SEC Info - Thrivent Variable Annuity Account B, et al.

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		Alternative Formats (Word, et al.) Accumulated Value of Your Contract Addition, Deletion, Combination, or Substitution of Investments Administrative Expense Aggregation of Contracts Allocation of Premium Allocation of Premiums Amount of Variable Annuity Payments Annuity Commencement Date Annuity Payments Annuity Period Annuity Proceeds Anti-Money Laundering Appendix Appendix: Portfolios Available Under the Contract Asset Rebalancing Assignments Assignments, Pledges, and Gratuitous Transfers Benefits Available Under the Contract Charges Contract or Registrant Changes Date of Receipt Death Benefit After the Annuity Commencement Date Death Benefit Before the Annuity Commencement Date Direct Rollovers Distribution of the Contracts Dollar Cost Averaging Entire Contract Exchanges of Annuity Contracts Expenses of the Fund Federal Income Tax Withholding Fee Table Financial Statements Fixed Account Frequency of Annuity Payments Frequent Trading Among Subaccounts and Other Transactions Gender Neutral Benefits General General Account General Description of the Contracts General Description of the Registrant, Depositor and Portfolios General Information and History How to Contact Us Independent Registered Public Accounting Firm Key Information Legal Proceedings Loans Maintenance of Solvency Minimum Accumulated Value Mortality and Expense Risk Charge Msci Disclaimer Net Investment Factor Overview of the Contract Partial Annuitization Penalty Tax on Premature Distributions Postponement of Payments Principal Risks of Investing in the Contract Purchase of Securities Being Offered Purchase Payments Purchases and Contract Value Qualified Plans Reports to Contract Owners Services Special Terms Standard and Poor's Disclaimer Subaccount Annuity Unit Value Subaccount Valuation Sufficiency of Charges Surrenders and Withdrawals Taxation of Annuities in General Taxation of Annuity Income Payments Taxation of Partial and Full Surrenders Tax Deferral During Accumulation Period Taxes Tax Status of the Variable Account Tax Treatment of Death Benefit Telephone and Online Transactions Timely Processing Transfers Underwriters Voting
1	1st Page – Filing Submission
"	Key Information
"	Overview of the Contract
"	Fee Table
"	Principal Risks of Investing in the Contract
"	General Description of the Registrant, Depositor and Portfolios
"	Voting
"	Charges
"	Administrative Expense
"	Mortality and Expense Risk Charge
"	Expenses of the Fund
"	Sufficiency of Charges
"	Maintenance of Solvency
"	General Description of the Contracts
"	Entire Contract
"	Allocation of Premiums
"	Asset Rebalancing
"	Dollar Cost Averaging
"	General Account
"	Contract or Registrant Changes
"	Addition, Deletion, Combination, or Substitution of Investments
"	Frequent Trading Among Subaccounts and Other Transactions
"	Assignments
"	Anti-Money Laundering
"	Reports to Contract Owners
"	Gender Neutral Benefits
"	Annuity Period
"	Annuity Commencement Date
"	Annuity Proceeds
"	Partial Annuitization
"	Frequency of Annuity Payments
"	Amount of Variable Annuity Payments
"	Subaccount Annuity Unit Value
"	Death Benefit After the Annuity Commencement Date
"	Benefits Available Under the Contract
"	Death Benefit Before the Annuity Commencement Date
"	Purchases and Contract Value
"	Allocation of Premium
"	Fixed Account
"	Accumulated Value of Your Contract
"	Subaccount Valuation
"	Net Investment Factor
"	Minimum Accumulated Value
"	Transfers
"	Purchase Payments
"	Date of Receipt
"	Surrenders and Withdrawals
"	Telephone and Online Transactions
"	Timely Processing
"	Postponement of Payments
"	Loans
"	Taxes
"	General
"	Tax Status of the Variable Account
"	Taxation of Annuities in General
"	Tax Deferral During Accumulation Period
"	Taxation of Partial and Full Surrenders
"	Taxation of Annuity Income Payments
"	Tax Treatment of Death Benefit
"	Assignments, Pledges, and Gratuitous Transfers
"	Penalty Tax on Premature Distributions
"	Aggregation of Contracts
"	Exchanges of Annuity Contracts
"	Qualified Plans
"	Direct Rollovers
"	Federal Income Tax Withholding
"	Legal Proceedings
"	Financial Statements
"	Distribution of the Contracts
"	How to Contact Us
"	Special Terms
"	Appendix: Portfolios Available Under the Contract
"	Appendix
"	General Information and History
"	Services
"	Purchase of Securities Being Offered
"	Underwriters
"	Annuity Payments
"	Standard and Poor's Disclaimer
"	Msci Disclaimer
"	Independent Registered Public Accounting Firm

As filed with the U.S. Securities and Exchange Commission on April 26, 2023

1933 Act Registration No. 333-76154
1940 Act registration No. 811-07934

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-4

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	☒
Pre-Effective Amendment No.	☐
Post-Effective Amendment No. 22	☒
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	☒
Amendment No. 39	☒

THRIVENT VARIABLE ANNUITY ACCOUNT B

(Exact Name of Registrant)

Thrivent Financial for Lutherans

(Name of Depositor)

600 Portland Ave. S., Suite 100
Minneapolis, Minnesota 55415

(Address of Depositor's Principal Executive Offices)

Depositor’s Telephone Number, including Area Code: 920-628-2347

Cynthia K. Mueller

4321 North Ballard Road
Appleton, WI 54919

(Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box):

☐	immediately upon filing pursuant to paragraph (b) of Rule 485
☒	on April 30, 2023 pursuant to paragraph (b) (1) of Rule 485
☐	60 days after filing pursuant to paragraph (a)(1) of Rule 485
☐	on (date) pursuant to paragraph (a)(1) of Rule 485
☐	75 days after filing pursuant to paragraph (a)(2) of Rule 485
☐	on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

☐	this post-effective amendment designates a new effective date for a previously filed post-effective amendment

Key Information

Important Information You Should Consider About the Contract

FEES AND EXPENSES				Location in Statutory Prospectus
Charges for Early Withdrawals	There are no charges for making a full or partial surrender.
Transaction Charges	There may be charges for other transactions. You will pay a charge if you request a wire transfer of funds from your Contract to another financial institution. Your financial institution may also charge a fee to receive a wire. You will also pay a charge if you request to have a check sent to you using an overnight mail service.			Fee Table – 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 Contract specifications page for information about the specific fees you will pay each year based on the options you have elected.			Charges
	Annual Fee	Minimum	Maximum
	Base Contract (as a percentage of average daily Accumulated Value or Annuity Unit Value)	0.0%	1.25%
	Investment Options ( Portfolio fees and expenses as a percentage of daily net assets) Expenses may be higher or lower in future years. More detail is contained in the prospectus for each Portfolio.	0.23%	1.24%
	Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, 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 Contract, which could add surrender charges that substantially increase costs.
	Lowest Annual Cost: $1,354	Highest Annual Cost: $2,521
	Assumes:	Assumes:
	Investment of $100,000	Investment of $100,000
	5% annual appreciation	5% annual appreciation
	Least expensive Portfolio fees and expenses	Most expensive combination of Portfolio fees and expenses
	No optional benefits or riders	No optional benefits or riders
	No sales charges	No sales charges
	No additional purchase payments, transfers or withdrawals	No additional purchase payments, transfers or withdrawals

RISKS		Location in Statutory Prospectus
Risk of Loss	You can lose money investing in the Contract.	Principal Risks of Investing in the Contract
Not a Short-Term Investment	The Contract is not a short-term investment and is not appropriate for you if you need ready access to cash.	Principal Risks of Investing in the Contract
Risk Associated with Investment Options	An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the Portfolios available under the Contract. Each investment option (including the Fixed Account) will have its own unique risks, and you should review the prospectuses for the Portfolios before making an investment decision.	Principal Risks of Investing in the Contract
Insurance Company Risks	Any obligations, guarantees or benefits are subject to the claims-paying ability of Thrivent. More information about Thrivent, including its financial strength ratings, is available upon request by calling (800) 847-4836 or by sending an email to mail@thrivent.com.	Principal Risks of Investing in the Contract
RESTRICTIONS		Location in Statutory Prospectus
Investments	The total amount transferred each time must be at least $200 (unless the total value in the Subaccount or the Fixed Account is less than $200, in which case the entire amount may be transferred). We reserve the right to limit the number of transfers in any Contract Year, although we will always allow at least 12 transfers a year. With respect to the Fixed Account, transfers out of the Fixed Account are limited to only one each Contract Year and must be made on or within 45 days after a Contract Anniversary. We reserve the right to add, delete, combine or substitute investment options.	Purchases and Contract Value – Fixed Account
TAXES		Location in Statutory Prospectus
Tax Implications	You should consult with a tax professional to determine the tax implications of an investment in and withdrawals or benefits received under the Contract. There is no additional tax benefit if the Contract is purchased through a tax-qualified plan or individual retirement account (IRA). Withdrawals will be subject to ordinary income tax and may be subject to a 10% federal tax penalty, if under age 59 1∕2 and no exception applies.	Taxes
CONFLICTS OF INTEREST		Location in Statutory Prospectus
Investment Professional Compensation	The financial advisor or professional will receive trailing commissions based on the Contract’s Accumulated Value. Financial advisors or professionals may have an incentive to offer or recommend the Contract over another investment.	Distribution of the Contracts
Exchanges	Some financial advisors or professionals may have a financial incentive to offer you a new contract in place of the one you already own. You should only exchange your Contract if you determine, after comparing the features, fees, and risks of both contracts, that it is preferable for you to purchase the new Contract rather than continue to own the existing contract.	Taxes – Exchanges of Annuity Contracts

Overview of the Contract

What is the Contract, and what is it designed to do?

The Contract is an individual flexible premium deferred variable annuity contract intended to help you accumulate assets for retirement or other long-term goals, through an investment in one or more portfolios and the Fixed Account.

When you are ready to take money out of the annuity, the contract offers withdrawals on an ad hoc or systematic basis. Annuities provide you the option of electing from several types of annuity payments (Settlement Options), that can be guaranteed for a set timeframe or for your lifetime.

For whom is the Contract appropriate?

The Contract may be appropriate if you have a long-term investment horizon. It is not appropriate for people who may need to make early or frequent withdrawals or who intend to engage in frequent trading.

What are the phases of the Contract?

The Contract has two phases, the accumulation phase and the income phase.

During the accumulation phase, you may make premium payments and transfer Accumulated Value between the various investment options and the Fixed Account, subject to some limitations. Additional information about the available investment options can be found in the Appendix at the end of this document.

The income phase begins when we begin to make payment to you. If you elect to annuitize, you may have all or part of your Contract’s Accumulated Value converted into guaranteed annuity payments (a Settlement Option).

What are the Contract’s primary features?

Investment Options: The Contract provides the opportunity for tax-deferred growth by allocating the Accumulated Value to a variety of investment options and the Fixed Account.

Tax Treatment: The premium payments you put into the Contract have the potential to accumulate on a tax-deferred basis. This means earning are not taxed until money is paid out of the Contract.

Dollar Cost Averaging: You may choose Dollar Cost Averaging, which allows you to have automatic periodic transfers made to one or more of the variable investment options. Dollar Cost Averaging allows such investments to be made in installments over time.

Asset Rebalancing: You may choose the Automatic Asset Rebalancing Program, which transfers your Accumulated Value among variable Portfolios on a regular basis according to your instructions. This can help you select a specific asset allocation and maintain it over time.

Death Benefits: The Contract has a Death Benefit if an Annuitant dies in the accumulation phase.

Settlement Options: You may elect to convert some or all of your Accumulated Value into guaranteed annuity payments from us. A Death Benefit, if any, would then depend on the option selected.

Fee Table

The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering or making withdrawals from the Contract. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected.

The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrender or make withdrawals from the Contract, or transfer Accumulated Value between investment options. State premium taxes are not currently deducted.

Transaction Expenses
Sales Load Imposed on Purchases (as a percentage of purchase payments)	0%
Surrender Charge (as a percentage of excess amount being surrendered)	0%1
Transfer Charge	$02

The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including Portfolio fees and expenses).

Annual Contract Expenses	Maximum	Current
Administrative Expense	$303	$30
Base Contract Expenses2
Mortality and Expense Risk Charge	1.25%4	1.10%

As a fraternal benefit society, Thrivent is also required to have a Maintenance of Solvency provision. For a complete discussion on the Maintenance of Solvency provision, see Maintenance of Solvency in the statutory prospectus.

1When the Contracts were originally issued, there was a six-year surrender charge period. All Contracts are now out of the surrender charge period.

2You are allowed 12 transfers each Contract Year.

3A $30 annual administrative charge is deducted on each Contract Anniversary only if, on that Contract Anniversary, the total of premiums paid under the Contract minus all prior surrenders is less than $5,000 and the Accumulated Value is less than $5,000. The $30 fee is a Contract charge and is deducted proportionately from the Subaccounts and the Fixed Account that make up the Contract’s Accumulated Value.

4The current charge for mortality and expense risk fees is equal to an annual rate of 1.10%, and we guarantee that this charge will never exceed an annual rate of 1.25%. See Charges —Mortality and Expense Risk Charge. A contract pending payout due to a death claim is charged based on the average daily net assets of the Variable Account and is equal to an annual rate of 0.95%.

The next table shows the minimum and maximum total annual operating expenses charged by the Portfolios that you may pay periodically during the time that you own the Contract. A complete list of the Portfolios corresponding to Subaccounts available under the Contract, including their annual expenses, may be found at the back of this document in the Appendix.

Annual Portfolio Company Expenses	Minimum	Maximum
Expenses that are deducted from Portfolio assets, including management fees, distribution and/or service (12b-1) fees, and other expenses	0.23%	1.24%
Expenses after reimbursements and/or fee waivers	0.23%	1.15%4

4The Expenses after reimbursements and/or fee waivers line in the above table shows the minimum and maximum fees and expenses charged by all of the Portfolios after taking into account contractual fee waiver or reimbursement arrangements in place. Those contractual arrangements are designed to reduce Annual Portfolio Company Expenses and will continue for at least one year from the date of this prospectus

Principal Risks of Investing in the Contract

This annuity has some risks which may include the following:

♦

Risk of Loss. You can lose money by investing in the Contract, including loss of principal. Neither the U.S. Government nor any federal agency insures or guarantees your investment in the Contract.

♦

Risks Associated with Variable Investment Options. You bear all the investment risk for amounts allocated to one or more of the Portfolios, which invest in underlying Funds. If the Portfolios you select increase in value, then your Accumulated Value goes up; if they decrease in value, your Accumulated Value goes down. How much your Accumulated Value goes up or down depends on the performance of the Portfolios. We do not guarantee the investment results of any Portfolio. An investment in the Contract is subject to the risk of poor investment performance, and the value of your investment can vary depending on the performance of the selected Portfolio(s), each of which has its own unique risks. You should review the prospectus for the Portfolio before making an investment decision.

♦

Short-Term Investment Risk. The Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. The benefits of tax deferral, and long-term income protections, also mean that the Contract is more beneficial to investors with a long-time horizon.

♦

Insurance Company Risk. An investment in the Contract is subject to the risks related to Thrivent. Any obligations, guarantees, and benefits of the Contract are subject to the claims-paying ability of Thrivent.

♦

Fixed Account Risk. Amounts invested in the Fixed Account will be subject to the financial strength and claims-paying ability of Thrivent.

♦

Investment Restrictions. We reserve the right to limit transfers in any Contract Year, although, we will always allow at least 12 transfers a year. In any Contract Year, only one of your allowed transfers may be from the Fixed Account. Any transfer from the Fixed Account must be made on or within 45 days after a Contract Anniversary. We may impose limits on the minimum and maximum amounts that you may invest or other transaction limits that may limit your use of the Contract. In addition, we reserve the right to add, remove or substitute investment options.

♦

Premium Payment Risk. The maximum aggregate Premiums you may make without our prior approval is $1 million.

♦

Fees and Charges. Deduction of Contract fees and charges may result in loss of principal. We reserve the right to increase the fees and charges under the Contract up to the maximum guaranteed fees and charges stated in your Contract.

♦

Possible Adverse Tax Consequences. The tax considerations associated with the Contract vary and can be complicated. The applicable tax rules can differ, depending on the type of Contract, whether non-qualified, traditional IRA or Roth IRA. Before making contributions to your Contract or taking other action related to your Contract, you should consult with a tax professional to determine the tax implications of an investment in, and payments received under, the Contract.

♦

Risks Affecting our Administration of Your Contract. We and our service providers and business partners are subject to certain risks, including those resulting from system failures, cybersecurity events, the coronavirus (COVID-19) pandemic and other pandemics and epidemics, and other disasters. Such events can adversely impact us and our operations. These risks are common to all insurers and financial service providers.

♦

Alternatives to the Contract. Other contracts or investments may provide more favorable returns or benefits, as well as lower costs, than the Contract.

♦

Potentially Harmful Trading Activity. The Contract is not designed for frequent trading by anyone. Frequent trading may disrupt the underlying Portfolios and could negatively impact performance, by interfering with efficient management and reducing long-term returns, and increasing administrative costs. To protect Owners and the underlying Portfolios, we have policies and procedures to deter frequent trading between and among the Portfolios. We cannot guarantee that these policies and procedures will be effective in detecting and preventing all trading activity that could potentially disadvantage or hurt the rights or interests of other Owners.

♦

Cybersecurity Risk. We and our service providers may be susceptible to operational, information security, and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems to misappropriate assets or sensitive information, corrupt data, or otherwise disrupt operations. Cyber incidents affecting us, a Subaccount, or service providers have the ability to disrupt and impact business operations, potentially resulting in financial losses, by interfering with the ability to calculate Subaccount values, corrupting data or preventing parties from sharing information necessary for our operations, preventing or slowing transactions, stopping you from making transactions, potentially subjecting us to regulatory fines and penalties, and creating additional compliance costs. Similar types of cyber security risks are also present for issuers or securities in which the Subaccounts may invest, which could result in material adverse consequences for such issuers and may cause the Subaccounts’ investments in such companies to lose value. While we and our service providers have established business continuity plans in the event of such cyber incidents, there are inherent limitations in such plans and systems. Additionally, while we do have control frameworks and we do perform due diligence on our providers, we cannot fully control the cybersecurity plans and systems put in place by our service providers or any other third parties whose operations may affect the Subaccounts or your Contract. Although we attempt to minimize such failures through controls and oversight, it is not possible to identify all of the operation risks that may affect the Subaccounts or your Contract, or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures or other disruptions in service. The value of an investment in a Subaccount may be adversely affected by the occurrence of the operational errors or failures or technological issues or other similar events and you may bear costs tied to these risks.

General Description of the Registrant, Depositor and Portfolios

Depositor

Thrivent Financial for Lutherans (“Thrivent”) is the Depositor of the Contract and is located at 600 Portland Ave S., Suite 100 Minneapolis, MN 55415.

Thrivent

Thrivent is a not-for-profit financial services membership organization of Christians helping our members achieve financial security and give back to their communities. We were organized in 1902 as a fraternal benefit society under Wisconsin law, and comply with Internal Revenue Code Section 501(c)(8). We are licensed to sell insurance in all states and the District of Columbia.

For more information, visit Thrivent.com.

Registrant

Thrivent Variable Annuity Account B is the Registrant for the Contract.

The Variable Account is a separate account of ours, which became available in 1994. The Variable Account meets the definition of a “separate account” under the federal securities laws. The Variable Account is registered with the Securities and Exchange Commission (the “SEC”) as a unit investment trust under the Investment Company Act of 1940 (the “1940 Act”). This registration does not involve supervision by the SEC of the management or investment policies or practices of the Variable Account.

We own the assets of the Variable Account, and we are not a trustee with respect to such assets. However, the Wisconsin laws under which the Variable Account is operated provide that the Variable Account shall not be chargeable with liabilities arising out of any other business we may conduct. The Variable Account will be fully funded at all times for the purposes of federal securities laws. We may transfer to our General Account assets of the Variable Account which exceed the reserves and other liabilities of the Variable Account.

Income and realized and unrealized gains and losses from each Subaccount of the Variable Account are credited to or charged against that Subaccount without regard to any of our other income, gains or losses. We may accumulate in the Variable Account the charge for mortality and expense risk, mortality gains and losses and investment results applicable to those assets that are in excess of net assets supporting the Contracts.

1.Income, gains, and losses credited to, or charged against, Thrivent Variable Annuity Account B reflect the investment experience of Thrivent Variable Annuity Account B and not the investment experience of Thrivent’s other assets;

2.the assets of Thrivent Variable Annuity Account B may not be used to pay any liabilities of Thrivent other than those arising from the Contracts; and

3.Thrivent is obligated to pay all amounts promised to investors under the Contracts.

Portfolios

Information regarding each Portfolio, including its name, investment type, investment advisor and sub-advisor (if applicable), current expenses and performance is available in the Appendix to this prospectus. Each Portfolio has issued a prospectus containing more detailed information. You can view these online at dfinview.com/Thrivent/VariableAnnuityB. You can also request paper copy by calling our Service Center at 1-800-847-4836, or by sending an email request to mail@thrivent.com.

Each Portfolio has its own investment objective, investment program, policies and restrictions. Although the investment objectives and policies of certain Portfolios may be similar to the investment objectives and policies of other Portfolios, we do not represent or assure you that the investment results will be comparable to any other Portfolio, even where the investment adviser or manager is the same. Differences in portfolio size, actual investments held, fund expenses, and other factors all contribute to differences in Portfolio performance. For all of these reasons, you should expect investment results to differ. In particular, certain Portfolios available only through the Contract may have names similar to portfolios not available through the Contract. The performance of a Portfolio not available through the Contract does not indicate performance of the similarly named Portfolio available through the Contract.

You should carefully review the prospectuses for the Portfolio(s) you select. You should periodically consider your allocation among the Portfolios in light of current market conditions and your investment goals, risk tolerance and financial circumstances. Each Portfolio prospectus provides more complete information about the Portfolios in which the Subaccounts invest, including investment objectives and policies, risks, charges, and expenses.

Voting

To the extent required by law, we will vote the Fund’s shares held in the Variable Account at regular and special shareholder meetings of the Fund in accordance with instructions received from persons having voting interests in the corresponding Subaccounts of the Variable Account. If, however, the 1940 Act or any regulation thereunder should be amended or if the present interpretation thereof should change, and as a result we determine that we are permitted to vote the Fund’s shares in our own right, we may elect to do so.

Before the Annuity Commencement Date, the Contract Owner shall have the voting interest with respect to shares of the Fund attributable to the Contract. On and after the Annuity Commencement Date, the person entitled to receive annuity payments shall have the voting interest with respect to such shares, which voting interest will generally decrease during the annuity period.

The number of votes which a Contract Owner or person entitled to receive annuity payments has the right to instruct will be calculated separately for each Subaccount. The number of votes which each Contract Owner has the right to instruct will be determined by dividing a Contract’s Accumulated Value in a Subaccount by the net asset value per share of the corresponding Portfolio in which the Subaccount invests. The number of votes which each person entitled to receive annuity payments has the right to instruct will be determined by dividing the Contract’s reserves in a Subaccount by the net asset value per share of the corresponding Portfolio in which the Subaccount invests. Fractional shares will be

counted. The number of votes of the Portfolio which the Contract Owner or person entitled to receive annuity payments has the right to instruct will be determined as of the date coincident with the date established by the Portfolio for determining shareholders eligible to vote at the meeting of the Funds. Voting instructions will be solicited by written communications prior to such meeting in accordance with procedures established by the Funds.

Any Portfolio shares held in the Variable Account for which we do not receive timely voting instructions, or which are not attributable to Contract Owners, will be voted by us in proportion to the instructions received from all Contract Owners. As a result of proportionate voting, a small number of Contract Owners could determine the outcome of the shareholder vote. Any Portfolio shares held by us or our affiliates in General Accounts will, for voting purposes, be allocated to all separate accounts of ours and our affiliates having a voting interest in that Portfolio in proportion to each such separate account’s votes. Voting instructions to abstain on any item to be voted upon will be applied on a pro rata basis to reduce the votes eligible to be cast.

Each person having a voting interest in a Subaccount will receive proxy materials, reports and other materials relating to the appropriate Portfolio.

Voting privileges are not applicable to the Fixed Account.

Charges

Administrative Expense

Your Contract includes an annual administrative expense charge of $30 to help us cover the expenses we incur in administrating your Contract, the Variable Account and the Subaccounts. On each Contract Anniversary prior to and including the Annuity Commencement Date, we will determine if this charge will be applied to your Contract. We apply the charge only on Contract Anniversaries on which the sum of premiums you have paid less the amount of any partial surrenders you have made is less than $5,000 and the Accumulated Value is less than $5,000. We deduct the charge from your Accumulated Value, allocating the deduction among the Subaccounts and the Fixed Account so that all accounts are reduced in value by the same percentage. Any such deduction from a Subaccount is made by selling Accumulation Units of the Subaccount. With our approval, you may specify a different allocation for the administrative charge.

Mortality and Expense Risk Charge

We assume certain financial risks associated with the Contracts. Those risks are of two basic types:

♦

Mortality Risk. This includes our risk that (1) Death Benefits paid before the Annuity Commencement Date will be greater than the Accumulated Value available to pay those benefits, and (2) Annuitant payments involving life incomes will continue longer than we expected due to lower than expected death rates of the persons receiving them.

♦

Expense Risk. This is the risk that the expenses, with respect to the Contracts, will exceed Contract charges.

As compensation for assuming these risks, we deduct a daily mortality and expense risk charge from the average daily net assets in the Variable Account. The current charge (0.003014% per day) is equal to an annual rate of 1.10% of the average daily net assets of each Subaccount in the Variable Account during the accumulation period. Contracts pending payout due to a death claim are charged at an annual rate of 0.95%. We may change this charge in the future, but we guarantee that it will never exceed an annual rate of 1.25% (0.003425% per day).

If the mortality and expense risk charge is insufficient to cover the actual cost of the mortality and expense risk assumed by us, we will bear the loss. We will not reduce annuity payments or increase the administrative charge to compensate for the insufficiency. If the mortality and expense risk charge proves more than sufficient, the excess will be profit available to us for any appropriate corporate purpose including, among other things, payment of sales expenses. See Sufficiency of Charges below.

Notwithstanding this charge, contract owners may be asked to add money under the Maintenance of Solvency provision described in Maintenance of Solvency below.

Expenses of the Fund

Because the Variable Account purchases shares of the Fund, the net assets of the Variable Account will reflect the investment advisory fees or other expenses incurred by the Fund. See the Fee Table and the current prospectus of the Portfolio.

Sufficiency of Charges

If the amount of all charges assessed in connection with the Contracts as described above is not enough to cover all expenses incurred in connection therewith, we will bear the loss. Any such expenses borne by us will be paid out of our General Account which may include, among other things, proceeds derived from risk charges deducted from the Variable Account. Conversely, if the amount of such charges proves more than enough, we will retain the excess.

If our reserves become impaired, Contract Owners may be asked to add money under the Maintenance of Solvency provision described in the Maintenance of Solvency section below.

Maintenance of Solvency

The Maintenance of Solvency provision is a legal requirement of a fraternal benefit society. The provision can come into play only when the reserves of a fraternal benefit society become impaired. That means there would be a serious concern with the financial position of the society. It is extremely unlikely that Thrivent would be in an impaired condition considering its financial position. In the extraordinary event that our reserves become impaired, you may be required to make an extra payment. This can happen only in the rare event that the insurance commissioner issued an order declaring us to be in a hazardous condition. If that happened, our Board of Directors would work with the commissioner to determine each member’s portion of the deficiency. You could submit additional funds, have the amount treated as a debt against the Contract, or take a reduction in benefits. Please be advised that a Maintenance of Solvency provision is applicable to all fraternal benefit societies, regardless of the financial position and ratings of the society. You may review our financial statements and reports from our independent public accounting firm in the Statement of Additional Information (SAI) found online at dfinview.com/Thrivent/VariableAnnuityB.

General Description of the Contracts

Entire Contract

Your entire insurance Contract is comprised of:

♦

the Contract including any attached rider(s), if any, endorsements or amendments;

♦

the application attached to the Contract; and

♦

the Thrivent Articles of Incorporation and Bylaws which are in effect on the issue date of the Contract.

Contract Owner, Beneficiaries and Annuitants

Unless another owner is named in the application, the Annuitant is the owner of the Contract and may exercise all of the owner’s rights under the Contract.

The Contract Owner may name a beneficiary to receive the Death Benefit payable under the Contract. If the beneficiary is not living on the date payment is due or if no beneficiary has been named, the Death Benefit will be paid to the estate of the Annuitant.

No Beneficiary change shall take effect unless received by the Society at its Service Center. When it is received, any change shall take effect as of the date the request for beneficiary change was signed, as long as the request for change was mailed or actually delivered to the Society while the insured was alive. Such beneficiary change shall be null and void where the Society has made a good faith payment of the proceeds or has taken other action before receiving the change.

Allocation of Premiums

You may allocate premiums under the Contract to one or more of the Subaccounts of the Variable Account and to the Fixed Account. Some of the Subaccounts may be unavailable in some states.

The Accumulated Value of the Contract in the Subaccounts and, except to the extent fixed amount annuity payments have been elected, the amount of annuity payments will vary, primarily based on the investment experience of the Portfolios whose shares are held in the Subaccounts designated. Premiums allocated to the Fixed Account will accumulate at fixed rates of interest declared by us, and will never be less than an effective rate of 3% per year.

Premiums will be allocated among the Subaccounts and the Fixed Account according to your allocation instructions, at the end of the Valuation Period in which we receive the premium.

Asset Rebalancing

On or before the Annuity Date, you may participate in an optional Asset Rebalancing Program that allows you to elect a specific asset allocation to maintain over time. The sum of the rebalancing percentages must be 100% and each rebalancing allocation percentage must be a whole number not greater than 100%. You may select any date (except the 29th, 30th, or 31st of a month) to begin the Asset Rebalancing Program and whether to have your Subaccounts reallocated semiannually or annually. The rebalancing will be done after all other transfers and allocations to or from the Subaccounts for the Valuation Day. The Asset Rebalancing Program does not allow you to include the Fixed Account in the rebalancing program. To participate in the Asset Rebalancing Program, complete the Asset Rebalancing Form at the time of your application or call 1-800-847-4836 to request an Asset Rebalancing Form. The program will not terminate automatically by transferring your allocations to another Subaccount.

Dollar Cost Averaging

You may establish a Dollar Cost Averaging Program to make periodic transfers of at least the minimum amount required from the Thrivent Money Market Subaccount to the other Subaccounts except the Fixed Account. If the remaining amount to be transferred drops below the amount you established, the entire remaining balance will be transferred on the next transfer date and the Dollar Cost Averaging Program will terminate. Transfers will be made automatically on the date you choose (except the 29th, 30th, or 31st of a month). Transfers will continue until the entire amount in the Thrivent Money Market Subaccount has been depleted or until you notify us to discontinue the program. In order to begin, terminate or resume the program, we must receive Notice.

General Account

The General Account is the general account of Thrivent, which consists of all assets of Thrivent other than those allocated to a Separate Account. Allocations to the Fixed Account are maintained in the General Account. Insurance benefits are paid from the General Account and are subject to Thrivent’s claims-paying ability.

Contract or Registrant Changes

Shares of Thrivent Portfolios are sold to other Portfolios, to other insurance company separate accounts of ours, and to other insurance company separate accounts not affiliated with us. We may, in the future, create new Portfolios. It is conceivable that in the future it may be disadvantageous for both variable annuity separate accounts and variable life insurance separate accounts to invest simultaneously in the Portfolio, although we do not foresee any such disadvantages

to either variable annuity or variable life insurance Contract Owners. The Portfolio’s management intends to monitor events in order to identify any material conflicts between such Contract Owners and to determine what action, if any, should be taken in response. Material conflicts could result from, for example:

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Changes in state insurance laws;

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Changes in Federal income tax law;

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Changes in the investment management of the Portfolio; or

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Differences in voting instructions between those given by the Contract Owners from the different separate accounts.

If we believe the responses of the Portfolio to any of those events or conflicts insufficiently protects Contract Owners, we may take appropriate action on our own. Such action could include the sale of shares by one or more of the separate accounts, which could have adverse consequences.

