Transamerica Advisory Annuity

TRANSAMERICA ADVISORY ANNUITY

Issued through

Transamerica Life Insurance Company and Transamerica Financial Life Insurance Company

Separate Account VA B and Separate Account VA BNY

Updating Summary Prospectus

May 1, 2022

This Updating Summary Prospectus summarizes certain key features of the Transamerica Advisory Annuity variable annuity Policy (“the Policy”), The Updating Summary Prospectus also provides a summary of Policy features that have changed.

The prospectus for the Policy contains more information about the Policy, including its features, benefits, and risks. You can find the prospectus and other information about the Policy online at Transamerica.com. You can also obtain this information at no cost by calling (800)525-6205, or You can also request this information from Your registered representative.

Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.

You do have the option of continuing to receive paper copies of all future shareholder reports free of charge. If You’d like this option, give us a call at (800)525-6205, Monday through Thursday 8 - 6:30, or Friday 8 - 5:30 ET.

Your election to receive reports in paper will apply to all Portfolio Companies available under Your Policy.

TABLE OF CONTENTS

special TERMS	1
summary of policy features that have changed	2
important INFORMATION you should consider about the policy	3
APPENDIX
PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY	6

Table of Contents

special TERMS

Administrative Office - Transamerica Life Insurance Company and Transamerica Financial Life Insurance Company, Attention: Customer Care Group, 6400 C Street SW, Cedar Rapids, IA 52499, (800)525-6205.

Annuitant - The person on whose life any annuity payments involving life contingencies will be based.

Annuity Commencement Date - The date upon which annuity payments are to commence. This date may not be later than the last day of the Policy month following the month in which the Annuitant attains age 99 (earlier if required by state law).

Fixed Account - One or more Investment Options under the Policy that are part of our general assets and are not in the Separate Account.

Investment Option(s) - The Subaccounts and the Fixed Account.

Owner (You, Your) - The person who may exercise all rights and privileges under the Policy.

Policy - The Transamerica Advisory Annuity, an individual deferred, flexible premium variable annuity. Also referred to as the contract.

Policy Date - The date shown on the Policy data page attached to the Policy and the date on which the Policy becomes effective.

Policy Year - A Policy Year begins on the Policy Date and on each anniversary thereafter.

Policy Value - On or before the Annuity Commencement Date, the Policy Value is equal to the Owner's:

•	premium payments; minus
•	withdrawals; plus
•	interest credited in the Fixed Account; plus
•	accumulated gains in the Separate Account; minus
•	accumulated losses in the Separate Account; minus
•	service charges, rider fees, premium taxes, transfer fees, and other charges (including those imposed upon termination), if any.

Portfolio Company(ies) - The investment company(ies) made available as Investment Options under the Policy. Also referred to as underlying fund portfolios.

Separate Account Value - The portion of the Policy Value that is invested in the Separate Account.

Subaccount - A subdivision within the Separate Account, the assets of which are invested in a specified Underlying Fund Portfolio .

Table of Contents

summary of policy features that have changed

The information in this Updating Summary Prospectus is a summary of certain Policy features that have changed since the last current Prospectus. This may not reflect all of the changes that have occurred since You entered into Your Policy.

•	For changes in the names of certain portfolios and/or Advisers/Subadvisors please refer to the Appendix - Portfolio Companies Available Under the Policy.
•	For updated portfolio expense information please refer to Important Information You Should Consider About This Policy and the Appendix - Portfolio Companies Available Under the Policy.
•	For updated portfolio performance information please refer to the Appendix - Portfolio Companies Available Under the Policy.

