Separate Account Va HH

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
Separate Account VA HH
Years Ended December 31, 2025 and 2024
Transamerica Life Insurance Company
Separate Account VA HH
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 10
2
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Transamerica Life Insurance Company and
Contract Owners of Separate Account VA HH
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 Separate Account VA HH (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
DWS Alternative Asset Allocation Class A Shares (1)
DWS Small Mid Cap Value Class A Shares (1)
DWS Capital Growth Class A Shares (1)
TA Aegon Bond Initial Class (1)
DWS CROCI U.S. Class A Shares (1)
TA Aegon Core Bond Initial Class (1)
DWS Global Small Cap Class A Shares (1)
TA BlackRock Real Estate Securities Initial Class (1)
DWS Government Money Market Class A Shares (1)
TA International Focus Initial Class (1)
DWS High Income Class A Shares (1)
TA WMC US Growth Initial Class (1)
DWS Small Mid Cap Growth Class A Shares (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
Separate Account VA HH
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
DWS Alternative Asset Allocation Class A Shares 3,031.975 $ 39,700 $ 41,568 $ - $ 41,568 28,312 $ 1.411350 $ 12.726709
DWS Capital Growth Class A Shares 3,586.974 134,871 154,096 (6) 154,090 23,666 6.258386 32.550489
DWS CROCI U.S. Class A Shares 8,087.641 124,359 152,209 (3) 152,206 55,876 2.618626 18.887749
DWS Global Small Cap Class A Shares 8,392.900 81,320 97,106 1 97,107 43,661 2.137951 15.357617
DWS Government Money Market Class A Shares - - - - - - 1.043729 10.029833
DWS High Income Class A Shares 14,475.788 82,112 83,091 - 83,091 43,121 1.852324 13.145653
DWS Small Mid Cap Growth Class A Shares 1,946.371 26,079 27,619 - 27,619 10,325 2.571553 15.094055
DWS Small Mid Cap Value Class A Shares 1,958.434 24,757 27,594 (4) 27,590 10,461 2.535349 14.509940
TA Aegon Bond Initial Class - - - - - - 1.249287 10.152472
TA Aegon Core Bond Initial Class 65,537.083 758,079 718,286 5 718,291 552,222 1.250318 10.189345
TA BlackRock Real Estate Securities Initial Class - - - - - - 1.623858 11.909943
TA International Focus Initial Class 10,939.238 88,492 83,576 (1) 83,575 46,410 1.730853 14.273936
TA WMC US Growth Initial Class - - - - - - 2.532328 25.635727
See accompanying notes
4
Transamerica Life Insurance Company
Separate Account VA HH
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
DWS Alternative Asset Allocation Class A Shares $ 41,568 $ - $ 41,568
DWS Capital Growth Class A Shares 154,090 - 154,090
DWS CROCI U.S. Class A Shares 152,206 - 152,206
DWS Global Small Cap Class A Shares 97,107 - 97,107
DWS Government Money Market Class A Shares - - -
DWS High Income Class A Shares 83,091 - 83,091
DWS Small Mid Cap Growth Class A Shares 27,619 - 27,619
DWS Small Mid Cap Value Class A Shares 27,590 - 27,590
TA Aegon Bond Initial Class - - -
TA Aegon Core Bond Initial Class 718,291 - 718,291
TA BlackRock Real Estate Securities Initial Class - - -
TA International Focus Initial Class 83,575 - 83,575
TA WMC US Growth Initial Class - - -
See accompanying notes
5
Transamerica Life Insurance Company
Separate Account VA HH
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
DWS Alternative Asset Allocation Class A Shares DWS Capital Growth Class A Shares DWS CROCI U.S. Class A Shares DWS Global Small Cap Class A Shares
Subaccount Subaccount Subaccount Subaccount
Net Assets as of December 31, 2023: $ 39,232 $ 144,874 $ 147,771 $ 95,947
Investment Income:
Reinvested Dividends 1,493 285 2,196 1,307
Investment Expense:
Mortality and Expense Risk and Administrative Charges 287 1,067 1,059 671