The Subaccounts will purchase and redeem from the corresponding Portfolios at net asset value. Shares will be redeemed to the extent necessary for us to collect charges under the Contracts, to make payments upon surrenders, to provide benefits under the Contracts, or to transfer assets from one Subaccount to another Subaccount, or the Fixed Account, as requested by Contract Owners. Any dividend or capital gain distribution received from a Portfolio of the Funds will be reinvested immediately at net asset value in that Portfolio and retained as assets of the corresponding Subaccount.

Addition, Deletion, Combination, or Substitution of Investments

At our sole discretion and to the fullest extent permitted by law, we reserve the right to make certain changes to the structure and operation of the Variable Account, including, among others, the right to:

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Remove, combine, or add Subaccounts and make the new Subaccounts available to you at our discretion;

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Substitute shares of another Portfolio, which may have differences such as (among other things) different fees and expenses, objectives, and risks, for shares of an existing Portfolio in which your Subaccount invests at our discretion;

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Substitute or close Subaccounts to allocations of premiums or Accumulated Value, or both, and to existing investments or the investment of future premiums, or both, at any time in our discretion;

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Transfer assets supporting the Contract from one Subaccount to another or from the Variable Account to another Variable Account;

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Combine the Variable Account with other variable accounts, and/or create new variable accounts;

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Deregister the Variable Account under the 1940 Act, or operate the Variable Account as a management investment company under the 1940 Act, or as any other form permitted by law; and

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Modify the provisions to reflect changes to the Subaccounts and the Variable Account and to comply with applicable law.

The Portfolios, which sell their shares to the Subaccounts, also may terminate these arrangements and discontinue offering their shares to the Subaccounts. We will not make any changes without receiving any necessary approval of the SEC and applicable state insurance departments. We will notify you of any changes.

Income, gains and losses, whether or not realized, from the assets in each Subaccount are credited to or charged against that Subaccount without regard to any of our other income, gains or losses. The value of the assets in the Variable Account is determined at the end of each Valuation Date.

If investment in any particular Portfolio is no longer possible, in our judgment becomes inappropriate for the purposes of the Contract, or for any other reason in our sole discretion, we may close or combine any of the current Portfolios. We may close a Portfolio to new investment but continue to allow current investors to add additional premium payments, or we may combine the Portfolio with another Portfolio. The substituted investment option may have different fees and expenses. We will not make any substitutions without receiving any necessary approval of the SEC and state insurance departments, if applicable. You will be notified of any substitutions. This notification will include the name of the Portfolio

being modified, the approximate date of the shareholder vote (if applicable), the date the combination will be completed (if approved and if applicable), the date that the Portfolio will be closed to new investment selections, the date that funds can no longer be applied to the Portfolio and the description of where the current value will move to (if applicable) and where future premium payments (if any) will be applied. Subaccounts may be opened, closed or substituted with regard to any of the following as of any specified date: 1) existing Accumulated Value; 2) future payments; and 3) existing and/or future Contract Owners. Each Portfolio sells its shares to the Subaccounts pursuant to a participation agreement and may terminate the agreement and discontinue offering its shares to the Subaccounts.

In addition, we reserve the right to make other structural and operational changes affecting the Variable Account.

We do not guarantee any money you place in the Subaccounts. The value of each Subaccount will increase or decrease, depending on the investment performance of the corresponding Portfolio and fees and charges. You could lose some or all of your money.

Frequent Trading Among Subaccounts and Other Transactions

Frequent or unusual premium payments, withdrawals or transfers may dilute the value of the underlying fund shares if the trading takes advantage of any lag between a change in the value of an underlying fund’s portfolio securities and the reflection of that change in the underlying fund’s share price. In addition, frequent transactions may increase costs of the underlying fund, and may disrupt an underlying fund’s portfolio management strategy, requiring it to maintain a relatively higher cash position and possibly resulting in lost opportunity costs and forced liquidations of securities held by the fund. We have policies and procedures to discourage frequent transactions. We use reasonable efforts to apply the policies and procedures uniformly.

As described in the Charges - Transfer Charge section, we impose a fee if transfers made within a given time period exceed a maximum contractual number. If we determine that you are engaging in excessive trading activity, we will request that you cease such activity immediately. If we determine that you are continuing to engage in excessive trading, we will restrict your Contract so that you can make transfers on only one business day each calendar month and any such transfers must be separated by at least 20 calendar days.

We also use a combination of monitoring Contract Owner activity and further restricting certain Contract Owner activity based on a history of frequent transactions. When monitoring Contract Owner activity, we may consider several factors to evaluate transaction activity including, but not limited to, the amount and frequency of premiums and withdrawals, the amount of time between transfers and trading patterns. In making this evaluation, we may consider transactions in multiple Contracts under common ownership or control.

We may also, without prior notice, limit, modify, restrict, suspend, or eliminate your right to continue frequent transactions. We monitor for frequent activity based upon established parameters that are applied consistently to all Contract Owners. Such parameters may include, without limitation, the length of the holding period between premium payments and withdrawals, the length of the holding period between Subaccount transfers, the number of transfers in a specified period, the dollar amount of transfers, and/or any combination of the foregoing. Exceptions may apply to Dollar Cost Averaging, automatic investment plans, systematic withdrawal plans or non-abusive re-balancing. We reserve the right, in our sole discretion, to identify other trading practices as abusive.

Although we seek to deter and prevent frequent trading practices, there are no guarantees that all activity can be detected or prevented. Contract Owners engaging in such trading practices use an evolving variety of strategies to avoid detection and it may not be possible for operational and technological systems to reasonably identify all frequent trading activity. Contract Owners still may be subject to their harmful effects if Thrivent is unable to detect and deter abusive trading practices.

We may revise our policies and procedures in our sole discretion, at any time and without prior notice, as we deem necessary or appropriate to better detect and deter harmful trading activity, or to comply with state or federal regulatory requirements, or to impose additional or alternative restrictions on Contract Owners engaging in frequent transfers. In

addition, our orders to purchase shares of the funds are generally subject to acceptance by the fund, and in some cases a fund may reject or reverse our purchase order. Therefore, we reserve the right to reject any Contract Owners’ transfer request if our order to purchase shares of the Fund is not accepted by, or is reversed by, an applicable fund.

Assignments

Assignment is the transfer of Contract ownership from one party to another. If a Contract is used in a Qualified Plan and the Contract Owner is a trust, custodian or employer, then the Contract Owner may transfer ownership to the Annuitant. Otherwise, the Contract may not be sold, assigned, discounted or pledged as collateral for a loan or as security for performance of an obligation or for any other purpose to any person other than us.

If the Contract is not used in a Qualified Plan, then ownership may be transferred, but not to a natural person, and the Contract may be assigned as collateral.

We must receive and approve any assignment request before it is effective. We are not responsible for the validity or effect of any assignment.

You should consider the tax implications of an assignment. See Taxes.

Anti-Money Laundering

In order to protect against the possible misuse of our products in money laundering or terrorist financing, we have adopted an anti-money laundering program satisfying the requirements of federal law. Among other things, this program requires us, our financial advisors and professionals, and our customers to comply with certain procedures and standards that serve to ensure that our customers’ identities are properly verified and that premiums are not derived from improper sources. We reserve the right to reject premiums. We reserve the right to verify any information received by accessing information maintained in databases internally or externally.

Under applicable anti-money laundering rules and other regulations, certain transactions may be suspended, restricted or cancelled and any proceeds may be withheld. Laws designed to prevent terrorist financing and money laundering might in certain circumstances, require us to block certain transactions until we receive authorization from the appropriate regulator.

Our anti-money laundering program is subject to change without notice to account for changes in applicable laws or regulations. We may also make changes as a result of our ongoing assessment of exposure to illegal activity.

Reports to Contract Owners

At least once each year we will send you a report showing the value of your Contract. The report will include the Accumulated Value and any additional information required by law. Values shown will be for a date no more than two months prior to the date we mail the report. We will mail your report to your last known address unless prior mailings have been returned undeliverable to us. We will make a reasonable effort in these situations to locate you in order to continue mailing your report and other related documents. Please notify the Service Center if your address has changed.

Gender Neutral Benefits

In 1983, the U.S. Supreme Court held in Arizona Governing Committee v. Norris that the application of sex-distinct actuarial tables to employees based upon their gender in calculating the amount of retirement benefits violates Title VII of the Civil Rights Act of 1963. Because of this decision, employer-sponsored retirement plans may not use sex-distinct actuarial annuity rates in determining benefits.

Generally, annuity payments described in this prospectus are determined using sex-distinct actuarial tables based on the Annuitant’s gender. However, annuity payments will be based on a gender neutral basis for the following:

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Contracts used in an employer sponsored retirement plan;

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Contracts issued in Massachusetts (beginning January 1, 2009); and

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Contracts issued in Montana (beginning October 1, 1985).

Annuity Period

Annuity Commencement Date

The Annuity Commencement Date is the date on which we begin paying you your Contract’s annuity income. This date is based on the maturity age which you specify in your application. You may change the Annuity Commencement Date by giving us notice in writing or by telephone before both the Annuity Commencement Date currently in effect and the new Annuity Commencement Date. The new date selected must satisfy our requirements for an Annuity Commencement Date and any requirements that may be imposed by the state in which your Contract was issued. At the Annuity Commencement Date stated in your Contract, we may, at our discretion, allow you to extend the Annuity Commencement Date.

Your Contract provides for a Death Benefit if the Annuitant dies before the Annuity Commencement Date. After the Annuity Commencement Date, amounts payable, if any, depend upon the terms of the settlement option

Annuity Proceeds

The proceeds available on the Annuity Commencement Date will be the amount provided by surrendering your Contract’s Accumulated Value on that date.

We will pay you the proceeds at maturity according to the annuity settlement option which you select. However, we will pay the proceeds in a single sum if the Accumulated Value on the Annuity Commencement Date is less than $2,000 or if you elect to receive the proceeds in a single sum. If we pay you proceeds in a single sum, your Contract will terminate.

If you have not selected either a Settlement Option or a single sum payment by the Annuity Commencement Date, we will pay proceeds of $2,000 or more using a fixed Settlement Option, life income with 10-year guarantee period.

Settlement Options

You may elect to have proceeds paid to you under an annuity Settlement Option or a combination of options. Under each option, you may choose whether annuity payments are to be made on a fixed or variable basis. You may change your choice of Settlement Option by giving us Notice at least 30 days before the Annuity Commencement Date.

The fixed annuity Settlement Options available to you are described in your Contract but are not summarized here. The variable annuity Settlement Options which your Contract offers are as follows:

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Option 3V—Income for a Fixed Period. Under this option, we pay an annuity income for a fixed number of years, not to exceed 30.

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Option 4V—Life Income with Guaranteed Period. Under this option, we pay an annuity income for the lifetime of the payee. If the payee dies during the guaranteed period, payments will be continued to the end of that period and will be paid to the beneficiary. You may select a guaranteed period of 10 or 20 years

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Option 5V—Joint and Survivor Life Income with Guaranteed Period. Under this option, we pay an annuity income for as long as at least one of two payees is alive. If both payees die during the guaranteed period, payments will be continued to the end of that period and will be paid to the beneficiary. You may select a guaranteed period of 10 or 20 years.

In addition to these options, proceeds may be paid under any other Settlement Option agreeable to us.

Partial Annuitization

Federal tax law permits taxpayers to annuitize a portion of their annuity while leaving the remaining balance tax deferred. You may elect to have a portion of your proceeds ($2,000 or more) paid to you under an annuity Settlement Option or a combination of options. The Settlement Option(s) must be for a fixed amount or fixed period payable for at least ten years, or a single or joint life income with or without a guaranteed period, or any other option agreeable to us. If this requirement is met, the Settlement Option and the tax-deferred balance will generally be treated as two separate contracts for income tax purposes only. Your after-tax premiums in your contract will be allocated pro-rata between the Settlement Option and the portion that remains deferred.

Frequency of Annuity Payments

Annuity payments under a settlement option will be paid at monthly intervals unless you and we agree to a different payment schedule. If annuity payments would be or become less than $25 ($20 for Contracts issued in the state of Texas) if a single settlement option is chosen, or $25 ($20 for Contracts issued in the state of Texas) on each basis if a combination of variable and fixed options is chosen, we may change the frequency of payments to intervals that will result in payments of at least $25 ($20 for Contracts issued in the state of Texas) each from each option chosen.

Amount of Variable Annuity Payments

The amount of the first variable annuity payment is determined by applying the proceeds to be paid under a particular settlement option to the annuity table in the Contract for that option. The table shows the amount of the initial annuity payment for each $1,000 applied.

Subsequent variable annuity payments vary in amount according to the investment experience of the selected Subaccount(s). Assuming annuity payments are based on the unit values of a single Subaccount, the dollar amount of the first annuity payment (as determined above) is divided by the Annuity Unit Value as of the Annuity Commencement Date to establish the number of Annuity Units representing each annuity payment. This number of Annuity Units remains fixed during the annuity payment period. The dollar amount of the second and subsequent variable annuity payments is not predetermined and may change from payment to payment. The dollar amount of the second and each subsequent variable annuity payment is determined by multiplying the fixed number of Annuity Units by the Annuity Unit Value See Subaccount Annuity Unit Value below. If the payment is based upon the Annuity Unit Values of more than one Subaccount, the procedure described here is repeated for each applicable Subaccount and the sum of the payments based on each Subaccount is the amount of the annuity payment.

The annuity tables in the Contracts are based on the mortality table specified in the Contract. Under these tables, the longer the life expectancy of the Annuitant under any life annuity option or the duration of any period for which payments are guaranteed under the option, the smaller will be the amount of the first monthly variable annuity payment. We guarantee that the dollar amount of each fixed and variable annuity payment after the first payment will not be affected by variations in expenses or in mortality experience from the mortality assumptions used to determine the first payment.

Subaccount Annuity Unit Value

A Subaccount’s Annuity Unit Value is used to determine the dollar value of annuity payments based on Annuity Units of the Subaccount. Annuity Unit Values may increase or decrease during each Valuation Period. We re-determine the Annuity Unit Value for each Subaccount at the end of each Valuation Period. The initial Annuity Unit Value for a Subaccount was equal to the initial Accumulation Unit Value for that Subaccount. At the end of any subsequent Valuation Period, each Subaccount’s Annuity Unit Value is equal to (a) x (b) x (c) where:

(a)Is that Subaccount’s Annuity Unit Value at the end of the immediately preceding Valuation Period.

(b)Is that Subaccount’s Net Investment Factor for the current Valuation Period. See Purchases and Contract Value – Net Investment Factor.

(c)Is a discount factor equivalent to an assumed investment earnings rate of 3.5% per year or another percentage agreed to by us.

Death Benefit After the Annuity Commencement Date

If the Annuitant dies while we are paying you an annuity income under a settlement option, any Death Benefit payable will depend on the terms of the settlement option. If a Death Benefit is payable, the beneficiary may elect to receive the proceeds in the form of a settlement option, but only if the payments are paid at least as rapidly as payments were being paid under the settlement option in effect on the date of death. If your Contract was issued in connection with a Qualified Plan, additional restrictions on the manner of payment of the Death Benefit may apply.

Benefits Available Under the Contract

The following table summarizes information about the benefits under the Contract.

Death Benefits

Name of Benefit	Purpose	Is Benefit Standard or Optional	Maximum Fee	Current Fee	Brief Description of Restrictions and Limitations
Death Benefit	Pays the beneficiary if the Annuitant dies before the Annuity Commencement Date	Standard	No additional charge	No additional charge	None

Death Benefit Before the Annuity Commencement Date

If the Annuitant dies before the Annuity Commencement Date, this Contract provides a Death Benefit.

The amount of the Death Benefit is calculated as the greatest of:

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The Accumulated Value on the date we calculate the Death Benefit;

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The sum of all premiums we received for the Contract, less the amount of all partial surrenders (including any applicable charges) which you made; and

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The Accumulated Value on the preceding Minimum Death Benefit Date plus the sum of the premiums we received for the Contract after that date, less the amount of any partial surrenders (including any applicable charges) which you made after that date.

The Minimum Death Benefit Dates occur every six years on the Contract Anniversary.

We calculate the Death Benefit at the end of the Valuation Period during which we receive at our Service Center satisfactory proof of the death of an Annuitant. Any amount of the Death Benefit in excess of the Accumulated Value will be allocated to the Subaccounts and the Fixed Account according to the ratio of the Accumulated Value in each to the Accumulated Value in the Contract. Once calculated, death proceeds may continue to be subject to the investment experience of the Variable Account. When based on the investment experience of the Variable Account, death proceeds may increase or decrease daily and are not guaranteed for a minimum dollar amount. Only when the beneficiary provides the claim form and all claim requirements in good order will that beneficiary’s share of the death proceeds be removed from the market so that claim payment can be made. In the case of multiple beneficiaries, we must receive a completed form from each beneficiary. We process each claim independently. Surrender charges do not apply to death proceeds.

If the beneficiary requests a single sum payment, we will pay the death proceeds within seven days after the date we calculate them. If the beneficiary requests a settlement option, it must be an option that you could have selected before the Annuity Commencement Date, and the option must provide that either:

(1)The principal and interest are completely distributed within five years after the date of death; or

(2)If the beneficiary is a natural person, distribution of the principal and interest is made by means of a periodic payment which begins within one year after the date of death and is not guaranteed for a period which extends beyond the life expectancy of the beneficiary.

Any proceeds not subsequently withdrawn will be paid in a lump sum on the date five years after the date of death.

If an Annuitant dies before annuity payments begin and that Annuitant’s Spouse is the sole primary beneficiary, he or she may, to the extent permitted by law and the Contract, elect to continue the Contract in force, in which case the surviving Spouse will become and be treated as the Annuitant and owner effective on the date that the death proceeds are calculated (“Exchange Date”). Any amount of death proceeds in excess of the Accumulated Value of the Contract will be allocated to the Subaccounts and the Fixed Account according to the ratio of the Accumulated Value in each to the Accumulated Value of the Contract. Where allowed by the Contract, the Spouse will have 60 days from the date we receive proof of your death in which to elect to receive proceeds or to continue the Contract. If an election to receive death proceeds or to continue the Contract is not made within 60 days, the surviving Spouse will be deemed to have elected to continue the Contract effective on the Exchange Date. If the surviving Spouse elects to continue the Contract, the Death Benefit will be determined according to your Contract based on the Accumulated Value on the Exchange Date.

If your Contract was issued in connection with a Qualified Plan, additional restrictions on the manner of payment of the Death Benefit may apply. Any such restrictions will be stated in the Contract or the plan documents. Purchasers acquiring contracts pursuant to Qualified Plans should consult qualified pension or tax advisers.

Death Benefit After the Annuity Commencement Date

Purchases and Contract Value

Allocation of Premium

We will allocate the premiums among the Subaccount(s) and/or the Fixed Account according to the instructions you provided in your application for the Contract or subsequently. We reserve the right to limit the number of allocations to Subaccounts.

The allocation percentages which you select must be in whole numbers and their sum must be 100%. We reserve the right to adjust allocation percentages to eliminate fractional percentages. Premiums which you pay are allocated at the end of the Valuation Period in which we receive them using the allocation percentages you have specified. You may change the allocation percentages for future premiums without charge and at any time by giving us Notice. Any change will apply to all future premiums unless you request another change.

The values in the Subaccounts of the Variable Account will vary with the investment experience of the corresponding Portfolios. You bear the entire investment risk of the amounts allocated to Subaccounts of the Variable Account. You should periodically review your allocations of premiums in light of market conditions and your overall financial objectives.

Fixed Account

On or before the Annuity Commencement Date, you may allocate the premiums paid under the Contract and transfers from the Subaccounts to the Fixed Account. After the Annuity Commencement Date, you may no longer transfer out of the Fixed Account. Any amounts allocated to the Fixed Account are invested with our general account assets. Interest will be credited on premiums allocated to the Fixed Account and on amounts transferred to the Fixed Account from the date of allocation or transfer. The initial interest rate for each such allocation or transfer is guaranteed for 12 months, and

subsequent interest rates will not change more frequently than every 12 months. Interest will be compounded daily and will never be less than an effective annual interest rate of 3% per year. For the current interest rate, please contact our Service Center at 1-800-847-4836.

In any Contract Year, only one of your allowed transfers may be from the Fixed Account. Any transfer from the Fixed Account must be made on or within 45 days after a Contract Anniversary.

Because of exemptive and exclusionary provisions, interests in the Fixed Account have not been registered under the Securities Act of 1933 (“1933 Act”), and the Fixed Account has not been registered as an investment company under the Investment Company Act of 1940 (“1940 Act”). Accordingly neither the Fixed Account, nor any interests therein are generally subject to the provisions of the 1933 or 1940 Acts. Disclosures regarding the Fixed Account, however, may be subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of statements in prospectuses.

Contract Owners have no voting rights in the Variable Account with respect to Fixed Account values.

Accumulated Value of Your Contract

On or before the Annuity Commencement Date, your Contract’s value is expressed as its Accumulated Value. Your Contract’s Accumulated Value is the sum of the accumulated values in Subaccounts and the Fixed Account.

Your Contract’s Accumulated Value will reflect the investment experience of the chosen Subaccounts, any amount of value in the Fixed Account, any premiums that you pay, any surrenders you make, and any charges we assess in connection with the Contract. There is no guaranteed minimum Accumulated Value, and, because a Contract’s Accumulated Value on any future date depends upon a number of variables, it cannot be predetermined.

Subaccount Valuation

On any Valuation Day, the Accumulated Value of your investment in a Subaccount is equal to the number of Accumulation Units attributable to that Subaccount multiplied by the Accumulation Unit Value for that Subaccount. On any day that is not a Valuation Day, the Accumulated Value for a Subaccount will be determined on the next Valuation Day.

Accumulation Units. Transactions in and out of a Subaccount are made by crediting or reducing the Accumulation Units of the Subaccount.

We credit your Contract with Accumulation Units in a Subaccount when:

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You allocate premiums to that Subaccount;

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You transfer Accumulated Value into that Subaccount from another Subaccount or the Fixed Account.

We reduce the Accumulation Units in a Subaccount when:

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You transfer Accumulated Value out of that Subaccount into another Subaccount or the Fixed Account;

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You make a surrender from that Subaccount; or

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We deduct all or part of the administrative charge from that Subaccount.

Accumulation Unit Value. A Subaccount’s Accumulation Unit Value is the unit price that is used whenever we credit or reduce Accumulation Units of the Subaccount. We re-determine the Accumulation Unit Value for each Subaccount at the end of each Valuation Period. At the end of each Valuation Period, the Accumulation Unit Value for a Subaccount is equal to (a) multiplied by (b) where:

(a)Is the Accumulation Unit Value for that Subaccount at the end of the prior Valuation Period.

(b)Is the Net Investment Factor for that Subaccount for that period.

Net Investment Factor

The Net Investment Factor for a Subaccount measures investment performance of that Subaccount. The Net Investment Factor for a Subaccount for a Valuation Period is determined by dividing (a) by (b) and then subtracting (c) where:

(a)Is the sum of:

(i)The net asset value per share of the corresponding Portfolio of the Subaccount at the end of the Valuation Period; plus

(ii)The per share amount of any dividend or capital gain distribution made by the Portfolio if the “ex-dividend” date occurs during the Valuation Period; plus or minus.

(iii)A per share charge or credit for any taxes reserved for what we determine to be a result of the investment operation of the Portfolio.

(b)Is the net asset value per share of the corresponding Portfolio of the Subaccount at the end of the prior Valuation Period.

(c)Is the mortality and expense risk charge we deduct for each day in the Valuation Period and is based upon the total Accumulated Value in the Subaccount. is currently 1.10% and guaranteed never to exceed 1.25%.

Minimum Accumulated Value

We require your Contract to maintain a minimum Accumulated Value. The amount which must be maintained depends on your premium paying history as follows:

(1)At the end of any 24-month period in which you pay no premiums, your Accumulated Value must be at least $1,000 after all Contract charges have been applied.

(2)If you pay at least one premium every 24-months, we require only that the Accumulated Value always be sufficient to cover the Contract’s administrative charge.

If we know that your Contract will not meet these requirements on an upcoming Contract Anniversary, we will notify you 60 days before that anniversary and inform you of the minimum dollar amount which you must pay to keep the Contract in force. If you fail to pay at least that amount, we will terminate your Contract on the Contract Anniversary. If we do so because your Contract failed to meet Requirement (1) above, we will pay you the remaining Accumulated Value. If your Contract fails to meet Requirement (2) above, your Contract terminates without value.

Transfers

On or before the Annuity Commencement Date, you may request the transfer of all or a part of your Contract’s Accumulated Value among the Subaccounts of the Variable Account and the Fixed Account.

You can request a transfer by giving us Notice. We will make the transfer without charge at the end of the Valuation period during which we receive your request. For transfers from the Fixed Account to a Subaccount of the Variable Account, the amount taken from the Fixed Account is used to buy Accumulation Units of the chosen Subaccount. For transfers from a Subaccount, Accumulation Units of the Subaccount are sold and the resulting dollar amount is, depending on your request, either transferred to the Fixed Account or used to buy Accumulation Units of another Subaccount.

Transfers are subject to the following conditions:

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The total amount transferred must be at least $200. However, if the total value in a Subaccount or the Fixed Account is less than $200, the entire amount may be transferred.

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We reserve the right to limit the number of transfers in each Contract Year. However, we will always allow at least 12 transfers per Contract Year. We consider all amounts transferred in the same Valuation Period to be one transfer. It is not dependent upon the number of originating or destination Subaccounts.

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In any Contract Year, only one of your allowed transfers may be from the Fixed Account. Any transfer from the Fixed Account must be made on or within 45 days after a Contract Anniversary before the end of the valuation day..

Transfers will also be subject to any conditions that may be imposed by the Portfolio whose shares are involved.

After the Annuity Commencement Date, you may change the percentage allocation of variable annuity payments among the available Subaccounts by giving us Notice.

Purchase Payments

Your payment must be in U.S. dollars drawn on a U.S. Bank. Thrivent does not accept cash, starter checks (checks without pre-printed registration), traveler’s checks, credit card, courtesy checks or most third-party checks. If you pay a premium by check, we require a reasonable time for that check to clear your bank before such funds would be available to you. This period of time will not exceed 15 days.

Date of Receipt

Except as otherwise stated herein, the date of our receipt of any Notice, premium payment, telephonic instructions or other communication is the actual date it is received at our Service Center in good order unless received (1) after the close of the New York Stock Exchange (generally 4:00 p.m. Eastern Time), or (2) on a date which is not a Valuation Day. In either of these two cases, the date of receipt will be deemed to be the next Valuation Day.

Surrenders and Withdrawals

Surrender

On or before the Annuity Commencement Date, you may surrender all or part of your Contract’s Accumulated Value. The surrender or partial surrender will not be processed until we receive your surrender request at our Service Center, in good order. Any surrender which you request will be made at the end of the Valuation Period during which the requirements for surrender are completed. We will pay you the proceeds from a surrender within seven days after the surrender is made.

A surrender reduces your Accumulated Value by the amount surrendered. For amounts surrendered from a Subaccount, this is done by selling Accumulation Units of the Subaccount. For partial surrenders, we allocate the surrender among the Subaccounts and the Fixed Account so that all accounts are reduced in value by the same percentage. With our approval, you may specify a different allocation for a partial surrender. If you have requested that a systematic partial surrender should be allocated to a specific Subaccount and the value in that Subaccount is less than the amount of the allocation, we will allocate the partial surrender among the Subaccounts and the Fixed Account so that all accounts are reduced in value by the same percentage.

A partial surrender must be at least $200 (except where partial surrender proceeds will be used to make payments on another Thrivent product) and must not reduce the remaining Accumulated Value to less than $1,000. (If the amount you request as a partial surrender would reduce the remaining Accumulated Value to less than $1,000, we may contact you to determine whether you would like a partial surrender of an amount that would result in remaining Accumulated Value of at least $1,000 or whether instead you would like to make a full surrender of your Contract. If we are unable to contact you within seven days, we reserve the right to treat your request as a request for a full surrender.) When you request a partial surrender, you specify the amount which you want to receive as a result of the surrender. If there are no surrender charges or withholding taxes associated with the surrender, the amount surrendered will be the amount which you request. Otherwise, the amount surrendered will be the amount necessary to provide the amount requested after we apply the surrender charge and any withholding taxes. You may make partial surrenders by telephone. (Contracts used in a tax-sheltered annuity under Section 403(b) of the Internal Revenue Code will be subject to certain restrictions regarding surrenders and may require an employer signature. See Taxes – Qualified Plans.) Any surrender which you request will be made at the end of the Valuation Period during which the requirements for surrender are completed. We will pay you the proceeds from a surrender within seven days after the surrender is made.

After the Annuity Commencement Date, your Contract does not have an Accumulated Value which can be surrendered. However, if you are receiving annuity payments under certain Settlement Options, surrender may be allowed. Surrender is not allowed if your Settlement Option involves a life income or if you agreed not to revoke or change the option once annuity payments begin. For other Settlement Options, the amount available for surrender will be the commuted value of any unpaid annuity payments computed on the basis of the assumed interest rate incorporated in the annuity payments.

You must have a Medallion Signature Guarantee if you want to surrender or withdraw a value of $500,000 or more. Certain surrender requests of less than $500,000 require either a Medallion Signature Guarantee, a notarized signature, or an attestation of your signature by a financial advisor or professional. These authentication procedures are designed to protect against fraud. Such an authentication procedure may be required for:

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Surrender of a value of $100,000 or more;

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Request to withdraw or surrender if there has been a change of address on the account within the preceding 15 days; and

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Certain other transactions as determined by us.

A Medallion Signature Guarantee is a stamp provided by a financial institution that guarantees your signature. You sign the Thrivent approved form and have the signature(s) guaranteed by an eligible guarantor institution such as a commercial bank, trust company, brokerage firm, credit union, or a savings bank participating in the Medallion Signature Guarantee Program. We may waive the Medallion Signature Guarantee in limited circumstances. A Notary Public is an individual who is authorized to authenticate signatures and can be found in law firms or many of the same places that an individual who provides Medallion Signature Guarantees can be found. Attestation by a financial advisor or professional requires the verification and witness of your signature by a financial advisor or professional.

A partial surrender or surrender may result in adverse tax consequences, including the imposition of a 10% federal premature distribution penalty. For all surrenders, you should consider the tax implications of a surrender before you make a surrender request. See Taxes.

For more complete instructions pertaining to your individual circumstances, please contact our Service Center at (800) 847-4836.

Telephone and Online Transactions

You may perform certain transactions online or over the telephone.

We have adopted reasonable security procedures to ensure the authenticity of instructions, including requiring identifying information, recording telephone conversations and providing written confirmations of transactions. Nevertheless, we honor telephone and online instructions from any person who provides the correct identifying information. Be aware that there is a risk of possible loss to the Contract Owner if an unauthorized person uses this service in the Contract Owner’s name. Thrivent disclaims any liability for losses resulting from such transactions by not having been properly authorized. However, if Thrivent does not take reasonable steps to help ensure that such authorizations are valid, Thrivent may be liable for such losses. Certain circumstances may prevent you from conducting transactions including but not limited to the event of a disaster, equipment malfunction, or overload of telephone system circuits. Should circumstances prevent you from conducting a telephone or online transaction, we recommend you provide us with a written request. If due to malfunction or other circumstances, the recording of the Contract Owner’s telephone request is incomplete or not fully comprehensible, we will not process the transaction. We reserve the right to suspend or limit telephone and online transactions.

Contract Owners can go online at www.thrivent.com to conduct online transactions or call the Service Center at (800) 847-4836 for telephone transactions.

Timely Processing

We will process all requests in a timely fashion. Requests received in good order prior to 4:00 p.m. Eastern Time (or sooner if the NYSE closes prior to 4:00 p.m. Eastern Time) on a Valuation Day will use the Accumulation Unit Value as of the close of regular trading on the NYSE on that Valuation Day. We will process requests received after that time using the Accumulation Unit Value as of the close of regular trading on the NYSE of the following Valuation Day. An online transaction payment will be applied on the effective date you select. This date can be the same day you perform the transaction as long as the request is received prior to 4:00 p.m. Eastern Time. The effective date cannot be a date prior to the date of the online transaction.

Once we issue your Contract, we will process payment of any amount due from any Subaccount within seven calendar days after we receive Notice. Payment may be postponed if the NYSE is closed. Postponement may also result for such other periods as the SEC may permit. Payment from the Fixed Accounts may be deferred up to six months.

