Supplement to the

Fidelity® Variable Insurance Products

Asset Manager: Growth Portfolio

Investor Class

April 29, 2023

Prospectus

Geoff Stein no longer serves as Co-Portfolio Manager of the fund.

The following information replaces similar information found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

Avishek Hazrachoudhury (Co-Portfolio Manager) has managed the fund since 2018.

Katherine Shaw (Co-Portfolio Manager) has managed the fund since 2023.

The following information supplements information found in the "Fund Basics" section under the "Other Investment Strategies" heading.

The Adviser may also invest in other funds, including mutual funds and exchange traded funds (ETFs), consistent with the asset classes discussed above.

The following information replaces the biographical information found in the "Fund Management" section under the "Portfolio Manager(s)" heading. 

Avishek Hazrachoudhury is Co-Portfolio Manager of VIP Asset Manager: Growth Portfolio, which he has managed since 2018. He also manages other funds. Since joining Fidelity Investments in 2013, Mr. Hazrachoudhury has worked as a quantitative analyst and portfolio manager.

Katherine Shaw is Co-Portfolio Manager of VIP Asset Manager: Growth Portfolio, which she has managed since 2023. She also manages other funds. Since joining Fidelity Investments in 2007, Ms. Shaw has worked as a sector leader and portfolio manager.

VAMG-INV-PSTK-1123-109 1.918619.109 November 29, 2023

Supplement to the

Fidelity® Variable Insurance Products

Asset Manager: Growth Portfolio

Initial Class, Service Class, and Service Class 2

April 29, 2023

Prospectus

Geoff Stein no longer serves as Co-Portfolio Manager of the fund.

The following information replaces similar information found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

Avishek Hazrachoudhury (Co-Portfolio Manager) has managed the fund since 2018.

Katherine Shaw (Co-Portfolio Manager) has managed the fund since 2023.

The following information supplements information found in the "Fund Basics" section under the "Other Investment Strategies" heading.

The Adviser may also invest in other funds, including mutual funds and exchange traded funds (ETFs), consistent with the asset classes discussed above.

The following information replaces the biographical information found in the "Fund Management" section under the "Portfolio Manager(s)" heading. 

Avishek Hazrachoudhury is Co-Portfolio Manager of VIP Asset Manager: Growth Portfolio, which he has managed since 2018. He also manages other funds. Since joining Fidelity Investments in 2013, Mr. Hazrachoudhury has worked as a quantitative analyst and portfolio manager.

Katherine Shaw is Co-Portfolio Manager of VIP Asset Manager: Growth Portfolio, which she has managed since 2023. She also manages other funds. Since joining Fidelity Investments in 2007, Ms. Shaw has worked as a sector leader and portfolio manager.

VAMG-PSTK-1123-119 1.797980.119 November 29, 2023

Supplement to the

Fidelity® Variable Insurance Products

Asset Manager Portfolio

Investor Class

April 29, 2023

Prospectus

Geoff Stein no longer serves as Co-Portfolio Manager of the fund.

The following information replaces similar information found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

Avishek Hazrachoudhury (Co-Portfolio Manager) has managed the fund since 2018.

Katherine Shaw (Co-Portfolio Manager) has managed the fund since 2023.

The following information supplements information found in the "Fund Basics" section under the "Other Investment Strategies" heading.

The Adviser may also invest in other funds, including mutual funds and exchange traded funds (ETFs), consistent with the asset classes discussed above.

The following information replaces the biographical information found in the "Fund Management" section under the "Portfolio Manager(s)" heading. 

Avishek Hazrachoudhury is Co-Portfolio Manager of VIP Asset Manager Portfolio, which he has managed since 2018. He also manages other funds. Since joining Fidelity Investments in 2013, Mr. Hazrachoudhury has worked as a quantitative analyst and portfolio manager.

Katherine Shaw is Co-Portfolio Manager of VIP Asset Manager Portfolio, which she has managed since 2023. She also manages other funds. Since joining Fidelity Investments in 2007, Ms. Shaw has worked as a sector leader and portfolio manager.

VAM-INV-PSTK-1123-110 1.917779.110 November 29, 2023

Supplement to the

Fidelity® Variable Insurance Products

Asset Manager Portfolio

Initial Class, Service Class, and Service Class 2

April 29, 2023

Prospectus

Geoff Stein no longer serves as Co-Portfolio Manager of the fund.

The following information replaces similar information found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

Avishek Hazrachoudhury (Co-Portfolio Manager) has managed the fund since 2018.

Katherine Shaw (Co-Portfolio Manager) has managed the fund since 2023.

The following information supplements information found in the "Fund Basics" section under the "Other Investment Strategies" heading.

The Adviser may also invest in other funds, including mutual funds and exchange traded funds (ETFs), consistent with the asset classes discussed above.

The following information replaces the biographical information found in the "Fund Management" section under the "Portfolio Manager(s)" heading. 

Avishek Hazrachoudhury is Co-Portfolio Manager of VIP Asset Manager Portfolio, which he has managed since 2018. He also manages other funds. Since joining Fidelity Investments in 2013, Mr. Hazrachoudhury has worked as a quantitative analyst and portfolio manager.

Katherine Shaw is Co-Portfolio Manager of VIP Asset Manager Portfolio, which she has managed since 2023. She also manages other funds. Since joining Fidelity Investments in 2007, Ms. Shaw has worked as a sector leader and portfolio manager.

VAM-PSTK-1123-120 1.797978.120 November 29, 2023