Net Investment Income (Loss) 1,206 (782) 1,137 636
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions 24 11,507 - 3,950
Realized Gain (Loss) on Investments (362) 9,184 5,173 5,218
Net Realized Capital Gains (Losses) on Investments (338) 20,691 5,173 9,168
Net Change in Unrealized Appreciation (Depreciation) 1,019 14,164 16,848 (4,560)
Net Gain (Loss) on Investment 681 34,855 22,021 4,608
Net Increase (Decrease) in Net Assets Resulting from Operations 1,887 34,073 23,158 5,244
Increase (Decrease) in Net Assets from Contract Transactions (1,017) (33,300) (24,821) (8,894)
Total Increase (Decrease) in Net Assets 870 773 (1,663) (3,650)
Net Assets as of December 31, 2024: $ 40,102 $ 145,647 $ 146,108 $ 92,297
Investment Income:
Reinvested Dividends 1,644 83 2,126 1,226
Investment Expense:
Mortality and Expense Risk and Administrative Charges 286 1,048 1,051 670
Net Investment Income (Loss) 1,358 (965) 1,075 556
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions - 19,450 13,782 6,048
Realized Gain (Loss) on Investments 462 10,208 24,050 2,614
Net Realized Capital Gains (Losses) on Investments 462 29,658 37,832 8,662
Net Change in Unrealized Appreciation (Depreciation) 1,758 (11,720) (15,622) 7,522
Net Gain (Loss) on Investment 2,220 17,938 22,210 16,184
Net Increase (Decrease) in Net Assets Resulting from Operations 3,578 16,973 23,285 16,740
Increase (Decrease) in Net Assets from Contract Transactions (2,112) (8,530) (17,187) (11,930)
Total Increase (Decrease) in Net Assets 1,466 8,443 6,098 4,810
Net Assets as of December 31, 2025: $ 41,568 $ 154,090 $ 152,206 $ 97,107
See accompanying notes
(1)See Footnote 1
6
Transamerica Life Insurance Company
Separate Account VA HH
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
DWS Government Money Market Class A Shares DWS High Income Class A Shares DWS Small Mid Cap Growth Class A Shares DWS Small Mid Cap Value Class A Shares
Subaccount Subaccount Subaccount Subaccount
Net Assets as of December 31, 2023: $ - $ 78,912 $ 27,447 $ 27,308
Investment Income:
Reinvested Dividends - 4,805 - 318
Investment Expense:
Mortality and Expense Risk and Administrative Charges - 575 192 191
Net Investment Income (Loss) - 4,230 (192) 127
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions - - 245 1,309
Realized Gain (Loss) on Investments - (310) 1,500 2,690
Net Realized Capital Gains (Losses) on Investments - (310) 1,745 3,999
Net Change in Unrealized Appreciation (Depreciation) - 943 (241) (2,472)
Net Gain (Loss) on Investment - 633 1,504 1,527
Net Increase (Decrease) in Net Assets Resulting from Operations - 4,863 1,312 1,654
Increase (Decrease) in Net Assets from Contract Transactions - (3,359) (2,434) (2,603)
Total Increase (Decrease) in Net Assets - 1,504 (1,122) (949)
Net Assets as of December 31, 2024: $ - $ 80,416 $ 26,325 $ 26,359
Investment Income:
Reinvested Dividends - 5,589 - 291
Investment Expense:
Mortality and Expense Risk and Administrative Charges - 571 191 191
Net Investment Income (Loss) - 5,018 (191) 100
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions - - 2,085 3,287
Realized Gain (Loss) on Investments - 579 (191) 983
Net Realized Capital Gains (Losses) on Investments - 579 1,894 4,270
Net Change in Unrealized Appreciation (Depreciation) - 723 297 (15)
Net Gain (Loss) on Investment - 1,302 2,191 4,255
Net Increase (Decrease) in Net Assets Resulting from Operations - 6,320 2,000 4,355
Increase (Decrease) in Net Assets from Contract Transactions - (3,645) (706) (3,124)
Total Increase (Decrease) in Net Assets - 2,675 1,294 1,231
Net Assets as of December 31, 2025: $ - $ 83,091 $ 27,619 $ 27,590
See accompanying notes