Postponement of Payments

We may defer payment of any surrender, Death Benefit or annuity payment amounts that are in the Variable Account if:

(1)The New York Stock Exchange is closed other than customary weekend and holiday closings, or trading on the New York Stock Exchange is restricted as determined by the SEC, or

(2)An emergency exists, as determined by the SEC, as a result of which disposal of securities is not reasonably practicable or it is not reasonably practicable to determine the value of the Variable Account’s net assets.

Transfers and allocations of Accumulated Value to and from the Subaccounts of the Variable Account may also be postponed under these circumstances.

Loans

Loans are not permitted under the Contract.

Taxes

General

The following discussion of the federal income tax treatment of the Contract is not exhaustive, does not purport to cover all situations, and is not intended as tax advice. The federal income tax treatment of the Contract is unclear in certain circumstances, and a qualified tax advisor should always be consulted with regard to the application of law to individual circumstances. This discussion is based on the Internal Revenue Code of 1986, as amended (the "Code"), Treasury Department regulations, and interpretations existing on the date of this prospectus. These authorities, however, are subject to change by Congress, the Treasury Department, and judicial decisions.

This discussion does not address any federal estate or gift tax consequences, or any state or local tax consequences, associated with the Contract. In addition, we make no guarantee regarding any tax treatment—federal, state, or local—of any Contract or any transaction involving a Contract.

Tax Status of the Variable Account

The Variable Account is not separately taxed as a “regulated investment company” under the Code, but rather is treated as our separate account. Under current law, both the investment income and realized capital gains of the Variable Account (i.e., the income and capital gains distributed to the Variable Account by the Fund) are reinvested without taxation to us. However, we reserve the right in the future to make a charge against the Variable Account or the Accumulated Value of a Contract for any federal, state, or local income taxes that we incur and determine to be attributable to the Variable Account or the Contract.

Taxation of Annuities in General

The following discussion assumes that the Contract is not used in connection with a Qualified Plan.

Tax Deferral During Accumulation Period

In general, under current law, an increase in a Contract’s Accumulated Value is not taxable to the Contract Owner until received, either in the form of annuity income payments as contemplated by the Contract or in some other form of distribution. However, this rule applies only if: (1) the investments of the Variable Account are “adequately diversified” in accordance with Treasury Department regulations; (2) the Company, rather than the Contract Owner, is considered the owner of the assets of the Variable Account for federal income tax purposes; (3) the Contract Owner is an individual (or an individual is treated as the Contract Owner for tax purposes); and (4) the Contract’s Annuity Date is not unduly delayed.

Diversification Requirements. The Code and Treasury Department regulations prescribe the manner in which the investments of a segregated asset account, such as the Variable Account, are to be “adequately diversified.” If the Variable Account fails to comply with these rules, the Contract will not be treated as an annuity Contract for federal income tax purposes, and so the interest or earnings credited to the Contract's Accumulated Value in any year will be includible in the Contract Owner's income that year for federal tax purposes. We expect that the Variable Account, through the Fund, will comply with these rules.

Ownership Treatment. In certain circumstances, variable annuity Contract Owners may be considered the owners, for federal income tax purposes, of the assets of a segregated asset account used to support their Contracts. In those circumstances, the account’s income and gains would be currently includible in the Contract Owners’ gross income. The Internal Revenue Service (the “IRS”) has stated in published rulings that a variable Contract Owner will be considered the owner of the assets of a segregated asset account if the owner possesses incidents of ownership in those assets, such as the ability to exercise investment control over the assets.

The ownership rights under the Contract are similar to, but different in certain respects from, the ownership rights described in IRS rulings in which the Contract Owners were determined not to be the owners of the assets of a segregated asset account. For example, the Contract Owner has the choice of more investment options to which to allocate premium payments and the Accumulated Value than were addressed in those rulings These differences could

result in the Contract Owner being treated as the owner of all or a portion of the assets of the Variable Account and thus subject to current taxation on the income and gains from those assets. In addition, we do not know what standards will be set forth in any further regulations or rulings which the Treasury Department or the IRS may issue. We therefore reserve the right to modify the Contract as necessary to attempt to prevent Contract Owners from being considered the owners of the assets of the Variable Account. However, there is no assurance that such efforts would be successful.

Contracts Not Owned by Individuals. As a general rule, Contracts held by “non-natural persons” such as a corporation, trust, or other similar entity are not treated as annuity Contracts for federal tax purposes. The income on such Contracts (as defined in the tax law) is taxed as ordinary income that is received or accrued by the Contract Owner during the taxable year. However, this rule generally will not apply to a Contract held by a trust or other entity which holds the Contract as an agent for a natural person. In addition, this rule will not apply to: (1) a Contract acquired by the estate of a decedent by reason of the death of the decedent; (2) Contracts used in connection with certain Qualified Plans; (3) Contracts purchased by employers upon the termination of certain Qualified Plans; (4) certain Contracts used in connection with structured settlement agreements; and (5) a Contract purchased with a single premium payment when the annuity starting date is no later than one year from the purchase of the Contract and substantially equal periodic payments are made, not less frequently than annually, during the annuity income period.

The remainder of this discussion assumes that the Contract will be treated as an annuity contract for federal income tax purposes.

Taxation of Partial and Full Surrenders

In the case of a partial surrender, the amount received is generally includible in income for federal tax purposes to the extent that the Accumulated Value of the Contract, before the partial surrender, exceeds the “investment in the Contract.” In the case of a full surrender, the amount received is includible in income to the extent that it exceeds the investment in the Contract. For these purposes, the investment in the Contract at any time equals the total of the premium payments made under the Contract up to that time less any amounts previously received from the Contract which were excludable from income. All amounts includible in income with respect to the Contract are taxed as ordinary income; no amounts are taxed at the lower rates currently applicable to long-term capital gains and corporate dividends.

Taxation of Annuity Income Payments

Normally, the portion of each annuity income payment includible in income for federal tax purposes is the excess of the payment over an exclusion amount. In the case of fixed income payments, the exclusion amount is determined by multiplying (1) the payment, by (2) the ratio of the investment in the Contract allocated to our Fixed Account, adjusted for any period certain or refund feature, to the total expected amount of annuity income payments. For this purpose, the expected number or amount of annuity income payments is determined by Treasury Department regulations which take into account the Annuitant’s life expectancy and the form of annuity benefit selected.

Once the total amount of the investment in the Contract is excluded using the above formulas, annuity income payments will be fully taxable. If annuity income payments cease because of the death of the Annuitant and before the total amount of the investment in the Contract is recovered, the unrecovered amount generally will be allowed as a deduction.

Income from annuities will be subject to the Medicare Tax on Investment Income. This tax will be imposed on individuals with a modified adjusted gross income (MAGI) of more than $200,000 and joint filers with an MAGI of more than $250,000. Generally, the tax rate will be 3.8% of the lesser of the net investment income or the amount the MAGI exceeds the threshold amount.

There may be special income tax issues present in situations where the Contract Owner and the Annuitant are not the same person and are not married to one another. In such situations a tax advisor should be consulted.

Tax Treatment of Death Benefit

Prior to the Annuity Date, we may distribute amounts from a Contract because of the death of a Contract Owner or, in certain circumstances, the death of the Annuitant. If distributed in a lump sum, such Death Benefit proceeds are includible in income in the same manner as a full surrender, or if distributed under an annuity income option, such proceeds are includible in the same manner as annuity income payments.

After the Annuity Date, where a guaranteed period exists under a life income option and the Annuitant dies before the end of that period, payments made to the beneficiary for the remainder of that period are includible in income as follows: (1) if received in a lump sum, the payment is includible to the extent that it exceeds the unrecovered investment in the Contract; or (2) if distributed in accordance with the existing annuity income option, they are fully excluded from income until the remaining investment in the Contract is deemed to be recovered, and all payments thereafter are fully includible in income.

Assignments, Pledges, and Gratuitous Transfers

Any assignment or pledge of (or agreement to assign or pledge) any portion of the Accumulated Value of the Contract is treated for federal income tax purposes as a surrender of such amount or portion. The investment in the Contract is increased by the amount includible in income with respect to such an assignment or pledge. If a Contract Owner transfers a Contract without adequate consideration to a person other than the Contract Owner’s Spouse (or a former Spouse incident to divorce), the Contract Owner must include in income the difference between the Contract’s Accumulated Value and the investment in the Contract at the time of the transfer. In such a case, the transferee’s investment in the Contract is increased to reflect the amount includible in the transferor’s income.

Penalty Tax on Premature Distributions

Technically, the amount of any payment from the Contract that is includible in income is subject to a 10% penalty tax. However, this penalty tax does not apply to any payment: (1) received on or after the Contract Owner attains age 59 1∕2; (2) attributable to the Contract Owner becoming disabled (as defined in the tax law); (3) made on or after the death of the Contract Owner or, if the Contract Owner is not an individual, on or after the death of the primary annuitant (as defined in the tax law); (4) that is part of a series of substantially equal periodic payments, not less frequently than annually, for the life or life expectancy of the Contract Owner or the joint lives or joint life expectancies of the Contract Owner and a designated beneficiary (as defined in the tax law).For the purposes of substantially equal periodic payments, if there is a significant modification of the payment schedule before the later of the taxpayer reaching age 591⁄2 or the expiration of five years from the time the payment starts, the taxpayer’s income shall be increased by the amount of tax and deferred interest that otherwise would have been incurred.

Aggregation of Contracts

In certain circumstances, the IRS may determine the amount of any distribution from the Contract that is includible in income by combining some or all of the annuity contracts a person owns. For example, if a person purchases a Contract and also purchases at approximately the same time another deferred annuity issued by us, the IRS may treat the two contracts as one contract. Similarly, if a person transfers part of his or her interest in one annuity contract to purchase another annuity contract, the IRS might treat the two contracts as one contract. In addition, if a person purchases two or more contracts from us (or an affiliate) during any calendar year, all such contracts will be treated as one contract for purposes of determining the amount of any full or partial surrender that is includible in income. The effects of such aggregation are not always clear; however, such aggregation could affect the amount of a surrender or an annuity payment that is taxable and the amount which might be subject to the 10% penalty tax described above.

Exchanges of Annuity Contracts

We may issue the Contract in exchange for all or part of another annuity contract. Such an exchange will be income tax free if certain requirements are satisfied (a 1035 Exchange). If the exchange is tax free, the investment in the Contract immediately after the exchange will generally be the same as that of the annuity contract exchanged, increased by any

additional premium payment made as part of the exchange. If part of an existing contract is exchanged for the Contract, the IRS might treat the two contracts as one annuity contract in certain circumstances. See Aggregation of Contracts. You should consult your tax advisor in connection with an exchange of all or part of an annuity contract for the Contract.

Qualified Plans

The Contracts also are designed for use with several types of Qualified Plans. When used in Qualified Plans, deferred annuities like the Contracts do not offer additional tax-deferral benefits, but annuities offer other product benefits to investors in Qualified Plans. Participants under such Qualified Plans as well as Contract Owners, Annuitants, and beneficiaries are cautioned that the rights of any person to any benefits under such Qualified Plans may be subject to the terms and conditions of the plans themselves regardless of the terms and conditions of the Contracts issued in connection with them.

The tax rules applicable to Qualified Plans, and to a Contract when used in connection with a Qualified Plan, vary according to the type of plan and the terms and conditions of the plan itself, and they take precedence over the general annuity tax rules described above. For example, for full surrenders, partial surrenders, and annuity income payments under Contracts used in Qualified Plans, there may be no “investment in the contract,” with the result that the total amount received may be includible in income. The includible amount is taxed at ordinary income tax rates, and a 10% penalty tax also may apply. Exceptions to this penalty tax vary depending on the type of Qualified Plan involved; in the case of an Individual Retirement Annuity (discussed below), exceptions comparable to those described above are available.

The following briefly describes certain types of Qualified Plans in connection with which we may issue a Contract.

Traditional IRAs. Section 408 of the Code permits eligible individuals to contribute to an Individual Retirement Account or an Individual Retirement Annuity (collectively known as an “IRA”). IRAs are subject to limits on the amounts that may be contributed and deducted, on the persons who may be eligible to do so, and on the time when distributions may commence. Also, subject to certain requirements discussed below, you may “roll over” distributions from certain Qualified Plans on a tax-deferred basis into an IRA.

Roth IRAs. Section 408A of the Code permits eligible individuals to contribute to a type of IRA known as a “Roth IRA.” Roth IRAs are generally subject to the same rules as non-Roth IRAs, but differ in several respects. Among the differences is that, although contributions to a Roth IRA are not deductible, “qualified distributions” (those that satisfy certain waiting and use requirements) from a Roth IRA will be excludable from income. Subject to certain restrictions, a distribution from an eligible employer-sponsored qualified plan may be directly moved to a Roth IRA. This movement is called a “qualified rollover contribution.”

Section 403(b) Plans. Section 403(b) of the Code permits public school employees and employees of certain types of charitable, educational, and scientific organizations to have their employers purchase annuity Contracts for them and, subject to certain limitations, to exclude the amount of premium payments from income for federal tax purposes. Subject to plan provisions, distributions from a Contract purchased under section 403(b) may be paid only when the employee reaches age 59 1∕2, separates from service, dies, or becomes disabled, the 403(b) plan terminates, or in the case of financial hardship. As a result, the Contract Owner will not be entitled to exercise the surrender rights described under the heading “Surrenders and Withdrawals” unless one of the above conditions is satisfied. For contracts maintained pursuant to an employer sponsored 403(b) plan, we may require the employer’s signature to process any requests for withdrawal, surrender, rollover or transfers to another contract.

Direct Rollovers

If your Contract is purchased under section 403(b) of the Code or is used in connection with certain other Qualified Plans, any “eligible rollover distribution” from the Contract will be subject to direct rollover and mandatory withholding requirements. An eligible rollover distribution generally is any taxable distribution from certain Qualified Plans (including from a Contract purchased under section 403(b)) excluding amounts such as minimum distributions required under the Code. Under these requirements, federal income tax equal to 20% of the eligible rollover distribution will be withheld from

the amount of the distribution. Unlike withholding on certain other amounts distributed from the Contract, discussed below, the Contract Owner cannot elect out of withholding with respect to an eligible rollover distribution. However, this 20% withholding will not apply if the distribution is directly rolled over to an IRA or to another eligible retirement plan.

Federal Income Tax Withholding

We will withhold and remit to the federal government a part of the taxable portion of each distribution made under a Contract unless the Owner notifies us at or before the time of the distribution that he or she elects not to have any amounts withheld. In certain circumstances, we may be required to withhold tax. The withholding rates applicable to the taxable portion of annuity income payments (other than eligible rollover distributions made in connection with Qualified Plans) are the same as the withholding rates generally applicable to payments of wages. Further, a 10% withholding rate applies to the taxable portion of non-periodic payments (including partial and full surrenders), and as discussed above, the withholding rate applicable to eligible rollover distributions is 20%. Whether or not federal income tax is withheld, the Contract Owner (or other applicable taxpayer) remains liable for payment of federal income tax on Contract distributions.

Legal Proceedings

There are no legal proceedings to which the Variable Account is a party or to which the assets of the Variable Account are subject. Neither Thrivent nor Thrivent Investment Management Inc. is involved in any litigation that is of material importance in relation to their financial condition or that relates to the Variable Account.

Financial Statements

The financial statements of Thrivent and the Variable Account are contained in the Statement of Additional Information. The SAI is available, without charge, upon request. You can view a copy of the SAI online at dfinview.com/Thrivent/VariableAnnuityB or you can request a paper copy by calling our Service Center at 1-800-847-4836, or by sending an email request to mail@thrivent.com.

Distribution of the Contracts

For financial advisors or professionals who are registered representatives of Thrivent Investment Management Inc., the following applies:

Thrivent Investment Management Inc., 600 Portland Ave. S., Suite 100, Minneapolis, Minnesota 55415, an indirect subsidiary of Thrivent, is a registered broker-dealer and acts as principal underwriter and distributor of the Contracts pursuant to a distribution agreement with us. Thrivent Investment Management Inc. also acts as the distributor of a number of other variable annuity and variable life insurance contracts we offer.

The financial advisor or professional in this transaction is a duly licensed financial advisor or professional of Thrivent Investment Management Inc. and is also an appointed insurance producer of Thrivent.

Your financial advisor or professional may be paid differently depending on the product or service recommended. As a result, your financial advisor or professional in this transaction may have a financial incentive to recommend that you purchase one product instead of another.

For premiums paid to the Contract, your financial advisor or professional receives a commission in the range of 0% -1.35%
. Your financial advisor or professional may receive asset-based compensation ranging from 0% to 0.068% of the account value annually. If you elect a settlement option we pay commission in the range of 0% to 1.08% of the premium applied to the settlement option. Thrivent uses a system referred to as a “grid” for determining the percentage paid to financial advisors or professionals. The higher the overall level of production, the higher the percentage of compensation may be. The ability to improve grid placement semi-annually provides an incentive for your financial advisor or professional to sell the Contract. Because financial advisor or professionals of the Thrivent Investment Management Inc. are also our appointed agents, they may be eligible for various cash benefits, insurance benefits, retirement benefits, and non-cash compensation programs that we offer, such as conferences, achievement recognition, prizes, and awards. Commissions and other incentives and payments described above are not charged directly to Contract Owners. We intend to recoup sales expenses through fees and charges deducted under the Contract.

For financial advisors or professionals who are registered representatives of Selling Firms, the following applies:

We and the principal underwriter of the Contracts have entered, and may enter, into selling agreements with broker-dealers that are unaffiliated with us (“Selling Firms”). The financial advisor or professional in a transaction through a Selling Firm is a registered representative of the Selling Firm, and an appointed insurance producer of Thrivent Financial. The following paragraphs describe how payments are made by us to unaffiliated Selling Firms.

The terms of any agreement governing compensation may vary among Selling Firms. The prospect of receiving, or the receipt of, compensation may provide Selling Firms and/or their registered representatives with an incentive to favor sales of the Contracts over other variable contracts (or other investments) with respect to which the Selling Firms do not receive compensation or receive lower compensation. You should take such payment arrangements into account when considering and evaluating any recommendation relating to the Contracts.

The maximum commission we pay to Selling Firms is 1.25% of premiums, plus up to 0.05% of a Contract’s Accumulated Value annually. Commissions also may be paid on Accumulated Value moved into an annuity settlement option. The registered representative typically receives a portion of the compensation we pay to the Selling Firm, based on the agreement between the Selling Firm and its registered representative. You may ask registered representatives how they will be personally compensated. The compensation described above is not charged directly to you or your Contract.

The compensation is paid from our resources, which include fees and charges imposed on your Contract.

How to Contact Us

Telephone:

1-800-847-4836

Internet:

Thrivent.com

Fax:

1-800-225-2264

Transfers, Surrenders, or Withdrawals:

Thrivent
P.O. Box 8075
Appleton, WI 54912-8075

Express Mail:

Thrivent
4321 N. Ballard Road
Appleton, WI 54919-3400

For Wire Transfer Instructions, please contact 1-800-847-4836

Special Terms

Accumulated Value	The sum of the accumulated values for your Contract in Subaccounts and the Fixed Account on or before the Annuity Commencement Date.
Annuitant	The person(s) named in the Contract whose life is used to determine the duration of annuity payments involving life contingencies.
Annuity Commencement Date	A date when annuity payments begin.
Annuity Unit	A unit of measure which is used in the calculation of the second and each subsequent variable annuity payment.
Commuted Value	The amount expressed as a lump sum payment which represents the present value of the future payments for the remaining guaranteed period.
Contract	The individual flexible premium variable annuity Contract offered by Thrivent and described in this prospectus.
Contract Anniversary	The same date in each succeeding year as the Date of Issue of the Contract.
Contract Owner	The person who controls all the rights under the Contract while the Annuitant is alive. The Annuitant is the Contract Owner, unless another owner is named in the Contract application.
Contract Year	The period from one Contract Anniversary to the next. The first Contract Year will be the period beginning on the Date of Issue of the Contract and ending on the first Contract Anniversary.
Fixed Account	The Fixed Account is the general account of Thrivent, which consists of all assets of Thrivent other than those allocated to a separate account of Thrivent. For the current interest rate, please call our Service Center at 1-800-847-4836.
Fund	Thrivent Series Fund, Inc., which is described in the accompanying prospectus.

Medallion Signature Guarantee	A stamp provided by a financial institution that verifies your signature. An eligible guarantor institution, such as a national bank, brokerage firm, commercial bank, trust company, credit union, or savings association participating in the Medallion Signature Guarantee Program provides that service.
Notice	A request signed by you or provided in another manner acceptable to us and received in good order by us at our Service Center.
Portfolio	A Portfolio of the Fund. Each Subaccount invests exclusively in the shares of a corresponding Portfolio of the Fund.
Qualified Plan	A retirement plan that receives favorable tax treatment under Section 401, 403, 408, 408A or similar provisions of the Internal Revenue Code.
Service Center	Thrivent, 4321 North Ballard Road, Appleton, Wisconsin 54919-0001, telephone, 1-800-847-4836, or such other office as we may specify in a notice to the Contract Owner.
Settlement Option	You may elect to convert all or some of your Accumulated Value into guaranteed annuity payments from us. A death benefit, if any, would then depend on the option selected.
Spouse	An individual lawfully married to another individual as defined by federal tax law. The marriage must be recognized by the state, possession, or territory of the United States in which the marriage is entered into, regardless of domicile. Individuals who enter into a marriage under the laws of a foreign jurisdiction are recognized as married for federal tax law purposes if the relationship would be recognized as marriage under the laws of at least one state, possession, or territory of the United States, regardless of domicile.
Subaccount	A subdivision of the Variable Account. Each Subaccount invests exclusively in the shares of a corresponding Portfolio of the Fund.
Valuation Day	Each day the New York Stock Exchange is open for trading. The Valuation Day ends at the close of regular trading on the New York Stock Exchange, usually 4:00 p.m. Eastern Time.
Valuation Period	The period commencing at the close of business of a Valuation Date and ending at the close of business of the next Valuation Date.
Variable Account	Thrivent Variable Annuity Account B, which is a separate account of Thrivent. The Subaccounts are subdivisions of the Variable Account.

Appendix: Portfolios Available Under the Contract

The following is a list of Portfolios that correspond to Subaccounts available under the Contract. More information about the Portfolios is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at dfinview.com/Thrivent/VariableAnnuityB. You can also request this information in paper at no cost by calling (800) 847-4836 or by sending an email request to mail@thrivent.com.

The current expenses and performance information below reflect fees and expenses of the Portfolios, but does not reflect the other fees and expenses that your Contract may charge. Expenses would be higher, and performance would be lower if these charges were included. Each Portfolio’s past performance is not necessarily an indication of future performance.

INVESTMENT TYPE	PORTFOLIO COMPANY AND ADVISER/SUBADVISER	CURRENT EXPENSES	AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2022)
INVESTMENT TYPE	PORTFOLIO COMPANY AND ADVISER/SUBADVISER	CURRENT EXPENSES	1 YEAR	5 YEAR	10 YEAR
Allocation – 85%+ Equity	Thrivent Aggressive Allocation Portfolio	0.75%1	-17.92%	6.26%	9.29%
Allocation – 70% to 85% Equity	Thrivent Moderately Aggressive Allocation Portfolio	0.71%1	-17.41%	4.78%	7.58%
Allocation – 50% to 70% Equity	Thrivent Moderate Allocation Portfolio	0.64%1	-16.19%	4.01%	6.14%
Allocation – 30% to 50% Equity	Thrivent Balanced Income Plus Portfolio	0.65%	-13.77%	3.34%	5.82%
Allocation – 30% to 50% Equity	Thrivent Moderately Conservative Allocation Portfolio	0.61%1	-14.73%	2.35%	4.19%
Allocation – 15% to 30% Equity	Thrivent Diversified Income Plus Portfolio	0.48%	-12.38%	2.16%	4.22%
Corporate Bond	Thrivent Income Portfolio	0.43%	-15.86%	0.75%	2.17%
Diversified Emerging Markets	Thrivent Emerging Markets Equity Portfolio	1.15%1	-25.91%	-1.69%	0.23%
Foreign Large Blend	Thrivent International Allocation Portfolio	0.74%	-18.35%	-0.19%	3.31%
Foreign Large Blend	Thrivent International Index Portfolio	0.45%	-14.56%	N/A4	N/A4
Health	Thrivent Healthcare Portfolio	0.84%1	-5.54%	11.52%	11.42%
High Yield Bond	Thrivent High Yield Portfolio	0.45%	-10.22%	1.26%	3.19%
Intermediate Government	Thrivent Government Bond Portfolio	0.45%	-10.37%	0.08%	0.94%
Large Blend	Thrivent ESG Index Portfolio	0.38%1	-21.83%	N/A4	N/A4
Large Blend	Thrivent Large Cap Index Portfolio	0.23%	-18.30%	9.17%	12.24%
Large Growth	Thrivent All Cap Portfolio	0.66%	-18.21%	7.97%	11.03%
Large Growth	Thrivent Large Cap Growth Portfolio	0.43%	-33.63%	9.77%	12.95%
Large Value	Thrivent Large Cap Value Portfolio	0.63%	-4.68%	8.35%	11.08%
Mid-Cap Blend	Thrivent Mid Cap Index Portfolio	0.25%	-13.25%	6.46%	10.46%
Mid-Cap Blend	Thrivent Mid Cap Stock Portfolio	0.66%	-17.96%	7.63%	12.88%
Mid-Cap Growth	Thrivent Mid Cap Growth Portfolio	0.85%1	-28.52%	N/A4	N/A4
Mid-Cap Value	Thrivent Mid Cap Value Portfolio	0.90%1	-5.23%	N/A4	N/A4
Money Market - Taxable	Thrivent Money Market Portfolio	0.32%	1.36%	0.99%	0.54%

INVESTMENT TYPE	PORTFOLIO COMPANY AND ADVISER/SUBADVISER	CURRENT EXPENSES	AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2022)
INVESTMENT TYPE	PORTFOLIO COMPANY AND ADVISER/SUBADVISER	CURRENT EXPENSES	1 YEAR	5 YEAR	10 YEAR
Multisector Bond	Thrivent Multidimensional Income Portfolio	1.00%1	-13.35%	1.11%	N/A2
Multisector Bond	Thrivent Opportunity Income Plus Portfolio	0.66%	-10.49%	0.43%	1.50%
Real Estate	Thrivent Real Estate Securities Portfolio	0.85%	-25.60%	3.93%	6.61%
Short-Term Bond	Thrivent Limited Maturity Bond Portfolio	0.44%	-4.19%	1.12%	1.39%
Small Blend	Thrivent Small Cap Index Portfolio	0.24%	-16.30%	5.65%	10.55%
Small Blend	Thrivent Small Cap Stock Portfolio	0.70%	-10.46%	9.49%	12.73%
Small Growth	Thrivent Small Cap Growth Portfolio	0.94%1	-22.91%	N/A3	N/A3
Global Large – Stock Blend	Thrivent Global Stock Portfolio	0.63%	-18.97%	4.90%	8.60%
Global Large – Stock Blend	Thrivent Low Volatility Equity Portfolio	0.90%1	-10.67%	5.31%	N/A2

1Current expenses reflect temporary fee reductions.

2The Fund is not showing Average Annual Total Returns information because the Fund commenced operation on 04/28/2017 and does not have annual returns for the period shown.

3The Fund is not showing Average Annual Total Returns information because the Fund commenced operation on 04/27/2018 and does not have annual returns for the period shown.

4The Fund is not showing Average Annual Total Returns information because the Fund commenced operation on 04/29/2020 and does not have annual returns for the period shown.

The Statement of Additional Information (SAI) dated April 30, 2023 contains more information about the Contract and the Variable Account. The SAI has been filed with the SEC and is incorporated by reference into this prospectus. The SAI is available, without charge, upon request. You can view a copy of the SAI online at dfinview.com/Thrivent/VariableAnnuityB. For a paper copy of the SAI, to request other information about the Contracts, and to make investor inquiries, you may call our Service Center at 1-800-847-4836, or you may send an email to mail@thrivent.com.

Reports and other information about Thrivent are available on the Securities Exchange Commission website at http://www.sec.gov. Copies of the information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

Thrivent is the marketing name for Thrivent Financial for Lutherans. Insurance products issued by Thrivent. Securities and investment advisory services offered through Thrivent Investment Management Inc., a registered investment adviser, member FINRA and SIPC, and a subsidiary of Thrivent. Licensed agent/producer of Thrivent. Registered representative of Thrivent Investment Management, Inc. Thrivent.com/disclosures.

Insurance products, securities and investment advisory services are provided by appropriately appointed and licensed financial advisors and professionals. Only individuals who are financial advisors are credentialed to provide investment advisory services. Visit Thrivent.com or FINRA’s Broker Check for more information about our financial advisors.

Contract Form W2-BA-FPVA-1 and state variations

EDGAR Contract No.C00007341 VP63-1 R4-23

Thrivent Variable Annuity Account B

Statement of Additional Information

Dated April 30, 2023

For

Flexible Premium Deferred Variable Annuity Contract

Issued by

Thrivent Financial for Lutherans

Service Center:	Corporate Office:
4321 North Ballard Road Appleton, WI 54919-0001 Telephone: 800-847-4836 E-mail: mail@thrivent.com	600 Portland Avenue S., Suite 100 Minneapolis, MN 55415-4402 Telephone: 800-847-4836 E-mail: mail@thrivent.com

This Statement of Additional Information (“SAI”) is not a prospectus, but should be read in conjunction with the Thrivent Variable Annuity Account B Prospectus dated April 30, 2023 (the “Prospectus”) for Thrivent Variable Annuity Account B (the “Variable Account”), describing an individual flexible premium deferred variable annuity contract (the “Contract”) previously offered by Thrivent Financial for Lutherans (“Thrivent”) to persons eligible for membership in Thrivent.

Much of the information contained in this SAI expands upon subjects discussed in the Prospectus. A copy of the Prospectus may be obtained by writing to us at 4321 North Ballard Road, Appleton, Wisconsin 54919-0001, by calling 1-800-847-4836, or it can be accessed electronically at dfinview.com/Thrivent/VariableAnnuityB.

Capitalized terms used in this SAI that are not otherwise defined herein shall have the meanings given to them in the Prospectus.

TABLE OF CONTENTS
	PAGE
GENERAL INFORMATION AND HISTORY	2
SERVICES	3
PURCHASE OF SECURITIES BEING OFFERED	4
UNDERWRITERS	4
ANNUITY PAYMENTS	5
STANDARD AND POOR’S DISCLAIMER	5
MSCI DISCLAIMER	6
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	7

GENERAL INFORMATION AND HISTORY

Depositor

The Contract is issued by Thrivent Financial for Lutherans (Thrivent). Thrivent, a fraternal benefit society owned and operated for its members, was organized under Internal Revenue Code section 501(c)(8) and established in 1902 under the laws of the State of Wisconsin. Thrivent is currently licensed to transact life insurance business in all 50 states and the District of Columbia. The Contract may be sold to or in connection with retirement plans that may or may not qualify for special federal tax treatment under the Internal Revenue Code. Annuity payments under the Contract are deferred until a selected later date.

Registrant

The Variable Account is a separate account of ours, which became available in 1994. The Variable Account meets the definition of a “separate account” under the federal securities laws. The Variable Account is registered with the Securities and Exchange Commission (the “SEC”) as a unit investment trust under the Investment Company Act of 1940 (the “1940 Act”). This registration does not involve supervision by the SEC of the management or investment policies or practices of the Variable Account

History of Depositor and Registrant

ANNUITY PAYMENTS

When a fixed settlement option is issued, the payment amount is the agreement amount divided by the annuity payment rate. The annuity payment rate for life incomes is determined using 3.5% and the Annuity 1983 Mortality Table. For non-life contingent fixed settlement options, the payment rate is determined using 3.5% The payment for fixed settlement options does not change. Thrivent may offer a higher payment amount at issue of a settlement option.

