Fidelity Variable Annuity Account

04/24/2026 | Press release | Distributed by Public on 04/24/2026 15:23

Financial Statements by Insurance Company (Form N-VPFS)

FINANCIAL STATEMENTS
Transamerica Life Insurance Company
Fidelity Variable Annuity Account /IA/
Years Ended December 31, 2025 and 2024
Transamerica Life Insurance Company
Fidelity Variable Annuity Account /IA/
Financial Statements
Years Ended December 31, 2025 and 2024
Report of Independent Registered Public Accounting Firm 3
Statements of Assets and Liabilities 4
Statements of Operations and Changes in Net Assets 6
Notes to Financial Statements 14
2
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Transamerica Insurance Company and
Contract Owners of Fidelity Variable Annuity Account /IA/
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the table below that comprise Fidelity Variable Annuity Account /IA/ (the Separate Account), as of December 31, 2025, the related statements of operations and changes in net assets for each of the periods indicated in the table below, and the related notes (collectively referred to as 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, 2025, the results of its operations and changes in its net assets for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
Subaccounts
Fidelity® Capital & Income (1)
Fidelity® VIP Growth Initial Class (1)
Fidelity® Government Cash Reserves (1)
Fidelity® VIP Growth & Income Initial Class (1)
Fidelity® VIP Asset Manager 50% Initial Class (1)
Fidelity® VIP Growth Opportunities Initial Class (1)
Fidelity® VIP Asset Manager 70% Initial Class (1)
Fidelity® VIP High Income Initial Class (1)
Fidelity® VIP Balanced Initial Class (1)
Fidelity® VIP Index 500 Initial Class (1)
Fidelity® VIP Contrafund® Initial Class (1)
Fidelity® VIP Investment Grade Bond Initial Class (1)
Fidelity® VIP Equity-Income Initial Class (1)
Fidelity® VIP Overseas Initial Class (1)
Fidelity® VIP Government Money Market Initial Class (1)
(1) Statements of operations and changes in net assets for the years ended December 31, 2025 and 2024
Basis for Opinion
These financial statements are the responsibility of the Separate Account's management. Our responsibility is to express an opinion on each of the subaccounts' financial statements 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 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, 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. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the fund companies or their transfer agents, as applicable. 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. We believe that our audits provide a reasonable basis for our opinion.
/s/ Ernst & Young LLP
We have served as the auditor of the Separate Account since 2024.
Chicago, IL
April 24, 2026
3
Transamerica Life Insurance Company
Fidelity Variable Annuity Account /IA/
Statements of Assets and Liabilities
December 31, 2025
Subaccount Number of Shares Cost Assets at Market Value Due (to)/from General Account Net Assets Units Outstanding Range of Unit Values
Fidelity® Capital & Income - $ - $ - $ - $ - - $ 65.559558 $ 65.559558
Fidelity® Government Cash Reserves 273,389.370 273,389 273,389 (54) 273,335 44,244 6.140843 6.195149
Fidelity® VIP Asset Manager 50% Initial Class 252,217.538 3,861,695 4,444,073 6 4,444,079 460,920 9.641760 9.641760
Fidelity® VIP Asset Manager 70% Initial Class 25,846.614 563,402 668,652 (9) 668,643 107,245 6.234733 6.234733
Fidelity® VIP Balanced Initial Class 20,311.333 467,885 538,453 1 538,454 75,759 7.107510 7.107510
Fidelity® VIP Contrafund® Initial Class 107,595.727 5,353,661 6,443,908 50 6,443,958 294,064 21.913442 21.913442
Fidelity® VIP Equity-Income Initial Class 425,298.041 10,009,374 12,516,521 18 12,516,539 472,465 26.491975 26.491975
Fidelity® VIP Government Money Market Initial Class 2,579,694.660 2,579,695 2,579,695 (88) 2,579,607 689,133 3.743267 3.743267
Fidelity® VIP Growth Initial Class 449,522.240 36,300,740 43,927,313 2 43,927,315 777,662 56.486364 56.486364
Fidelity® VIP Growth & Income Initial Class 44,292.158 1,435,722 1,477,143 (7) 1,477,136 148,155 9.970201 9.970201
Fidelity® VIP Growth Opportunities Initial Class 13,449.581 801,231 1,340,789 5 1,340,794 95,847 13.988855 13.988855
Fidelity® VIP High Income Initial Class 218,819.478 1,112,684 1,067,839 (12) 1,067,827 111,581 9.569950 9.569950
Fidelity® VIP Index 500 Initial Class 10,639.520 4,011,755 7,023,466 64 7,023,530 440,208 15.955039 15.955039
Fidelity® VIP Investment Grade Bond Initial Class 88,574.197 1,076,189 1,006,203 6 1,006,209 209,629 4.799949 4.799949
Fidelity® VIP Overseas Initial Class 84,770.534 2,270,318 2,332,885 18 2,332,903 285,237 8.178819 8.178819
See accompanying notes
4
Transamerica Life Insurance Company
Fidelity Variable Annuity Account /IA/
Statements of Assets and Liabilities
December 31, 2025
Subaccount Net Assets Representing: Accumulation Units Net Assets Representing: Contracts in Payout (Annuitization) Period Total Net Assets
Fidelity® Capital & Income $ - $ - $ -
Fidelity® Government Cash Reserves 273,335 - 273,335
Fidelity® VIP Asset Manager 50% Initial Class 4,131,445 312,634 4,444,079