(1)See Footnote 1
7
Transamerica Life Insurance Company
Separate Account VA HH
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
TA Aegon Bond Initial Class TA Aegon Core Bond Initial Class TA BlackRock Real Estate Securities Initial Class TA International Focus Initial Class
Subaccount Subaccount Subaccount Subaccount
Net Assets as of December 31, 2023: $ - $ 685,442 $ - $ 80,221
Investment Income:
Reinvested Dividends - 38,027 - 1,822
Investment Expense:
Mortality and Expense Risk and Administrative Charges - 3,665 - 423
Net Investment Income (Loss) - 34,362 - 1,399
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions - - - 2,509
Realized Gain (Loss) on Investments - (15,331) - 1,170
Net Realized Capital Gains (Losses) on Investments - (15,331) - 3,679
Net Change in Unrealized Appreciation (Depreciation) - (14,023) - (6,236)
Net Gain (Loss) on Investment - (29,354) - (2,557)
Net Increase (Decrease) in Net Assets Resulting from Operations - 5,008 - (1,158)
Increase (Decrease) in Net Assets from Contract Transactions - 5,423 - 443
Total Increase (Decrease) in Net Assets - 10,431 - (715)
Net Assets as of December 31, 2024: $ - $ 695,873 $ - $ 79,506
Investment Income:
Reinvested Dividends - 18,382 - 1,338
Investment Expense:
Mortality and Expense Risk and Administrative Charges - 3,639 - 420
Net Investment Income (Loss) - 14,743 - 918
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions - - - 7,918
Realized Gain (Loss) on Investments - (68,984) - 2,068
Net Realized Capital Gains (Losses) on Investments - (68,984) - 9,986
Net Change in Unrealized Appreciation (Depreciation) - 97,729 - (6,282)
Net Gain (Loss) on Investment - 28,745 - 3,704
Net Increase (Decrease) in Net Assets Resulting from Operations - 43,488 - 4,622
Increase (Decrease) in Net Assets from Contract Transactions - (21,070) - (553)
Total Increase (Decrease) in Net Assets - 22,418 - 4,069
Net Assets as of December 31, 2025: $ - $ 718,291 $ - $ 83,575
See accompanying notes
(1)See Footnote 1
8
Transamerica Life Insurance Company
Separate Account VA HH
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
TA WMC US Growth Initial Class
Subaccount
Net Assets as of December 31, 2023: $ -
Investment Income:
Reinvested Dividends -
Investment Expense:
Mortality and Expense Risk and Administrative Charges -
Net Investment Income (Loss) -
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions -
Realized Gain (Loss) on Investments -
Net Realized Capital Gains (Losses) on Investments -
Net Change in Unrealized Appreciation (Depreciation) -
Net Gain (Loss) on Investment -
Net Increase (Decrease) in Net Assets Resulting from Operations -
Increase (Decrease) in Net Assets from Contract Transactions -
Total Increase (Decrease) in Net Assets -
Net Assets as of December 31, 2024: $ -
Investment Income:
Reinvested Dividends -
Investment Expense:
Mortality and Expense Risk and Administrative Charges -
Net Investment Income (Loss) -
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions -
Realized Gain (Loss) on Investments -
Net Realized Capital Gains (Losses) on Investments -
Net Change in Unrealized Appreciation (Depreciation) -
Net Gain (Loss) on Investment -
Net Increase (Decrease) in Net Assets Resulting from Operations -
Increase (Decrease) in Net Assets from Contract Transactions -
Total Increase (Decrease) in Net Assets -
Net Assets as of December 31, 2025: $ -
See accompanying notes
(1)See Footnote 1
9
Transamerica Life Insurance Company
Separate Account VA HH
Notes to Financial Statements
December 31, 2025
1. Organization
Separate Account VA HH (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 DWS Personal Pension Variable Annuity.
