Genworth Life & Annuity VA Separate Account 1
05/01/2026 | Press release | Distributed by Public on 05/01/2026 08:39
Prospectus by Investment Company (Form 497)
SUPPLEMENT DATED MAY 1, 2026 TO
PROSPECTUS DATED MAY 1, 2013 (AS SUPPLEMENTED) FOR
FLEXIBLE PREMIUM VARIABLE DEFERRED ANNUITY CONTRACTS
ISSUED BY
GENWORTH LIFE AND ANNUITY INSURANCE COMPANY
THROUGH ITS
GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 1
This supplement updates certain information contained in your variable annuity prospectus. Please read the supplement carefully and keep it with your prospectus for future reference.
Asset Allocation Program - Model Update
Effective after the close of business July 24, 2026, Asset Allocation Models A, B, C, D and E under the Asset Allocation Program will be updated. Tables disclosing the Model percentage allocations and Portfolio selections for Asset Allocation Models A, B, C, D and E, before and after the update, are provided on the following pages.
Please refer to your contract and, specifically, the "Asset Allocation Program" section of your variable annuity prospectus for more information about the Asset Allocation Program and your options regarding updates to the Asset Allocation Models. In addition, if you have invested in an optional living benefit rider, please refer to your contract and your variable annuity prospectus for information regarding the Investment Strategy required for your living benefit rider.
Certain of the underlying Portfolios that are included in the Investment Strategies for living benefit riders available in your contract may employ risk management strategies that are intended to control the Portfolios' overall volatility, and for some Portfolios, to also reduce the downside exposure of the Portfolios during significant market downturns.
These Portfolios are included in the Investment Strategies in part because the reduction in volatility helps us to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under a living benefit rider. At the same time, risk management strategies in periods of high market volatility or other market conditions could limit your participation in market gains. This may conflict with your investment objectives by limiting your ability to maximize potential growth of your Contract Value and, in turn, the value of any guaranteed benefit that is tied to investment performance. You should consult with your registered representative to determine whether these Portfolios align with your investment objectives. For more information about the Portfolios and the investment strategies they employ, please refer to the Portfolios' current prospectuses. Portfolio prospectuses are available by contacting us.
The current Asset Allocation Models and the updated Asset Allocation Models are provided in the tables below.
19778 SUPP 05/01/26
MODEL PERCENTAGE ALLOCATIONS AND PORTFOLIO SELECTIONS
Current through July 24, 2026
| Portfolios | Model A | Model B | Model C | Model D | Model E | |||||||||||||||||
|
Equities |
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| Large Cap Blend | Invesco V.I. Core Equity Fund - Series I shares | 5.0% | 9.0% | 14.0% | 19.0% | 23.0% | ||||||||||||||||
| Invesco V.I. Main Street Fund® - Series II shares | 5.0% | 10.0% | 15.0% | 20.0% | 25.0% | |||||||||||||||||
| Large Cap Growth | Fidelity VIP Contrafund® Portfolio - Service Class 2 | 5.0% | 10.0% | 15.0% | 20.0% | 25.0% | ||||||||||||||||
| Invesco V.I. EQV International Equity Fund - Series II shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Large Cap Value | Invesco V.I. Comstock Fund - Service II shares | 1.0% | 3.0% | 4.0% | 5.0% | 7.0% | ||||||||||||||||
| Mid Cap Growth | Federated Hermes Kaufmann Fund II - Service Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| Mid Cap Value | Franklin Mutual Shares VIP Fund - Class 2 Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| Small Cap Blend | Invesco V.I. Main Street Small Cap Fund® - Service II shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
|
Total % Equities |
20% | 40% | 60% | 80% | 100% | |||||||||||||||||
| Fixed Income | ||||||||||||||||||||||
| Medium Duration | Fidelity VIP Investment Grade Bond Portfolio - Service Class 2 | 22.0% | 16.0% | 11.0% | 5.0% | 0.0% | ||||||||||||||||
| PIMCO VIT Total Return Portfolio - Administrative Class Shares | 22.0% | 16.0% | 11.0% | 5.0% | 0.0% | |||||||||||||||||
| High Yield | PIMCO VIT High Yield Portfolio - Administrative Class Shares | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| Treasury Inflation Protected Securities | LVIP American Century Inflation Protection Fund - Service Class | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| Short Duration | PIMCO VIT Low Duration Portfolio - Administrative Class Shares | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| Long Duration | PIMCO VIT Long-Term U.S. Government Portfolio - Administrative Class Shares | 12.0% | 8.0% | 6.0% | 2.0% | 0.0% | ||||||||||||||||
| Floating Rate | Eaton Vance VT Floating-Rate Income Fund | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
|
Total % Fixed Income |
80% | 60% | 40% | 20% | 0% | |||||||||||||||||
MODEL PERCENTAGE ALLOCATIONS AND PORTFOLIO SELECTIONS
Effective after the close of business on July 24, 2026
| Portfolios | Model A | Model B | Model C | Model D | Model E | |||||||||||||||||