Table of Contents

important INFORMATION you should consider about the policy

	FEES AND EXPENSES			Location in Prospectus
Charges for Early Withdrawal	There are no surrender charges.			Annuity Policy Fee Tables and Expense Examples
Transaction Charges	You may be assessed a special service fee. Special Service Fee. We reserve the right to deduct a charge for special services, including overnight delivery, duplicate policies, handling insufficient checks on new business, duplicate Form 1099 and Form 5498 tax forms, check copies, printing and mailing previously submitted form, and asset verification requests from mortgage companies.			Annuity Policy Fee Tables and Expense Examples Expenses – Transaction Expenses
Ongoing Fees and Expenses (annual charges)	The table below describes the fees and expenses that You may pay each year, depending on the options You choose. Please refer to Your Policy specifications page for information about the specific fees You will pay each year based on the options You have elected.			Annuity Policy Fee Tables and Expense Examples Base Contract Expenses Appendix – Portfolio Companies Available Under the Policy
	Annual Fee	Minimum	Maximum
	Base Policy¹	0.30%	2.30%
	Portfolio Company (fund fees and expenses)²	0.10%	0.50%
	Optional Benefit Expenses (if elected)¹	0.20%
	¹ As a percentage of average Policy Value.
	² As a percentage of Portfolio Company assets.
	Because Your Policy is customizable, the choices You make affect how much You will pay. To help You understand the cost of owning Your Policy, the following table shows the lowest and highest cost You could pay each year based on current charges. This estimate assumes that You do not take withdrawals from the Policy.
	Lowest Annual Cost $435	Highest Annual Cost $435
	Assumes:	Assumes:
	• Investment of $100,000 • 5% annual appreciation • Least expensive Portfolio Company fees and expenses • No optional benefits • No sales charges • No additional purchase payments, transfers, or withdrawals	• Investment of $100,000 • 5% annual appreciation • Most expensive combination of optional benefits and Portfolio Company fees and expenses • No sales charges • No additional purchase payments, transfers, or withdrawals
	RISKS			Location in Prospectus
Risk of Loss	You can lose money by investing in this Policy.			Principal Risks of Investing in the Policy

Table of Contents

	RISKS	Location in Prospectus
Not a Short-Term Investment	This Policy is not a short-term investment and is not appropriate for an investor who needs ready access to cash. The benefits of tax deferral and living benefit protection also means the Policy is more beneficial to investors with a long time horizon.	Principal Risks of Investing in the Policy Tax Information
Risks Associated with Investment Options	• An investment in this Policy is subject to the risk of poor investment performance and can vary depending on the performance of the Investment Options available under the Policy. • Each Investment Option, has its own unique risks. • You should review the prospectuses for the available Portfolio Companies before making an investment decision.	Principal Risks of Investing in the Policy Appendix: Portfolio Companies Available Under the Policy
Insurance Company Risks	Any obligations, guarantees, and benefits under the Policy are subject to our claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to You. More information about Transamerica Life Insurance Company or Transamerica Financial Life Insurance Company, including our financial strength ratings, is available by visiting transamerica.com or by calling toll-free (800)525-6205.	Principal Risks of Investing in the Policy Information About Us Financial Condition
	RESTRICTIONS	Location in Prospectus
Investments	• We reserve the right to limit transfers in circumstances of large or frequent transfers. • We reserve the right to remove or substitute the Portfolio Companies that are available as Investment Options under the Policy.	Market Timing and Disruptive Trading
Optional Benefits	• Withdrawals may reduce the value of an optional benefit by an amount greater than the value withdrawn, which could significantly reduce the value or even terminate the benefit. • We may stop offering an optional benefit at any time for new sales, which includes sales to the Owners who may want to purchase the benefit after they purchase the Policy.	Benefits Available Under the Policy
	TAXES	Location in Prospectus
Tax Implications	• Consult with a tax professional to determine the tax implications of an investment in and payments received under the Policy. • If You purchase the Policy as an individual retirement account or through a tax qualified plan, You do not get any additional tax benefit. • You will generally not be taxed on increases in the value of Your Policy until they are withdrawn. Earnings on Your Policy are taxed at ordinary income tax rates when withdrawn, and You may have to pay a penalty if You take a withdrawal before age 59 ½.	Tax Information

Table of Contents

	CONFLICT OF INTEREST	Location in Prospectus
Investment Professional Compensation	Your investment professional may receive compensation for selling this Policy to You, in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash compensation. Our affiliate, Transamerica Capital, Inc. (“TCI”) is the principal underwriter and may share the revenue we earn on this Policy with Your investment professional’s firm. In addition, we may pay all or a portion of the cost of affiliates’ operating and other expenses. This conflict of interest may influence Your investment professional to recommend this Policy over another investment for which the investment professional is not compensated or compensated less.	Distribution of the Policies
Exchanges	If You already own an insurance Policy, some investment professionals may have a financial incentive to offer You a new Policy in place of the one You own. You should only exchange a Policy You already own if You determine, after comparing the features, fees, and risks of both policies, that it is better for You to purchase the new Policy rather than continue to own Your existing Policy.	Exchanges and/or Reinstatements

Table of Contents

APPENDIX

PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY

The following is a list of current Portfolio Companies available under the Policy, which are subject to change as discussed in this prospectus.