Subaccount Investment by Mutual Fund:
Subaccount Mutual Fund
DWS Variable Series DWS Variable Series
DWS Alternative Asset Allocation Class A Shares DWS Alternative Asset Allocation VIP Class A Shares
DWS Capital Growth Class A Shares DWS Capital Growth VIP Class A Shares
DWS CROCI U.S. Class A Shares DWS CROCI U.S. VIP Class A Shares
DWS Global Small Cap Class A Shares DWS Global Small Cap VIP Class A Shares
DWS Government Money Market Class A Shares DWS Government Money Market VIP Class A Shares
DWS High Income Class A Shares DWS High Income VIP Class A Shares
DWS Small Mid Cap Growth Class A Shares DWS Small Mid Cap Growth VIP Class A Shares
DWS Small Mid Cap Value Class A Shares DWS Small Mid Cap Value VIP Class A Shares
Transamerica Series Trust Transamerica Series Trust
TA Aegon Bond Initial Class Transamerica Aegon Bond VP Initial Class
TA Aegon Core Bond Initial Class Transamerica JPMorgan Core Bond VP Initial Class
TA BlackRock Real Estate Securities Initial Class Transamerica BlackRock Real Estate Securities VP Initial Class
TA International Focus Initial Class Transamerica International Focus VP Initial Class
TA WMC US Growth Initial Class Transamerica WMC US Growth VP Initial Class
10
Transamerica Life Insurance Company
Separate Account VA HH
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
Separate Account VA HH
Notes to Financial Statements
December 31, 2025

3. Investments

The aggregate cost of purchases and proceeds from sales of investments for the period ended December 31, 2025 were as follows:

Subaccount Purchases Sales
DWS Alternative Asset Allocation Class A Shares $ 24,700 $ 25,454
DWS Capital Growth Class A Shares 116,806 106,851
DWS CROCI U.S. Class A Shares 105,196 107,526
DWS Global Small Cap Class A Shares 63,315 68,642
DWS Government Money Market Class A Shares - 1
DWS High Income Class A Shares 50,856 49,483
DWS Small Mid Cap Growth Class A Shares 19,892 18,701
DWS Small Mid Cap Value Class A Shares 20,040 19,776
TA Aegon Bond Initial Class - -
TA Aegon Core Bond Initial Class 433,519 439,841
TA BlackRock Real Estate Securities Initial Class - -
TA International Focus Initial Class 63,848 55,565
TA WMC US Growth Initial Class - -
12
Transamerica Life Insurance Company
Separate Account VA HH
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)
DWS Alternative Asset Allocation Class A Shares 16,932 (18,599) (1,667) 1,913 (2,703) (790)
DWS Capital Growth Class A Shares 17,690 (19,033) (1,343) 1,881 (8,153) (6,272)
DWS CROCI U.S. Class A Shares 39,650 (46,214) (6,564) 2,511 (13,938) (11,427)
DWS Global Small Cap Class A Shares 31,785 (37,808) (6,023) 8,599 (13,174) (4,575)
DWS Government Money Market Class A Shares - - - - - -
DWS High Income Class A Shares 25,407 (27,443) (2,036) 2,473 (4,470) (1,997)
DWS Small Mid Cap Growth Class A Shares 7,641 (7,885) (244) 1,509 (2,450) (941)
DWS Small Mid Cap Value Class A Shares 7,786 (9,062) (1,276) 2,009 (3,100) (1,091)
TA Aegon Bond Initial Class - - - - - -