Fidelity® VIP Asset Manager 70% Initial Class 611,707 56,936 668,643
Fidelity® VIP Balanced Initial Class 431,126 107,328 538,454
Fidelity® VIP Contrafund® Initial Class 5,931,775 512,183 6,443,958
Fidelity® VIP Equity-Income Initial Class 11,785,724 730,815 12,516,539
Fidelity® VIP Government Money Market Initial Class 2,151,023 428,584 2,579,607
Fidelity® VIP Growth Initial Class 42,989,029 938,286 43,927,315
Fidelity® VIP Growth & Income Initial Class 1,477,136 - 1,477,136
Fidelity® VIP Growth Opportunities Initial Class 1,326,163 14,631 1,340,794
Fidelity® VIP High Income Initial Class 1,002,247 65,580 1,067,827
Fidelity® VIP Index 500 Initial Class 6,233,081 790,449 7,023,530
Fidelity® VIP Investment Grade Bond Initial Class 807,774 198,435 1,006,209
Fidelity® VIP Overseas Initial Class 2,061,548 271,355 2,332,903
See accompanying notes
5
Transamerica Life Insurance Company
Fidelity Variable Annuity Account /IA/
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
Fidelity® Capital & Income Fidelity® Government Cash Reserves Fidelity® VIP Asset Manager 50% Initial Class Fidelity® VIP Asset Manager 70% Initial Class
Subaccount Subaccount Subaccount Subaccount
Net Assets as of December 31, 2023: $ - $ 464,070 $ 4,874,437 $ 654,994
Investment Income:
Reinvested Dividends - 17,783 117,716 15,367
Investment Expense:
Mortality and Expense Risk and Administrative Charges - - 39,051 5,931
Net Investment Income (Loss) - 17,783 78,665 9,436
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions - - 30,997 8,418
Realized Gain (Loss) on Investments - - 33,395 21,204
Net Realized Capital Gains (Losses) on Investments - - 64,392 29,622
Net Change in Unrealized Appreciation (Depreciation) - - 212,786 22,534
Net Gain (Loss) on Investment - - 277,178 52,156
Net Increase (Decrease) in Net Assets Resulting from Operations - 17,783 355,843 61,592
Increase (Decrease) in Net Assets from Contract Transactions - (111,869) (392,532) 163,045
Total Increase (Decrease) in Net Assets - (94,086) (36,689) 224,637
Net Assets as of December 31, 2024: $ - $ 369,984 $ 4,837,748 $ 879,631
Investment Income:
Reinvested Dividends - 22,213 107,086 11,728
Investment Expense:
Mortality and Expense Risk and Administrative Charges - - 36,460 5,889
Net Investment Income (Loss) - 22,213 70,626 5,839
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions - - 218,555 30,407
Realized Gain (Loss) on Investments - - (19,994) 40,020
Net Realized Capital Gains (Losses) on Investments - - 198,561 70,427
Net Change in Unrealized Appreciation (Depreciation) - - 332,383 23,232
Net Gain (Loss) on Investment - - 530,944 93,659
Net Increase (Decrease) in Net Assets Resulting from Operations - 22,213 601,570 99,498
Increase (Decrease) in Net Assets from Contract Transactions - (118,862) (995,239) (310,486)
Total Increase (Decrease) in Net Assets - (96,649) (393,669) (210,988)
Net Assets as of December 31, 2025: $ - $ 273,335 $ 4,444,079 $ 668,643
See Accompanying Notes
(1)See Footnote 1
6
Transamerica Life Insurance Company
Fidelity Variable Annuity Account /IA/
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
Fidelity® VIP Balanced Initial Class Fidelity® VIP Contrafund® Initial Class Fidelity® VIP Equity-Income Initial Class Fidelity® VIP Government Money Market Initial Class
Subaccount Subaccount Subaccount Subaccount
Net Assets as of December 31, 2023: $ 1,602,022 $ 4,671,976 $ 10,291,118 $ 3,585,679
Investment Income:
Reinvested Dividends 44,546 11,360 194,253 142,494
Investment Expense:
Mortality and Expense Risk and Administrative Charges 19,499 48,281 87,662 22,698
Net Investment Income (Loss) 25,047 (36,921) 106,591 119,796
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions 77,544 734,406 634,619 -
Realized Gain (Loss) on Investments 68,889 125,194 152,035 -
Net Realized Capital Gains (Losses) on Investments 146,433 859,600 786,654 -
Net Change in Unrealized Appreciation (Depreciation) 168,882 780,871 558,853 -
Net Gain (Loss) on Investment 315,315 1,640,471 1,345,507 -
Net Increase (Decrease) in Net Assets Resulting from Operations 340,362 1,603,550 1,452,098 119,796
Increase (Decrease) in Net Assets from Contract Transactions 520,416 281,830 (654,396) (1,875,732)
Total Increase (Decrease) in Net Assets 860,778 1,885,380 797,702 (1,755,936)
Net Assets as of December 31, 2024: $ 2,462,800 $ 6,557,356 $ 11,088,820 $ 1,829,743
Investment Income:
Reinvested Dividends 13,757 8,473 212,560 104,237
Investment Expense:
Mortality and Expense Risk and Administrative Charges 10,527 48,224 93,532 20,428
Net Investment Income (Loss) 3,230 (39,751) 119,028 83,809
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions 122,834 995,866 655,813 -
Realized Gain (Loss) on Investments 169,093 597,909 146,465 -
Net Realized Capital Gains (Losses) on Investments 291,927 1,593,775 802,278 -
Net Change in Unrealized Appreciation (Depreciation) (245,065) (482,994) 1,045,345 -
Net Gain (Loss) on Investment 46,862 1,110,781 1,847,623 -
Net Increase (Decrease) in Net Assets Resulting from Operations 50,092 1,071,030 1,966,651 83,809
Increase (Decrease) in Net Assets from Contract Transactions (1,974,438) (1,184,428) (538,932) 666,055