STANDARD AND POOR’S DISCLAIMER

The S&P 500, S&P MidCap 400, and S&P SmallCap 600 Indexes are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and have been licensed for use by Thrivent Financial for Lutherans (“Thrivent”). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The trademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by Thrivent. Thrivent variable insurance products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, and of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of Thrivent variable insurance products or any member of the public regarding the advisability of purchasing variable insurance contracts generally or in the Thrivent variable insurance contracts particularly or the ability of the S&P 500, S&P MidCap 400, and S&P SmallCap 600 Indexes to track general market performance. S&P Dow Jones Indices only relationship to Thrivent with respect to the S&P 500, S&P MidCap 400, and S&P SmallCap 600 Indexes is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500, S&P MidCap 400, and S&P Small Cap 600 Indexes are determined, composed and calculated by S&P Dow Jones Indices without regard to Thrivent or the Thrivent variable insurance products. S&P Dow Jones Indices have no obligation to take the needs of Thrivent or the owners of the Thrivent variable insurance products into consideration in determining, composing or calculating the S&P 500, S&P MidCap 400, and S&P SmallCap 600 Indexes. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Thrivent variable insurance products or the timing of the issuance or sale of the Thrivent variable insurance contract or in the determination or calculation of the equation by which a Thrivent variable insurance product is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Thrivent variable insurance product. There is no assurance that investment products based on the S&P 500, S&P MidCap 400, and S&P SmallCap 600 Indexes will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500, S&P MIDCAP 400, AND S&P SMALLCAP 600 INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THRIVENT, OWNERS OF THE THRIVENT VARIABLE INSURANCE PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500, S&P MIDCAP 400, AND S&P SMALLCAP 600 INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT,

Report of Independent Auditors

To the Board of Directors of Thrivent Financial for Lutherans

Opinions

We have audited the accompanying statutory-basis financial statements of Thrivent Financial for Lutherans (the “Company”), which comprise the statutory-basis statements of assets, liabilities and surplus as of December 31, 2022 and 2021, and the related statutory-basis statements of operations, surplus and of cash flows for each of the three years in the period ended December 31, 2022, including the related notes (collectively referred to as the “financial statements”).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the assets, liabilities and surplus of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in accordance with the accounting practices prescribed or permitted by the State of Wisconsin Office of the Commissioner of Insurance described in Note 1.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the accompanying financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2022 and 2021, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2022.

Basis for Opinions

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 1 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the State of Wisconsin Office of the Commissioner of Insurance, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

The effects on the financial statements of the variances between the statutory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

F-1

Report of Independent Auditors, continued

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the State of Wisconsin Office of the Commissioner of Insurance. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the financial statements are available to be issued.

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with US GAAS, we:

•

Exercise professional judgment and maintain professional skepticism throughout the audit.

•

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

•

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota
February 9, 2023

F-2

Thrivent Financial for Lutherans

Statutory-Basis Statements of Assets, Liabilities and Surplus
As of December 31, 2022 and 2021
(in millions)

	2022	2021
Admitted Assets
Bonds	$50,056	$48,723
Stocks	1,836	2,271
Mortgage loans	10,697	10,272
Real estate	43	45
Real estate held-for-sale	—	5
Cash, cash equivalents and short-term investments	1,188	2,295
Contract loans	1,047	1,064
Receivables for securities	29	310
Limited partnerships	8,800	7,693
Other invested assets	290	314
Total cash and invested assets	73,986	72,992
Accrued investment income	489	418
Due premiums and considerations	122	118
Other assets	50	61
Separate account assets	33,288	41,953
Total Admitted Assets	$107,935	$115,542
Liabilities
Aggregate reserves for life, annuity and health contracts	$50,824	$50,041
Deposit liabilities	4,626	4,519
Contract claims	522	572
Member dividends payable	375	293
Interest maintenance reserve	454	629
Asset valuation reserve	2,653	2,384
Borrowed money	903	—
Transfers due to/(from) separate accounts, net	(526)	(637)
Payable for securities	160	1,119
Securities lending obligation	291	337
Other liabilities	677	735
Separate account liabilities	33,208	41,855
Total Liabilities	$94,167	$101,847
Surplus
Unassigned funds	$13,737	$13,695
Other surplus	31	—
Total Surplus	$13,768	$13,695
Total Liabilities and Surplus	$107,935	$115,542

The accompanying notes are an integral part of these statutory-basis financial statements.

F-3

Thrivent Financial for Lutherans

Statutory-Basis Statements of Operations
For the Years Ended December 31, 2022, 2021 and 2020
(in millions)

	2022	2021	2020
Revenues
Premiums	$5,033	$5,182	$4,630
Considerations for supplementary contracts with life contingencies	83	94	107
Net investment income	3,410	4,098	2,951
Separate account fees	758	832	718
Amortization of interest maintenance reserve	91	103	95
Other revenues	71	37	35
Total Revenues	$9,446	$10,346	$8,536
Benefits and Expenses
Death benefits	$1,338	$1,373	$1,334
Surrender benefits	3,634	3,650	3,138
Change in reserves	849	228	826
Other benefits	1,925	1,989	1,938
Total benefits	7,746	7,240	7,236
Commissions	275	305	261
General insurance expenses	822	821	685
Fraternal benefits and expenses	166	236	233
Transfers due to/(from) separate accounts, net	(1,018)	(812)	(861)
Total expenses and net transfers	245	550	318
Total Benefits and Expenses	$7,991	$7,790	$7,554
Gain from Operations before Dividends and Capital Gains and Losses	$1,455	$2,556	$982
Member dividends	375	292	286
Other	—	—	(1)
Gain from Operations before Capital Gains and Losses	$1,080	$2,264	$697
Realized capital gains (losses), net	69	298	(40)
Net Income	$1,149	$2,562	$657

The accompanying notes are an integral part of these statutory-basis financial statements.

F-4

Thrivent Financial for Lutherans

Statutory-Basis Statements of Cash Flow
For the Years Ended December 31, 2022, 2021 and 2020
(in millions)

	2022	2021	2020
Cash from Operations
Premiums	$5,104	$5,269	$4,730
Net investment income	2,501	2,536	2,583
Other revenues	829	869	753
	8,434	8,674	8,066
Benefit and loss-related payments	(6,940)	(7,047)	(6,091)
Transfers (to)/from separate account, net	1,129	752	798
Commissions and expenses	(1,287)	(1,355)	(1,139)
Member dividends	(292)	(286)	(329)
Other	5	(9)	(7)
Net Cash from Operations	$1,049	$729	$1,298
Cash from Investments
Proceeds from investments sold, matured or repaid:
Bonds	$7,293	$12,421	$10,274
Stocks	1,172	1,404	1,943
Mortgage loans	827	1,038	764
Limited partnerships	1,239	2,156	832
Other	112	135	2,322
	10,643	17,154	16,135
Cost of investments acquired or originated:
Bonds	(9,676)	(14,827)	(9,956)
Stocks	(1,226)	(1,062)	(1,350)
Mortgage loans	(1,253)	(1,664)	(911)
Limited partnerships	(1,666)	(1,985)	(1,222)
Other	(60)	(10)	(406)
	(13,881)	(19,548)	(13,845)
Transactions under mortgage dollar roll program, net	742	1,758	(1,871)
Change in net amounts due (to)/from broker	(678)	(1,784)	(140)
Change in collateral held for securities lending	(46)	72	(214)
Change in contract loans	16	56	44
Net Cash from Investments	$(3,204)	$(2,292)	$109
Cash from Financing and Miscellaneous Sources
Borrowed money	$900	$—	$—
Net deposits (payments) on deposit-type contracts	107	325	146
Other	41	72	(146)
Net Cash from Financing and Miscellaneous Sources	$1,048	$397	$—
Net Change in Cash, Cash Equivalents and Short-Term Investments	$(1,107)	$(1,166)	$1,407
Cash, Cash Equivalents and Short-Term Investments, Beginning of Year	$2,295	$3,461	$2,054
Cash, Cash Equivalents and Short-Term Investments, End of Year	$1,188	$2,295	$3,461
Supplemental Information:
Non-cash investing activities not included above
Refinanced Mortgage Loans	$136	$141	$161

The accompanying notes are an integral part of these statutory-basis financial statements.

F-6

Thrivent Financial for Lutherans

Notes to Statutory-Basis Financial Statements

For the Years Ended December 31, 2022, 2021 and 2020

1. Nature Of Operations And Significant Accounting Policies

Nature of Operations

Thrivent Financial for Lutherans (“Thrivent”) is a fraternal benefit society that provides life insurance, retirement products, disability income, long-term care insurance and Medicare supplement insurance to members. Thrivent is licensed to conduct business throughout the United States and distributes products to members primarily through a network of career financial representatives. Thrivent’s members are offered additional financial products and services, such as investment funds and trust services, through subsidiaries and affiliates.

Significant Accounting Policies

The accompanying statutory-basis financial statements have been prepared in accordance with statutory accounting practices (“SAP”) prescribed by the State of Wisconsin Office of the Commissioner of Insurance.

The significant accounting practices used in preparation of the statutory-basis financial statements are summarized as follows:

Investments

Bonds: Bonds are generally carried at amortized cost, depending on the nature of the security and as prescribed by National Association of Insurance Commissioners (“NAIC”) guidelines. Discounts or premiums on bonds are amortized over the term of the securities using the modified scientific method. Discounts or premiums on loan-backed and structured securities are amortized over the term of the securities using the modified scientific method, adjusted to reflect anticipated pre-payment patterns. Interest income is recognized when earned. Bond exchange traded funds (“ETFs”) on the Securities Valuation Office (“SVO”) Identified Funds list are stated using the fair value measurement method.

Thrivent uses a mortgage dollar roll program to enhance the yield on the mortgage-backed security (“MBS”) portfolio. MBS dollar rolls are transactions whereby Thrivent sells an MBS to a counterparty and subsequently enters into a commitment to purchase another MBS security at a later date. Thrivent’s mortgage dollar roll program generally includes a series of MBS dollar rolls extending for more than a year. Thrivent had $92 million and $834 million in the mortgage dollar roll program as of December 31, 2022 and 2021, respectively.

Stocks: Preferred stocks are carried at market value or amortized cost depending on the preferred stock’s convertible characteristics and NAIC subgroup. Issues rated not in good standing are reported at lower of amortized cost or fair market value. Preferred stock that is perpetual or redeemable, has a conversion date, is a mandatory convertible or does not have a mandatory conversion date is reported at fair market value. Preferred stock that is redeemable and has a mandatory conversion date is reported at amortized cost. Common stocks of unaffiliated companies are stated at fair value. Common stocks of unconsolidated subsidiaries and affiliates are carried at the stock’s prescribed equity basis. Investments in mutual funds are carried at net asset value (“NAV”).

Mortgage Loans: Mortgage loans are generally carried at unpaid principal balances less valuation adjustments. Interest income is accrued on the unpaid principal balance using the loan’s contractual interest rate. Discounts or premiums are amortized over the term of the loans using the effective interest method. Interest income and amortization of premiums and discounts are recorded as a component of net investment income along with prepayment fees and mortgage loan fees.

F-7

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

1. Nature Of Operations And Significant Accounting Policies, continued

Real Estate: Home office real estate is valued at original cost, plus capital expenditures less accumulated depreciation and encumbrances. Depreciation expense is determined using the straight-line method over the estimated useful life of the properties. Real estate expected to be disposed is carried at the lower of cost or fair value, less estimated costs to sell.

Cash, Cash equivalents and Short-term Investments: Cash and cash equivalents include demand deposits, highly liquid investments purchased with an original maturity of three months or less and investments in money market mutual funds. Demand deposits and highly liquid investments are carried at amortized cost while investments in money market mutual funds are carried at fair value. Short-term investments have contractual maturities of one year or less at the time of acquisition. Included in short-term investments are commercial paper and agency notes, which are carried at amortized cost.

Contract Loans: Contract loans are generally carried at the loans’ aggregate unpaid balances. Contract loans are collateralized by the cash surrender value of the associated insurance contracts.

Limited Partnerships: Limited partnerships consist primarily of equity limited partnerships which are valued using the market or income comparable approach. Income is recognized on distributions received that are not in excess of undistributed earnings.

Other Invested Assets: Other invested assets include derivative instruments, real estate joint ventures and surplus notes. Derivatives are primarily carried at fair value. Real estate joint ventures are valued on the underlying audited equity of the investee. Surplus notes are carried at amortized cost.

Securities Lending: Securities loaned under Thrivent’s securities lending agreement are carried at amortized cost or fair value, depending on the nature of the security and as prescribed by NAIC guidelines. Thrivent generally receives cash collateral in an amount that is in excess of the market value of the securities loaned, and the cash collateral is invested in highly-liquid, highly rated securities which are included in bonds and cash, cash equivalents and short-term investments. A liability is also recognized for the amount of the collateral. Market values of securities loaned and corresponding collateral are monitored daily, and additional collateral is obtained as necessary. Thrivent requires a minimum level of collateral to be held for loaned securities.

Offsetting Assets and Liabilities: Thrivent presents securities lending agreements and derivatives on a gross basis in the statutory-basis financial statements.

Unrealized Investment Gains and Losses: Unrealized investment gains and losses include changes in fair value of bonds, unaffiliated stocks, affiliated common stocks, affiliated mutual funds, ETFs, limited partnerships and other invested assets and are reported as a direct increase or decrease to surplus.

Realized Capital Gains and Losses: Realized capital gains and losses on sales of investments are determined using the specific identification method for bonds and average cost method for stocks.

Thrivent’s investments are periodically reviewed, and those securities are evaluated where the current fair value is less than amortized cost for indicators that show the decline in value is other-than-temporary. The review includes an evaluation of each security issuer’s creditworthiness, such as the ability to generate operating cash flow while remaining current on all debt obligations, and any changes in credit ratings from third party agencies. Other factors include the severity and duration of the impairment, Thrivent’s ability to

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1. Nature Of Operations And Significant Accounting Policies, continued

collect all amounts due according to the contractual terms of the debt security and Thrivent’s ability and intent to hold the security for a period of time sufficient to allow for any anticipated recovery in the market.

The potential need to sell securities in an unrealized loss position which have no other indications of other-than-temporary impairment is evaluated based on the current market environment, near-term and long-term asset liability management strategies and target allocation strategies for various asset classes. Generally, Thrivent has the ability and intent to hold securities in an unrealized loss position for a period of time sufficient for the security to recover in value. Investments that are determined to be other-than-temporarily impaired are written down, primarily to fair value, and the write-down is included in realized capital gains and losses in the Statutory-Basis Statements of Operations. If, in response to changed conditions in the capital markets, Thrivent decides to sell a security in an unrealized loss position, a realized loss is recognized in the period that the decision is made to sell that security.

Certain realized capital gains and losses on fixed income securities sold prior to maturity are transferred to the interest maintenance reserve (“IMR”).

Fair Value of Financial Instruments: In estimating the fair values for financial instruments, the amount of observable and unobservable inputs used to determine fair value is taken into consideration. Each of the financial instruments has been classified into one of three categories based on the evaluation. A Level 1 financial instrument is valued using quoted prices for identical assets in active markets that are accessible. A Level 2 financial instrument is valued based on quoted prices for similar instruments in active markets that are accessible, quoted prices for identical or similar instruments in markets that are not active, or model-derived valuations where the significant value driver inputs are observable. A Level 3 financial instrument is valued using significant value driver inputs that are unobservable.

Separate Accounts

Separate account assets and liabilities reported represent funds that are separately administered for variable annuity and variable life contracts, for which the contractholder, rather than Thrivent bears the investment risk. Fees charged on separate account contractholder account value, include mortality and expense charges, rider fees, and advisor fees and are recognized when due. Separate account assets, which consist of investment funds, are carried at fair value based on published market prices. Separate account liability values are not guaranteed to the contractholder; however, general account reserves include provisions for the guaranteed minimum death and living benefits contained in the contracts. Reserve assumptions for these benefits are discussed in the Aggregate Reserves for Life, Annuity and Health Contracts section.

Aggregate Reserves for Life, Annuity and Health Contracts

Reserves for life contracts issued prior to 2020 are calculated primarily using the Commissioners’ Reserve Valuation Method generally based upon the 1941, 1958, 1980, 2001, and 2017 Commissioners’ Standard Ordinary and American Experience Mortality Tables with assumed interest rates ranging from 2.5% to 5.5%. Reserves on contracts issued on a substandard basis are valued using the valuation mortality rates for the substandard rating. Reserves for life contracts issued on or after January 1, 2020, are calculated using the Principles-Based Reserve (PBR) approach described in VM-20. The reserve held is the greatest of two model-based reserve calculations and a formulaic calculation called the Net Premium Reserve (“NPR”).

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1. Nature Of Operations And Significant Accounting Policies, continued

Reserves for fixed annuities, supplementary contracts with life contingencies and other benefits are computed using recognized and accepted mortality tables and methods, which equal or exceed the minimum reserves calculated under the Commissioners’ Annuity Reserve Valuation Method. Fixed indexed annuity reserves are calculated according to the Black-Scholes Projection Method described in Actuarial Guideline 35. Reserves for variable annuities with guaranteed death and living benefits, regardless of issue date, are computed on an aggregate basis using the methods and assumptions specified in VM-21, including assumptions for guaranteed minimum death benefits and living benefits. This approach uses the greatest of two stochastic modeling approaches (company prudent assumptions or industry prescribed assumptions) but is never less than the cash surrender value floor.

Accident and health contract reserves are generally calculated using the two-year preliminary term, one-year preliminary term and the net level premium methods based upon various morbidity tables. In addition, for long-term care (“LTC”) and disability income products, a premium deficiency reserve is held to the extent future premiums and current reserves are less than the value of future expected claim payments and expenses.

The reserve assumptions inherent in these approaches are designed to be sufficient to provide for all contractual benefits. Thrivent waives deduction of deferred fractional premiums upon the death of insureds and returns any portion of the final premium beyond the date of death. Surrender values are not promised in excess of the legally computed reserves.

Deposit Liabilities

Deposit liabilities have been established on certain annuity and supplemental contracts that do not subject Thrivent to mortality and morbidity risk. Changes in future benefits on these deposit-type contracts are classified as deposit-type transactions and thereby excluded from net additions to contract reserves.

Contract Claims

Claim liabilities are established in amounts estimated to cover incurred claims. These liabilities are based on individual case estimates for reported claims and estimates of unreported claims based on past experience.

Interest Maintenance Reserve

Thrivent is required by the NAIC to maintain an IMR which is primarily used to defer certain realized capital gains and losses on fixed income investments. Net realized capital gains and losses deferred to IMR are amortized into investment income over the estimated remaining term to maturity of the investment sold.

Asset Valuation Reserve

Thrivent is required to maintain an asset valuation reserve (“AVR”), which is a liability calculated using a formula prescribed by the NAIC. The AVR is a general provision for future potential losses in the value of investments, unrelated to changes in interest rates. Increases or decreases in the AVR are reported as direct adjustments to surplus in the Statutory-Basis Statements of Surplus.

Borrowed Money

Borrowed money represents advances from Federal Home Loan Bank. The liability is primarily carried at an amount equal to unpaid principal balance, including accrued interest, net of unamortized discount or premium.

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1. Nature Of Operations And Significant Accounting Policies, continued

Premiums and Considerations

Traditional life insurance premiums are recognized as revenue when due. Variable life, universal life, annuity premiums and considerations of supplemental contracts with life contingencies are recognized when received. Health insurance premiums are recognized pro rata over the terms of the policies.

Fraternal Benefits and Expenses

Fraternal benefits and expenses include all fraternal activities and expenses incurred to provide or administer fraternal benefits and programs related to Thrivent’s fraternal charter. This includes activities and costs necessary to maintain Thrivent’s fraternal lodge system. Thrivent conducts fraternal activities primarily through a lodge system where members participate in locally sponsored fraternal activities. Lodge activities are designed to create an opportunity for impact via social, intellectual, educational, charitable, benevolent, moral fraternal, patriotic or religious purposes for the benefit of members and the public and are supported through a variety of lodge programs and services.

Dividends to Members

Thrivent’s insurance products are participating in nature. Dividends on these policies to be paid to members in the subsequent 12 months are reflected in the Statutory-Basis Statements of Operations for the current year. The majority of life insurance contracts receive dividends. Dividends are not currently being paid on most health insurance nor annuity contracts. Dividend scales are approved annually by Thrivent’s Board of Directors.

Income Taxes

Thrivent, as a fraternal benefit society, qualifies as a tax-exempt organization under the Internal Revenue Code. Accordingly, income earned by Thrivent is generally exempt from taxation; therefore, no provision for income taxes has been recorded. Thrivent may pay income taxes on certain unrelated business activity.

Basis of Presentation

The accompanying statutory-basis financial statements of Thrivent have been prepared in accordance with accounting practices prescribed or permitted by the State of Wisconsin Office of the Commissioner of Insurance, which practices differ from U.S. generally accepted accounting principles (“GAAP”).

The following describes the more significant statutory accounting policies that are different from GAAP accounting policies:

Bonds and Preferred Stocks: For GAAP purposes, investments in bonds and preferred stocks are reported at fair value with the change in fair value reported as a separate component of comprehensive income for available-for-sale securities and reported as realized gains or losses for trading securities.

Common Stocks: For GAAP purposes, investments in common stocks are reported at fair value with unrealized gains and losses reported as a component of net income.

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1. Nature Of Operations And Significant Accounting Policies, continued

Acquisition Costs: For GAAP purposes, costs incurred that are directly related to the successful acquisition and issuance of new or renewal insurance contracts are deferred to the extent such costs are deemed recoverable from future profits and amortized in proportion to estimated margins from interest, mortality and other factors under the contracts.

Contract Liabilities: For GAAP purposes, liabilities for future contract benefits and expenses are estimated based on expected experience or actual account balances.

Non-Admitted Assets: For GAAP purposes, certain assets, primarily furniture, equipment, receivables over 90 days old, values of certain entities and equity-method investments where audits are not performed, overfunded plan assets on qualified benefit plans and agents’ debit balances, are not charged directly to members’ equity and are not excluded from the balance sheet.

Interest Maintenance Reserve: For GAAP purposes, an IMR is not maintained.

Asset Valuation Reserve: For GAAP purposes, an AVR is not maintained.

Premiums and Withdrawals: For GAAP purposes, funds deposited and withdrawn on universal life and investment-type contracts are not recorded in the income statement.

Consolidation: For GAAP purposes, subsidiaries are consolidated into the results of their parent. Differences between consolidated GAAP financial statements and statutory-basis financial statements as of December 31, 2022 and 2021 and for the three years in the period ended December 31, 2022, have not been quantified but are presumed to be material.

Use of Estimates

The preparation of statutory-basis financial statements in conformity with SAP requires management to make estimates and assumptions that affect the amounts reported in the statutory-basis financial statements and accompanying notes. The more significant estimates relate to fair values of investments, reserves for life, health and annuity contracts and pension and other retirement benefit liabilities. Actual results could differ from those estimates.

New Accounting Guidance

In 2022, Thrivent adopted modifications to SSAP No. 43R (Loan-Backed and Structured Securities). The key revisions clarify that residual tranches or interests shall be reported on Schedule BA - Other Long-Term Investments and valued at the lower of amortized cost or fair value. The guidance is effective beginning December 31, 2022 and did not have a material impact on Thrivent’s financial statements.

In 2021, Thrivent adopted modifications to SSAP No. 32R (Preferred Stock). The key revisions include adding preferred stock definitions and adopting GAAP guidance for classifying preferred stock as redeemable or perpetual and revising the measurement guidance to provide consistent measurement based on the type of preferred stock held and the terms of the preferred stock. Additional disclosure was added in Note 1, Note 2 and Note 8. The guidance is effective beginning January 1, 2021 and did not have a material impact on Thrivent’s financial statements.

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1. Nature Of Operations And Significant Accounting Policies, continued

In 2021, Thrivent adopted modifications to SSAP No. 26R (Bonds). The revisions clarify that perpetual bonds with an effective call option are recorded at amortized cost using the yield-to-worst concept with all other perpetual bonds recorded at fair value. Additional disclosure was added to Note 1. The guidance is effective beginning January 1, 2021 and did not have a material impact on Thrivent’s financial statements.

In 2021, Thrivent adopted changes to SSAP No. 92 (Postretirement Plans Other Than Pensions) and SSAP No. 102 (Pensions). The guidance requires explanation for significant gains and losses related to changes in the benefit obligation for the period. Additional disclosure was added to Note 9. This guidance did not have a material impact on Thrivent’s financial statements.

In 2020, Thrivent adopted changes to SSAP No. 26R (Bonds) which clarified the existing guidance that all prepayment penalty and acceleration fees be used for called and tendered bonds. This guidance was early adopted beginning January 1, 2020 and additional disclosure was added to Note 2 and did not have a material impact on Thrivent’s financial statements.

In 2020, Thrivent began following the prescribed life product valuation standard. This guidance did not have a material impact on Thrivent’s financial statements.

In 2020, Thrivent switched from using the Actuarial Guideline 43 (AG43) approach for calculating variable annuity reserves to the prescribed variable annuity valuation standard VM-21 requiring variable annuity reserves to be determined by stochastic modeling across numerous interest rate and equity return scenarios. The impact as of January 1, 2020 was a reduction in variable annuity reserves of $42 million and has been recorded as a direct adjustment to surplus as a change in reserve valuation basis.

Prior Year Adjustment

During 2022, Thrivent identified adjustments impacting the beginning of year surplus balance. The pension plan was in an overfunded position of $72 million which should have been reported as a non-admitted asset and therefore charged directly against surplus. A reserve related to universal life contracts with secondary guarantees was overstated by $27 million. An incurred but not reported liability related to universal life disability waivers on a closed block of business was overstated by $14 million. The investment income due and accrued on certain affiliated bonds was recorded incorrectly and understated by $42 million. As a result of these adjustments and in accordance with SSAP No. 3 (Accounting Changes and Corrections of Errors), Thrivent reported an increase to opening surplus of $11 million.

Subsequent Events

Thrivent evaluated events or transactions that may have occurred after the Statutory-Basis Statements of Assets, Liabilities and Surplus date for potential recognition or disclosure through February 9, 2023, the date the statutory-basis financial statements were available to be issued. There were no subsequent events or transactions which required recognition or disclosure.

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Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

2. Investments

Bonds

The admitted value and fair value of Thrivent’s investment in bonds are summarized below (in millions):

	Admitted Value	Gross Unrealized		Fair Value
	Admitted Value	Gains	Losses	Fair Value
December 31, 2022
U.S. government and agency securities	$1,599	$4	$(129)	$1,474
U.S. state and political subdivision securities	97	13	(1)	109
Securities issued by foreign governments	83	-	(6)	77
Corporate debt securities	38,909	348	(3,824)	35,433
Residential mortgage-backed securities	4,046	3	(519)	3,530
Commercial mortgage-backed securities	1,978	1	(196)	1,783
Collateralized debt obligations	2	10	—	12
Other debt obligations	1,276	—	(48)	1,228
Affiliated bonds	2,066	—	(131)	1,935
Total bonds	$50,056	$379	$(4,854)	$45,581
December 31, 2021
U.S. government and agency securities	$2,551	$145	$(3)	$2,693
U.S. state and political subdivision securities	98	51	—	149
Securities issued by foreign governments	83	4	—	87
Corporate debt securities	37,185	3,970	(127)	41,028
Residential mortgage-backed securities	4,976	104	(15)	5,065
Commercial mortgage-backed securities	2,105	67	(6)	2,166
Collateralized debt obligations	2	9	—	11
Other debt obligations	940	12	(4)	948
Affiliated bonds	783	—	—	783
Total bonds	$48,723	$4,362	$(155)	$52,930

The admitted value of corporate debt securities issued in foreign currencies was $547 million and $678 million as of December 31, 2022 and 2021, respectively.

The admitted value and fair value of bonds, short-term investments and certain cash equivalents by contractual maturity are shown below (in millions). Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

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2. Investments, continued

	Admitted Value	Fair Value
December 31, 2022
Due in 1 year or less	$2,965	$2,966
Due after 1 year through 5 years	11,770	11,239
Due after 5 years through 10 years	14,277	12,745
Due after 10 years through 20 years	8,376	7,887
Due after 20 years	13,798	11,873
Total	$51,186	$46,710

The following table shows the fair value and gross unrealized losses aggregated by investment category and length of time that individual bonds have been in a continuous unrealized loss position (dollars in millions).

	Less than 12 Months			12 Months or More
	Number of Securities	Fair Value	Gross Unrealized Losses	Number of Securities	Fair Value	Gross Unrealized Losses
December 31, 2022
U.S. government and agency securities	40	$1,039	$(108)	3	$120	$(21)
U.S. state and political subdivision securities	2	12	(2)	—	—	—
Securities issued by foreign governments	9	69	(6)	—	—	—
Corporate debt securities	3,710	27,546	(2,995)	433	2,885	(829)
Residential mortgage-backed securities	258	2,104	(211)	49	1,336	(307)
Commercial mortgage-backed securities	178	1,530	(147)	25	216	(49)
Other debt obligations	125	527	(19)	88	406	(29)
Affiliated bonds	2	1,513	(131)	—	—	—
Total bonds	4,324	$34,340	$(3,619)	598	$4,963	$(1,235)
December 31, 2021
U.S. government and agency securities	11	$994	$(2)	—	$—	$—
U.S. state and political subdivision securities	—	—	—	—	—	—
Securities issued by foreign governments	—	—	—	—	—	—
Corporate debt securities	461	3,730	(109)	45	417	(19)
Residential mortgage-backed securities	43	1,957	(13)	9	21	(2)
Commercial mortgage-backed securities	24	217	(4)	5	41	(2)
Other debt obligations	107	578	(5)	1	13	—
Affiliated bonds	—	—	—	—	—	—
Total bonds	646	$7,476	$(133)	60	$492	$(23)

Based on Thrivent’s current evaluation in accordance with Thrivent’s impairment policy, a determination was made that the declines in the securities summarized above are temporary in nature and Thrivent has the ability and intent to hold securities in an unrealized loss position for a period of time sufficient for the security to recover in value.

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2. Investments, continued

Stocks

The cost and fair value of Thrivent’s investment in stocks as of December 31 are presented below (in millions).

	2022	2021
Unaffiliated Preferred Stocks:
Cost	$463	$476
Gross unrealized gains	7	79
Gross unrealized losses	(32)	(7)
Fair value	$438	$548
Statement value	$461	$546
Unaffiliated Common Stocks:
Cost	$753	$922
Gross unrealized gains	126	451
Gross unrealized losses	(58)	(14)
Fair value/statement value	$821	$1,359
Affiliated Common Stocks:
Cost	$345	$126
Gross unrealized gains	27	31
Gross unrealized losses	(62)	(38)
Fair value/statement value	$310	$119
Affiliated Mutual Funds/ETFs:
Cost	$259	$217
Gross unrealized gains	4	30
Gross unrealized losses	(19)	—
Fair value/statement value	$244	$247
Total statement value	$1,836	$2,271

Mortgage Loans

Thrivent invests in mortgage loans that principally involve commercial real estate consisting of first mortgage liens on completed income-producing properties. The carrying value of mortgage loans was $10.7 billion and $10.3 billion for the years ended December 31, 2022 and 2021. There was no allowance for credit losses as of December 31, 2022 or 2021.

Thrivent requires that all properties subject to mortgage loans have fire insurance at least equal to the value of the property.

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For the Years Ended December 31, 2022, 2021 and 2020, continued

2. Investments, continued

The carrying values of mortgage loans by credit quality as of December 31 are presented below where restructured loans, in good standing, represent loans with reduced principal or interest rates below market (dollars in millions):

	2022	2021
In good standing	$10,676	$10,238
Restructured loans, in good standing	20	34
Delinquent	1	—
In process of foreclosure	—	—
Total mortgage loans	$10,697	$10,272

	2022	2021
Loans with Interest Rates Reduced During the Year:
Weighted average interest rate reduction	0.6%	0.8%
Total principal	$23	$101
Number of loans	27	80
Interest Rates for Loans Issued During the Year:
Maximum	6.4%	4.8%
Minimum	2.5%	2.0%
Maximum loan-to-value ratio for loans issued during the year, exclusive of purchase money mortgages	63%	67%

The age analysis of mortgage loans as of December 31 are presented below (in millions):

	2022	2021
Current	$10,695	$10,272
30 – 59 days past due	1	—
60 – 89 days past due	—	—
90 – 179 days past due	1	—
180+ days past due	—	—
Total mortgage loans	$10,697	$10,272
180+ Days Past Due and Accruing Interest:
Investment	$—	$—
Interest accrued	—	—
90 - 179 Days Past Due and Accruing Interest:
Investment	$1	$—
Interest accrued	—	—

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For the Years Ended December 31, 2022, 2021 and 2020, continued

2. Investments, continued

The distribution of Thrivent’s mortgage loans among various geographic regions of the United States as of December 31 are presented below:

	2022	2021
Geographic Region:
Pacific	31%	32%
South Atlantic	19	19
East North Central	8	7
West North Central	9	11
Mountain	7	8
Mid-Atlantic	11	9
West South Central	10	9
Other	5	5
Total	100%	100%

The distribution of Thrivent’s mortgage loans among various property types as of December 31 are presented below:

	2022	2021
Property Type:
Industrial	25%	23%
Retail	17	19
Office	14	15
Church	8	9
Apartments	29	27
Other	7	7
Total	100%	100%

Impaired loans

A loan is determined to be impaired when it is considered probable that the principal and interest will not be collected according to the contractual terms of the loan agreement. For both years ended December 31, 2022 and 2021, Thrivent held impaired loans with a carrying value of $22 million and an unpaid principal balance of $22 million for which there was no related allowance for credit losses recorded.

