadmitted DTA		398.5		361.2		37.3

D. Admitted ordinary DTA (2A99 – 2B – 2C)		125.4		181.8		(56.4	)
E. Capital						—
1. Investments		7.5		9.9		(2.4	)
2. Net capital loss carry forward		—		—		—
3. Real estate		—		—		—
4. Other (including items less than 5% of total ordinary tax assets)		—		—		—

99. Subtotal capital		7.5		9.9		(2.4	)
F. Statutory valuation allowance adjustment		—		—		—
G. Nonadmitted DTA		7.3		8.8		(1.5	)

H. Admitted capital DTA (2E99 – 2F – 2G)		0.2		1.1		(0.9	)

I. Admitted DTA (2D + 2H)	$	125.6	$	182.9	$	(57.3	)

F-44

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)


	2024		2023		Change
3. DTL
A. Ordinary
1. Investments	$	3.0	$	1.2	$	1.8
2. Fixed assets		—		—		—
3. Deferred and uncollected premiums		60.4		66.3		(5.9	)
4(a). Transition reserves		9.1		18.2		(9.1	)
4(b). Policyholder reserves		1.5		2.0		(0.5	)
5. Other		—		—		—

99. Subtotal ordinary		74.0		87.7		(13.7	)

B. Capital
1. Investments		0.2		0.1		0.1
2. Real estate		—		—		—
3. Other		—		—		—

99. Subtotal capital		0.2		0.1		0.1

C. DTL (3A99 + 3B99)		74.2		87.8		(13.6	)

4. Net DTA (DTL) (2I – 3C)	$	51.4	$	95.1	$	(43.7	)

Based on an analysis of the Company’s tax position for the year ended December 31, 2024, management concluded it is more likely than not that the results of future operations will generate sufficient taxable income to enable the Company to realize all of its DTAs. Accordingly, no valuation allowance for DTA has been established.

The change in net deferred taxes is comprised of the following (this analysis is exclusive of nonadmitted assets, as the change in nonadmitted assets is reported separately from the change in net deferred income taxes in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus):


	December 31,
	2024		2023		Change
Total gross DTA	$	531.4	$	552.9	$	(21.5	)
Statutory valuation allowance adjustment		—		—		—

Adjusted gross DTAs		531.4		552.9		(21.5	)
Total gross DTL		74.2		87.8		(13.6	)

Net DTA	$	457.2	$	465.1		(7.9	)

Deferred tax on change in net unrealized capital gains (losses)						(3.2	)

Change in net deferred income taxes					$	(11.1	)

F-45

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

(d) Reconciliation of Federal income tax rate to actual effective tax rate

The provision for Federal income taxes incurred is different from that which would be obtained by applying the statutory Federal income tax rate to income before income taxes. The significant items causing this difference were as follows for the years ended December 31, 2024, 2023 and 2022:


	2024			2023			2022
Provision computed at statutory tax rate	$	9.3		$	20.9		$	(4.7	)
Tax exempt interest		—			(0.1	)		(0.2	)
Benefit of dividends		(1.6	)		(1.7	)		(1.2	)
Change in tax contingency reserve		—			—			0.1
Statutory amortization of IMR		(0.2	)		(0.4	)		(0.9	)
Foreign taxes		(0.2	)		(0.2	)		(0.3	)
Change in nonadmitted assets		0.3			5.9			(0.3	)
Deferred reinsurance gains		(6.9	)		(6.7	)		(9.5	)
Prior year provision to return true-up		(0.5	)		(0.1	)		2.0
Other adjustments		0.3			0.1			(0.2	)

Total	$	0.5		$	17.7		$	(15.2	)

Federal income taxes incurred	$	(10.6	)	$	11.1		$	(22.4	)
Change in net deferred income taxes		11.1			6.6			7.2

Total	$	0.5		$	17.7		$	(15.2	)

(e) Operating loss and tax credit carry forwards and protective tax deposits

As of December 31, 2024, the Company had no operating losses to carry forward.

As of December 31, 2024, the Company had no tax credits to carry forward.

There were no income taxes incurred in the current or prior years that will be available for recoupment in the event of future net losses.