Certain Subaccounts may not be available in all states, at all times or through all financial intermediaries. We may discontinue offering any Subaccount at any time. In some cases, a Subaccount not available through a financial intermediary may be obtained by contacting us directly. For more information on the options available for electing a Subaccount, please contact Your financial intermediary or our Administrative Office.

More information about the Portfolio Companies is available in the prospectuses for the Portfolio Companies, which may be amended from time to time and can be found online at http://dfinview.com/Transamerica/TAHD/89390D540?site=VAVUL. You can also request this information at no cost by calling our Administrative Office at (800)525-6205.

The current expenses and performance below reflects fee and expenses of the Portfolio Companies, but do not reflect the other fees and expenses that your Policy may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Portfolio Company’s past performance is not necessarily an indication of future performance.

Investment Objective	Underlying Fund Portfolio and Adviser/Sub-adviser⁽¹⁾	Current Expenses	Average Annual Total Returns (as of 12/31/21)
Investment Objective	Underlying Fund Portfolio and Adviser/Sub-adviser⁽¹⁾	Current Expenses	1 year	5 years	10 years
Investment Objective: To achieve long-term capital appreciation.	DFA VA Equity Allocation Portfolio Advised by: Dimensional Fund Advisors LP	0.50%	24.37%	N/A	N/A
Investment Objective: Provide a market rate of return for a fixed income portfolio with low relative volatility of returns.	DFA VA Global Bond Portfolio - Institutional Class Advised by: Dimensional Fund Advisors LP	0.24%	-1.04%	1.68%	1.90%
Investment Objective: To see total return consisting of capital appreciation and current income.	DFA VA Global Moderate Allocation Portfolio Advised by: Dimensional Fund Advisors LP	0.46%	14.20%	9.87%	8.11%
Investment Objective: To achieve long-term capital appreciation.	DFA VA International Small Portfolio Advised by: Dimensional Fund Advisors LP	0.40%	14.56%	10.12%	10.04%
Investment Objective: To achieve long-term capital appreciation.	DFA VA International Value Portfolio Advised by: Dimensional Fund Advisors LP	0.28%	18.11%	7.00%	6.52%
Investment Objective: To achieve a stable real return in excess of the rate of inflation with minimum risk.	DFA VA Short-Term Fixed Portfolio Advised by: Dimensional Fund Advisors LP	0.21%	-0.19%	1.10%	0.78%
Investment Objective: To achieve long-term capital appreciation.	DFA VA U.S. Large Value Portfolio Advised by: Dimensional Fund Advisors LP	0.21%	27.04%	10.52%	13.50%
Investment Objective: To achieve long-term capital appreciation.	DFA VA U.S. Targeted Value Portfolio Advised by: Dimensional Fund Advisors LP	0.29%	39.68%	10.45%	13.60%
Investment Objective: Seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500^® Index.	Transamerica S&P 500 Index VP - Service Class⁽³⁾ Advised by: SSGA Funds Management, Inc.	0.39%	28.14%	N/A	N/A
Investment Objective: To provide long-term capital appreciation and reasonable current income.	Vanguard ^® VIF Balanced Portfolio Advised by: Wellington Management Company, LLP	0.20%	19.01%	12.32%	11.40%
Investment Objective: To provide long-term capital appreciation.	Vanguard ^® VIF Capital Growth Portfolio Advised by: PRIMECAP Management Company	0.34%	17.86%	24.24%	19.15%
Investment Objective: To provide current income and low to moderate capital appreciation.	Vanguard ^® VIF Conservative Allocation Portfolio Advised by: The Vanguard Group, Inc.	0.13%	5.99%	8.09%	7.16%

Table of Contents

PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY — (Continued)