Total Increase (Decrease) in Net Assets (1,924,346) (113,398) 1,427,719 749,864
Net Assets as of December 31, 2025: $ 538,454 $ 6,443,958 $ 12,516,539 $ 2,579,607
See Accompanying Notes
(1)See Footnote 1
7
Transamerica Life Insurance Company
Fidelity Variable Annuity Account /IA/
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
Fidelity® VIP Growth Initial Class Fidelity® VIP Growth & Income Initial Class Fidelity® VIP Growth Opportunities Initial Class Fidelity® VIP High Income Initial Class
Subaccount Subaccount Subaccount Subaccount
Net Assets as of December 31, 2023: $ 31,058,617 $ 612,597 $ 1,454,672 $ 913,526
Investment Income:
Reinvested Dividends 332 21,789 - 57,591
Investment Expense:
Mortality and Expense Risk and Administrative Charges 295,114 8,288 9,295 7,543
Net Investment Income (Loss) (294,782) 13,501 (9,295) 50,048
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions 8,306,913 95,669 - -
Realized Gain (Loss) on Investments 740,189 12,437 148,814 (4,577)
Net Realized Capital Gains (Losses) on Investments 9,047,102 108,106 148,814 (4,577)
Net Change in Unrealized Appreciation (Depreciation) 318,776 50,320 254,075 28,045
Net Gain (Loss) on Investment 9,365,878 158,426 402,889 23,468
Net Increase (Decrease) in Net Assets Resulting from Operations 9,071,096 171,927 393,594 73,516
Increase (Decrease) in Net Assets from Contract Transactions (383,744) 723,941 (925,870) (9,906)
Total Increase (Decrease) in Net Assets 8,687,352 895,868 (532,276) 63,610
Net Assets as of December 31, 2024: $ 39,745,969 $ 1,508,465 $ 922,396 $ 977,136
Investment Income:
Reinvested Dividends 121,135 21,260 - 65,410
Investment Expense:
Mortality and Expense Risk and Administrative Charges 327,352 10,125 8,587 8,006
Net Investment Income (Loss) (206,217) 11,135 (8,587) 57,404
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions 5,368,016 130,717 16,232 -
Realized Gain (Loss) on Investments 1,013,774 143,129 25,251 (4,658)
Net Realized Capital Gains (Losses) on Investments 6,381,790 273,846 41,483 (4,658)
Net Change in Unrealized Appreciation (Depreciation) (713,427) (44,921) 176,287 38,722
Net Gain (Loss) on Investment 5,668,363 228,925 217,770 34,064
Net Increase (Decrease) in Net Assets Resulting from Operations 5,462,146 240,060 209,183 91,468
Increase (Decrease) in Net Assets from Contract Transactions (1,280,800) (271,389) 209,215 (777)
Total Increase (Decrease) in Net Assets 4,181,346 (31,329) 418,398 90,691
Net Assets as of December 31, 2025: $ 43,927,315 $ 1,477,136 $ 1,340,794 $ 1,067,827
See Accompanying Notes
(1)See Footnote 1
8
Transamerica Life Insurance Company
Fidelity Variable Annuity Account /IA/
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
Fidelity® VIP Index 500 Initial Class Fidelity® VIP Investment Grade Bond Initial Class Fidelity® VIP Overseas Initial Class
Subaccount Subaccount Subaccount
Net Assets as of December 31, 2023: $ 4,978,487 $ 1,916,656 $ 1,898,173
Investment Income:
Reinvested Dividends 81,561 38,663 32,699
Investment Expense:
Mortality and Expense Risk and Administrative Charges 49,424 9,268 16,024
Net Investment Income (Loss) 32,137 29,395 16,675
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions 3,946 - 90,460
Realized Gain (Loss) on Investments 125,289 (157,808) 40,713
Net Realized Capital Gains (Losses) on Investments 129,235 (157,808) 131,173
Net Change in Unrealized Appreciation (Depreciation) 1,118,773 136,566 (64,367)
Net Gain (Loss) on Investment 1,248,008 (21,242) 66,806
Net Increase (Decrease) in Net Assets Resulting from Operations 1,280,145 8,153 83,481
Increase (Decrease) in Net Assets from Contract Transactions 593,629 (827,962) (61,442)
Total Increase (Decrease) in Net Assets 1,873,774 (819,809) 22,039
Net Assets as of December 31, 2024: $ 6,852,261 $ 1,096,847 $ 1,920,212
Investment Income:
Reinvested Dividends 76,582 34,383 36,132
Investment Expense:
Mortality and Expense Risk and Administrative Charges 55,253 8,199 19,423
Net Investment Income (Loss) 21,329 26,184 16,709
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions 35,848 - 200,543
Realized Gain (Loss) on Investments 816,101 (44,260) 226,546
Net Realized Capital Gains (Losses) on Investments 851,949 (44,260) 427,089
Net Change in Unrealized Appreciation (Depreciation) 216,966 80,448 (50,306)
Net Gain (Loss) on Investment 1,068,915 36,188 376,783
Net Increase (Decrease) in Net Assets Resulting from Operations 1,090,244 62,372 393,492
Increase (Decrease) in Net Assets from Contract Transactions (918,975) (153,010) 19,199
Total Increase (Decrease) in Net Assets 171,269 (90,638) 412,691
Net Assets as of December 31, 2025: $ 7,023,530 $ 1,006,209 $ 2,332,903
See Accompanying Notes
(1)See Footnote 1
9
Transamerica Life Insurance Company
Fidelity Variable Annuity Account /IA/
Notes to Financial Statements
December 31, 2025
1. Organization
The Fidelity Variable Annuity Account /IA/ (the Separate Account) is a segregated investment account of Transamerica Life Insurance Company (TLIC), an indirect wholly owned subsidiary of Aegon Ltd., a holding company organized under the laws of the Bermuda.