TA Aegon Core Bond Initial Class 336,177 (353,540) (17,363) 49,729 (46,162) 3,567
TA BlackRock Real Estate Securities Initial Class - - - - - -
TA International Focus Initial Class 31,448 (31,826) (378) 5,667 (5,356) 311
TA WMC US Growth Initial Class - - - - - -
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Transamerica Life Insurance Company
Separate Account VA HH
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)
DWS Alternative Asset Allocation Class A Shares $ 23,065 $ (25,177) $ (2,112) $ 2,486 $ (3,503) $ (1,017)
DWS Capital Growth Class A Shares 97,301 (105,831) (8,530) 9,645 (42,945) (33,300)
DWS CROCI U.S. Class A Shares 89,304 (106,491) (17,187) 5,534 (30,355) (24,821)
DWS Global Small Cap Class A Shares 56,057 (67,987) (11,930) 15,235 (24,129) (8,894)
DWS Government Money Market Class A Shares - - - - - -
DWS High Income Class A Shares 45,287 (48,932) (3,645) 4,227 (7,586) (3,359)
DWS Small Mid Cap Growth Class A Shares 17,811 (18,517) (706) 3,686 (6,120) (2,434)
DWS Small Mid Cap Value Class A Shares 16,467 (19,591) (3,124) 4,333 (6,936) (2,603)
TA Aegon Bond Initial Class - - - - - -
TA Aegon Core Bond Initial Class 415,279 (436,349) (21,070) 60,190 (54,767) 5,423
TA BlackRock Real Estate Securities Initial Class - - - - - -
TA International Focus Initial Class 54,608 (55,161) (553) 10,076 (9,633) 443
TA WMC US Growth Initial Class - - - - - -
14
Transamerica Life Insurance Company
Separate Account VA HH
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
DWS Alternative Asset Allocation Class A Shares
12/31/2025 28,312 $1.48 to $12.73 $ 41,568 4.11 % 0.64 % to 2.04 % 9.79 % to 8.29 %
12/31/2024 29,979 1.35 to 11.75 40,102 3.74 0.64 to 2.04 4.96 to 3.51
12/31/2023 30,769 1.29 to 11.35 39,232 6.92 0.64 to 2.04 5.51 to 4.07
12/31/2022 31,086 1.22 to 10.91 37,579 7.38 0.64 to 2.04 (8.01) to (9.27)
12/31/2021 34,579 1.33 to 12.02 45,480 2.05 0.64 to 2.04 12.03 to 10.49
DWS Capital Growth Class A Shares
12/31/2025 23,666 6.58 to 32.55 154,090 0.06 0.64 to 2.04 11.81 to 10.28
12/31/2024 25,009 5.89 to 29.52 145,647 0.19 0.64 to 2.04 25.81 to 24.07
12/31/2023 31,281 4.68 to 23.79 144,874 0.08 0.64 to 2.04 37.70 to 35.82
12/31/2022 39,901 3.40 to 17.52 134,298 0.09 0.64 to 2.04 (31.18) to (32.12)
12/31/2021 34,195 4.94 to 25.81 167,349 0.22 0.64 to 2.04 22.00 to 20.32
DWS CROCI U.S. Class A Shares
12/31/2025 55,876 2.75 to 18.89 152,206 1.44 0.64 to 2.04 16.44 to 14.85
12/31/2024 62,440 2.36 to 16.45 146,108 1.50 0.64 to 2.04 17.01 to 15.40
12/31/2023 73,867 2.02 to 14.25 147,771 1.77 0.64 to 2.04 20.00 to 18.36
12/31/2022 81,044 1.68 to 12.04 135,219 1.77 0.64 to 2.04 (15.93) to (17.09)
12/31/2021 84,111 2.00 to 14.52 167,045 1.89 0.64 to 2.04 25.88 to 24.16
DWS Global Small Cap Class A Shares
12/31/2025 43,661 2.25 to 15.36 97,107 1.31 0.64 to 2.04 19.75 to 18.10
12/31/2024 49,684 1.88 to 13.00 92,297 1.40 0.64 to 2.04 5.09 to 3.64
12/31/2023 54,259 1.79 to 12.55 95,947 0.93 0.64 to 2.04 23.77 to 22.08