The Company had no protective tax deposits which are on deposit with the IRS under Section 6603 of the Internal Revenue Code.

(f) Consolidated Federal income tax return

The Company is an affiliated member of a consolidated Life/Non-Life U.S. Federal income tax return with its ultimate parent company, Genworth, and will be included with the following companies in the consolidated Federal income tax return for 2024:

ASI

Capital Brokerage Corporation

CareScout, LLC

CareScout Holdings, Inc.

CareScout Insurance Company¹

¹	Genworth Insurance Company changed its name to CareScout Insurance Company effective March 21, 2024.

F-46

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2024, 2023 and 2022

(Dollar amounts in millions)

EMIC

Enact Financial Assurance Corporation

Enact Financial Services, Inc.

Enact Holdings, Inc.

Enact Mortgage Holdings, LLC

Enact Mortgage Insurance Corporation of North Carolina

Enact Mortgage Services, LLC

Enact Residential Insurance Corporation

Enact Re Ltd.

Genworth

Genworth Annuity Service Corporation

Genworth Financial Agency, Inc. (“GFA”)

Genworth Financial International Holdings, LLC

Genworth Holdings, Inc. (“Genworth Holdings”)

GLIC

GLICNY

GNA

HGI Annuity Service Corporation

JAC

Mayflower

Monument Lane IC 1, Inc.

Monument Lane IC 2, Inc.

Monument Lane PCC, Inc.

Newco

RLIC VI

RLIC X


	2024		2023
Assets recognized from paid and accrued premium tax offsets and policy surcharges prior year end	$	6.7	$	6.5
Decreases current year:
Premium tax offset applied		0.3		0.4
Increases current year:
Prior period adjustment		0.5		0.6
Current year adjustment		0.3		—

Assets recognized from paid and accrued premium tax offsets and policy surcharges current year end	$	7.2	$	6.7


	Premiums earned									Benefits incurred
	2024			2023			2022			2024			2023			2022
Direct	$	890.4		$	948.4		$	1,002.5		$	1,996.5		$	2,060.9		$	2,170.2
Assumed		232.1			236.5			252.8			289.8			279.7			316.8
Ceded		(984.9	)		(964.8	)		(1,073.6	)		(1,601.1	)		(1,585.6	)		(1,760.4	)

Net	$	137.6		$	220.1		$	181.7		$	685.2		$	755.0		$	726.6


	2024		2023
Universal Life Insurance Business
RLIC VI	$	862.5	$	857.3

Term Life Insurance Business
RLIC VI	$	873.2	$	1,062.4
RLIC X		830.2		879.3


	Non-indexed guarantee less than or equal to 4%		Non-indexed guarantee more than 4%		Non-guaranteed separate accounts		Total
Premiums, considerations or deposits for the year ended December 31, 2024	$	—	$	—	$	14.5	$	14.5

Reserves as of December 31, 2024:
For accounts with assets at:
Fair value	$	2.9	$	1.8	$	4,151.1	$	4,155.8

Total reserves	$	2.9	$	1.8	$	4,151.1	$	4,155.8

By withdrawal characteristics:
With fair value adjustment	$	2.9	$	1.8	$	—	$	4.7
At fair value		—		—		4,151.1		4,151.1

Subtotal		2.9		1.8		4,151.1		4,155.8
Not subject to discretionary withdrawal		—		—		—		—

Total	$	2.9	$	1.8	$	4,151.1	$	4,155.8


	2024
Transfers as reported in the Summary of Operations of the separate accounts statement:
Transfers to separate accounts	$	14.5
Transfers from separate accounts		570.5

Net transfers from separate accounts, per the separate accounts annual statement		(556.0	)
Reconciling adjustments:
Transfer to separate accounts – reinsured		193.8

Net transfers from separate accounts, per the Statutory Statement of Summary of Operations	$	(362.2	)


	2024
Description	Total		General account		Separate accounts
Membership stock — Class A	$	—	$	—	$	—
Membership stock — Class B		12.0		12.0		—
Activity stock		2.4		2.4		—
Excess stock		—		—		—