The Separate Account is registered with the Securities and Exchange Commission as a Unit Investment Trust pursuant to provisions of the Investment Company Act of 1940. TLIC and the Separate Account are regulated by the Securities and Exchange Commission. The assets and liabilities of the Separate Account are clearly identified and distinguished from TLIC's other assets and liabilities. The Separate Account consists of multiple investment subaccounts. Each subaccount invests exclusively in the corresponding portfolio of a Mutual Fund. Each Mutual Fund is registered as an open-end management investment company under the Investment Company Act of 1940, as amended. Activity in these specified investment subaccounts is available to contract owners of Fidelity Income Plus℠.
Subaccount Investment by Mutual Fund:
Subaccount Mutual Fund
Fidelity® Variable Insurance Products Fund Fidelity® Variable Insurance Products Fund
Fidelity® Capital & Income Fidelity® Capital & Income Portfolio
Fidelity® Government Cash Reserves Fidelity® Government Cash Reserves Portfolio
Fidelity® VIP Asset Manager 50% Initial Class Fidelity® VIP Asset Manager 50% Portfolio Initial Class
Fidelity® VIP Asset Manager 70% Initial Class Fidelity® VIP Asset Manager 70% Portfolio Initial Class
Fidelity® VIP Balanced Initial Class Fidelity® VIP Balanced Portfolio Initial Class
Fidelity® VIP Contrafund® Initial Class Fidelity® VIP Contrafund® Portfolio Initial Class
Fidelity® VIP Equity-Income Initial Class Fidelity® VIP Equity-Income Portfolio Initial Class
Fidelity® VIP Government Money Market Initial Class Fidelity® VIP Government Money Market Portfolio Initial Class
Fidelity® VIP Growth Initial Class Fidelity® VIP Growth Portfolio Initial Class
Fidelity® VIP Growth & Income Initial Class Fidelity® VIP Growth & Income Portfolio Initial Class
Fidelity® VIP Growth Opportunities Initial Class Fidelity® VIP Growth Opportunities Portfolio Initial Class
Fidelity® VIP High Income Initial Class Fidelity® VIP High Income Portfolio Initial Class
Fidelity® VIP Index 500 Initial Class Fidelity® VIP Index 500 Portfolio Initial Class
Fidelity® VIP Investment Grade Bond Initial Class Fidelity® VIP Investment Grade Bond Portfolio Initial Class
Fidelity® VIP Overseas Initial Class Fidelity® VIP Overseas Portfolio Initial Class
The following subaccount name changes were made effective during the fiscal year ended December 31, 2025:
Subaccount Formerly
Fidelity® VIP Asset Manager 50% Initial Class Fidelity® VIP Asset Manager Initial Class
Fidelity® VIP Asset Manager 70% Initial Class Fidelity® VIP Asset Manager: Growth Initial Class
10
Transamerica Life Insurance Company
Fidelity Variable Annuity Account /IA/
Notes to Financial Statements
December 31, 2025
2. Summary of Significant Accounting Policies
The financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for variable annuity separate accounts registered as unit investment trusts. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions regarding matters that affect the reported amount of assets and liabilities. Actual results could differ from those estimates.
Investments
Net purchase payments received by the Separate Account are invested in the portfolios of the Mutual Funds as selected by the contract owner. Investments are stated at the closing net asset values per share on December 31, 2025.
Realized capital gains and losses from sales of shares in the Separate Account are determined on the first-in, first-out basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend income is recorded on the ex-dividend date. Unrealized gains or losses from investments in the Mutual Funds are included in the Statements of Operations and Changes in Net Assets.
Dividend Income
Dividends received from the Mutual Fund investments are reinvested to purchase additional mutual fund shares.
Fair Value Measurements and Fair Value Hierarchy
The Accounting Standards Codification™ (ASC) 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the nature of inputs used to measure fair value and enhances disclosure requirements for fair value measurements.
The Separate Account has categorized its financial instruments into a three level hierarchy which is based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.
Financial assets and liabilities recorded at fair value on the Statements of Assets and Liabilities are categorized as follows:
Level 1. Unadjusted quoted prices for identical assets or liabilities in an active market.
Level 2. Quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:
a) Quoted prices for similar assets or liabilities in active markets
b) Quoted prices for identical or similar assets or liabilities in non-active markets
c) Inputs other than quoted market prices that are observable
d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means.