|
Equities |
||||||||||||||||||||||
| Large Cap Blend | AB VPS International Value Portfolio - Class B | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| Invesco V.I. Core Equity Fund - Series I shares | 5.0% | 10.0% | 15.0% | 20.0% | 25.0% | |||||||||||||||||
| Invesco V.I. EQV International Equity Fund - Series II shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Invesco V.I. Main Street Fund® - Series II shares | 5.0% | 10.0% | 15.0% | 20.0% | 25.0% | |||||||||||||||||
| Large Cap Growth | Fidelity VIP Contrafund® Portfolio - Service Class 2 | 5.0% | 10.0% | 15.0% | 20.0% | 25.0% | ||||||||||||||||
|
Large Cap Value |
Franklin Mutual Shares VIP Fund - Class 2 Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| Invesco V.I. Comstock Fund - Service II shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Mid Cap Blend |
State Street Real Estate Securities V.I.S. Fund - Class 1 Shares |
1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
|
Total % Equities |
20% | 40% | 60% | 80% | 100% | |||||||||||||||||
| Fixed Income | ||||||||||||||||||||||
| Medium Duration | Fidelity VIP Investment Grade Bond Portfolio - Service Class 2 | 16.0% | 11.0% | 8.0% | 3.0% | 0.0% | ||||||||||||||||
| PIMCO VIT Total Return Portfolio - Administrative Class Shares | 16.0% | 11.0% | 8.0% | 3.0% | 0.0% | |||||||||||||||||
| High Yield | PIMCO VIT High Yield Portfolio - Administrative Class Shares | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| Treasury Inflation Protected Securities | LVIP American Century Inflation Protection Fund - Service Class | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| Short Duration | PIMCO VIT Low Duration Portfolio - Administrative Class Shares | 24.0% | 18.0% | 12.0% | 6.0% | 0.0% | ||||||||||||||||
| Long Duration | PIMCO VIT Long-Term U.S. Government Portfolio - Administrative Class Shares | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| Floating Rate | Eaton Vance VT Floating-Rate Income Fund | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
|
Total % Fixed Income |
80% | 60% | 40% | 20% | 0% | |||||||||||||||||
MODEL PERCENTAGE ALLOCATIONS AND PORTFOLIO SELECTIONS
BUILD YOUR OWN ASSET ALLOCATION MODEL
|
Core Asset Class (20% to 80%) |
Specialty Asset Class (0% to 20%) |
Fixed Income Asset Class (20% to 60%) |
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AB VPS Balanced Hedged Allocation Portfolio - Class B AB VPS Relative Value Portfolio - Class B BlackRock Basic Value V.I. Fund - Class III Shares BlackRock Global Allocation V.I. Fund - Class III Shares CTIVP® - Principal Large Cap Growth Fund - Class 1 Fidelity VIP Balanced Portfolio - Service Class 2 Fidelity VIP Contrafund® Portfolio - Service Class 2 Fidelity VIP Equity-Income PortfolioSM - Service Class 2 Fidelity VIP Growth & Income Portfolio - Service Class 2 Franklin Mutual Shares VIP Fund - Class 2 Shares Templeton Growth VIP Fund - Class 2 Shares Invesco V.I. American Franchise Fund - Series I shares Invesco V.I. Comstock Fund - Series II shares Invesco V.I. Core Equity Fund - Series I shares Invesco V.I. Discovery Large Cap Fund - Series II shares Invesco V.I. Equity and Income Fund - Series II shares Invesco V.I. EQV International Equity Fund - Series II shares Invesco V.I. Global Fund - Series II shares Invesco V.I. Main Street Fund® - Series II shares Janus Henderson Balanced Portfolio - Service Shares MFS® Total Return Series - Service Class Shares State Street Total Return V.I.S. Fund - Class 3 Shares State Street U.S. Equity V.I.S. Fund - Class 1 Shares |
AB VPS International Value Portfolio - Class B AB VPS Small Cap Growth Portfolio - Class B AB VPS Sustainable Global Thematic Portfolio - Class B Allspring VT Discovery All Cap Fund - Class 2 BlackRock Advantage SMID Cap V.I. Fund - Class III Shares Columbia Variable Portfolio - Overseas Core Fund - Class 2 Eaton Vance VT Floating-Rate Income Fund Federated Hermes High Income Bond Fund II - Service Shares Federated Hermes Kaufmann Fund II - Service Shares Fidelity VIP Dynamic Capital Appreciation Portfolio - Service Class 2 Fidelity VIP Growth Portfolio - Service Class 2 Fidelity VIP Growth Opportunities Portfolio - Service Class 2 Fidelity VIP Mid Cap Portfolio - Service Class 2 Fidelity VIP Value Strategies Portfolio - Service Class 2 Invesco V.I. Main Street Small Cap Fund® - Series II shares Janus Henderson Forty Portfolio - Service Shares LVIP American Century Inflation Protection Fund - Service Class MFS® Utilities Series - Service Class Shares PIMCO VIT All Asset Portfolio - Advisor Class Shares PIMCO VIT High Yield Portfolio - Administrative Class Shares PSF PGIM Jennison Blend Portfolio- Class II Shares PSF PGIM Jennison Growth Portfolio - Class II Shares State Street Real Estate Securities V.I.S. Fund - Class 1 Shares State Street Small-Cap Equity V.I.S. Fund - Class 1 Shares |
Fidelity VIP Investment Grade Bond Portfolio - Service Class 2 PIMCO VIT Long-Term U.S. Government Portfolio - Administrative Class Shares PIMCO VIT Low Duration Portfolio - Administrative Class Shares PIMCO VIT Total Return Portfolio - Administrative Class Shares |
Genworth Life & Annuity VA Separate Account 1 published this content on May 01, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 01, 2026 at 14:39 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]