Investment Objective	Underlying Fund Portfolio and Adviser/Sub-adviser⁽¹⁾	Current Expenses	Average Annual Total Returns (as of 12/31/21)
Investment Objective	Underlying Fund Portfolio and Adviser/Sub-adviser⁽¹⁾	Current Expenses	1 year	5 years	10 years
Investment Objective: To provide long-term capital appreciation and income.	Vanguard ^® VIF Diversified Value Portfolio Advised by: Barrow, Hanley, Mewhinney, & Strauss, LLC	0.28%	30.47%	13.52%	13.15%
Investment Objective: To provide an above-average level of current income and reasonable long-term capital appreciation.	Vanguard ^® VIF Equity Income Portfolio Advised by: Wellington Management Company, LLP and Vanguard's Equity Investment Group	0.30%	25.33%	12.35%	13.06%
Investment Objective: Seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks.	Vanguard ^® VIF Equity Index Portfolio Advised by: Wellington Management Company, LLP and Vanguard's Equity Investment Group	0.14%	28.55%	18.31%	16.39%
Investment Objective: Seeks to track the performance of a benchmark index that measures the investment return of the global, investment-grade, fixed income market.	Vanguard ^® VIF Global Bond Index Portfolio Advised by: The Vanguard Group, Inc.	0.13%	-1.85%	N/A	N/A
Investment Objective: Seeks to provide long-term capital appreciation.	Vanguard ^® VIF Growth Portfolio Advised by: Jackson Square Partners, Wellington Management Company, LLP	0.41%	17.86%	24.24%	19.14%
Investment Objective: Seeks to provide a high level of current income.	Vanguard ^® VIF High Yield Bond Portfolio Advised by: Wellington Management Company, LLP	0.26%	3.68%	5.69%	6.05%
Investment Objective: Seeks to provide long-term capital appreciation.	Vanguard ^® VIF International Portfolio Advised by: Baillie Gifford Overseas Ltd., M&G Investment Management Limited, and Schroder Investment Management North America Inc.	0.38%	-1.54%	20.47%	13.57%
Investment Objective: Seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks.	Vanguard ^® VIF Mid-Cap Index Portfolio Advised by: Vanguard Equity Investment Group	0.17%	24.36%	15.72%	14.97%
Investment Objective: Seeks to provide capital appreciation and a low to moderate level of current income.	Vanguard ^® VIF Moderate Allocation Portfolio Advised by: The Vanguard Group, Inc.	0.12%	10.07%	10.31%	9.21%
Investment Objective: Seeks to provide current income while maintaining liquidity and a stable share price of $1.	Vanguard ^® VIF Money Market Portfolio⁽²⁾ Advised by: Vanguard's Fixed Income Group	0.15%	0.02%	1.15%	0.67%
Investment Objective: Seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity REIT's.	Vanguard ^® VIF Real Estate Index Portfolio Advised by: Vanguard Equity Investment Group	0.26%	40.21%	11.25%	11.43%
Investment Objective: Seeks to provide current income while maintaining limited price volatility.	Vanguard ^® VIF Short-Term Investment-Grade Portfolio Advised by: Vanguard's Fixed Income Group	0.14%	-0.45%	2.74%	2.48%
Investment Objective: Seeks to track the performance of a broad, market-weighted bond index.	Vanguard ^® VIF Total Bond Market Index Portfolio Advised by: Vanguard's Fixed Income Group	0.14%	-1.72%	3.50%	2.77%
Investment Objective: Seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in developed and emerging markets, excluding the United States.	Vanguard ^® VIF Total International Stock Market Index Portfolio Advised by: The Vanguard Group, Inc.	0.10%	8.53%	N/A	N/A
Investment Objective: Seeks to track the performance of a benchmark index that measures the investment return of the overall stock market.	Vanguard ^® VIF Total Stock Market Index Portfolio Advised by: The Vanguard Group, Inc.	0.13%	25.64%	17.79%	16.13%

⁽¹⁾	Some Subaccounts may be available for certain policies and may not be available for all policies. You should work with Your financial

Table of Contents

PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY — (Continued)

intermediary to decide which Subaccount(s) may be appropriate for you based on a thorough analysis of your particular insurance needs, financial objective, investment goals, time horizons, and risk tolerance.

⁽²⁾	There can be no assurance that any money market portfolio offered under this policy will be able to maintain a stable net asset value per share during extended periods of low interest rates, and partly as a result of policy charges, the yield on the money market Subaccount may become extremely low and possibly negative.
⁽³⁾	Effective on or about May 1, 2022, Transamerica S&P 500 Index VP sub-advised by SSGA Fund Management will be made available.

There are no Portfolios that have been closed to new investments or new investors.

Table of Contents

The Prospectus and Statement of Additional Information (SAI) include additional information. The Prospectus and SAI which have the same effective date as this summary prospectus are incorporated by reference as amended or supplemented. The Prospectus and SAI are available without charge upon request. For a free copy call us at (800)525-6205 or write us at:

Transamerica Life Insurance Company or Transamerica Financial Life Insurance Company
6400 C Street S.W.

Cedar Rapids, IA 52499

Reports and other information about the Separate Account are available on the SEC’s website at sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

EDGAR Contract Identifier No. is #C000216251 for TLIC and #C000216253 for TFLIC