Level 3. Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. They reflect management's own assumptions about the assumptions a market participant would use in pricing the asset or liability.
All investments in the Mutual Funds included in the Statements of Assets and Liabilities are stated at fair value and are based upon published closing NAV per share and therefore are considered Level 1.
There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2025.
11
Transamerica Life Insurance Company
Fidelity Variable Annuity Account /IA/
Notes to Financial Statements
December 31, 2025
3. Investments
The aggregate cost of purchases and proceeds from sales of investments for the periodended December 31, 2025 were as follows:
Subaccount Purchases Sales
Fidelity® Capital & Income $ - $ -
Fidelity® Government Cash Reserves 712,642 809,295
Fidelity® VIP Asset Manager 50% Initial Class 454,405 1,160,466
Fidelity® VIP Asset Manager 70% Initial Class 47,465 321,703
Fidelity® VIP Balanced Initial Class 150,987 1,999,362
Fidelity® VIP Contrafund® Initial Class 1,398,249 1,626,570
Fidelity® VIP Equity-Income Initial Class 904,240 668,332
Fidelity® VIP Government Money Market Initial Class 3,036,227 2,286,332
Fidelity® VIP Growth Initial Class 5,559,543 1,678,547
Fidelity® VIP Growth & Income Initial Class 556,921 686,457
Fidelity® VIP Growth Opportunities Initial Class 268,545 51,682
Fidelity® VIP High Income Initial Class 100,407 43,780
Fidelity® VIP Index 500 Initial Class 390,142 1,251,919
Fidelity® VIP Investment Grade Bond Initial Class 128,574 255,403
Fidelity® VIP Overseas Initial Class 1,069,330 832,882
12
Transamerica Life Insurance Company
Fidelity Variable Annuity Account /IA/
Notes to Financial Statements
4. Change in Units
The change in units outstanding were as follows:
Year Ended December 31, 2025 Year Ended December 31, 2024
Subaccount Units Purchased Units Redeemed and Transferred to/from Net Increase (Decrease) Units Purchased Units Redeemed and Transferred to/from Net Increase (Decrease)
Fidelity® Capital & Income - - - - - -
Fidelity® Government Cash Reserves 115,011 (132,997) (17,986) 2,352 (21,983) (19,631)
Fidelity® VIP Asset Manager 50% Initial Class 15,946 (127,380) (111,434) 2,741 (51,091) (48,350)
Fidelity® VIP Asset Manager 70% Initial Class 1,005 (59,262) (58,257) 46,062 (16,027) 30,035
Fidelity® VIP Balanced Initial Class 2,358 (322,625) (320,267) 137,964 (38,179) 99,785
Fidelity® VIP Contrafund® Initial Class 19,998 (86,569) (66,571) 35,953 (16,346) 19,607
Fidelity® VIP Equity-Income Initial Class 1,636 (23,403) (21,767) 9,236 (39,859) (30,623)
Fidelity® VIP Government Money Market Initial Class 799,226 (615,074) 184,152 79,956 (606,777) (526,821)
Fidelity® VIP Growth Initial Class 1,610 (26,007) (24,397) 10,447 (19,091) (8,644)
Fidelity® VIP Growth & Income Initial Class 42,567 (76,783) (34,216) 100,539 (7,960) 92,579
Fidelity® VIP Growth Opportunities Initial Class 19,453 (3,379) 16,074 - (93,564) (93,564)
Fidelity® VIP High Income Initial Class 3,719 (3,929) (210) 1,693 (2,883) (1,190)
Fidelity® VIP Index 500 Initial Class 17,748 (79,344) (61,596) 63,926 (13,849) 50,077
Fidelity® VIP Investment Grade Bond Initial Class 19,813 (53,261) (33,448) 4,283 (190,114) (185,831)
Fidelity® VIP Overseas Initial Class 105,316 (100,488) 4,828 15,917 (24,381) (8,464)
13
Transamerica Life Insurance Company
Fidelity Variable Annuity Account /IA/
Notes to Financial Statements

4. Change in Unit Dollars (continued)

Year Ended December 31, 2025 Year Ended December 31, 2024
Subaccount Units Purchased in Dollars Units Redeemed and Transferred to/from in Dollars Dollar Net Increase (Decrease) Units Purchased in Dollars Units Redeemed and Transferred to/from in Dollars Dollar Net Increase (Decrease)
Fidelity® Capital & Income $ - $ - $ - $ - $ - $ -
Fidelity® Government Cash Reserves 690,425 (809,287) (118,862) 13,454 (125,323) (111,869)
Fidelity® VIP Asset Manager 50% Initial Class 128,786 (1,124,025) (995,239) 22,979 (415,511) (392,532)
Fidelity® VIP Asset Manager 70% Initial Class 5,338 (315,824) (310,486) 247,983 (84,938) 163,045
Fidelity® VIP Balanced Initial Class 14,620 (1,989,058) (1,974,438) 750,719 (230,303) 520,416
Fidelity® VIP Contrafund® Initial Class 394,102 (1,578,530) (1,184,428) 556,407 (274,577) 281,830
Fidelity® VIP Equity-Income Initial Class 35,952 (574,884) (538,932) 207,612 (862,008) (654,396)
Fidelity® VIP Government Money Market Initial Class 2,932,931 (2,266,876) 666,055 285,599 (2,161,331) (1,875,732)
Fidelity® VIP Growth Initial Class 70,547 (1,351,347) (1,280,800) 501,320 (885,064) (383,744)
Fidelity® VIP Growth & Income Initial Class 405,000 (676,389) (271,389) 788,096 (64,155) 723,941
Fidelity® VIP Growth Opportunities Initial Class 252,430 (43,215) 209,215 - (925,870) (925,870)
Fidelity® VIP High Income Initial Class 35,168 (35,945) (777) 14,215 (24,121) (9,906)
Fidelity® VIP Index 500 Initial Class 278,604 (1,197,579) (918,975) 770,932 (177,303) 593,629
Fidelity® VIP Investment Grade Bond Initial Class 94,377 (247,387) (153,010) 19,060 (847,022) (827,962)
Fidelity® VIP Overseas Initial Class 833,297 (814,098) 19,199 115,505 (176,947) (61,442)
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Transamerica Life Insurance Company
Fidelity Variable Annuity Account /IA/
Notes to Financial Statements
December 31, 2025
5. Financial Highlights
The Separate Account offers various death benefit options, which have differing fees that are charged against the contract owner's account balance. These charges are discussed in more detail in the individual's policy. Differences in the fee structures for these units result in different unit values, expense ratios, and total returns.