Any payments received on impaired loans are either applied against the principal or reported as net investment income, based on an assessment as to the collectability of the principal. Interest income on impaired loans that are delinquent is recognized upon receipt.

After loans become 180 days delinquent on principal or interest payments, or if the loans have been determined to be impaired, any accrued but uncollectible interest on the mortgage loans is non-admitted and charged to surplus in the period in which the loans are determined to be impaired. Generally, only after the loans become less than 180 days delinquent from the contractual due date will accrued interest be returned to admitted status. The amount of impairments included in realized capital losses due to debt restructuring was less than $1 million for both years ended December 31, 2022 and 2021 and $8 million for the year ended December 31, 2020. The average recorded investment in impaired mortgage loans was $7 million for both

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For the Years Ended December 31, 2022, 2021 and 2020, continued

2. Investments, continued

years ended December 31, 2022 and 2021. Interest income recognized on impaired mortgage loans was less than $1 million for all three years ended December 31, 2022, 2021 and 2020.

In certain circumstances, Thrivent may restructure the terms of a troubled loan to maximize the collection of amounts due. During the years ended December 31, 2022 and 2021, Thrivent restructured two loans with a carrying value of $2 million and 1 loan with a carrying value of $3 million, respectively.

For the years ended December 31, 2022 and 2021, Thrivent held seven mortgage loans with a carrying value of $20 million and nine loans with a carrying value of $34 million, respectively, where loan restructures had occurred and the loans were in good standing. For the year ended December 31, 2022, there was one restructured mortgage loan with a payment default greater than 90 days with a carrying value of $1 million. For the year ended December 31, 2021, the nine restructured mortgage loans had no payment defaults after modifications.

During the years ended December 31, 2022 and 2021, there were no mortgage loans that were derecognized as a result of foreclosure.

Real Estate

The components of real estate investments as of December 31 were as follows (in millions):

	2022	2021
Home office properties	$141	$139
Held-for-sale	—	5
Total before accumulated depreciation	141	144
Accumulated depreciation	(98)	(94)
Total real estate	$43	$50

In August 2018, Thrivent sold a corporate home office property for a cash payment of $55 million. In conjunction with the sale, Thrivent entered into an agreement with the purchaser to lease the property. A $48 million gain on the sale of the property was deferred and reported in other surplus funds. The gain was amortized over the remaining life of the lease and was fully recognized as of December 31, 2020.

In February 2021, Thrivent sold a newly constructed corporate home office property that was completed in 2020 for a cash payment of $128 million. Thrivent entered into an agreement with the purchaser to lease the property for 20 years. An $11 million gain on the sale of the property was recognized in 2021 to realized capital gains and losses.

In November 2022, Thrivent sold a corporate office property for a cash payment of $4 million. A gain of less than $1 million on the sale of the property was recognized in 2022 to realized capital gains and losses.

Derivative Financial Instruments

Thrivent uses derivative financial instruments in the normal course of business to manage investment risks, to reduce interest rate and duration imbalances determined in asset/liability analyses and to offset risks associated with the guaranteed living benefits features of certain variable annuity products.

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For the Years Ended December 31, 2022, 2021 and 2020, continued

2. Investments, continued

The following table summarizes the carrying values, which primarily equal fair values, included in other invested assets or other liabilities on the Statutory-Basis Statements of Assets, Liabilities and Surplus, and the notional amounts of Thrivent’s derivative financial instruments (in millions):

	Carrying Value	Notional Amount	Realized Gains/(Losses)
As of and for the year ended December 31, 2022
Assets:
Call spread options	$48	$936	$(28)
Futures	—	234	11
Foreign currency swaps	77	750	11
Interest rate swaps	—	—	(2)
Covered written call options	—	—	—
Total assets	$125	$1,920	$(8)
Liabilities:
Call spread options	$(32)	$961	$17
Futures	—	1,424	—
Foreign currency swaps	(1)	65	1
Covered written call options	—	—	6
Total liabilities	$(33)	$2,450	$24
As of and for the year ended December 31, 2021
Assets:
Call spread options	$118	$849	$197
Futures	—	434	(20)
Foreign currency swaps	35	550	10
Interest rate swaps	—	—	(1)
Covered written call options	—	—	—
Total assets	$153	$1,833	$186
Liabilities:
Call spread options	$(91)	$885	$(187)
Futures	—	258	—
Foreign currency swaps	(9)	126	1
Covered written call options	(2)	—	10
Total liabilities	$(102)	$1,269	$(176)

All gains and losses on derivatives are reflected in realized capital gains and losses in the statutory-basis financial statements except foreign currency swaps which are reflected in net investment income. Notional amounts do not represent amounts exchanged by the parties and therefore are not a measure of Thrivent’s exposure. The amounts exchanged are calculated based on the notional amounts and the other terms of the instruments, such as interest rates, exchange rates, security prices or financial and other indices.

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For the Years Ended December 31, 2022, 2021 and 2020, continued

2. Investments, continued

Call Spread Options

Thrivent uses over-the-counter S&P 500 index call spread options (i.e. buying call options and selling cap call options) to manage risks associated with fixed indexed annuities. Purchased call spread options are reported at fair value in other invested assets and written call spread options are reported at fair value in other liabilities. The changes in the fair value of the call spread options are recorded in unrealized gains and losses.

Covered Written Call Options

Thrivent sells covered written call option contracts to enhance the return on residential mortgage-backed “to be announced” collateral that Thrivent owns. The premium received for these call options is recorded in other liabilities at book value at each reporting period. All positions in these contracts are settled at month end. Upon disposition of the options, the gains are recorded as a component of realized capital gains and losses. During the years ended December 31, 2022, 2021 and 2020, $4 million, $16 million and $9 million, respectively, was received in call premium.

Futures

Thrivent utilizes futures contracts to manage a portion of the risks associated with the guaranteed minimum accumulation benefit feature of variable annuity products and to manage foreign equity risk. Cash paid for the futures contracts is recorded in other invested assets. The futures contracts are valued at fair value at each reporting period. The daily change in fair value from the contracts variation margin is recognized in unrealized gains and losses until the contract is closed and/or otherwise expired. Realized gains and losses are recognized when the contract is closed and/or otherwise expired.

Foreign Currency Swaps

Thrivent utilizes foreign currency swaps to manage the risk associated with changes in the exchange rate of foreign currency to U.S. dollar payments for foreign denominated bonds. The swaps are reported at fair value with the change in the fair value recognized in unrealized gains and losses. Realized capital gains and losses are recognized upon settlement of the swap. No cash is exchanged at the outset of the swaps, and interest payments received are recorded as a component of net investment income.

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For the Years Ended December 31, 2022, 2021 and 2020, continued

2. Investments, continued

Wash Sales

In the normal course of Thrivent’s investment management activities, securities are periodically sold and repurchased within 30 days of the sale date to enhance total return on the investment portfolio. At December 31, 2022, Thrivent completed 1,251 transactions, selling 61 securities with a book value totaling $12 million where the cost to repurchase within 30 days totaled $13 million. The net gain for securities sold and later repurchased totaled $1 million. At December 31, 2021, Thrivent completed 449 transactions, selling 44 securities with a book value totaling $6 million where the cost to repurchase within 30 days totaled $10 million. The net gain for securities sold and later repurchased totaled $4 million.

Reverse Repurchase Agreements

Thrivent has a tri-party reverse repurchase agreement (“repo”) to purchase and resell short-term securities. The securities are classified as a NAIC 1 designation and the maturity of the securities is three months to one year with a carrying value and fair value of $10 million and $0 million for the years ended December 31, 2022 and 2021, respectively. Thrivent is not permitted to sell or repledge these securities. The purchased securities are included in cash, cash equivalents and short-term investments in the accompanying Statutory-Basis Statements of Assets, Liabilities and Surplus. Thrivent received cash as collateral, having a fair value at least equal to 102% of the purchase price paid for the securities and Thrivent’s designated custodian takes possession of the collateral. The collateral is not recorded in Thrivent’s financial statements.

The fair value of the securities for the repo transactions accounted for each reporting period presented below (in millions):

December 31, 2022	Maximum	Ending Balance
Bonds:
1st quarter	$—	$—
2nd quarter	90	10
3rd quarter	55	—
4th quarter	45	10

December 31, 2021	Maximum	Ending Balance
Bonds:
1st quarter	$425	$425
2nd quarter	450	50
3rd quarter	50	—
4th quarter	—	—

F-23

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

2. Investments, continued

The fair value of the cash collateral under the repo borrowing transactions for each reporting period by remaining contractual maturity presented below (in millions):

December 31, 2022	Maximum	Ending Balance
Overnight and Continuous:
1st quarter	$—	$—
2nd quarter	92	10
3rd quarter	56	—
4th quarter	46	10

December 31, 2021	Maximum	Ending Balance
Overnight and Continuous:
1st quarter	$425	$425
2nd quarter	450	50
3rd quarter	50	—
4th quarter	—	—

Federal Home Loan Bank Agreements

During the fourth quarter of 2021, Thrivent became a member of the Federal Home Loan Bank of Chicago (“FHLB”). This FHLB membership required a purchase of membership stock and gives Thrivent access to low-cost funding. Thrivent’s strategy is to utilize these funds to optimize liquidity or spread investment purposes. Additional FHLB activity-based stock purchases are required based upon the amount of funds borrowed from the FHLB. Thrivent is required to post acceptable forms of collateral for any borrowings from the FHLB. In the event of default, the FHLB’s recovery on the collateral is limited to the amount of Thrivent’s outstanding liability to the FHLB. FHLB activity will be limited to the general account.

As of December 31, 2022, Thrivent has an internally approved maximum borrowing capacity for the FHLB of $4 billion. Thrivent established this limit in accordance with its overall risk management process.

The following tables indicate the amounts of FHLB capital and activity-based stock, collateral pledged, and assets and liabilities related to Thrivent’s agreement with FHLB as of December 31, 2022 and 2021.

The amount of FHLB capital stock held as of December 31 (in millions):

	2022	2021
Membership Stock – Class B par value	$—	$5
Activity Stock	25	—
Aggregate Total	$25	$5

The amount of collateral pledged to FHLB as of December 31 (in millions):

	2022			2021
	Fair Value	Carrying Value	Aggregate Total Borrowing	Fair Value	Carrying Value	Aggregate Total Borrowing
Total Collateral Pledged	$1,559	$1,732	$900	$659	$617	$—

F-24

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

2. Investments, continued

The maximum amount of collateral pledged to FHLB during the reporting period (in millions):

	2022			2021
	Fair Value	Carrying Value	Aggregate Total Borrowing	Fair Value	Carrying Value	Aggregate Total Borrowing
Total Maximum Collateral Pledged	$1,559	$1,732	$900	$659	$617	$—

The fair value and carrying amount of the borrowed funds, excluding accrued interest, was $900 million and $0 million as of December 31, 2022 and 2021, respectively. Interest accrues as of December 31, 2022 and 2021 at a weighted average rate of 3.8% and 0.0%, respectively. Interest paid in 2022 and 2021 was $12 million and $0 million, respectively. The outstanding borrowings of $900 million as of December 31, 2022 are scheduled to mature in 2023 and Thrivent has the discretion to roll those maturities into future borrowings.

Pledged and Restricted Assets

Thrivent owns assets which are pledged to others as collateral or are otherwise restricted totaling $2.2 billion and $1.0 billion at December 31, 2022 and 2021, respectively. Total pledged and restricted assets, which primarily include collateral held under futures transactions, securities lending agreements, FHLB and reverse repurchase agreements are 2% of total admitted assets. Securities on deposit with state insurance departments were $2 million for both years ended December 31, 2022 and 2021.

Net Investment Income

Investment income by type of investment for the years ended December 31 is presented below (in millions):

	2022	2021	2020
Bonds	$1,854	$1,792	$1,797
Preferred stock	22	21	19
Unaffiliated common stocks	24	22	27
Affiliated common stocks	165	101	94
Mortgage loans	400	423	439
Real estate	12	13	17
Contract loans	75	78	82
Cash, cash equivalents and short-term investments	25	5	19
Limited partnerships	901	1,680	489
Other invested assets	17	31	32
Gross investment income	3,495	4,166	3,015
Investment expenses	(82)	(63)	(57)
Depreciation on real estate	(3)	(5)	(7)
Net investment income	$3,410	$4,098	$2,951

Net investment income includes bonds sold or redeemed with a callable bond or tender feature. During 2022, there were 207 securities with a callable or tender feature sold or redeemed totaling $29 million. During 2021, there were 515 securities with a callable or tender feature sold or redeemed totaling $124 million.

F-25

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

2. Investments, continued

Realized Capital Gains and Losses

Realized capital gains and losses for the years ended December 31 is presented below (in millions):

	2022	2021	2020
Net Gains (Losses) on Sales:
Bonds:
Gross gains	$90	$302	$293
Gross losses	(190)	(122)	(211)
Stocks:
Gross gains	168	348	316
Gross losses	(75)	(18)	(86)
Futures	11	(20)	(200)
Other	(1)	5	—
Net gains (losses) on sales	3	495	123
Provisions for Losses:
Bonds	(17)	(5)	(44)
Stocks	—	—	(1)
Other	(1)	—	14
Total provisions for losses	(18)	(5)	(31)
Realized capital gains (losses)	(15)	490	92
Transfers to interest maintenance reserve	84	(192)	(132)
Realized capital gains (losses), net	$69	$298	$(40)

Proceeds from the sale of investments in bonds, net of mortgage dollar roll transactions, were $5.7 billion, $11.8 billion and $9.7 billion for the years ended December 31, 2022, 2021 and 2020, respectively.

Thrivent recognized other-than-temporary impairments (OTTI) during the year ended December 31, 2022 on loan-backed and structured securities where the present value of cash flows expected to be collected was less than the amortized cost basis of the security. For the year ended December 31, 2022, the amortized cost basis for these securities, prior to any current-period OTTI was $46 million. The OTTI recognized in earnings as a realized loss totaled $5 million. The fair value of the securities as of the date impaired totaled $38 million. The amortized cost basis after the current-period impairment totaled $41 million.

3. Policyholder Liabilities

The following table contains general account aggregate reserves for life, annuity and health contracts as of December 31 (in millions):

	2022	2021
Life insurance reserves	$25,197	$24,866
Disability and long-term care active life reserves	98	107
Disability and long-term care unpaid claims and claim reserves	367	375
Annuity reserves	18,768	18,445
Health contracts	6,394	6,248
Aggregate reserves for life, annuity and health contracts	$50,824	$50,041

F-26

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

3. Policyholder Liabilities, continued

Many of the contracts issued by Thrivent, primarily annuities, do not subject Thrivent to mortality or morbidity risk. These contracts may have certain limitations placed upon the amount of funds that can be withdrawn without penalties. The following table summarizes liabilities by withdrawal characteristics of individual annuities (dollars in millions):

	General Account	Separate Account Guaranteed	Separate Account Nonguaranteed	Total	% of Total
December 31, 2022
Subject to Discretionary Withdrawal:
With market value adjustment	$—	$146	$—	$146	1%
At book value less a surrender charge of 5% or more	1,896	—	—	1,896	4
At fair value	—	—	30,627	30,627	61
Total with market value adjustment or at fair value	1,896	146	30,627	32,669	66
At book value without adjustment	15,348	—	—	15,348	31
Not subject to discretionary withdrawal	1,524	—	43	1,567	3
Total	$18,768	$146	$30,670	$49,584	100%
Amount to Move in Subject to Discretionary Withdrawal in the Year After the Statement Date:	$354	$—	$—	$354
December 31, 2021
Subject to Discretionary Withdrawal:
With market value adjustment	$—	$162	$—	$162	1%
At book value less a surrender charge of 5% or more	1,475	—	—	1,475	2
At fair value	—	—	38,723	38,723	67
Total with market value adjustment or at fair value	1,475	162	38,723	40,360	70
At book value without adjustment	15,436	—	—	15,436	27
Not subject to discretionary withdrawal	1,534	—	60	1,594	3
Total	$18,445	$162	$38,783	$57,390	100%
Amount to Move in Subject to Discretionary Withdrawal in the Year After the Statement Date:	$557	$—	$—	$557

F-27

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

3. Policyholder Liabilities, continued

The following table summarizes liabilities by withdrawal characteristics of deposit type contracts with no life contingencies (dollars in millions):

	General Account	Separate Account Guaranteed	Separate Account Nonguaranteed	Total	% of Total
December 31, 2022
Subject to Discretionary Withdrawal:
At book value less a surrender charge of 5% or more	$4,125	$—	$—	$4,125	89%
Total with market value adjustment or at fair value	4,125	—	—	4,125	89
At book value without adjustment	435	—	—	435	9
Not subject to discretionary withdrawal	66	—	14	80	2
Total	$4,626	$—	$14	$4,640	100%
December 31, 2021
Subject to Discretionary Withdrawal:
At book value less a surrender charge of 5% or more	$4,037	$—	$—	$4,037	89%
Total with market value adjustment or at fair value	4,037	—	—	4,037	89
At book value without adjustment	418	—	—	418	9
Not subject to discretionary withdrawal	64	—	21	85	2
Total	$4,519	$—	$21	$4,540	100%

The above policyholder liabilities are recorded as partial components within the following captions of the Statutory-Basis Statements of Assets, Liabilities and Surplus as of December 31 (in millions):

	2022	2021
Aggregate reserves for life, annuity and health contracts	$18,768	$18,445
Deposit liabilities	4,626	4,519
Liabilities related to separate accounts	30,830	38,966
Total	$54,224	$61,930

F-28

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

3. Policyholder Liabilities, continued

The following table summarizes the analysis of life actuarial reserves by withdrawal characteristics (dollars in millions):

	General Account			Separate Account Nonguaranteed
	Account Value	Cash Value	Reserve	Account Value	Cash Value	Reserve
December 31, 2022
Subject to Discretionary Withdrawal, Surrender Values, or Policy Loans:
Universal life	$10,358	$10,345	$10,377	$—	$—	$—
Universal life with secondary guarantees	1,469	1,335	1,564	1,129	996	1,021
Other permanent cash value life insurance	—	12,070	12,988	—	—	—
Variable universal life	43	43	57	829	826	831
Miscellaneous reserves	—	—	2	—	—	—
Not Subject to Discretionary Withdrawals or No Cash Values:
Term policies without cash value	XXX	XXX	1,043	XXX	XXX	—
Accidental death benefits	XXX	XXX	14	XXX	XXX	—
Disability death benefits	XXX	XXX	—	XXX	XXX	—
Disability – active lives	XXX	XXX	98	XXX	XXX	—
Disability – disable lives	XXX	XXX	353	XXX	XXX	—
Miscellaneous reserves	XXX	XXX	—	XXX	XXX	—
Subtotal	$11,870	$23,793	$26,496	$1,958	$1,822	$1,852
Reinsurance ceded	(531)	(680)	(834)	—	—	—
Total	$11,339	$23,113	$25,662	$1,958	$1,822	$1,852
December 31, 2021
Subject to Discretionary Withdrawal, Surrender Values, or Policy Loans:
Universal life	$10,368	$10,355	$10,386	$—	$—	$—
Universal life with secondary guarantees	1,347	1,211	1,464	1,250	1,136	1,153
Other permanent cash value life insurance	—	11,881	12,767	—	—	—
Variable universal life	42	42	55	1,097	1,094	1,100
Miscellaneous reserves	—	—	2	—	—	—
Not Subject to Discretionary Withdrawals or No Cash Values:
Term policies without cash value	XXX	XXX	1,039	XXX	XXX	—
Accidental death benefits	XXX	XXX	15	XXX	XXX	—
Disability death benefits	XXX	XXX	—	XXX	XXX	—
Disability – active lives	XXX	XXX	107	XXX	XXX	—
Disability – disable lives	XXX	XXX	360	XXX	XXX	—
Miscellaneous reserves	XXX	XXX	—	XXX	XXX	—
Subtotal	$11,757	$23,489	$26,195	$2,347	$2,230	$2,253
Reinsurance ceded	(478)	(591)	(847)	—	—	—
Total	$11,279	$22,898	$25,348	$2,347	$2,230	$2,253

F-29

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

3. Policyholder Liabilities, continued

Thrivent calculates premium deficiency reserves (PDR) for long-term care insurance policies. The PDR was zero as of December 31, 2022 and 2021, respectively. During 2021, Thrivent updated the claim incidence and claim termination assumptions for the closed block and updated net earned rate assumption to now include a 10% equity allocation to the asset portfolio for both closed and new business blocks. These updated assumptions, along with a decrease in the number of long-term care insurance policies in force, were the primary drivers of the $230 million decrease that brought the PDR to zero for the year ended December 31, 2021.

Thrivent has insurance in force as of December 31, 2022 and 2021, totaling $7.0 billion and $8.5 billion, respectively, where the gross premiums are less than the net premiums according to the standard valuation requirements set by the State of Wisconsin Office of the Commissioner of Insurance. Reserves associated with these policies as of December 31, 2022 and 2021, totaled $24 million and $30 million, respectively.

Deferred and uncollected life insurance premiums and annuity considerations were as follows (in millions):

	Gross	Net of Loading
December 31, 2022
Ordinary new business	$9	$1
Ordinary renewal	73	108
Total	$82	$109
December 31, 2021
Ordinary new business	$12	$1
Ordinary renewal	64	103
Total	$76	$104

4. Separate Accounts

Thrivent administers and invests funds segregated into separate accounts for the exclusive benefit of variable annuity, variable immediate annuity and variable universal life contractholders. Variable life and variable annuity separate accounts of Thrivent are non-guaranteed, while Thrivent’s multi-year guarantee separate account is a non-indexed guaranteed account. Within the non-guaranteed separate account, all variable deferred annuity contracts contain guaranteed death benefits and some contain guaranteed living benefits. The following table presents the explicit risk charges paid by separate account contract holders for these guarantees and the amounts paid for guaranteed death benefits for the years ended December 31 (in millions):

	2022	2021	2020	2019	2018
Risk charge paid	$114	$119	$102	$104	$108
Payments for guaranteed benefits	22	6	7	5	4

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Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

4. Separate Accounts, continued

The following tables summarize information for the separate accounts (in millions):

	Non-Indexed Guarantee	Non- Guaranteed	Total
December 31, 2022
Reserves:
For accounts with assets at fair value	$146	$32,536	$32,682
By Withdrawal Characteristics:
Subject to Discretionary Withdrawal:
With market value adjustment	$146	$—	$146
At fair value	—	32,479	32,479
Not subject to discretionary withdrawal	—	57	57
Total	$146	$32,536	$32,682
December 31, 2021
Reserves:
For accounts with assets at fair value	$162	$41,057	$41,219
By Withdrawal Characteristics:
Subject to Discretionary Withdrawal:
With market value adjustment	$162	$—	$162
At fair value	—	40,976	40,976
Not subject to discretionary withdrawal	—	81	81
Total	$162	$41,057	$41,219

	2022	2021	2020
Premiums, Considerations and Deposits:
Non-indexed guarantee	$—	$—	$1
Non-guaranteed	1,986	2,531	1,849
Total	$1,986	$2,531	$1,850

	2022	2021	2020
Transfers to separate accounts	$1,986	$2,531	$1,849
Transfers from separate accounts	(2,981)	(3,335)	(2,712)
Other items	(23)	(8)	2
Transfers to separate accounts, net	$(1,018)	$(812)	$(861)

F-31

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

5. Claims Liabilities

Activity in the liabilities for accident and health, long-term care and disability benefits, included in aggregate reserves for life, annuity, and health contracts and contract claims, as presented below (in millions):

	2022	2021
Net balance at January 1	$1,036	$1,097
Incurred Related to:
Current year	454	515
Prior years	(74)	(172)
Total incurred	380	343
Paid Related to:
Current year	52	128
Prior years	286	276
Total paid	338	404
Net balance at December 31	$1,078	$1,036

Thrivent uses estimates for determining the liability for accident and health, long-term care and disability benefits, which are based on historical claim payment patterns, and attempts to provide for potential adverse changes in claim patterns and severity. Thrivent annually reviews the claim payment experience to evaluate the methodology and assumptions that are used in determining Thrivent’s estimate of ultimate claims experience.

6. Reinsurance

Thrivent participates in reinsurance in order to limit maximum losses and to diversify exposures. Life and accident and health reinsurance is accomplished through various plans of reinsurance, primarily coinsurance and yearly renewable term. For life insurance, Thrivent generally retains a maximum of $3 million of single and $3 million of joint life coverage for any single mortality risk. In 2022 Thrivent began ceding 80% of all Medicare Supplement business via a coinsurance agreement.

Ceded balances would represent a liability of Thrivent in the event the reinsurers were unable to meet the obligations under the terms of the reinsurance agreements. Reinsurance contracts do not relieve an insurer from the contract’s primary obligation to policyholders.

Reinsurance premiums, commissions, expense reimbursements, benefits and reserves related to reinsured long-duration contracts are accounted for over the life of the underlying reinsured contracts using assumptions consistent with those used to account for the underlying contracts. The cost of reinsurance related to short-duration contracts is accounted for over the reinsurance contract period. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liabilities and policy benefits associated with the reinsured policies.

F-32

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

6. Reinsurance, continued

Reinsurance amounts included in the Statutory-Basis Statements of Operations for the years ended December 31 were as follows (in millions):

	2022	2021	2020
Direct premiums	$5,256	$5,289	$4,736
Reinsurance ceded	(223)	(107)	(106)
Net premiums	$5,033	$5,182	$4,630
Reinsurance claims recovered	$201	$131	$89

Aggregate reserves and contract claim liabilities in the Statutory-Basis Statements of Assets, Liabilities and Surplus for the years ended December 31 were reduced by reinsurance ceded amounts as presented below (in millions):

	2022	2021
Life insurance	$835	$847
Accident-and-health	39	—
Total	$874	$847

During 2022, Thrivent entered into a reinsurance agreement whereby certain medical supplement contracts were ceded to a third party. A gain of $39 million was recognized in other surplus funds and is being amortized over a five-year period.

The financial condition of Thrivent’s reinsurers and amounts recoverable are periodically reviewed in order to evaluate the financial strength of the companies supporting the recoverable balances. One reinsurer accounts for approximately 40% of the reinsurance recoverable as of December 31, 2022.

Thrivent has no covered policies where certain term life and universal life insurance policies (XXX/AXXX risks) are ceded in accordance with Actuarial Guideline 48 (Actuarial Opinion and Memorandum Requirements for the Reinsurance of Policies to be Valued Under Sections 6 and 7 of the NAIC Valuation of Life Insurance Policies Model Regulation).

Thrivent has no reinsurance contracts with features that are subject to the disclosure requirements within SSAP No. 61R related to reinsurance credits.

7. Surplus

Thrivent is subject to certain risk-based capital (“RBC”) requirements as specified by the NAIC. Under those requirements, the amount of surplus maintained by a fraternal benefit society is to be determined based on various risk factors. Thrivent exceeds the RBC requirements as of December 31, 2022 and 2021.

Unassigned funds as of December 31 includes adjustments related to the following items (in millions):

	2022	2021
Unrealized gains and (losses)	$654	$1,412
Non-admitted assets	(315)	(252)
Separate accounts	80	99
Asset valuation reserve	(2,653)	(2,384)

F-33

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

7. Surplus, continued

The deferred gain from the 2018 sale of the corporate home office property was included in other surplus funds as of December 31, 2019. The remaining amount was fully recognized as of December 31, 2020, and therefore is no longer included in other surplus funds as of December 31, 2020.

The deferred gain from the 2022 medical supplement reinsurance agreement is included in other surplus funds as of December 31, 2022. The amount was recognized into other surplus and is being amortized over a five-year period.

8. Fair Value of Financial Instruments

The financial instruments of Thrivent have been classified, for disclosure purposes, into categories based on the evaluation of the amount of observable and unobservable inputs used to determine fair value.

Fair Value Descriptions

Level 1 Financial Instruments

Level 1 financial instruments reported at fair value include certain bonds, certain unaffiliated common stocks and certain cash equivalents. Bonds and unaffiliated common stocks are primarily valued using quoted prices in active markets. Cash equivalents consist of money market mutual funds whose fair value is based on the quoted daily net asset values of the invested funds.

Level 1 financial instruments not reported at fair value include certain bonds, which are priced based on quoted market prices, and include primarily U.S. Treasury bonds.

Level 2 Financial Instruments

Level 2 financial instruments reported at fair value include certain unaffiliated common stocks and other invested assets, primarily derivatives, and are valued based on market quotes where the financial instruments are not considered actively traded. The fair values for separate account assets are based on published daily net asset values of the funds in which the separate accounts are invested.

Level 2 financial instruments not reported at fair value includes certain bonds, certain unaffiliated common stocks, unaffiliated preferred stocks, cash, cash equivalents and short-term investments, other invested assets, liabilities related to separate accounts and other liabilities.

Bonds not reported at fair value are priced using a third-party pricing vendor and include certain corporate debt securities and asset-backed securities. Pricing from a third-party pricing vendor varies by asset class but generally includes inputs such as estimated cash flows, benchmark yields, reported trades, issuer spreads, bids, offers, credit quality, industry events and economic events. If Thrivent is unable to obtain a price from a third-party pricing vendor, management may obtain broker quotes or utilize an internal pricing model specific to the asset. The internal pricing models apply practices that are standard among the industry and utilize observable market data.

Fair values of unaffiliated common stocks not reported at fair value primarily consist of FHLB activity-based stock and are based on direct quotes from FHLB.

Fair values of unaffiliated preferred stocks not reported at fair value are based on market quotes where these securities are not considered actively traded.

F-34

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

8. Fair Value of Financial Instruments, continued

Cash and cash equivalents not reported at fair value consist of demand deposit and highly liquid investments purchased with an original maturity date of three months or less. Short-term investments not reported at fair value consist of investments in commercial paper and agency notes with contractual maturities of one year or less at the time of acquisition. The carrying amounts for cash, cash equivalents and short-term investments approximate the fair values.

Other invested assets not reported at fair value include investments in surplus notes in which the fair values are based on quoted market prices.

The carrying amounts of liabilities related to separate accounts reflect the amounts in the separate account assets and approximate the fair values.

Other liabilities include certain derivatives. Derivative fair values are derived from broker quotes.

Fair values on borrowed money from the FHLB is equal to unpaid principal balance, including accrued interest, net of unamortized discount or premium.

Level 3 Financial Instruments

Level 3 financial instruments reported at fair value include other invested assets, which consist of certain derivatives. The fair value is determined using independent broker quotes.

Level 3 financial instruments not reported at fair value include certain bonds, unaffiliated preferred stocks, mortgage loans, real estate, contract loans, limited partnerships, other invested assets, deferred annuities, other deposit contracts and other liabilities.

Level 3 bonds not reported at fair value include private placement debt securities and convertible bonds. Private placement debt securities are valued using internal pricing models specific to the assets using unobservable inputs such as issuer spreads, estimated cash flows, internal credit ratings and volatility adjustments. Market comparable discount rates ranging from 1% to 8% are used as the base rate in the

discounted cash flows used to determine the fair value of certain assets. Increases or decreases in the credit spreads on the comparable assets could cause the fair value of assets to significantly decrease or increase, respectively. Additionally, Thrivent may adjust the base discount rate or the modeled price by applying an illiquidity premium of 25 basis points, given the highly structured nature of certain assets. Convertible bonds are valued using third party broker quotes to determine fair value.

Unaffiliated preferred stocks are valued using third-party broker quotes to determine fair value.

The fair values for mortgage loans are estimated using discounted cash flow analyses based on interest rates currently being offered for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations.

The fair value of real estate properties held-for-sale is based on current market price assessments, current purchase agreements or market appraisals.

Contract loans are generally carried at the loans’ aggregate unpaid balance which approximate the fair values.

F-35

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

8. Fair Value of Financial Instruments, continued

Limited partnerships include private equity investments. The fair values of private equity investments are estimated based on assumptions in the absence of observable market data.

Other invested assets primarily include real estate joint ventures, which the fair value is derived using GAAP audited financial statements.