Aggregate total	$	14.4	$	14.4	$	—

Actual or estimated borrowing capacity as determined by the insurer	$	750.0		XXX		XXX


Membership stock	2024 total		Not eligible for redemption		Less than 6 months		6 months to less than 1 year		1 to less than 3 years		3 to 5 years
Class A	$	—	$	—	$	—	$	—	$	—	$	—
Class B		12.0		12.0		—		—		—		—


	Fair value		Carrying value		Aggregate total borrowing
1. Current year total general and separate accounts total collateral pledged (Lines 2+3)	$	169.9	$	186.7	$	50.0
2. Current year general account total collateral pledged		169.9		186.7		50.0
3. Current year separate accounts total collateral pledged		—		—		—
4. Prior year-end total general and separate accounts total collateral pledged		191.3		200.7		100.0


	Fair value		Carrying value		Amount borrowed at time of maximum collateral
1. Current year total general and separate accounts maximum collateral pledged (Lines 2+3)	$	190.2	$	200.7	$	100.0
2. Current year general account maximum collateral pledged		190.2		200.7		100.0
3. Current year separate accounts maximum collateral pledged		—		—		—
4. Prior year-end total general and separate accounts maximum collateral pledged		291.9		285.7		150.0


Description	Does the company have prepayment obligations under the following arrangements (Yes/No)?
Debt		No
Funding agreements		No
Other		No


	2024
	Level 1		Level 2		Level 3		Net asset value (NAV)		Total
Assets
Bonds:
Commercial mortgage-backed	$	—	$	—	$	—	$	—	$	—

Total bonds		—		—		—		—		—

Perpetual Preferred Stock:
Industrial and miscellaneous		—		10.4		1.1		—		11.5

Total preferred stock		—		10.4		1.1		—		11.5

Common stock:
Industrial and miscellaneous		32.5		—		14.4		—		46.9

Total common stock		32.5		—		14.4		—		46.9

Cash equivalents:
Money market mutual funds		272.7		—		—		—		272.7

Total cash equivalents		272.7		—		—		—		272.7

Derivative assets:
Equity index options		—		—		18.9		—		18.9

Total derivative assets		—		—		18.9		—		18.9

Separate account assets		4,156.5		12.6		—		—		4,169.1

Total assets	$	4,461.7	$	23.0	$	34.4	$	—	$	4,519.1


	2024
Investments	Beginning balance as of January 1, 2024		Transfers in to Level 3		Transfers out of Level 3		Total gains and (losses) included in net income (loss)		Total gains and (losses) included in surplus			Purchases		Issuances		Sales			Settlements		Ending balance as of December 31, 2024
Preferred and Common stock	$	18.3	$	—	$	—	$	—	$	(0.1	)	$	—	$	—	$	(2.7	)	$	—	$	15.5
Derivative assets		14.9		—		—		8.0		1.1			16.1		—		(21.2	)		—		18.9

Total assets	$	33.2	$	—	$	—	$	8.0	$	1.0		$	16.1	$	—	$	(23.9	)	$	—	$	34.4


	2023
Investments	Beginning balance as of January 1, 2023		Transfers in to Level 3		Transfers out of Level 3		Total gains and (losses) included in net income (loss)			Total gains and (losses) included in surplus		Purchases		Issuances		Sales			Settlements		Ending balance as of December 31, 2023
Preferred and Common stock	$	17.6	$	—	$	—	$	—		$	—	$	4.1	$	—	$	(3.4	)	$	—	$	18.3
Derivative assets		5.7		—		—		(3.6	)		9.6		12.4		—		(9.2	)		—		14.9

Total assets	$	23.3	$	—	$	—	$	(3.6	)	$	9.6	$	16.5	$	—	$	(12.6	)	$	—	$	33.2


	2022
Investments	Beginning balance as of January 1, 2022		Transfers in to Level 3		Transfers out of Level 3		Total gains and (losses) included in net income (loss)			Total gains and (losses) included in surplus			Purchases		Issuances		Sales			Settlements			Ending balance as of December 31, 2022
Common stock	$	17.9	$	—	$	—	$	—		$	(0.4	)	$	0.8	$	—	$	(0.7	)	$	—		$	17.6
Separate account assets		1.0		—		—		—			—			—		—		—			(1.0	)		—
Derivative assets		41.9		—		—		(3.0	)		(17.1	)		13.4		—		(29.5	)		—			5.7