12/31/2022 60,174 1.44 to 10.28 86,044 0.53 0.64 to 2.04 (24.54) to (25.57)
12/31/2021 56,380 1.91 to 13.81 106,911 0.35 0.64 to 2.04 14.21 to 12.64
DWS Government Money Market Class A Shares
12/31/2025 - 1.10 to 10.03 - - 0.64 to 2.04 3.29 to 1.88
12/31/2024 - 1.06 to 9.85 - - 0.64 to 2.04 4.25 to 2.81
12/31/2023 - 1.02 to 9.58 - - 0.64 to 2.04 4.08 to 2.66
12/31/2022 - 0.98 to 9.33 - - 0.64 to 2.04 0.66 to (0.71)
12/31/2021 - 0.97 to 9.39 - - 0.64 to 2.04 (0.63) to (1.99)
DWS High Income Class A Shares
12/31/2025 43,121 1.95 to 13.15 83,091 6.98 0.64 to 2.04 8.25 to 6.76
12/31/2024 45,157 1.80 to 12.31 80,416 6.02 0.64 to 2.04 6.45 to 4.99
12/31/2023 47,154 1.69 to 11.73 78,912 5.47 0.64 to 2.04 10.63 to 9.12
12/31/2022 49,671 1.53 to 10.75 75,162 5.35 0.64 to 2.04 (9.46) to (10.70)
12/31/2021 54,022 1.69 to 12.04 90,369 4.56 0.64 to 2.04 3.34 to 1.92
DWS Small Mid Cap Growth Class A Shares
12/31/2025 10,325 2.70 to 15.09 27,619 - 0.64 to 2.04 7.43 to 5.95
12/31/2024 10,569 2.52 to 14.25 26,325 - 0.64 to 2.04 4.48 to 3.04
12/31/2023 11,510 2.41 to 13.83 27,447 0.03 0.64 to 2.04 18.08 to 16.46
12/31/2022 12,264 2.04 to 11.87 24,789 - 0.64 to 2.04 (28.48) to (29.46)
12/31/2021 10,822 2.85 to 16.83 30,609 0.04 0.64 to 2.04 13.12 to 11.56
DWS Small Mid Cap Value Class A Shares
12/31/2025 10,461 2.67 to 14.51 27,590 1.09 0.64 to 2.04 17.46 to 15.85
12/31/2024 11,737 2.27 to 12.52 26,359 1.20 0.64 to 2.04 5.53 to 4.07
12/31/2023 12,828 2.15 to 12.03 27,308 1.21 0.64 to 2.04 14.22 to 12.66
12/31/2022 13,265 1.88 to 10.68 24,744 0.83 0.64 to 2.04 (16.34) to (17.48)
12/31/2021 13,718 2.25 to 12.95 30,611 1.23 0.64 to 2.04 29.67 to 27.89
15
Transamerica Life Insurance Company
Separate Account VA HH
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
TA Aegon Bond Initial Class
12/31/2025 - $1.31 to $10.15 $ - - % 0.45 % to 1.85 % 6.65 % to 5.18 %
12/31/2024 - 1.23 to 9.65 - - 0.45 to 1.85 1.68 to 0.27
12/31/2023 - 1.21 to 9.63 - - 0.45 to 1.85 5.97 to 4.52
12/31/2022 - 1.14 to 9.21 - - 0.45 to 1.85 (15.22) to (16.38)
12/31/2021 - 1.35 to 11.01 - - 0.45 to 1.85 (1.32) to (2.67)
TA Aegon Core Bond Initial Class
12/31/2025 552,222 1.31 to 10.19 718,291 2.65 0.45 to 1.85 6.51 to 5.04
12/31/2024 569,585 1.23 to 9.70 695,873 5.50 0.45 to 1.85 0.93 to (0.47)
12/31/2023 566,018 1.22 to 9.75 685,442 2.78 0.45 to 1.85 5.56 to 4.12
12/31/2022 567,467 1.16 to 9.36 651,175 2.92 0.45 to 1.85 (13.16) to (14.35)
12/31/2021 589,715 1.33 to 10.93 779,929 2.82 0.45 to 1.85 (1.47) to (2.83)
TA BlackRock Real Estate Securities Initial Class
12/31/2025 - 1.71 to 11.91 - - 0.45 to 1.85 9.02 to 7.53
12/31/2024 - 1.57 to 11.08 - - 0.45 to 1.85 0.80 to (0.60)
12/31/2023 - 1.55 to 11.14 - - 0.45 to 1.85 12.82 to 11.27
12/31/2022 - 1.38 to 10.01 - - 0.45 to 1.85 (28.51) to (29.49)
12/31/2021 - 1.93 to 14.20 - - 0.45 to 1.85 25.66 to 23.93
TA International Focus Initial Class
12/31/2025 46,410 1.82 to 14.27 83,575 1.67 0.45 to 1.85 6.00 to 4.54