Other liabilities primarily include deferred annuities, other deposit contracts and certain derivatives. The fair values for deferred annuities and other deposit contracts, which include supplementary contracts without life contingencies, deferred income settlement options and refunds on deposit are estimated to be the cash surrender value payable upon immediate withdrawal. Derivatives fair values are derived from broker quotes.

Financial Instruments Carried at Fair Value

The fair values of Thrivent’s financial instruments measured and reported at fair value are presented below (in millions).

	Level 1	Level 2	Level 3	Total
December 31, 2022
Assets:
Bonds	$388	$—	$—	$388
Unaffiliated preferred stocks	—	207	—	207
Unaffiliated common stocks	796	—	—	796
Cash, cash equivalents and short-term investments	197	—	—	197
Separate account assets	—	33,288	—	33,288
Other invested assets	—	77	48	125
Total	$1,381	$33,572	$48	$35,001
Liabilities:
Other liabilities	$—	$1	$32	$33
December 31, 2021
Assets:
Bonds	$164	$—	$—	$164
Unaffiliated preferred stocks	—	398	—	398
Unaffiliated common stocks	1,353	6	—	1,359
Cash, cash equivalents and short-term investments	570	—	—	570
Separate account assets	—	41,953	—	41,953
Other invested assets	—	35	118	153
Total	$2,087	$42,392	$118	$44,597
Liabilities:
Other liabilities	$—	$9	$91	$100

F-36

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

8. Fair Value of Financial Instruments, continued

Additional Information on Level 3 Financial Instruments carried at Fair Value

The following table shows the changes in fair values for the investments categorized as Level 3 (in millions).

	2022	2021
Assets:
Balance, January 1	$118	$163
Purchases	93	59
Sales	(6)	(468)
Realized gains and (losses) net income	(27)	200
Unrealized gains and (losses) surplus	(130)	164
Balance, December 31	$48	$118
Liabilities:
Balance, January 1	$91	$136
Purchases	69	40
Sales	(40)	(49)
Realized gains and (losses) net income	18	(186)
Unrealized gains and (losses) surplus	(106)	150
Balance, December 31	$32	$91

Transfers

During 2022, Thrivent transferred $143 million into Level 2 from Level 3 and $139 million into Level 3 from Level 2 for bonds and preferred stocks which are not held at fair value. During 2021, Thrivent had transfers of $190 million into Level 2 from Level 3 and transfers of less than $1 million into Level 3 from Level 2 for bonds and preferred stocks which are not held at fair value. There were no transfers between fair value levels for assets held at fair value. Transfers between fair value hierarchy levels are recognized at the end of the reporting period.

Valuation Assumptions

The results of the valuation methods presented in this footnote are significantly affected by the assumptions used, including discount rates and estimates of future cash flows. As a result, the derived fair value estimates, in many cases, could not be realized in immediate settlement of the financial instruments. These fair values are for certain financial instruments of Thrivent; accordingly, the aggregate fair value amounts presented do not represent the underlying values.

F-37

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

8. Fair Value of Financial Instruments, continued

Fair Value of All Financial Instruments

The carrying values and fair values of all financial instruments are presented below (in millions).

	Carrying Value	Fair Value
	Carrying Value	Level 1	Level 2	Level 3	Total
December 31, 2022
Financial Assets:
Bonds	$50,056	$1,528	$30,779	$13,274	$45,581
Unaffiliated preferred stocks	461	—	207	231	438
Unaffiliated common stocks	821	796	25	—	821
Affiliated common stock	310	—	310	—	310
Affiliated mutual funds/ETFs	244	102	142	—	244
Mortgage loans	10,697	—	—	9,794	9,794
Contract loans	1,047	—	—	1,047	1,047
Cash, cash equivalents and short-term investments	1,188	197	991	—	1,188
Limited partnerships	8,800	—	—	8,800	8,800
Real estate – held-for-sale	—	—	—	—	—
Assets held in separate accounts	33,288	—	33,288	—	33,288
Other invested assets	290	3	162	134	299
Financial Liabilities:
Deferred annuities	$16,623	$—	$—	$16,133	$16,133
Other deposit contracts	1,061	—	—	1,061	1,061
Borrowed money	903	—	903	—	903
Other liabilities	33	—	1	32	33
Separate account liabilities	33,208	—	33,208	—	33,208
December 31, 2021
Financial Assets:
Bonds	$48,723	$2,627	$36,594	$13,709	$52,930
Unaffiliated preferred stocks	546	—	398	150	548
Unaffiliated common stocks	1,359	1,353	6	—	1,359
Affiliated common stock	119	—	119	—	119
Affiliated mutual funds	247	120	127	—	247
Mortgage loans	10,272	—	—	11,007	11,007
Contract loans	1,064	—	—	1,064	1,064
Cash, cash equivalents and short-term investments	2,295	570	1,725	—	2,295
Limited partnerships	7,693	—	—	7,693	7,693
Real estate – held-for-sale	5	—	—	8	8
Assets held in separate accounts	41,953	—	41,953	—	41,953
Other invested assets	314	—	144	199	343
Financial Liabilities:
Deferred annuities	$16,152	$—	$—	$15,797	$15,797
Other deposit contracts	1,068	—	—	1,068	1,068
Borrowed money	—	—	—	—	—
Other liabilities	102	—	9	91	100
Separate account liabilities	41,855	—	41,855	—	41,855

F-38

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

9. Benefit Plans

Pension and Other Postretirement Benefits

Thrivent has a qualified noncontributory pension plan that provides benefits to substantially all home office and field employees upon retirement. Thrivent also provides certain health care and life insurance benefits for substantially all retired home office and field personnel. Thrivent uses a measurement date of December 31 in the benefit plan disclosures.

The components of net periodic pension expense for Thrivent’s qualified retirement and other plans for the years ended December 31 were as follows (in millions):

	Pension Plan			Other Plans
	2022	2021	2020	2022	2021	2020
Service cost	$21	$21	$21	$2	$2	$2
Interest cost	36	33	39	3	3	4
Expected return on plan assets	(86)	(78)	(79)	—	—	—
Other	—	13	18	(1)	—	—
Net periodic cost	$(29)	$(11)	$(1)	$4	$5	$6

The plans’ amounts recognized in the statutory-basis financial statements as of December 31 were as follows (in millions):

	Pension Plan		Other Plans
	2022	2021	2022	2021
Change in Projected Benefit Obligation:
Benefit obligation, beginning of year	$1,284	$1,316	$109	$127
Service cost	21	21	2	2
Interest cost	36	33	3	3
Actuarial (gain) loss	(213)	(27)	(21)	—
Transfers from defined contribution plan	—	1	—	—
Benefits paid	(61)	(60)	(6)	(12)
Plan changes	—	—	—	(11)
Benefit obligation, end of year	$1,067	$1,284	$87	$109
Change in Plan Assets:
Fair value of plan assets, beginning of year	$1,356	$1,235	$—	$—
Actual return on plan assets	(156)	180	—	—
Employer contribution	—	—	6	12
Transfers from defined contribution plan	—	1	—	—
Benefits paid	(61)	(60)	(6)	(12)
Fair value of plan assets, end of year	$1,139	$1,356	$—	$—

The significant changes in actuarial gain of the 2022 projected benefit obligation primarily relates to an increased discount rate, partially offset by assumption changes. For 2021, the change in the actuarial gain consists primarily of an increased discount rate partially offset by assumption changes.

F-39

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

9. Benefit Plans, continued

The plans’ amounts recognized in the statutory-basis financial statements funding statuses and accumulated benefit obligation as of December 31 were as follows (in millions):

	Pension Plan		Other Plans
	2022	2021	2022	2021
Funded Status:
Accrued benefit costs	$—	$—	$(113)	$(116)
Asset (Liability) for pension benefits	72	72	26	7
Total overfunded (unfunded) liabilities	$72	$72	$(87)	$(109)
Deferred Items:
Net (gain) loss	$154	$125	$(16)	$15
Net prior service cost	—	—	(10)	(11)
Accumulated amounts recognized in periodic pension expenses	$226	$197	$(113)	$(105)
Accumulated benefit obligation	$1,046	$1,249	$87	$109

The unfunded liabilities for the pension plan and other postretirement plans at December 31, 2022 and 2021, are included in other liabilities in the Statutory-Basis Statement of Assets, Liabilities and Surplus. Overfunded liabilities for the pension plan and other postretirement plans for statutory reporting purposes are deemed non-admitted assets and therefore are charged directly against surplus.

A summary of the deferred items in the Statutory-Basis Statement of Surplus as of December 31 is as follows (in millions):

	Pension Plan			Other Plans
	Net Prior Service Cost	Net Recognized Gains (Losses)	Total	Net Prior Service Cost	Net Recognized Gains (Losses)	Total
Balance, January 1, 2021	$—	$267	$267	$—	$4	$4
Net prior service cost recognized	—	—	—	(11)	—	(11)
Net (gain) loss arising during the period	—	(128)	(128)	—	—	—
Net gain (loss) recognized	—	(14)	(14)	—	—	—
Balance, December 31, 2021	$—	$125	$125	$(11)	$4	$(7)
Net prior service cost recognized	—	—	—	1	—	1
Net (gain) loss arising during the period	—	29	29	—	(20)	(20)
Net gain (loss) recognized	—	—	—	—	—	—
Balance, December 31, 2022	$—	$154	$154	$(10)	$(16)	$(26)

F-40

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

9. Benefit Plans, continued

The amounts in unassigned funds expected as of December 31 to be recognized in the next fiscal year as components of periodic benefit cost were as follows (in millions):

	Pension Plan		Other Plans
	2022	2021	2022	2021
Net prior service cost	$—	$—	$—	$—
Net recognized gains/(losses)	—	—	—	—

Pension and Other Postretirement Benefit Factors

Thrivent periodically evaluates the long-term earned rate assumptions, taking into consideration historical performance of the plans’ assets as well as current asset diversification and investment strategy in determining the rate of return assumptions used in calculating the plans’ benefit expenses and obligation. Those assumptions are summarized in the table below.

	Pension Plan		Other Plans
	2022	2021	2022	2021
Weighted Average Assumptions:
Discount rate	5.2%	2.9%	5.2%	2.9%
Expected return on plan assets	6.5	6.5	N/A	N/A
Rate of compensation increase	4.3	4.3	N/A	N/A
Interest crediting rate	3.9	1.6	N/A	N/A

The assumed health care cost trend rate used in measuring the postretirement health care benefit obligation was 6.6% and 6.8% in 2022 for pre-65 participants and post-65 participants, respectively, trending down to 4.5% in 2032. The assumed health care cost trend rates can have a significant impact on the amounts reported. The Medicare Prescription Drug, Improvement and Modernization Act of 2003 includes a federal subsidy to sponsors of retirement health care plans that provide a prescription benefit that is at least actuarially equivalent to Medicare Part D. Thrivent’s Medicare prescription plan is fully insured and therefore the plan’s insurer receives the federal subsidy. The interest crediting rates are used for cash balance plans.

Estimated pension benefit payments for the next ten years are as follows: 2023 – $70 million; 2024 – $73 million; 2025 – $75 million; 2026 – $77 million; 2027 –$79 million; and 2028 to 2032 – $409 million.

Estimated other post-retirement benefit payments for the next ten years are as follows: 2023 – $10 million; 2024 – $9 million; 2025 – $9 million; 2026 – $8 million; 2027 – $8 million; and 2028 to 2032 – $32 million.

The minimum pension contribution required for 2022 under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) guidelines will be determined in the first quarter of 2023.

F-41

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

9. Benefit Plans, continued

Pension Assets

The assets of Thrivent’s qualified pension plan are held in the Thrivent Defined Benefit Plan Trust. Thrivent has a benefit plan investment committee that sets investment guidelines, which are established based on market conditions, risk tolerance, funding requirements and expected benefit payments. A third party oversees the investment allocation process and monitors asset performance. As pension liabilities are long term in nature, Thrivent employs a long-term total return approach to maximize the long-term rate of return on plan assets for a prudent level of risk.

The investment portfolio contains a diversified portfolio of investment categories, including equities and fixed income securities. Allocations for plan assets for the years ended December 31 were as follows:

	Target Allocation	Actual Allocation
	Target Allocation	2022	2021
Equity securities	72%	75%	76%
Fixed income and other securities	28	25	24
Total	100%	100%	100%

Securities are also diversified in terms of domestic and international securities, short- and long-term securities, growth and value styles, large-cap and small-cap stocks, active and passive management and derivative-based styles. With prudent risk tolerance and asset diversification, the plan is expected to meet the pension obligations in the future.

The fair values of the pension plan assets by asset category are presented below (in millions):

	Level 1	Level 2	Level 3	Total
December 31, 2022
Fixed Maturity Securities:
U.S. government and agency securities	$75	$3	$—	$78
Corporate debt securities	—	121	—	121
Residential mortgage-backed securities	—	61	—	61
Commercial mortgage-backed securities	—	10	—	10
Other debt obligations	3	12	—	15
Common stocks	439	—	—	439
Affiliated mutual funds – equity funds	—	130	—	130
Short-term investments	—	131	—	131
Limited partnerships	—	—	177	177
Total	$517	$468	$177	$1,162

F-42

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

9. Benefit Plans, continued

	Level 1	Level 2	Level 3	Total
December 31, 2021
Fixed Maturity Securities:
U.S. government and agency securities	$94	$10	$—	$104
Corporate debt securities	—	141	—	141
Residential mortgage-backed securities	—	75	2	77
Commercial mortgage-backed securities	—	3	—	3
Other debt obligations	—	20	—	20
Common stocks	593	—	—	593
Affiliated mutual funds – equity funds	—	133	—	133
Short-term investments	129	65	1	195
Limited partnerships	—	—	169	169
Total	$816	$447	$172	$1,435

The fair value of the pension plan assets as presented in the table above does not include net accrued liabilities of $23 million and $79 million as of December 31, 2022 and 2021, respectively.

There were no transfers of the pension plan Level 1 and Level 2 fair value measurements during 2022 or 2021. Transfers between fair value hierarchy levels are recognized at the end of the reporting period.

Defined Contribution Plans

Thrivent also provides contributory and noncontributory defined contribution retirement benefits that cover substantially all home office and field employees. Eligible participants in the 401(k) plan may elect to contribute a percentage of their eligible earnings, and Thrivent will match participant contributions up to 6% of eligible earnings. In addition, Thrivent will contribute a percentage of eligible earnings for participants in a noncontributory plan for field employees. For the years ended December 31, 2022, 2021 and 2020, Thrivent contributed $43 million, $41 million and $35 million, respectively, to these plans.

As of December 31, 2022 and 2021, $64 million and $69 million of the assets of the defined contribution plans were respectively invested in a deposit administration contract issued by Thrivent.

10. Commitments and Contingent Liabilities

Litigation and Other Proceedings

Thrivent is involved in various lawsuits, contractual matters and other contingencies that have arisen in the normal course of business. Thrivent assesses exposure to these matters periodically and adjusts provision accordingly. As of December 31, 2022, Thrivent believes adequate provision has been made for any losses that may result from these matters.

F-43

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

10. Commitments and Contingent Liabilities, continued

Financial Instruments

Thrivent is a party to financial instruments with on and off-balance sheet risk in the normal course of business. These instruments involve, to varying degrees, elements of credit, interest rate, equity price or liquidity risk in excess of the amount recognized in the Statutory-Basis Statements of Assets, Liabilities and Surplus. Thrivent’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and financial guarantees is limited to the contractual amount of these instruments.

Commitments to Extend Credit

Thrivent has commitments to extend credit for mortgage loans and other lines of credit of $279 million and $71 million as of December 31, 2022 and 2021, respectively. Commitments to purchase limited partnerships, private placement bonds and other invested assets were $4.3 billion and $6.9 billion as of December 31, 2022 and 2021, respectively.

Financial Guarantees

Thrivent has entered into an agreement through 2036 to purchase certain debt obligations of a third-party civic organization, totaling $37 million, in the event certain conditions occur, as defined in the agreement. This agreement is secured by the financial assets of the third party.

Thrivent has guaranteed to maintain the capital and surplus of the trust affiliate above certain levels required by the primary regulator of each company.

Leases

Thrivent has operating leases for certain office equipment and real estate. Rental expense for these items totaled $16 million, $17 million and $14 million for each of the years ended December 31, 2022, 2021 and 2020 respectively. Future minimum rental commitments, in aggregate, as of December 31, 2022 were $174 million for operating leases. The future minimum rental payments for the five succeeding years were as follows: 2023 – $14 million; 2024 – $12 million; 2025 – $12 million; 2026 – $11 million and thereafter – $125 million.

Leasing is not a significant part of Thrivent’s business activities as lessor.

11. Related Party Transactions

Investments in Subsidiaries and Affiliated Entities

Thrivent’s directly-owned subsidiary, Thrivent Holdings, Inc. (“Holdings”), is valued in accordance with SSAP No. 97. Annually, Thrivent files a “Form Sub-2” with the NAIC in support of the valuation of Holdings. The filing in support of the December 31, 2021, values was completed on June 22, 2022 and Thrivent received a response from the NAIC that did not disallow the valuation method.

The admitted values were $310 million and $119 million related to Holdings for the years ended December 31, 2022 and 2021, respectively. Non-admitted values related to Holdings were $46 million and $32 million for the years ended December 31, 2022 and 2021, respectively.

F-44

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

11. Related Party Transactions, continued

During 2022, Thrivent received cash distributions of $859 million and $352 million from majority-owned limited partnerships Thrivent White Rose Funds Limited (“WRF”) and Pacific Street Fund Limited (“PSF”), respectively. During this period, Thrivent made cash contributions as contributed capital to WRF, PSF, Holdings and Thrivent Education Funding LLC (“TEF”) in the amounts of $1.3 billion, $355 million, $287 million and $67 million respectively.

During 2022, Thrivent received cash distributions of $153 million from Holdings and $33 million from TEF and are treated as dividends.

During 2022, Thrivent received $20 million from TEF and $5 million from Gold Ring Holdings, LLC and are treated as return of capital.

Other Related Party Transactions

Thrivent has invested $244 million and $247 million in various Thrivent mutual funds/ETFs as of December 31, 2022 and 2021, respectively.

Thrivent subsidiaries are provided administrative services from Thrivent in accordance with intercompany service agreements. The total value of services provided under these agreements totaled $129 million, $108 million and $85 million for the years ended December 31, 2022, 2021 and 2020, respectively. The net receivables due from affiliates for the years ended December 31, 2022 and 2021 were $11 million and $14 million, respectively, which is included in other assets in the Statutory-Basis Financial Statements of Assets, Liabilities and Surplus.

Thrivent has an agreement with an affiliate who distributes Thrivent’s variable products. Under the terms of the agreement, Thrivent paid commissions, bonuses and other benefits to the affiliate totaling
$134 million, $173 million and $135 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Thrivent is the investment advisor for the Thrivent Series Portfolios in which the separate accounts assets are primarily invested. Advisor fees in the amount of $194 million, $218 million and $187 million for the years ended December 31, 2022, 2021 and 2020, respectively, were included in separate account fees in the Statutory-Basis Statement of Operations.

In December 2018, Thrivent acquired a variable funding note (VFN) issued by TEF, an affiliate of Thrivent. The VFN is supported by an indenture and was last amended in December 2022 and allows for a maximum aggregate principal amount of $2.0 billion and is collateralized by student loans. The VFN is reported as a bond in the accompanying Statutory-Basis Statement of Assets and had an outstanding balance of $1.0 billion and $783 million as of December 31, 2022 and 2021, respectively. During 2022, Thrivent invested $684 million in the VFN and received $401 million of principal payments.

In August 2021, TEF entered into an agreement, last amended December 2022, to provide a guarantee to purchase student loans originated and held by a third party in the event a separate party to the transaction fails their purchase obligation. TEF provided a guarantee up to the maximum backstop amount of $685 million, which could create additional future exposure from the multiple disbursement student loans. TEF’s funding will be through the VFN or a capital request from Thrivent. As of December 31, 2022, TEF was not required to purchase any student loans under the terms of the agreement.

F-45

Thrivent Financial for Lutherans
For the Years Ended December 31, 2022, 2021 and 2020, continued

11. Related Party Transactions, continued

In May 2022, a separate VFN was acquired from TEF that is supported by an indenture agreement, last amended in June 2022, and allows for a maximum aggregate principal amount of $750 million and is collateralized by point-of-sale unsecured consumer loans. The VFN is reported as a bond in the accompanying Statutory-Basis Statement of Assets and had an outstanding balance of $619 million as of December 31, 2022. During 2022, Thrivent invested $870 million in the VFN and received $233 million of principal payments.

In April 2022, Holdings sold Thrivent Trust Company of Tennessee, Inc. to an unrelated third party.

In July 2022, Holdings purchased 69.4% of Blue Rock Holdco, LLC. (“Blue Rock”), for $222 million. Blue Rock is a holding company operating as a marketing and servicing provider of student loans through various subsidiary entities. The admitted value of Holdings on Thrivent's balance sheet is valued in accordance with SSAP No. 97 (Investments in Subsidiary, Controlled and Affiliated Entities). As part of the purchase acquisition, Blue Rock purchased College Avenue Student Loans (“CASL”) a private student loan originator and servicer.

In December 2022, Thrivent acquired an asset-backed security (“ABS”) issued by CASL. The ABS, which is collateralized by student loans, is supported by an indenture that allows for a maximum aggregate principal amount of $750 million. The ABS is reported as a bond in the accompanying Statutory-Basis Statement of Assets and had an outstanding balance of $422 million as of December 31, 2022.

F-46

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Thrivent Financial for Lutherans and the Contract Owners of Thrivent Variable Annuity Account Thrivent Variable Annuity Account B

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Thrivent Variable Annuity Account Thrivent Variable Annuity Account B, indicated in Note 1, as of December 31, 2022, and the related statements of operations and of changes in net assets for each of the periods indicated in Note 1, including 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 of the subaccounts of Thrivent Variable Annuity Account Thrivent Variable Annuity Account B as of December 31, 2022, and the results of each of their operations and the changes in each of their net assets for each of the periods indicated in Note 1, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Thrivent Financial for Lutherans management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of Thrivent Variable Annuity Account Thrivent Variable Annuity Account B 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 each of the subaccounts of Thrivent Variable Annuity Account Thrivent Variable Annuity Account B 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 of these financial statements 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 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. Our procedures included confirmation of investments owned as of December 31, 2022 by correspondence with the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota
April 26, 2023

We have served as the auditor of one or more of the subaccounts in Thrivent Variable Annuity Account Thrivent Variable Annuity Account B since 2014.

F-47

THRIVENT VARIABLE ANNUITY ACCOUNT B

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2022

Subaccount	Investments at fair value	Receivable from Thrivent Financial for annuity reserve adjustment	Total Assets	Payable to Thrivent Financial for annuity reserve adjustment	Net Assets	Contracts in accumulation period	Reserves for contracts in annuity payment period	Net Assets	Accumulation units outstanding	Unit value (accumulation)	Death claim units	Death claim unit value	Series funds, at cost	Series funds shares owned
Aggressive Allocation	$89,432,988	$—	$89,432,988	$15,310	$89,417,678	$89,331,021	$86,657	$89,417,678	3,015,811	$29.61	1,648	$28.28	$83,533,850	5,787,381
All Cap	$12,230,227	$28,231	$12,258,458	$—	$12,258,458	$12,164,310	$94,148	$12,258,458	392,748	$30.87	1,164	$33.60	$11,372,201	932,885
Balanced Income Plus	$11,212,035	$49,440	$11,261,475	$—	$11,261,475	$11,056,761	$204,714	$11,261,475	455,780	$24.16	2,028	$21.65	$12,316,536	839,293
Diversified Income Plus	$24,649,944	$48,876	$24,698,820	$—	$24,698,820	$24,409,233	$289,587	$24,698,820	920,661	$26.33	8,009	$20.45	$26,420,309	3,493,918
ESG Index	$707,084	$—	$707,084	$—	$707,084	$707,084	$—	$707,084	55,005	$12.85	—	$12.91	$804,229	56,126
Global Stock	$14,714,673	$47,605	$14,762,278	$—	$14,762,278	$14,579,197	$183,081	$14,762,278	607,349	$23.99	470	$23.49	$14,344,219	1,291,746
Government Bond	$5,198,553	$33,647	$5,232,200	$—	$5,232,200	$5,165,022	$67,178	$5,232,200	338,942	$15.24	38	$13.79	$5,871,017	531,974
High Yield	$65,933,660	$466,291	$66,399,951	$—	$66,399,951	$64,884,481	$1,515,470	$66,399,951	1,131,193	$57.15	10,902	$21.18	$92,386,215	16,666,750
Income	$50,915,682	$395,692	$51,311,374	$—	$51,311,374	$50,288,845	$1,022,529	$51,311,374	1,052,181	$47.59	13,064	$16.48	$60,150,893	6,026,737
International Allocation	$43,711,606	$133,036	$43,844,642	$—	$43,844,642	$43,282,197	$562,445	$43,844,642	3,864,561	$11.18	7,310	$11.43	$44,412,552	5,303,198
International Index	$441,767	$—	$441,767	$—	$441,767	$441,767	$—	$441,767	37,199	$11.88	—	$11.92	$492,371	38,340
Large Cap Growth	$346,415,598	$1,996,512	$348,412,110	$—	$348,412,110	$342,347,023	$6,065,087	$348,412,110	1,836,350	$185.94	22,727	$38.39	$284,185,764	9,476,843
Large Cap Index	$35,236,515	$57,943	$35,294,458	$—	$35,294,458	$35,013,659	$280,799	$35,294,458	869,525	$40.26	126	$36.51	$21,207,318	683,367
Large Cap Value	$49,515,298	$153,220	$49,668,518	$—	$49,668,518	$49,237,497	$431,021	$49,668,518	1,406,764	$34.94	2,683	$32.42	$36,182,346	2,371,320
Limited Maturity Bond	$11,149,907	$34,750	$11,184,657	$—	$11,184,657	$11,042,786	$141,871	$11,184,657	825,462	$13.35	1,792	$12.59	$11,807,672	1,195,047
Low Volatility Equity	$2,071,953	$—	$2,071,953	$984	$2,070,969	$2,053,624	$17,345	$2,070,969	153,170	$13.40	130	$13.51	$2,035,336	167,403
Mid Cap Growth	$1,527,378	$—	$1,527,378	$—	$1,527,378	$1,527,378	$—	$1,527,378	131,913	$11.58	—	$11.63	$1,833,503	130,571
Mid Cap Index	$17,426,209	$24,664	$17,450,873	$—	$17,450,873	$17,313,370	$137,503	$17,450,873	382,424	$45.27	76	$36.30	$14,798,015	919,885
Mid Cap Stock	$198,966,723	$783,630	$199,750,353	$—	$199,750,353	$196,735,899	$3,014,454	$199,750,353	3,762,033	$52.20	8,753	$40.27	$188,386,225	10,941,315
Mid Cap Value	$1,341,632	$—	$1,341,632	$—	$1,341,632	$1,341,632	$—	$1,341,632	83,791	$16.01	—	$16.08	$1,332,519	85,277
Moderate Allocation	$327,706,716	$435,454	$328,142,170	$—	$328,142,170	$325,919,809	$2,222,361	$328,142,170	14,425,911	$22.55	30,283	$22.12	$323,601,485	25,253,081
Moderately Aggressive Allocation	$252,283,099	$190,751	$252,473,850	$—	$252,473,850	$251,022,762	$1,451,088	$252,473,850	9,780,260	$25.56	42,139	$24.75	$241,564,262	17,955,326
Moderately Conservative Allocation	$105,356,966	$69,042	$105,426,008	$—	$105,426,008	$104,768,037	$657,971	$105,426,008	5,691,572	$18.35	18,389	$18.21	$110,170,601	9,007,255
Money Market	$9,579,126	$57,017	$9,636,143	$—	$9,636,143	$9,528,130	$108,013	$9,636,143	5,177,079	$1.83	25,252	$1.03	$9,579,126	9,579,126
Multidimensional Income	$1,330,589	$—	$1,330,589	$—	$1,330,589	$1,330,589	$—	$1,330,589	129,521	$10.27	—	$10.36	$1,493,266	144,850
Opportunity Income Plus	$5,071,338	$10,156	$5,081,494	$—	$5,081,494	$5,053,816	$27,678	$5,081,494	338,130	$14.82	2,981	$14.54	$5,795,659	585,706
Partner Emerging Markets Equity	$2,396,661	$2,580	$2,399,241	$—	$2,399,241	$2,389,260	$9,981	$2,399,241	194,134	$12.27	531	$12.55	$2,557,471	193,396
Partner Healthcare	$11,164,079	$2,362	$11,166,441	$—	$11,166,441	$11,149,622	$16,819	$11,166,441	310,557	$35.87	230	$36.67	$8,740,926	440,479
Real Estate Securities	$9,967,739	$42,393	$10,010,132	$—	$10,010,132	$9,819,392	$190,740	$10,010,132	218,300	$44.87	921	$25.23	$7,440,884	380,950
Small Cap Growth	$2,121,701	$23	$2,121,724	$—	$2,121,724	$2,120,609	$1,115	$2,121,724	142,300	$14.90	—	$15.01	$2,294,158	152,020
Small Cap Index	$15,725,723	$21,618	$15,747,341	$—	$15,747,341	$15,623,732	$123,609	$15,747,341	354,144	$44.10	201	$34.70	$14,673,822	864,954
Small Cap Stock	$28,220,291	$55,308	$28,275,599	$—	$28,275,599	$28,069,818	$205,781	$28,275,599	631,594	$44.15	5,247	$34.63	$26,557,814	1,545,521

The accompanying notes are an integral part of these financial statements.

F-48

THRIVENT VARIABLE ANNUITY ACCOUNT B

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2022

Subaccount	Investment Income	Expenses	Net investment income (loss)	Realized and unrealized gain (loss) on investments			Net gain (loss) on investments	Net increase (decrease) in net assets resulting from operations
Subaccount	Dividends	Mortality & expense risk charges	Net investment income (loss)	Net realized gain (loss) on sale of investments	Capital gain distributions	Change in unrealized appreciation (depreciation) of investments	Net gain (loss) on investments
Aggressive Allocation	$820,310	$(1,084,020)	$(263,710)	$2,199,784	$11,213,033	$(35,034,088)	$(21,621,271)	$(21,884,981)
All Cap	$75,256	$(148,002)	$(72,746)	$410,672	$2,339,550	$(5,762,688)	$(3,012,466)	$(3,085,212)
Balanced Income Plus	$259,636	$(136,472)	$123,164	$(15,297)	$984,328	$(3,162,420)	$(2,193,389)	$(2,070,225)
Diversified Income Plus	$796,550	$(301,119)	$495,431	$47,868	$1,673,054	$(6,329,249)	$(4,608,327)	$(4,112,896)
ESG Index	$4,374	$(8,558)	$(4,184)	$(4,255)	$15,439	$(209,255)	$(198,071)	$(202,255)
Global Stock	$182,026	$(180,627)	$1,399	$315,027	$2,037,644	$(6,282,561)	$(3,929,890)	$(3,928,491)
Government Bond	$126,356	$(64,309)	$62,047	$(97,704)	$—	$(686,881)	$(784,585)	$(722,538)
High Yield	$3,869,394	$(785,780)	$3,083,614	$(2,920,950)	$—	$(9,178,171)	$(12,099,121)	$(9,015,507)
Income	$2,004,301	$(633,236)	$1,371,065	$(896,100)	$1,865,491	$(13,783,844)	$(12,814,453)	$(11,443,388)
International Allocation	$1,302,728	$(526,111)	$776,617	$382,827	$3,998,322	$(16,460,489)	$(12,079,340)	$(11,302,723)
International Index	$10,875	$(4,974)	$5,901	$(7,492)	$1,269	$(82,057)	$(88,280)	$(82,379)
Large Cap Growth	$—	$(4,693,135)	$(4,693,135)	$16,134,006	$37,853,663	$(243,624,774)	$(189,637,105)	$(194,330,240)
Large Cap Index	$472,992	$(428,940)	$44,052	$2,421,644	$461,645	$(11,787,321)	$(8,904,032)	$(8,859,980)
Large Cap Value	$646,396	$(548,990)	$97,406	$1,537,729	$3,830,572	$(8,521,052)	$(3,152,751)	$(3,055,345)
Limited Maturity Bond	$243,051	$(128,982)	$114,069	$(78,589)	$38,721	$(726,359)	$(766,227)	$(652,158)
Low Volatility Equity	$23,872	$(22,762)	$1,110	$19,113	$124,459	$(407,395)	$(263,823)	$(262,713)
Mid Cap Growth	$—	$(16,897)	$(16,897)	$(18,961)	$12,428	$(528,725)	$(535,258)	$(552,155)
Mid Cap Index	$200,803	$(202,458)	$(1,655)	$498,946	$1,679,281	$(5,232,849)	$(3,054,622)	$(3,056,277)
Mid Cap Stock	$684,472	$(2,392,273)	$(1,707,801)	$4,187,871	$38,480,941	$(90,402,489)	$(47,733,677)	$(49,441,478)
Mid Cap Value	$—	$(12,829)	$(12,829)	$11,838	$3,695	$(57,210)	$(41,677)	$(54,506)
Moderate Allocation	$5,958,992	$(4,021,506)	$1,937,486	$3,967,520	$28,682,991	$(108,019,987)	$(75,369,476)	$(73,431,990)
Moderately Aggressive Allocation	$3,536,084	$(3,029,343)	$506,741	$4,543,954	$26,051,326	$(90,803,771)	$(60,208,491)	$(59,701,750)
Moderately Conservative Allocation	$2,476,987	$(1,296,725)	$1,180,262	$413,750	$5,591,330	$(28,528,301)	$(22,523,221)	$(21,342,959)
Money Market	$121,992	$(105,312)	$16,680	$—	$—	$—	$—	$16,680
Multidimensional Income	$35,168	$(15,842)	$19,326	$(17,649)	$3,273	$(236,380)	$(250,756)	$(231,430)
Opportunity Income Plus	$210,238	$(57,160)	$153,078	$(74,496)	$—	$(725,906)	$(800,402)	$(647,324)
Partner Emerging Markets Equity	$23,316	$(31,036)	$(7,720)	$21,727	$34,630	$(1,037,671)	$(981,314)	$(989,034)
Partner Healthcare	$29,181	$(124,641)	$(95,460)	$385,988	$1,214,954	$(2,403,538)	$(802,596)	$(898,056)
Real Estate Securities	$139,436	$(132,537)	$6,899	$691,583	$266,541	$(4,815,078)	$(3,856,954)	$(3,850,055)
Small Cap Growth	$—	$(21,403)	$(21,403)	$577	$151,785	$(672,212)	$(519,850)	$(541,253)
Small Cap Index	$198,737	$(188,319)	$10,418	$382,398	$1,410,237	$(5,240,260)	$(3,447,625)	$(3,437,207)
Small Cap Stock	$97,377	$(325,521)	$(228,144)	$470,030	$5,189,042	$(9,222,876)	$(3,563,804)	$(3,791,948)

The accompanying notes are an integral part of these financial statements.