Total assets	$	60.8	$	—	$	—	$	(3.0	)	$	(17.5	)	$	14.2	$	—	$	(30.2	)	$	(1.0	)	$	23.3


	2024
Financial instruments	Aggregate fair value		Admitted assets		Level 1		Level 2		Level 3		Net asset value (NAV)		Not practicable (carrying value)
Bonds	$	7,884.6	$	8,808.9	$	—	$	7,248.4	$	636.2	$	—	$	—
Preferred and common stocks-nonaffiliates		81.5		80.5		32.5		33.5		15.5		—		—
Separate account assets		4,169.1		4,169.1		4,156.5		12.6		—		—		—
Mortgage loans		1,476.3		1,599.4		—		—		1,476.3		—		—
Short-term investments		0.7		0.7		—		0.7		—		—		—
Cash equivalents		272.7		272.7		272.7		—		—		—		—
Other invested assets		131.2		147.3		—		131.2		—		—		—
Derivative assets		24.4		20.4		—		3.0		21.4		—		—
Derivative liabilities		12.8		—		—		0.6		12.2		—		—

	2023
Financial instruments	Aggregate fair value		Admitted assets		Level 1		Level 2		Level 3		Net asset value (NAV)		Not practicable (carrying value)
Bonds	$	8,588.5	$	9,199.0	$	—	$	7,892.6	$	695.9	$	—	$	—
Preferred and common stocks-nonaffiliates		59.7		59.7		28.6		12.8		18.3		—		—
Separate account assets		4,224.4		4,224.4		4,211.4		13.0		—		—		—
Mortgage loans		1,550.3		1,681.5		—		—		1,550.3		—		—
Short-term investments		7.0		7.0		—		—		7.0		—		—
Cash equivalents		381.6		381.6		381.6		—		—		—		—
Other invested assets		126.4		136.6		—		126.4		—		—		—
Derivative assets		37.0		15.5		—		2.3		34.7		—		—
Derivative liabilities		1.1		—		—		1.1		—		—		—


	In force
	2024				2023
	Number of policies		Amount		Number of policies		Amount
Up to and including 12 months		3	$	0.2		18	$	0.9
13 to 24 months		14		0.6		23		2.0
25 to 36 months		16		1.2		38		4.4
37 to 48 months		30		3.4		54		7.3
49 to 60 months		43		5.0		45		7.4
Over 60 months		1,947		181.9		2,207		207.8

Total		2,053	$	192.3		2,385	$	229.8


Description of SCA investment (excluding 8.b.i entities)	Gross amount		Nonadmitted amount		Admitted amount		Date of filing to NAIC		Type of NAIC filing		NAIC response received (yes/no)		2024 NAIC valuation amount		2023 NAIC valuation amount		NAIC reject entity’s valuation method, resubmission required (yes/no)
JAC (VA)	$	3.8	$	3.8	$	—		8/3/2022		Sub-1		yes	$	—	$	—		no
ASI (VA)*		—		—		—		9/6/2017		Sub-1		yes		—		—		no
Newco (VA)		43.8		—		43.8		5/9/2024		Sub-2		yes		45.0		45.7		no
GFA		0.5		0.5		—		12/5/2017		Sub-1		yes		—		—		no

Aggregate Total	$	48.1	$	4.3	$	43.8							$	45.0	$	45.7


	2023
	As reported in the Annual Statement			Difference			As reported in the accompanying statutory financial statements
Statutory Statements of Summary of Operations
Federal income taxes	$	23.6		$	(8.7	)	$	14.9

Statutory Statements of Changes in Capital and Surplus
Net income		89.7			8.7			98.4
Change in net deferred income taxes		2.1			(8.7	)		(6.6	)
Change in nonadmitted assets		34.6			(3.3	)		31.3
Prior period correction — cross-entity term conversions		32.3			(32.3	)		—
Prior period correction — term conversion coding		(3.2	)		3.2			—