At December 31 For the Year Ended December 31
Unit Fair Value Expense Total Return***
Corresponding to Investment Ratio** Corresponding to
Lowest to Highest Net Income Lowest to Lowest to Highest
Subaccount Units Expense Ratio Assets Ratio* Highest Expense Ratio
Fidelity® Capital & Income
12/31/2025 - $ 65.56 to $ 65.56 $ - - % 0.00 % to 0.00 % 12.36 % to 12.36 %
12/31/2024 - 58.35 to 58.35 - - 0.00 to 0.00 10.68 to 10.68
12/31/2023 - 52.72 to 52.72 - - 0.00 to 0.00 12.99 to 12.99
12/31/2022 - 46.66 to 46.66 - - 0.00 to 0.00 (10.48) to (10.48)
12/31/2021 - 52.12 to 52.12 - - 0.00 to 0.00 11.65 to 11.65
Fidelity® Government Cash Reserves
12/31/2025 44,244 6.20 to 6.14 273,335 4.00 0.00 to 0.00 4.01 to 4.01
12/31/2024 62,230 5.96 to 5.90 369,984 4.85 0.00 to 0.00 4.95 to 4.95
12/31/2023 81,861 5.68 to 5.63 464,070 4.69 0.00 to 0.00 4.79 to 4.79
12/31/2022 87,580 5.42 to 5.37 473,882 1.31 0.00 to 0.00 1.34 to 1.34
12/31/2021 91,202 5.34 to 5.30 486,868 0.01 0.00 to 0.00 0.01 to 0.01
Fidelity® VIP Asset Manager 50% Initial Class
12/31/2025 460,920 9.64 to 9.64 4,444,079 2.34 0.80 to 0.80 14.07 to 14.07
12/31/2024 572,354 8.45 to 8.45 4,837,748 2.42 0.80 to 0.80 7.63 to 7.63
12/31/2023 620,704 7.85 to 7.85 4,874,437 2.35 0.80 to 0.80 12.05 to 12.05
12/31/2022 646,238 7.01 to 7.01 4,529,186 2.07 0.80 to 0.80 (15.61) to (15.61)
12/31/2021 670,132 8.30 to 8.30 5,565,399 1.60 0.80 to 0.80 9.05 to 9.05
Fidelity® VIP Asset Manager 70% Initial Class
12/31/2025 107,245 6.23 to 6.23 668,643 1.59 0.80 to 0.80 17.31 to 17.31
12/31/2024 165,502 5.31 to 5.31 879,631 2.07 0.80 to 0.80 9.92 to 9.92
12/31/2023 135,467 4.84 to 4.84 654,994 2.38 0.80 to 0.80 15.45 to 15.45
12/31/2022 96,787 4.19 to 4.19 405,358 1.86 0.80 to 0.80 (17.54) to (17.54)
12/31/2021 100,404 5.08 to 5.08 509,931 1.46 0.80 to 0.80 13.06 to 13.06
Fidelity® VIP Balanced Initial Class
12/31/2025 75,759 7.11 to 7.11 538,454 1.06 0.80 to 0.80 14.29 to 14.29
12/31/2024 396,026 6.22 to 6.22 2,462,800 1.82 0.80 to 0.80 15.00 to 15.00
12/31/2023 296,241 5.41 to 5.41 1,602,022 3.16 0.80 to 0.80 20.57 to 20.57
12/31/2022 139,765 4.49 to 4.49 626,890 1.25 0.80 to 0.80 (18.59) to (18.59)
12/31/2021 146,531 5.51 to 5.51 807,332 0.94 0.80 to 0.80 17.32 to 17.32
Fidelity® VIP Contrafund® Initial Class
12/31/2025 294,064 21.91 to 21.91 6,443,958 0.14 0.80 to 0.80 20.52 to 20.52
12/31/2024 360,635 18.18 to 18.18 6,557,356 0.19 0.80 to 0.80 32.72 to 32.72
12/31/2023 341,028 13.70 to 13.70 4,671,976 0.49 0.80 to 0.80 32.40 to 32.40
12/31/2022 396,349 10.35 to 10.35 4,101,229 0.52 0.80 to 0.80 (26.90) to (26.90)
12/31/2021 405,960 14.15 to 14.15 5,746,242 0.06 0.80 to 0.80 26.82 to 26.82
Fidelity® VIP Equity-Income Initial Class
12/31/2025 472,465 26.49 to 26.49 12,516,539 1.81 0.80 to 0.80 18.08 to 18.08
12/31/2024 494,232 22.44 to 22.44 11,088,820 1.77 0.80 to 0.80 14.43 to 14.43
12/31/2023 524,855 19.61 to 19.61 10,291,118 1.93 0.80 to 0.80 9.77 to 9.77
12/31/2022 562,045 17.86 to 17.86 10,039,246 1.90 0.80 to 0.80 (5.71) to (5.71)
12/31/2021 621,528 18.94 to 18.94 11,774,132 1.87 0.80 to 0.80 23.90 to 23.90
Fidelity® VIP Government Money Market Initial Class
12/31/2025 689,133 3.74 to 3.74 2,579,607 4.07 0.80 to 0.80 3.31 to 3.31
12/31/2024 504,981 3.62 to 3.62 1,829,743 5.05 0.80 to 0.80 4.27 to 4.27
12/31/2023 1,031,802 3.48 to 3.48 3,585,679 4.82 0.80 to 0.80 4.06 to 4.06
12/31/2022 798,885 3.34 to 3.34 2,667,868 1.40 0.80 to 0.80 0.64 to 0.64
12/31/2021 807,551 3.32 to 3.32 2,679,790 0.01 0.80 to 0.80 (0.78) to (0.78)
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Transamerica Life Insurance Company
Fidelity Variable Annuity Account /IA/
Notes to Financial Statements
December 31, 2025
5. Financial Highlights (continued)
At December 31 For the Year Ended December 31
Unit Fair Value Expense Total Return***
Corresponding to Investment Ratio** Corresponding to
Lowest to Highest Net Income Lowest to Lowest to Highest
Subaccount Units Expense Ratio Assets Ratio* Highest Expense Ratio
Fidelity® VIP Growth Initial Class