F-49

THRIVENT VARIABLE ANNUITY ACCOUNT B

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

Subaccount	Increase (decrease) in net assets from operations			Net Change in Net Assets from Operations	Increase (decrease) in net assets from contract related transactions					Net Change in Net Assets from Unit Transactions	Net Change in Net Assets	Net Assets Beginning of Year	Net Assets End of Year
Subaccount	Net investment income (loss)	Net realized gain (loss) on investments and capital gain distributions	Change in net unrealized appreciation (depreciation) on investments	Net Change in Net Assets from Operations	Proceeds from units issued	Transfers for contract benefits and terminations	Administrative charges	Adjustments to annuity reserves	Transfers between subaccounts	Net Change in Net Assets from Unit Transactions	Net Change in Net Assets	Net Assets Beginning of Year	Net Assets End of Year
Aggressive Allocation	$(263,710)	$13,412,817	$(35,034,088)	$(21,884,981)	$1,947,179	$(8,299,680)	$(3,085)	$4,037	$(1,237,061)	$(7,588,610)	$(29,473,591)	$118,891,269	$89,417,678
All Cap	$(72,746)	$2,750,222	$(5,762,688)	$(3,085,212)	$124,096	$(1,180,485)	$(427)	$(4,826)	$(348,373)	$(1,410,015)	$(4,495,227)	$16,753,685	$12,258,458
Balanced Income Plus	$123,164	$969,031	$(3,162,420)	$(2,070,225)	$152,753	$(837,508)	$(213)	$(7,251)	$(243,673)	$(935,892)	$(3,006,117)	$14,267,592	$11,261,475
Diversified Income Plus	$495,431	$1,720,922	$(6,329,249)	$(4,112,896)	$341,054	$(2,133,961)	$(457)	$(565)	$(1,199,101)	$(2,993,030)	$(7,105,926)	$31,804,746	$24,698,820
ESG Index	$(4,184)	$11,184	$(209,255)	$(202,255)	$33,998	$(100,002)	$—	$—	$89,412	$23,408	$(178,847)	$885,931	$707,084
Global Stock	$1,399	$2,352,671	$(6,282,561)	$(3,928,491)	$179,771	$(1,293,376)	$(374)	$(5,639)	$(627,468)	$(1,747,086)	$(5,675,577)	$20,437,855	$14,762,278
Government Bond	$62,047	$(97,704)	$(686,881)	$(722,538)	$25,773	$(691,125)	$(163)	$(252)	$(217,899)	$(883,666)	$(1,606,204)	$6,838,404	$5,232,200
High Yield	$3,083,614	$(2,920,950)	$(9,178,171)	$(9,015,507)	$1,208,829	$(6,363,443)	$(3,629)	$(25,953)	$(2,356,019)	$(7,540,215)	$(16,555,722)	$82,955,673	$66,399,951
Income	$1,371,065	$969,391	$(13,783,844)	$(11,443,388)	$769,119	$(5,597,072)	$(2,946)	$(70,122)	$(4,002,535)	$(8,903,556)	$(20,346,944)	$71,658,318	$51,311,374
International Allocation	$776,617	$4,381,149	$(16,460,489)	$(11,302,723)	$1,003,061	$(3,569,477)	$(2,241)	$(21,920)	$(2,121,723)	$(4,712,300)	$(16,015,023)	$59,859,665	$43,844,642
International Index	$5,901	$(6,223)	$(82,057)	$(82,379)	$3,083	$(25,128)	$—	$—	$(55,412)	$(77,457)	$(159,836)	$601,603	$441,767
Large Cap Growth	$(4,693,135)	$53,987,669	$(243,624,774)	$(194,330,240)	$4,316,470	$(33,538,708)	$(19,755)	$(849,512)	$(14,167,139)	$(44,258,644)	$(238,588,884)	$587,000,994	$348,412,110
Large Cap Index	$44,052	$2,883,289	$(11,787,321)	$(8,859,980)	$454,487	$(3,448,098)	$(642)	$(9,599)	$(747,390)	$(3,751,242)	$(12,611,222)	$47,905,680	$35,294,458
Large Cap Value	$97,406	$5,368,301	$(8,521,052)	$(3,055,345)	$811,548	$(4,199,420)	$(1,074)	$(1,405)	$4,528,876	$1,138,525	$(1,916,820)	$51,585,338	$49,668,518
Limited Maturity Bond	$114,069	$(39,868)	$(726,359)	$(652,158)	$225,431	$(945,819)	$(459)	$3,454	$82,065	$(635,328)	$(1,287,486)	$12,472,143	$11,184,657
Low Volatility Equity	$1,110	$143,572	$(407,395)	$(262,713)	$63,524	$(185,630)	$(16)	$166	$164,972	$43,016	$(219,697)	$2,290,666	$2,070,969
Mid Cap Growth	$(16,897)	$(6,533)	$(528,725)	$(552,155)	$26,519	$(107,302)	$(8)	$—	$302,777	$221,986	$(330,169)	$1,857,547	$1,527,378
Mid Cap Index	$(1,655)	$2,178,227	$(5,232,849)	$(3,056,277)	$215,708	$(1,395,476)	$(345)	$(2,483)	$(181,559)	$(1,364,155)	$(4,420,432)	$21,871,305	$17,450,873
Mid Cap Stock	$(1,707,801)	$42,668,812	$(90,402,489)	$(49,441,478)	$2,129,998	$(15,606,307)	$(10,537)	$(91,617)	$(5,426,302)	$(19,004,765)	$(68,446,243)	$268,196,596	$199,750,353
Mid Cap Value	$(12,829)	$15,533	$(57,210)	$(54,506)	$10,701	$(72,135)	$(7)	$—	$624,353	$562,912	$508,406	$833,226	$1,341,632
Moderate Allocation	$1,937,486	$32,650,511	$(108,019,987)	$(73,431,990)	$4,109,705	$(34,581,600)	$(8,260)	$(26,917)	$(6,924,927)	$(37,431,999)	$(110,863,989)	$439,006,159	$328,142,170
Moderately Aggressive Allocation	$506,741	$30,595,280	$(90,803,771)	$(59,701,750)	$4,396,286	$(22,238,160)	$(8,023)	$(4,085)	$(4,629,302)	$(22,483,284)	$(82,185,034)	$334,658,884	$252,473,850
Moderately Conservative Allocation	$1,180,262	$6,005,080	$(28,528,301)	$(21,342,959)	$1,471,061	$(11,648,928)	$(3,208)	$13,950	$(2,000,567)	$(12,167,692)	$(33,510,651)	$138,936,659	$105,426,008
Money Market	$16,680	$—	$—	$16,680	$1,040,291	$(2,862,847)	$(973)	$(5,050)	$932,301	$(896,278)	$(879,598)	$10,515,741	$9,636,143
Multidimensional Income	$19,326	$(14,376)	$(236,380)	$(231,430)	$44,189	$(40,552)	$(17)	$—	$52,947	$56,567	$(174,863)	$1,505,452	$1,330,589
Opportunity Income Plus	$153,078	$(74,496)	$(725,906)	$(647,324)	$84,108	$(382,921)	$(68)	$(609)	$304,626	$5,136	$(642,188)	$5,723,682	$5,081,494
Partner Emerging Markets Equity	$(7,720)	$56,357	$(1,037,671)	$(989,034)	$19,813	$(280,907)	$(42)	$(373)	$(240,534)	$(502,043)	$(1,491,077)	$3,890,318	$2,399,241
Partner Healthcare	$(95,460)	$1,600,942	$(2,403,538)	$(898,056)	$217,955	$(928,284)	$(118)	$209	$(370,645)	$(1,080,883)	$(1,978,939)	$13,145,380	$11,166,441
Real Estate Securities	$6,899	$958,124	$(4,815,078)	$(3,850,055)	$79,723	$(1,306,405)	$(277)	$(8,308)	$(326,503)	$(1,561,770)	$(5,411,825)	$15,421,957	$10,010,132
Small Cap Growth	$(21,403)	$152,362	$(672,212)	$(541,253)	$27,128	$(156,955)	$(17)	$(3)	$518,147	$388,300	$(152,953)	$2,274,677	$2,121,724
Small Cap Index	$10,418	$1,792,635	$(5,240,260)	$(3,437,207)	$190,342	$(1,217,466)	$(264)	$(790)	$(361,096)	$(1,389,274)	$(4,826,481)	$20,573,822	$15,747,341
Small Cap Stock	$(228,144)	$5,659,072	$(9,222,876)	$(3,791,948)	$395,030	$(1,795,999)	$(595)	$886	$(123,291)	$(1,523,969)	$(5,315,917)	$33,591,516	$28,275,599

The accompanying notes are an integral part of these financial statements.

F-50

THRIVENT VARIABLE ANNUITY ACCOUNT B

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2021

Subaccount	Increase (decrease) in net assets from operations			Net Change in Net Assets from Operations	Increase (decrease) in net assets from contract related transactions					Net Change in Net Assets from Unit Transactions	Net Change in Net Assets	Net Assets Beginning of Year	Net Assets End of Year
Subaccount	Net investment income (loss)	Net realized gain (loss) on investments and capital gain distributions	Change in net unrealized appreciation (depreciation) on investments	Net Change in Net Assets from Operations	Proceeds from units issued	Transfers for contract benefits and terminations	Administrative charges	Adjustments to annuity reserves	Transfers between subaccounts	Net Change in Net Assets from Unit Transactions	Net Change in Net Assets	Net Assets Beginning of Year	Net Assets End of Year
Aggressive Allocation	$(355,757)	$8,063,572	$11,599,376	$19,307,191	$3,153,548	$(7,956,138)	$(3,027)	$(2,715)	$(1,309,670)	$(6,118,002)	$13,189,189	$105,702,080	$118,891,269
All Cap	$(109,537)	$1,095,281	$2,245,867	$3,231,611	$213,824	$(1,290,828)	$(409)	$11,797	$(47,502)	$(1,113,118)	$2,118,493	$14,635,192	$16,753,685
Balanced Income Plus	$173,667	$452,142	$901,253	$1,527,062	$165,300	$(1,607,858)	$(178)	$14,534	$47,188	$(1,381,014)	$146,048	$14,121,544	$14,267,592
Diversified Income Plus	$615,990	$676,762	$524,498	$1,817,250	$366,989	$(2,866,638)	$(480)	$10,562	$(185,604)	$(2,675,171)	$(857,921)	$32,662,667	$31,804,746
ESG Index	$(5,168)	$13,826	$101,870	$110,528	$90,474	$(38,708)	$—	$—	$556,962	$608,728	$719,256	$166,675	$885,931
Global Stock	$(39,506)	$1,334,293	$2,128,922	$3,423,709	$507,002	$(1,334,847)	$(362)	$18,164	$(421,788)	$(1,231,831)	$2,191,878	$18,245,977	$20,437,855
Government Bond	$16,511	$177,041	$(388,747)	$(195,195)	$64,958	$(439,740)	$(175)	$3,428	$(363,104)	$(734,633)	$(929,828)	$7,768,232	$6,838,404
High Yield	$2,951,437	$(1,888,835)	$1,651,601	$2,714,203	$1,819,700	$(6,517,005)	$(3,339)	$52,945	$(2,333,745)	$(6,981,444)	$(4,267,241)	$87,222,914	$82,955,673
Income	$1,264,305	$2,889,813	$(5,399,490)	$(1,245,372)	$1,889,674	$(6,610,488)	$(2,916)	$37,383	$(2,149,044)	$(6,835,391)	$(8,080,763)	$79,739,081	$71,658,318
International Allocation	$273,751	$1,531,914	$5,529,781	$7,335,446	$2,085,706	$(4,408,318)	$(2,171)	$29,664	$(2,305,423)	$(4,600,542)	$2,734,904	$57,124,761	$59,859,665
International Index	$(3,451)	$5,662	$20,261	$22,472	$48,835	$(14,155)	$—	$—	$380,425	$415,105	$437,577	$164,026	$601,603
Large Cap Growth	$(5,460,257)	$91,810,815	$23,438,726	$109,789,284	$8,014,512	$(41,254,272)	$(19,231)	$703,368	$(25,123,330)	$(57,678,953)	$52,110,331	$534,890,663	$587,000,994
Large Cap Index	$130,950	$3,661,972	$6,997,773	$10,790,695	$940,621	$(4,020,674)	$(581)	$22,882	$(1,986,473)	$(5,044,225)	$5,746,470	$42,159,210	$47,905,680
Large Cap Value	$44,962	$3,178,102	$8,650,617	$11,873,681	$1,219,920	$(3,619,207)	$(944)	$52,490	$3,482,902	$1,135,161	$13,008,842	$38,576,496	$51,585,338
Limited Maturity Bond	$65,233	$79,201	$(256,784)	$(112,350)	$773,134	$(1,707,439)	$(419)	$6,111	$(2,210,220)	$(3,138,833)	$(3,251,183)	$15,723,326	$12,472,143
Low Volatility Equity	$9,635	$42,227	$280,835	$332,697	$79,029	$(113,339)	$(15)	$(144)	$55,473	$21,004	$353,701	$1,936,965	$2,290,666
Mid Cap Growth	$(17,516)	$50,020	$109,286	$141,790	$40,800	$(123,892)	$(24)	$—	$865,134	$782,018	$923,808	$933,739	$1,857,547
Mid Cap Index	$(30,362)	$1,252,486	$3,104,238	$4,326,362	$446,937	$(1,606,992)	$(293)	$8,429	$(595,814)	$(1,747,733)	$2,578,629	$19,292,676	$21,871,305
Mid Cap Stock	$(2,201,633)	$23,427,218	$39,229,616	$60,455,201	$4,297,997	$(18,144,797)	$(9,788)	$238,050	$(8,266,773)	$(21,885,311)	$38,569,890	$229,626,706	$268,196,596
Mid Cap Value	$(3,032)	$34,397	$54,152	$85,517	$25,163	$(16,683)	$—	$—	$618,979	$627,459	$712,976	$120,250	$833,226
Moderate Allocation	$1,754,400	$28,022,174	$16,851,358	$46,627,932	$8,668,745	$(36,966,142)	$(8,117)	$12,399	$1,619,890	$(26,673,225)	$19,954,707	$419,051,452	$439,006,159
Moderately Aggressive Allocation	$348,031	$22,866,854	$22,671,022	$45,885,907	$6,969,430	$(28,988,843)	$(7,892)	$32,836	$(4,430,245)	$(26,424,714)	$19,461,193	$315,197,691	$334,658,884
Moderately Conservative Allocation	$1,012,423	$7,172,404	$118,134	$8,302,961	$2,000,335	$(14,702,762)	$(3,401)	$13,238	$249,254	$(12,443,336)	$(4,140,375)	$143,077,034	$138,936,659
Money Market	$(129,345)	$—	$—	$(129,345)	$2,504,879	$(1,461,220)	$(1,038)	$(3,785)	$(2,720,885)	$(1,682,049)	$(1,811,394)	$12,327,135	$10,515,741
Multidimensional Income	$19,713	$16,971	$9,279	$45,963	$144,622	$(37,270)	$(17)	$—	$421,273	$528,608	$574,571	$930,881	$1,505,452
Opportunity Income Plus	$109,548	$9,270	$(81,061)	$37,757	$321,579	$(365,236)	$(32)	$992	$(14,150)	$(56,847)	$(19,090)	$5,742,772	$5,723,682
Small Cap Growth	$(41,015)	$223,940	$(446,882)	$(263,957)	$156,684	$(372,968)	$(52)	$349	$228,966	$12,979	$(250,978)	$4,141,296	$3,890,318
Partner Healthcare	$(104,540)	$1,333,371	$178,554	$1,407,385	$365,479	$(1,306,384)	$(121)	$534	$(314,390)	$(1,254,882)	$152,503	$12,992,877	$13,145,380
Real Estate Securities	$38,912	$673,962	$3,877,740	$4,590,614	$179,662	$(1,039,095)	$(294)	$22,407	$(114,951)	$(952,271)	$3,638,343	$11,783,614	$15,421,957
Small Cap Growth	$(25,471)	$265,235	$(28,263)	$211,501	$124,867	$(281,659)	$(18)	$7	$425,729	$268,926	$480,427	$1,794,250	$2,274,677
Small Cap Index	$(58,878)	$1,188,054	$3,323,698	$4,452,874	$523,456	$(1,748,875)	$(238)	$(134)	$(809,322)	$(2,035,113)	$2,417,761	$18,156,061	$20,573,822
Small Cap Stock	$(99,965)	$2,086,977	$4,543,876	$6,530,888	$626,387	$(2,161,882)	$(573)	$19,503	$367,282	$(1,149,283)	$5,381,605	$28,209,911	$33,591,516

The accompanying notes are an integral part of these financial statements.

F-51

THRIVENT VARIABLE ANNUITY ACCOUNT B

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2022

(1) ORGANIZATION

The Thrivent Variable Annuity Account B (the Variable Account), is registered as a unit investment trust under the Investment Companies Act of 1940, and is a separate account of Thrivent Financial for Lutherans (Thrivent Financial). The Variable Account contains 32 subaccounts each of which invests in a corresponding portfolio of the Thrivent Series Fund, Inc. (each a Fund and collectively the Funds), as provided below. For each subaccount, the financial statements are comprised of a statement of assets and liabilities as of December 31, 2022, a related statement of operations for the year then ended and statements of changes in net assets for each of the two years in the period then ended, all presented to reflect a full twelve month period.

Subaccount	Series
Aggressive Allocation	Thrivent Series Fund, Inc. — Aggressive Allocation Portfolio
All Cap	Thrivent Series Fund, Inc. — All Cap Portfolio
Balanced Income Plus	Thrivent Series Fund, Inc. — Balanced Income Plus Portfolio
Diversified Income Plus	Thrivent Series Fund, Inc. — Diversified Income Plus Portfolio
ESG Index	Thrivent Series Fund, Inc. — ESG Index Portfolio
Global Stock	Thrivent Series Fund, Inc. — Global Stock Portfolio
Government Bond	Thrivent Series Fund, Inc. — Government Bond Portfolio
High Yield	Thrivent Series Fund, Inc. — High Yield Portfolio
Income	Thrivent Series Fund, Inc. — Income Portfolio
International Allocation	Thrivent Series Fund, Inc. — International Allocation Portfolio
International Index	Thrivent Series Fund, Inc. — International Index Portfolio
Large Cap Growth	Thrivent Series Fund, Inc. — Large Cap Growth Portfolio
Large Cap Index	Thrivent Series Fund, Inc. — Large Cap Index Portfolio
Large Cap Value	Thrivent Series Fund, Inc. — Large Cap Value Portfolio
Limited Maturity Bond	Thrivent Series Fund, Inc. — Limited Maturity Bond Portfolio
Low Volatility Equity	Thrivent Series Fund, Inc. — Low Volatility Equity Portfolio
Mid Cap Growth	Thrivent Series Fund, Inc. — Mid Cap Growth Portfolio
Mid Cap Index	Thrivent Series Fund, Inc. — Mid Cap Index Portfolio
Mid Cap Stock	Thrivent Series Fund, Inc. — Mid Cap Stock Portfolio
Mid Cap Value	Thrivent Series Fund, Inc. — Mid Cap Value Portfolio
Moderate Allocation	Thrivent Series Fund, Inc. — Moderate Allocation Portfolio
Moderately Aggressive Allocation	Thrivent Series Fund, Inc. — Moderately Aggressive Allocation Portfolio
Moderately Conservative Allocation	Thrivent Series Fund, Inc. — Moderately Conservative Allocation Portfolio
Money Market	Thrivent Series Fund, Inc. — Money Market Portfolio
Multidimensional Income	Thrivent Series Fund, Inc. — Multidimensional Income Portfolio
Opportunity Income Plus	Thrivent Series Fund, Inc. — Opportunity Income Plus Portfolio
Partner Emerging Markets Equity	Thrivent Series Fund, Inc. — Partner Emerging Markets Equity Portfolio
Partner Healthcare	Thrivent Series Fund, Inc. — Partner Healthcare Portfolio
Real Estate Securities	Thrivent Series Fund, Inc. — Real Estate Securities Portfolio
Small Cap Growth	Thrivent Series Fund, Inc. — Small Cap Growth Portfolio
Small Cap Index	Thrivent Series Fund, Inc. — Small Cap Index Portfolio
Small Cap Stock	Thrivent Series Fund, Inc. — Small Cap Stock Portfolio

F-52

THRIVENT VARIABLE ANNUITY ACCOUNT B
NOTES TO FINANCIAL STATEMENTS (continued)

(1) ORGANIZATION - continued

The Funds are registered under the Investment Company Act of 1940 as open-end investment companies. The Funds are managed by Thrivent Investment Management, Inc. which is an affiliate of Thrivent Financial.

The Variable Account is used to fund only flexible premium deferred variable annuity contracts issued by Thrivent Financial. Under applicable insurance law, the assets and liabilities of the Variable Account are clearly identified and distinguished from the other assets and liabilities of Thrivent Financial. The assets of the Variable Account will not be charged with any liabilities arising out of any other business conducted by the insurance operations of Thrivent Financial.

A fixed account investment option is available for contract owners of the flexible premium deferred variable annuity. Assets of the fixed account are combined with the general assets of Thrivent Financial and invested by Thrivent Financial as allowed by applicable law. Accordingly, the fixed account assets are not included in the Variable Account financial statements.

(2) SIGNIFICANT ACCOUNTING POLICIES

The Variable Account applies the accounting and reporting guidance for investment companies as outlined in Accounting Standards Codification (ASC) 946.

Valuation of Investments

The investments in shares of the Funds are stated at fair value which is the closing net asset value per share as determined by the Fund. The cost of shares sold and redeemed is determined on the average cost method. Dividend distributions received from the Fund are reinvested in additional shares of the Fund and recorded as income by the subaccount on the ex-dividend date. Series Fund shares owned represent the number of shares of the Fund owned by the subaccount.

Federal Income Taxes

Thrivent Financial qualifies as a tax-exempt organization under the Internal Revenue Code. Accordingly, no provision for income taxes has been charged against the Variable Account. Thrivent Financial reserves the right to charge for taxes in the future should Thrivent Financial's tax status change.

Annuity Reserves

Annuity reserves, represented as reserves for contracts in annuity payout period in the statement of assets and liabilities, are computed for currently payable contracts according to the VM21 regulation. The reserve rate is the maximum Single Premium Immediate Annuity (SPIA) valuation interest rate. Changes to annuity reserves are based on actual mortality and risk experience. If the reserves required are less than the original estimated reserve amount held in the Variable Account, the excess is reflected as a payable to Thrivent Financial on the statement of assets and liabilities. If additional reserves are required, a receivable from Thrivent Financial is reflected on the statement of assets and liabilities.

Death Claims

Amounts payable under the contract for death benefits remain invested in the separate accounts until the beneficiaries provide instructions to disburse the benefits.

F-53

THRIVENT VARIABLE ANNUITY ACCOUNT B
NOTES TO FINANCIAL STATEMENTS (continued)

(2) SIGNIFICANT ACCOUNTING POLICIES - continued

Estimates

The preparation of financial statements in conformity with U.S generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Fair Value of Financial Instruments

In estimating the fair values for financial instruments carried at fair value, the amount of observable and unobservable inputs used to determine fair value are taken into consideration. Each of the financial instruments must be classified into one of three categories based on that evaluation:

Level 1:

Fair value based on quoted prices for identical assets in active markets that are accessible.

Level 2:

Fair value based on quoted prices for similar instruments in active markets that are accessible; quoted prices for identical or similar instruments in markets that are not active; or model-derived valuations where the significant value driver inputs are observable.

Level 3:

Fair value based on significant value driver inputs that are not observable.

The fair values for the subaccount's investments are based on the quoted daily net asset values of the Funds in which the subaccounts are invested. These investments are therefore not categorized in the fair value hierarchy.

Subsequent Events

Management has evaluated Variable Account related events and transactions that occurred during the period from the date of the Statement of Assets and Liabilities through the date of issuance of the Variable Account's financial statements. There were no events or transactions that occurred during the period that materially impacted the amounts or disclosures in the Variable Account's financial statements.

(3) EXPENSE CHARGES

Proceeds received by the Variable Account for units issued represent gross contract premiums received by Thrivent Financial. No charge for sales distribution expense is deducted from premiums received.

A surrender charge is deducted by Thrivent Financial if a contract is surrendered in whole or in part during the first six years the contract is in force. The surrender charge is 6% during the first contract year, and decreases by 1% each subsequent contract year. For purposes of the surrender charge calculation, up to 10% of a contract's accumulated value may be excluded from the calculation each year. This charge is deducted by redeeming units of the subaccounts of the Variable Account.

An annual administrative charge of $30 is deducted on each contract anniversary from the accumulated value of the contract to compensate Thrivent Financial for administrative expenses relating to the contract and the Variable Account. This charge is deducted by redeeming units of the subaccounts of the Variable Account. No such charge is deducted from contracts for which total premiums paid, less surrenders, equals or exceeds $5,000. No administrative charge is payable during the annuity payment period.

F-54

THRIVENT VARIABLE ANNUITY ACCOUNT B
NOTES TO FINANCIAL STATEMENTS (continued)

(3) EXPENSE CHARGES - continued

A daily charge is deducted from the value of the net assets of the Variable Account to compensate Thrivent for mortality and expense risks assumed in connection with the contract. The charge is based on the average daily net assets of the Variable Account and is equal to annual rate of 1.10% during accumulation period of the contract and 0.95% while the contract is pending payout due to a death claim.

Additionally, during the year ended December 31, 2022, management fees were paid indirectly to Thrivent Financial in its capacity as advisor to the Fund.