12/31/2024 46,788 1.72 to 13.65 79,506 2.28 0.45 to 1.85 (1.50) to (2.86)
12/31/2023 46,477 1.74 to 14.06 80,221 1.97 0.45 to 1.85 12.03 to 10.50
12/31/2022 48,520 1.56 to 12.72 74,787 3.13 0.45 to 1.85 (20.40) to (21.49)
12/31/2021 47,277 1.96 to 16.20 91,629 1.24 0.45 to 1.85 10.32 to 8.81
TA WMC US Growth Initial Class
12/31/2025 - 2.59 to 23.76 - - 0.45 to 1.85 17.23 to 15.62
12/31/2024 - 2.21 to 20.55 - - 0.45 to 1.85 28.41 to 26.64
12/31/2023 - 1.72 to 16.22 - - 0.45 to 1.85 41.45 to 39.51
12/31/2022 - 1.22 to 11.63 - - 0.45 to 1.85 (31.65) to (32.59)
12/31/2021 - 1.78 to 17.25 - - 0.45 to 1.85 20.13 to 18.47
(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.
16
Transamerica Life Insurance Company
Separate Account VA HH
Notes to Financial Statements
December 31, 2025
*** 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.
17
Transamerica Life Insurance Company
Separate Account VA HH
Notes to Financial Statements
December 31, 2025
6. Administrative and Mortality and Expense Risk Charges
TLIC deducts a daily administrative charge equal to an annual rate of 0.15% of the daily net assets value of each subaccount for administrative expenses. TLIC also deducts an annual charge during the accumulation phase, not to exceed $35, proportionately from the subaccounts' unit values. An annual charge ranging from 0.30% to 1.70% 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.
In addition to M&E, the following funds are assessed a daily charge for fund facilitation fees:
Subaccount Facilitation Fee Assessed
DWS Alternative Asset Allocation Class A Shares 0.19%
DWS Capital Growth Class A Shares 0.19%
DWS CROCI U.S. Class A Shares 0.19%
DWS Global Small Cap Class A Shares 0.19%
DWS Government Money Market Class A Shares 0.19%
DWS High Income Class A Shares 0.19%
DWS Small Mid Cap Growth Class A Shares 0.19%
DWS Small Mid Cap Value Class A Shares 0.19%
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.
18
Transamerica Life Insurance Company
Separate Account VA HH
Notes to Financial Statements
December 31, 2025
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.
The subaccounts invest in the mutual funds listed in Footnote 1. These investments include funds managed by Transamerica Asset Management, Inc. (TAM). Transamerica Fund Services, Inc. (TFS) serves as a transfer agent to TAM, and Aegon USA Asset Management Holding, LLC (AAM) serves as a sub-advisor for certain funds managed by TAM. TAM, TFS and AAM are affiliated entities of TLIC and indirect wholly owned subsidiaries of Aegon Ltd. Funds managed by TAM are identified by their fund name, which includes reference to Aegon, Transamerica or both. The Separate Account pays management fees to the related funds as detailed in the fund prospectus.
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.
19
Transamerica Life Insurance Company
Separate Account VA HH
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.
20
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