12/31/2025 777,662 $ 56.49 to $ 56.49 $ 43,927,315 0.29 % 0.80 % to 0.80 % 13.99 % to 13.99 %
12/31/2024 802,059 49.55 to 49.55 39,745,969 - 0.80 to 0.80 29.35 to 29.35
12/31/2023 810,703 38.31 to 38.31 31,058,617 0.13 0.80 to 0.80 35.16 to 35.16
12/31/2022 847,100 28.34 to 28.34 24,010,934 0.62 0.80 to 0.80 (25.06) to (25.06)
12/31/2021 915,902 37.82 to 37.82 34,640,299 - 0.80 to 0.80 22.24 to 22.24
Fidelity® VIP Growth & Income Initial Class
12/31/2025 148,155 9.97 to 9.97 1,477,136 1.68 0.80 to 0.80 20.54 to 20.54
12/31/2024 182,371 8.27 to 8.27 1,508,465 2.10 0.80 to 0.80 21.24 to 21.24
12/31/2023 89,792 6.82 to 6.82 612,597 1.71 0.80 to 0.80 17.78 to 17.78
12/31/2022 89,817 5.79 to 5.79 520,264 1.69 0.80 to 0.80 (5.70) to (5.70)
12/31/2021 87,952 6.14 to 6.14 540,272 1.95 0.80 to 0.80 24.95 to 24.95
Fidelity® VIP Growth Opportunities Initial Class
12/31/2025 95,847 13.99 to 13.99 1,340,794 - 0.80 to 0.80 20.98 to 20.98
12/31/2024 79,773 11.56 to 11.56 922,396 - 0.80 to 0.80 37.78 to 37.78
12/31/2023 173,337 8.39 to 8.39 1,454,672 - 0.80 to 0.80 44.50 to 44.50
12/31/2022 117,521 5.81 to 5.81 682,537 - 0.80 to 0.80 (38.64) to (38.64)
12/31/2021 113,071 9.47 to 9.47 1,070,234 - 0.80 to 0.80 11.05 to 11.05
Fidelity® VIP High Income Initial Class
12/31/2025 111,581 9.57 to 9.57 1,067,827 6.51 0.80 to 0.80 9.49 to 9.49
12/31/2024 111,791 8.74 to 8.74 977,136 6.11 0.80 to 0.80 8.10 to 8.10
12/31/2023 112,981 8.09 to 8.09 913,526 5.66 0.80 to 0.80 9.60 to 9.60
12/31/2022 116,015 7.38 to 7.38 855,868 4.95 0.80 to 0.80 (12.08) to (12.08)
12/31/2021 132,040 8.39 to 8.39 1,107,890 5.30 0.80 to 0.80 3.58 to 3.58
Fidelity® VIP Index 500 Initial Class
12/31/2025 440,208 15.96 to 15.96 7,023,530 1.10 0.80 to 0.80 16.84 to 16.84
12/31/2024 501,804 13.66 to 13.66 6,852,261 1.32 0.80 to 0.80 23.90 to 23.90
12/31/2023 451,727 11.02 to 11.02 4,978,487 1.48 0.80 to 0.80 25.20 to 25.20
12/31/2022 542,977 8.80 to 8.80 4,779,851 1.49 0.80 to 0.80 (18.86) to (18.86)
12/31/2021 501,722 10.85 to 10.85 5,443,333 1.27 0.80 to 0.80 27.56 to 27.56
Fidelity® VIP Investment Grade Bond Initial Class
12/31/2025 209,629 4.80 to 4.80 1,006,209 3.35 0.80 to 0.80 6.37 to 6.37
12/31/2024 243,077 4.51 to 4.51 1,096,847 3.36 0.80 to 0.80 0.98 to 0.98
12/31/2023 428,908 4.47 to 4.47 1,916,656 1.62 0.80 to 0.80 5.36 to 5.36
12/31/2022 759,250 4.24 to 4.24 3,220,173 2.28 0.80 to 0.80 (13.65) to (13.65)
12/31/2021 830,703 4.91 to 4.91 4,080,143 2.00 0.80 to 0.80 (1.39) to (1.39)
Fidelity® VIP Overseas Initial Class
12/31/2025 285,237 8.18 to 8.18 2,332,903 1.48 0.80 to 0.80 19.44 to 19.44
12/31/2024 280,409 6.85 to 6.85 1,920,212 1.63 0.80 to 0.80 4.21 to 4.21
12/31/2023 288,873 6.57 to 6.57 1,898,173 0.92 0.80 to 0.80 19.55 to 19.55
12/31/2022 373,775 5.50 to 5.50 2,054,375 1.08 0.80 to 0.80 (25.08) to (25.08)
12/31/2021 373,253 7.34 to 7.34 2,738,369 0.54 0.80 to 0.80 18.75 to 18.75
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Transamerica Life Insurance Company
Fidelity Variable Annuity Account /IA/
Notes to Financial Statements
December 31, 2025
5. Financial Highlights (continued)
(1) See Footnote 1
* These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the Mutual Fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the Mutual Fund in which the subaccounts invest.
** These amounts represent the annualized contract expenses of the subaccount, consisting primarily of mortality and expense charges, for each period indicated. These ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the Mutual Fund have been excluded.
*** These amounts represent the total return for the periods indicated, including changes in the value of the Mutual Fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. Total returns reflect a full twelve month period and total returns for subaccounts opened during the year have not been disclosed as they may not be indicative of a full year return. Expense ratios not in effect for the full twelve months are not reflected in the total return as they may not be indicative of a full year return.
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Transamerica Life Insurance Company
Fidelity Variable Annuity Account /IA/
Notes to Financial Statements
December 31, 2025
6. Administrative and Mortality and Expense Risk Charges
TLIC deducts an annual charge during the accumulation phase, not to exceed $35, proportionately from the subaccounts' unit values. An annual charge ranging from 0.00% to 0.80% is deducted (based on the death benefit selected) from the unit values of the subaccounts of the Separate Account for TLIC's assumption of certain mortality and expense risks incurred in connection with the contract. The charge is assessed daily based on the net asset value of the Mutual Fund. Charges for administrative and mortality and expense risk are an expense of the subaccount. Charges reflected above are those currently assessed and may be subject to change. Contract owners should see their actual policy and any related attachments to determine their specific charges.
7. Income Tax
Operations of the Separate Account form a part of TLIC, which is taxed as a life insurance company under Subchapter L of the Internal Revenue Code of 1986, as amended (the Code). The operations of the Separate Account are accounted for separately from other operations of TLIC for purposes of federal income taxation. The Separate Account is not separately taxable as a regulated investment company under Subchapter M of the Code and is not otherwise taxable as an entity separate from TLIC. Under existing federal income tax laws, the income of the Separate Account is not taxable to TLIC, as long as earnings are credited under the variable annuity contracts.
8. Subsequent Events
The Separate Account has evaluated the financial statements for subsequent events through the date which the financial statements were issued. During this period, there were no subsequent events requiring recognition in the financial statements.
9. Related Parties
Transamerica Capital, Inc. (TCI), a wholesaling broker-dealer, is an affiliated entity of TLIC and an indirect wholly owned subsidiary of Aegon Ltd. TCI distributes TLIC's products through broker-dealers and other financial intermediaries.
No charges other than those disclosed in Footnote 6 are deducted for the service rendered by related parties.
Contract owners may transfer funds between available subaccount options within the Separate Account. These transfers are performed at unit value at the time of the transfer.
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Transamerica Life Insurance Company
Fidelity Variable Annuity Account /IA/
Notes to Financial Statements
December 31, 2025
10. Segment Reporting
Each fund of the Separate Account constitutes a single operating segment and therefore, a single reportable segment because the Chief Operating Decision Maker (CODM) manages the activities of the Separate Account using information of each fund. The Separate Account is engaged in a single line of business as a registered unit investment trust. The Separate Account is a funding vehicle for individual variable annuity contracts with the assets owned by TLIC to support the liabilities of the applicable insurance contracts. The subaccounts have identified the President and Chief Operating Officer as the CODM as the Separate Account does not have employees and is not a separate legal entity.
The CODM uses increase (decrease) in net assets from operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the funds within the Separate Account. The Accounting policies used to measure profit and loss of the segments are the same as those described in the Summary of Significant Accounting Policies (see note 2). The measure of segment assets is reported on the balance sheet as total consolidated assets. Refer to the Statements of Operations and Changes in Net Assets for each fund's operating segment and related footnotes for significant expenses principle and the existing segment requirements as of December 31, 2025 and for the year ended December 31, 2025 and December 31, 2024.
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