(4) UNIT ACTIVITY

Transactions (including transfers among subaccounts) for accumulation and death claim units were as follows:

Subaccount	Units Outstanding at January 1, 2021	Units Issued	Units Redeemed	Units Outstanding at December 31, 2021	Units Issued	Units Redeemed	Units Outstanding at December 31, 2022
Aggressive Allocation	3,442,355	232,500	(417,881)	3,256,974	157,319	(396,834)	3,017,459
All Cap	466,175	26,731	(57,976)	434,930	18,164	(59,182)	393,912
Balanced Income Plus	540,563	59,477	(108,528)	491,512	40,701	(74,405)	457,808
Diversified Income Plus	1,123,054	112,190	(199,346)	1,035,898	45,164	(152,392)	928,670
ESG Index	12,968	48,425	(8,106)	53,287	15,060	(13,342)	55,005
Global Stock	717,960	57,884	(101,873)	673,971	23,067	(89,219)	607,819
Government Bond	434,700	43,770	(85,622)	392,848	43,972	(97,840)	338,980
High Yield	1,371,431	143,670	(247,256)	1,267,845	98,246	(223,996)	1,142,095
Income	1,349,792	191,642	(303,055)	1,238,379	118,689	(291,823)	1,065,245
International Allocation	4,607,797	285,366	(625,533)	4,267,630	164,269	(560,028)	3,871,871
International Index	12,798	33,085	(3,076)	42,807	7,349	(12,957)	37,199
Large Cap Growth	2,276,230	232,891	(451,852)	2,057,269	185,904	(384,096)	1,859,077
Large Cap Index	1,066,010	70,273	(182,623)	953,660	60,711	(144,720)	869,651
Large Cap Value	1,343,765	202,427	(168,404)	1,377,788	223,008	(191,349)	1,409,447
Limited Maturity Bond	1,093,621	223,095	(443,308)	873,408	120,737	(166,891)	827,254
Low Volatility Equity	148,443	27,953	(26,696)	149,700	19,182	(15,582)	153,300
Mid Cap Growth	63,038	75,298	(24,921)	113,415	31,186	(12,688)	131,913
Mid Cap Index	446,021	36,689	(71,558)	411,152	20,534	(49,186)	382,500
Mid Cap Stock	4,474,852	196,878	(566,099)	4,105,631	123,166	(458,011)	3,770,786
Mid Cap Value	9,113	50,342	(10,674)	48,781	57,881	(22,871)	83,791
Moderate Allocation	17,009,219	1,097,853	(2,075,534)	16,031,538	719,543	(2,294,887)	14,456,194
Moderately Aggressive Allocation	11,517,529	598,007	(1,483,530)	10,632,006	418,623	(1,228,230)	9,822,399
Moderately Conservative Allocation	6,927,078	519,974	(1,101,211)	6,345,841	430,023	(1,065,903)	5,709,961
Money Market	6,588,444	3,379,308	(4,289,606)	5,678,146	3,640,464	(4,116,279)	5,202,331
Multidimensional Income	81,241	65,618	(21,267)	125,592	21,164	(17,235)	129,521
Opportunity Income Plus	343,150	71,603	(74,838)	339,915	59,495	(58,299)	341,111
Partner Emerging Markets Equity	231,868	50,381	(50,929)	231,320	12,857	(49,512)	194,665
Partner Healthcare	376,794	31,797	(66,787)	341,804	14,563	(45,580)	310,787
Real Estate Securities	266,243	21,950	(40,188)	248,005	13,461	(42,245)	219,221
Small Cap Growth	101,549	65,217	(50,466)	116,300	52,349	(26,349)	142,300
Small Cap Index	422,671	44,800	(84,265)	383,206	20,634	(49,495)	354,345
Small Cap Stock	692,122	74,545	(97,123)	669,544	41,139	(73,842)	636,841

F-55

THRIVENT VARIABLE ANNUITY ACCOUNT B
NOTES TO FINANCIAL STATEMENTS (continued)

(5) PURCHASES AND SALES OF INVESTMENTS

The aggregate costs of purchases and proceeds from sales of investments in the Funds for the year ended December 31, 2022 were as follows:

Subaccount	Purchases	Sales
Aggressive Allocation	$14,987,948	$11,631,273
All Cap	2,864,547	2,002,931
Balanced Income Plus	2,116,228	1,937,377
Diversified Income Plus	3,178,861	4,002,841
ESG Index	225,559	190,894
Global Stock	2,483,429	2,185,832
Government Bond	761,444	1,582,812
High Yield	4,970,727	9,401,375
Income	4,894,760	10,491,638
International Allocation	5,888,438	5,803,880
International Index	92,957	163,245
Large Cap Growth	42,016,934	52,265,540
Large Cap Index	2,492,441	5,728,386
Large Cap Value	10,324,452	5,256,543
Limited Maturity Bond	1,552,047	2,038,040
Low Volatility Equity	396,669	228,250
Mid Cap Growth	369,531	152,014
Mid Cap Index	2,491,702	2,175,746
Mid Cap Stock	41,163,868	23,303,879
Mid Cap Value	901,181	347,404
Moderate Allocation	40,613,568	47,398,172
Moderately Aggressive Allocation	33,994,495	29,915,627
Moderately Conservative Allocation	12,498,407	17,908,457
Money Market	5,250,367	6,124,914
Multidimensional Income	263,704	184,539
Opportunity Income Plus	990,298	831,475
Partner Emerging Markets Equity	176,485	651,246
Partner Healthcare	1,580,649	1,542,245
Real Estate Securities	676,122	1,956,144
Small Cap Growth	885,076	366,390
Small Cap Index	2,182,221	2,150,050
Small Cap Stock	6,302,777	2,866,734

(6) FINANCIAL HIGHLIGHTS

A summary of units outstanding, unit values, net assets, expense ratios, investment income ratios and total return ratios for each of the five years in the period ended December 31, 2022, follows:

F-56

THRIVENT VARIABLE ANNUITY ACCOUNT B
NOTES TO FINANCIAL STATEMENTS (continued)

(6) FINANCIAL HIGHLIGHTS - continued

Subaccount	2022	2021	2020	2019	2018
Aggressive Allocation
Units (a)	3,019,348	3,260,752	3,446,310	3,701,995	3,951,276
Unit value	$29.61	$36.47	$30.68	$26.48	$21.36
Death claim units	1,648	13	98	98	66
Death claim unit value	$28.28	$34.79	$29.22	$25.18	$20.28
Net assets	$89,417,678	$118,891,269	$105,702,080	$98,003,884	$84,386,484
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	0.83%	0.79%	1.19%	1.31%	0.67%
Total return (d)	(18.82) - (18.70)%	18.88 - 19.06%	15.86 - 16.03%	23.97 - 24.16%	(7.49) - (7.35)%
All Cap (3)
Units (a)	394,312	435,307	467,971	508,184	562,257
Unit value	$30.87	$38.16	$31.09	$25.52	$19.81
Death claim units	1,164	1,888	1,060	1,531	1,289
Death claim unit value	$33.60	$41.47	$33.73	$27.65	$21.43
Net assets	$12,258,458	$16,753,685	$14,635,192	$13,051,517	$11,200,657
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	0.56%	0.41%	0.74%	0.63%	0.51%
Total return (d)	(19.10) - (18.98)%	22.75 - 22.94%	21.82 - 22.00%	28.84 - 29.04%	(10.88) - (10.75)%
Balanced Income Plus
Units (a)	462,026	500,026	550,592	626,264	679,416
Unit value	$24.16	$28.33	$25.47	$23.61	$20.38
Death claim units	2,028	1,405	1,889	1,062	918
Death claim unit value	$21.65	$25.35	$22.76	$21.06	$18.15
Net assets	$11,261,475	$14,267,592	$14,121,544	$14,847,604	$13,885,258
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	2.09%	2.30%	2.91%	2.96%	2.44%
Total return (d)	(14.71) - (14.58)%	11.21 - 11.38%	7.92 - 8.08%	15.83 - 16.01%	(5.92) - (5.77)%
Diversified Income Plus
Units (a)	929,587	1,039,419	1,131,724	1,232,137	1,236,738
Unit value	$26.33	$30.39	$28.75	$27.07	$24.07
Death claim units	8,009	6,826	3,478	2,697	4,251
Death claim unit value	$20.45	$23.56	$22.25	$20.93	$18.57
Net assets	$24,698,820	$31,804,746	$32,662,667	$33,450,892	$29,861,787
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	2.90%	2.99%	3.38%	3.52%	3.07%
Total return (d)	(13.34) - (13.21)%	5.70 - 5.86%	6.19 - 6.35%	12.49 - 12.66%	(3.76) - (3.62)%
ESG Index
Units (a)	55,005	53,287	12,968	—	—
Unit value	$12.85	$16.63	$12.85	—	—
Death claim units	—	—	—	—	—
Death claim unit value	$12.91	$16.67	$12.87	—	—
Net assets	$707,084	$885,931	$166,675	—	—
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	—%	—%
Investment income ratio (c)	0.56%	0.00%	2.25%	—%	—%
Total return (d) (2)	(22.68) - (22.56)%	29.35 - 29.55%	28.53 - 28.66%	—%	—%

F-57

THRIVENT VARIABLE ANNUITY ACCOUNT B
NOTES TO FINANCIAL STATEMENTS (continued)

(6) FINANCIAL HIGHLIGHTS - continued

Subaccount	2022	2021	2020	2019	2018
Global Stock (3)
Units (a)	612,595	679,774	722,528	829,927	945,015
Unit value	$23.99	$29.93	$25.07	$22.00	$18.09
Death claim units	470	822	3,344	5,134	45
Death claim unit value	$23.49	$29.26	$24.47	$21.45	$17.61
Net assets	$14,762,278	$20,437,855	$18,245,977	$18,412,521	$17,127,051
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	1.11%	0.90%	1.72%	1.44%	1.23%
Total return (d)	(19.85) - (19.73)%	19.39 - 19.57%	13.95 - 14.12%	21.61 - 21.79%	(9.34) - (9.20)%
Government Bond
Units (a)	341,277	395,962	437,582	412,640	445,053
Unit value	$15.24	$17.19	$17.65	$16.64	$15.89
Death claim units	38	131	1,290	2,509	1,107
Death claim unit value	$13.79	$15.54	$15.93	$15.00	$14.30
Net assets	$5,232,200	$6,838,404	$7,768,232	$6,923,253	$7,100,884
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	2.16%	1.33%	1.48%	2.18%	2.42%
Total return (d)	(11.35) - (11.22)%	(2.60) - (2.45)%	6.04 - 6.20%	4.70 - 4.85%	(0.91) - (0.76)%
High Yield
Units (a)	1,158,187	1,286,196	1,400,805	1,550,850	1,719,414
Unit value	$57.15	$64.36	$62.33	$61.33	$54.23
Death claim units	10,902	14,214	9,212	14,310	5,028
Death claim unit value	$21.18	$23.81	$23.03	$22.62	$19.98
Net assets	$66,399,951	$82,955,673	$87,222,914	$94,986,320	$92,774,328
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	5.41%	4.59%	5.31%	5.57%	5.81%
Total return (d)	(11.20) - (11.07)%	3.26 - 3.41%	1.63 - 1.79%	13.09 - 13.25%	(4.37) - (4.22)%
Income
Units (a)	1,072,115	1,248,059	1,372,751	1,429,383	1,552,265
Unit value	$47.59	$57.19	$58.09	$52.58	$46.80
Death claim units	13,064	15,324	7,922	18,985	14,863
Death claim unit value	$16.48	$19.77	$20.05	$18.12	$16.11
Net assets	$51,311,374	$71,658,318	$79,739,081	$75,177,647	$72,470,621
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	3.48%	2.78%	2.95%	3.36%	3.67%
Total return (d)	(16.78) - (16.66)%	(1.56) - (1.41)%	10.48 - 10.65%	12.35 - 12.52%	(3.39) - (3.25)%
International Allocation (3)
Units (a)	3,903,304	4,302,858	4,652,935	5,115,255	5,674,138
Unit value	$11.18	$13.84	$12.23	$11.89	$9.98
Death claim units	7,310	10,902	9,367	7,231	3,284
Death claim unit value	$11.43	$14.13	$12.46	$12.10	$10.14
Net assets	$43,844,642	$59,859,665	$57,124,761	$60,992,013	$56,699,912
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	2.72%	1.56%	3.26%	2.31%	2.79%
Total return (d)	(19.24) - (19.12)%	13.21 - 13.38%	2.85 - 3.00%	19.16 - 19.34%	(16.33) - (16.20)%

F-58

THRIVENT VARIABLE ANNUITY ACCOUNT B
NOTES TO FINANCIAL STATEMENTS (continued)

(6) FINANCIAL HIGHLIGHTS - continued

Subaccount	2022	2021	2020	2019	2018
International Index
Units (a)	37,199	42,807	12,798	—	—
Unit value	$11.88	$14.05	$12.82	—	—
Death claim units	—	—	—	—	—
Death claim unit value	$11.92	$14.09	$12.83	—	—
Net assets	$441,767	$601,603	$164,026	—	—
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	—%	—%
Investment income ratio (c)	2.40%	0.18%	3.32%	—%	—%
Total return (d) (2)	(15.50) - (15.37)%	9.65 - 9.82%	28.17 - 28.30%	—%	—%
Large Cap Growth (1)
Units (a)	1,881,636	2,084,395	2,314,753	2,443,061	2,685,353
Unit value	$185.94	$283.27	$232.90	$164.29	$124.98
Death claim units	22,727	28,089	27,204	21,261	15,064
Death claim unit value	$38.39	$58.40	$47.94	$33.77	$25.65
Net assets	$348,412,110	$587,000,994	$534,890,663	$397,476,368	$331,676,782
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	0.00%	0.13%	0.31%	0.01%	0.38%
Total return (d)	(34.36) - (34.26)%	21.63 - 21.81%	41.77 - 41.98%	31.45 - 31.65%	1.38 - 1.53%
Large Cap Index
Units (a)	874,313	958,009	1,067,799	1,112,397	1,153,391
Unit value	$40.26	$49.82	$39.23	$33.58	$25.89
Death claim units	126	1,360	5,163	2,851	869
Death claim unit value	$36.51	$45.12	$35.47	$30.32	$23.34
Net assets	$35,294,458	$47,905,680	$42,159,210	$37,514,338	$29,931,422
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	1.21%	1.39%	1.60%	1.54%	1.47%
Total return (d)	(19.19) - (19.07)%	27.01 - 27.20%	16.83 - 17.00%	29.72 - 29.91%	(5.66) - (5.52)%
Large Cap Value
Units (a)	1,414,366	1,385,350	1,352,302	1,441,886	1,594,022
Unit value	$34.94	$37.06	$28.38	$27.47	$22.33
Death claim units	2,683	2,195	3,392	2,738	3,193
Death claim unit value	$32.42	$34.34	$26.25	$25.38	$20.60
Net assets	$49,668,518	$51,585,338	$38,576,496	$39,783,653	$35,695,439
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	1.29%	1.20%	1.95%	1.55%	1.33%
Total return (d)	(5.72) - (5.57)%	30.61 - 30.81%	3.29 - 3.45%	23.02 - 23.21%	(9.70) - (9.57)%
Limited Maturity Bond
Units (a)	833,614	882,640	1,102,400	904,422	999,772
Unit value	$13.35	$14.09	$14.20	$13.81	$13.33
Death claim units	1,792	665	3,123	1,885	806
Death claim unit value	$12.59	$13.27	$13.36	$12.97	$12.50
Net assets	$11,184,657	$12,472,143	$15,723,326	$12,549,853	$13,359,567
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	2.07%	1.56%	2.09%	2.61%	2.49%
Total return (d)	(5.23) - (5.09)%	(0.83) - (0.68)%	2.87 - 3.02%	3.60 - 3.76%	(0.08) - 0.07%

F-59

THRIVENT VARIABLE ANNUITY ACCOUNT B
NOTES TO FINANCIAL STATEMENTS (continued)

(6) FINANCIAL HIGHLIGHTS - continued

Subaccount	2022	2021	2020	2019	2018
Low Volatility Equity
Units (a)	154,550	151,170	150,013	149,707	69,858
Unit value	$13.40	$15.16	$12.92	$12.78	$10.50
Death claim units	130	2	—	—	—
Death claim unit value	$13.51	$15.27	$12.99	$12.83	$10.52
Net assets	$2,070,969	$2,290,666	$1,936,965	$1,913,600	$733,241
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	1.15%	1.57%	1.37%	1.01%	0.02%
Total return (d)	(11.64) - (11.51)%	17.35 - 17.53%	1.07 - 1.23%	21.78 - 21.96%	(3.97) - (3.82)%
Mid Cap Growth
Units (a)	131,913	113,415	63,038	—	—
Unit value	$11.58	$16.38	$14.81	—	—
Death claim units	—	—	—	—	—
Death claim unit value	$11.63	$16.42	$14.83	—	—
Net assets	$1,527,378	$1,857,547	$933,739	—	—
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	—%	—%
Investment income ratio (c)	0.00%	0.00%	0.00%	—%	—%
Total return (d) (2)	(29.30) - (29.20)%	10.57 - 10.74%	48.12 - 48.27%	—%	—%
Mid Cap Index
Units (a)	384,517	413,216	449,103	493,698	515,868
Unit value	$45.27	$52.75	$42.85	$38.21	$30.69
Death claim units	76	462	102	65	860
Death claim unit value	$36.30	$42.24	$34.26	$30.50	$24.46
Net assets	$17,450,873	$21,871,305	$19,292,676	$18,909,035	$15,894,609
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	1.09%	0.96%	1.38%	1.18%	1.03%
Total return (d)	(14.20) - (14.07)%	23.11 - 23.30%	12.16 - 12.32%	24.49 - 24.67%	(12.26) - (12.13)%
Mid Cap Stock
Units (a)	3,800,765	4,143,434	4,521,384	5,009,978	5,473,306
Unit value	$52.20	$64.33	$50.50	$41.96	$33.62
Death claim units	8,753	9,316	10,363	8,232	4,493
Death claim unit value	$40.27	$49.55	$38.83	$32.22	$25.78
Net assets	$199,750,353	$268,196,596	$229,626,706	$211,156,501	$184,669,027
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	0.31%	0.24%	0.50%	0.62%	0.34%
Total return (d)	(18.86) - (18.73)%	27.40 - 27.59%	20.35 - 20.53%	24.78 - 24.96%	(11.94) - (11.81)%
Mid Cap Value
Units (a)	83,791	48,781	9,113	—	—
Unit value	$16.01	$17.08	$13.20	—	—
Death claim units	—	—	—	—	—
Death claim unit value	$16.08	$17.12	$13.21	—	—
Net assets	$1,341,632	$833,226	$120,250	—	—
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	—%	—%
Investment income ratio (c)	0.00%	0.58%	1.99%	—%	—%
Total return (d) (2)	(6.26) - (6.12)%	29.45 - 29.64%	31.95 - 32.09%	—%	—%

F-60

THRIVENT VARIABLE ANNUITY ACCOUNT B
NOTES TO FINANCIAL STATEMENTS (continued)

(6) FINANCIAL HIGHLIGHTS - continued

Subaccount	2022	2021	2020	2019	2018
Moderate Allocation
Units (a)	14,506,491	16,084,600	17,111,709	18,521,705	19,603,686
Unit value	$22.55	$27.20	$24.40	$21.72	$18.50
Death claim units	30,283	42,040	46,277	17,090	34,996
Death claim unit value	$22.12	$26.65	$23.87	$21.22	$18.04
Net assets	$328,142,170	$439,006,159	$419,051,452	$403,104,410	$363,583,833
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	1.63%	1.51%	2.00%	2.28%	1.73%
Total return (d)	(17.10) - (16.98)%	11.46 - 11.62%	12.32 - 12.49%	17.45 - 17.62%	(5.49) - (5.34)%
Moderately Aggressive Allocation
Units (a)	9,830,865	10,677,424	11,580,312	12,921,565	14,012,788
Unit value	$25.56	$31.29	$27.19	$24.03	$19.90
Death claim units	42,139	13,333	7,067	2,879	2,241
Death claim unit value	$24.75	$30.26	$26.26	$23.17	$19.15
Net assets	$252,473,850	$334,658,884	$315,197,691	$310,615,167	$278,890,132
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	1.28%	1.21%	1.65%	1.85%	1.27%
Total return (d)	(18.32) - (18.19)%	15.07 - 15.25%	13.16 - 13.33%	20.78 - 20.96%	(6.93) - (6.79)%
Moderately Conservative Allocation
Units (a)	5,724,463	6,367,401	6,925,414	7,352,558	7,744,318
Unit value	$18.35	$21.76	$20.52	$18.80	$16.51
Death claim units	18,389	17,047	46,442	22,171	30,159
Death claim unit value	$18.21	$21.56	$20.30	$18.58	$16.28
Net assets	$105,426,008	$138,936,659	$143,077,034	$138,788,416	$128,403,022
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	2.10%	1.82%	2.27%	2.53%	2.07%
Total return (d)	(15.66) - (15.54)%	6.02 - 6.18%	9.13 - 9.30%	13.92 - 14.09%	(4.36) - (4.22)%
Money Market
Units (a)	5,200,754	5,703,250	6,612,379	5,109,794	5,224,556
Unit value	$1.83	$1.83	$1.85	$1.86	$1.85
Death claim units	25,252	3,304	9,817	45,555	44,999
Death claim unit value	$1.03	$1.02	$1.03	$1.04	$1.03
Net assets	$9,636,143	$10,515,741	$12,327,135	$9,668,808	$9,806,795
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	1.27%	0.00%	0.26%	1.81%	1.46%
Total return (d)	0.26 - 0.41%	(1.09) - (0.95)%	(0.81) - (0.66)%	0.71 - 0.87%	0.36 - 0.51%
Multidimensional Income
Units (a)	129,521	125,592	81,241	73,386	58,553
Unit value	$10.27	$11.99	$11.46	$10.95	$9.62
Death claim units	—	—	—	—	—
Death claim unit value	$10.36	$12.07	$11.52	$10.99	$9.64
Net assets	$1,330,589	$1,505,452	$930,881	$803,240	$563,008
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	2.44%	2.87%	0.00%	4.32%	5.33%
Total return (d)	(14.30) - (14.17)%	4.61 - 4.77%	4.69 - 4.84%	13.83 - 14.00%	(6.41) - (6.27)%

F-61

THRIVENT VARIABLE ANNUITY ACCOUNT B
NOTES TO FINANCIAL STATEMENTS (continued)

(6) FINANCIAL HIGHLIGHTS - continued

Subaccount	2022	2021	2020	2019	2018
Opportunity Income Plus
Units (a)	339,337	341,081	343,779	314,847	317,026
Unit value	$14.82	$16.74	$16.62	$16.10	$15.00
Death claim units	2,981	265	1,128	367	265
Death claim unit value	$14.54	$16.40	$16.27	$15.73	$14.64
Net assets	$5,081,494	$5,723,682	$5,742,772	$5,082,368	$4,762,652
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	4.04%	2.99%	3.32%	4.02%	4.12%
Total return (d)	(11.47) - (11.34)%	0.68 - 0.83%	3.24 - 3.39%	7.34 - 7.50%	(2.10) - (1.95)%
Partner Emerging Markets Equity
Units (a)	194,745	231,928	232,355	273,089	302,747
Unit value	$12.27	$16.75	$17.77	$14.13	$11.89
Death claim units	531	194	513	610	95
Death claim unit value	$12.55	$17.09	$18.11	$14.38	$12.08
Net assets	$2,399,241	$3,890,318	$4,141,296	$3,868,664	$3,601,518
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	0.83%	0.17%	2.28%	0.75%	1.25%
Total return (d)	(26.72) - (26.61)%	(5.77) - (5.63)%	25.79 - 25.98%	18.84 - 19.01%	(15.82) - (15.69)%
Partner Healthcare
Units (a)	310,966	341,900	376,667	393,200	424,315
Unit value	$35.87	$38.40	$34.43	$29.30	$23.54
Death claim units	230	377	667	264	119
Death claim unit value	$36.67	$39.20	$35.09	$29.82	$23.92
Net assets	$11,166,441	$13,145,380	$12,992,877	$11,530,077	$9,991,582
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	0.26%	0.29%	0.45%	0.42%	0.92%
Total return (d)	(6.57) - (6.43)%	11.53 - 11.70%	17.50 - 17.68%	24.48 - 24.66%	7.12 - 7.28%
Real Estate Securities
Units (a)	221,655	252,046	270,862	304,976	330,129
Unit value	$44.87	$60.98	$43.38	$46.35	$36.63
Death claim units	921	134	283	834	1,264
Death claim unit value	$25.23	$34.23	$24.32	$25.94	$20.47
Net assets	$10,010,132	$15,421,957	$11,783,614	$14,178,354	$12,126,575
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	1.16%	1.39%	2.01%	2.16%	2.02%
Total return (d)	(26.41) - (26.30)%	40.56 - 40.77%	(6.39) - (6.25)%	26.54 - 26.73%	(6.35) - (6.20)%
Small Cap Growth
Units (a)	142,373	116,378	101,634	55,807	38,160
Unit value	$14.90	$19.55	$42.57	$11.49	$9.04
Death claim units	—	—	—	—	—
Death claim unit value	$15.01	$19.65	$33.40	$11.52	$9.05
Net assets	$2,121,724	$2,274,677	$1,794,250	$641,088	$345,143
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	0.00%	0.00%	0.00%	0.00%	0.00%
Total return (d)	(23.75) - (23.64)%	10.71 - 10.88%	9.89 - 10.06%	27.01 - 27.20%	(9.55) - (9.46)%

F-62

THRIVENT VARIABLE ANNUITY ACCOUNT B
NOTES TO FINANCIAL STATEMENTS (continued)

(6) FINANCIAL HIGHLIGHTS - continued

Subaccount	2022	2021	2020	2019	2018
Small Cap Index
Units (a)	356,175	385,310	424,767	463,475	489,787
Unit value	$44.10	$53.27	$40.40	$38.74	$31.98
Death claim units	201	242	987	671	364
Death claim unit value	$34.70	$41.85	$31.59	$30.35	$25.01
Net assets	$15,747,341	$20,573,822	$18,156,061	$18,005,498	$15,693,679
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	1.16%	0.81%	0.80%	1.06%	0.95%
Total return (d)	(17.21) - (17.09)%	25.12 - 25.31%	21.35 - 21.53%	21.15 - 21.33%	(9.66) - (9.52)%
Small Cap Stock
Units (a)	634,746	667,874	696,642	779,299	856,773
Unit value	$44.15	$49.86	$40.40	$33.30	$26.35
Death claim units	5,247	5,642	322	1,152	378
Death claim unit value	$34.63	$39.04	$31.59	$25.99	$20.54
Net assets	$28,275,599	$33,591,516	$28,209,911	$26,018,468	$22,611,850
Ratio of expenses to net assets (b)	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%	0.95 - 1.10%
Investment income ratio (c)	0.33%	0.79%	0.69%	0.39%	0.42%
Total return (d)	(11.44) - (11.31)%	23.40 - 23.59%	21.35 - 21.53%	26.38 - 26.57%	(11.12) - (10.99)%

(a)

These amounts represent the units for contracts in accumulation and contracts in payout.

(b)

These amounts represent the annualized contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The 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 underlying fund have been excluded.

(c)

These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying 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 the contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income is affected by the timing of the declaration of dividends by the underlying fund in which the subaccount invests.

(d)

These amounts represent the total return for periods indicated, including changes in the value of the underlying 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 in footnote 2 below indicate the effective date of the investment option in the Variable Account. The total return is calculated using accumulation unit values.

(1)

Partner Growth Stock merged into the Large Cap Growth Portfolio as of August 31, 2020.

(2)

For the period April 29, 2020 (commencement of operations) to December 31, 2020.

(3)

The following name changes were effective April 30, 2019:

All Cap was formerly known as Partner All Cap.

Global Stock was formerly known as Large Cap Stock.

International Allocation was formerly known as Worldwide Allocation.

F-63

PART C. OTHER INFORMATION

Exhibit (b)	Description	Filed Herewith / Incorporated by reference from
(a)	Resolution of the Board of Directors of Lutheran Brotherhood authorizing the establishment of Thrivent Variable Annuity Account B (“Registrant”)	Post-Effective Amendment No. 8 to the registration statement of Thrivent Variable Annuity Account B, Registration Statement No. 33-67012, filed on April 30, 1998
(b)	Custodian Agreements	Not Applicable
(c)(i)	Principal Underwriting Agreement between Depositor and Thrivent Investment Management Inc.	Post-Effective Amendment No. 5 to the registration statement of Thrivent Variable Annuity Account B, Registration Statement No. 333-76154, filed on April 20, 2006
(c)(ii)	Specimen of Distribution Agreement with Registered Representatives	Post-Effective Amendment No. 10 to the registration statement of Thrivent Variable Annuity Account B, Registration Statement No. 333-76154, filed on April 18, 2011
(d)(i)	Form of Contract	Post-Effective Amendment No. 8 to the registration statement of Thrivent Variable Annuity Account B, Registration Statement No. 33-67012, filed on April 30, 1998
(d)(ii)	403(b) Tax Sheltered Annuity Endorsement	Post-Effective Amendment No. 9 to the registration statement of Thrivent Variable Annuity Account B, Registration Statement No. 333-76154, filed on April 19, 2010
(d)(iii)	Roth Individual Retirement Annuity Endorsement	Post-Effective Amendment No. 9 to the registration statement of Thrivent Variable Annuity Account B, Registration Statement No. 333-76154, filed on April 19, 2010
(d)(iv)	SIMPLE Individual Retirement Annuity Endorsement	Post-Effective Amendment No. 9 to the registration statement of Thrivent Variable Annuity Account B, Registration Statement No. 333-76154, filed on April 19, 2010
(d)(v)	Individual Retirement Annuity Endorsement	Post-Effective Amendment No. 9 to the registration statement of Thrivent Variable Annuity Account B, Registration Statement No. 333-76154, filed on April 19, 2010
(e)	Contract Application Form	Post-Effective Amendment No. 8 to the registration statement of Thrivent Variable Annuity Account B, Registration Statement No. 33-67012, filed on April 30, 1998
(f)	Articles of Incorporation and Bylaws of Depositor	Initial filing to the registration statement on Form N-4 of Thrivent Variable Annuity Account I, Registration Statement 333-216125, filed on February 17, 2017
(g)	Reinsurance Contracts	Not Applicable
(h)	Participation Agreement between the Depositor and the Fund as of December 15, 2003	Post-Effective Amendment No. 1 to the registration statement of Thrivent Variable Life Account I, Registration Statement No. 333-103454, filed on April 19, 2004
(i)	Administrative Contracts	Not Applicable
(j)	Other Material Contracts	Not Applicable
(k)	Opinion of Counsel as to the legality of the securities being registered (including written consent)	Filed Herewith
(l)	Consent of Independent Registered Public Accounting Firm, PricewaterhouseCoopers LLP	Filed Herewith
(m)	Omitted Financial Statements	Not Applicable
(n)	Initial Capital Agreements	Not Applicable
(o)	Form of Initial Summary Prospectus	Not Applicable
(p)	Powers of Attorney	Filed Herewith

Directors and Officers of the Depositor

The directors, executive officers and, to the extent responsible for variable annuity operations, other officers of Depositor, are listed below, unless otherwise indicated, their principal address is 600 Portland Avenue S., Suite 100, Minneapolis, MN 55415-4402.

Name and Principal Business Address	Positions and Offices with Depositor
Deborah M. Ackerman	Director
Morotoluwa Adebiyi	Vice President and Chief Compliance Officer
N. Cornell Boggs III	Chair of the Board of Directors
Kenneth A. Carow	Director
Bradford N. Creswell	Director
Lynn Crump-Caine	Director
Eric J. Draut	Director
Kirk D. Farney	Director
Mary Jane Fortin	President, Chief Commercial Officer
Rev. Mark A. Jeske	Director
Paul R. Johnston	Executive Vice President, Chief Legal Officer, General Counsel & Secretary
Jill B. Louis	Director
Kathryn V. Marinello	Director
Brian J. McGrane	Director
Nichole B. Pechet	Director
Teresa J. Rasmussen	President, Chief Executive Officer, and Director
Angela S. Rieger	Director
David S. Royal	Executive Vice President, Chief Financial & Investment Officer

Persons Controlled by or Under Common Control with Depositor or Registrant

Registrant is a separate account of Depositor. The Depositor is a fraternal benefit society organized under the laws of the State of Wisconsin and is owned by and operated for its members. It has no stockholders and is not subject to the control of any affiliated persons.

The following list shows the persons directly or indirectly controlled by Thrivent Financial. Financial statements of Thrivent Financial will be presented on a consolidated basis.

Thrivent Financial Entities	Primary Business	State of Organization
Thrivent Financial	Fraternal benefit society offering financial services and products	Wisconsin
Thrivent Financial Holdings, Inc.1	Holding company with no independent operations	Delaware

North Meadows Investment Ltd.2	Real estate development and investment corporation	Wisconsin
Thrivent Advisor Network, LLC2	Investment adviser	Delaware
Thrivent Asset Management, LLC2	Investment adviser	Delaware
Thrivent Distributors, LLC2	Limited purpose broker-dealer	Delaware
Thrivent Financial Investor Services Inc.2	Transfer agent	Pennsylvania
Thrivent Insurance Agency Inc.2	Life and health insurance agency	Minnesota
Newman Financial Services, LLC3	Long-term care insurance agency	Minnesota
Thrivent Investment Management Inc.2	Broker-dealer and investment adviser	Delaware
Thrivent Trust Company2	Federally chartered limited purpose trust bank	Federal Charter

Thrivent Financial Entities	Primary Business	State of Organization
Gold Ring Holdings, LLC1	Holding vehicle	Delaware
Thrivent Education Funding, LLC1	Special purpose entity	Delaware
Blue Rock Holding Company1,8	Holding vehicle	Delaware
Castle Lending Enterprises, LLC1,9	Special purpose entity	Delaware
College Avenue Student Loans, LLC1,10	Special purpose entity	Delaware
College Avenue Administrator, LLC1,11	Special purpose entity	Delaware
College Ave Depositor, LLC1,12	Special purpose entity	Delaware
College Ave Holdings 2017-A, LLC2,13	Special purpose entity	Delaware
College Ave Holdings 2018-A, LLC2,14	Special purpose entity	Delaware
College Ave Holdings 2019-A, LLC2,15	Special purpose entity	Delaware
College Ave Student Loan Servicing, LLC1,16	Special purpose entity	Delaware
Museum Finance, LLC1,17	Special purpose entity	Delaware
White Rose GP I, LLC4,18	General partner	Delaware
White Rose Fund I Fund of Funds, L.P.5,19	Private equity fund	Delaware
Thrivent White Rose GP II, LLC4,20	General partner	Delaware
Thrivent White Rose Fund II, Fund of Funds L.P.5,21	Private equity fund	Delaware
Thrivent White Rose GP III, LLC4,22	General partner	Delaware
Thrivent White Rose Fund III Fund of Funds, L.P.5,23	Private equity	Delaware
Thrivent White Rose Fund GP IV, LLC4,24	General partner	Delaware
Thrivent White Rose Fund IV Equity Direct, L.P.5,25	Private equity fund	Delaware
Thrivent White Rose Fund IV Fund of Funds, L.P.5,26	Private equity fund	Delaware
Thrivent White Rose GP V, LLC4,27	General partner	Delaware
Thrivent White Rose Fund V Equity Direct, L.P.5,28	Private equity fund	Delaware
Thrivent White Rose Fund V Fund of Funds, L.P.5,29	Private equity fund	Delaware
Thrivent White Rose GP VI, LLC4,30	General partner	Delaware
Thrivent White Rose Fund VI Fund of Funds, L.P.5,31	Private equity fund	Delaware
Thrivent White Rose GP VII, LLC4,32	General partner	Delaware
Thrivent White Rose Fund VII Equity Direct, L.P.5,33	Private equity fund	Delaware
Thrivent White Rose Fund VII Fund of Funds, L.P.5,34	Private equity fund	Delaware
Thrivent White Rose GP VIII, LLC4,35	General partner	Delaware
Thrivent White Rose Fund VIII Equity Direct, L.P.5,36	Private equity fund	Delaware
Thrivent White Rose Fund VIII Fund of Funds, L.P.5,37	Private equity fund	Delaware
Thrivent White Rose GP IX, LLC4,38	General partner	Delaware
Thrivent White Rose Fund IX Equity Direct, L.P.5,39	Private equity fund	Delaware
Thrivent White Rose Fund IX Fund of Funds, L.P.5,40	Private equity fund	Delaware
Thrivent White Rose GP X, LLC2,41	General partner	Delaware
Thrivent White Rose Fund X, Equity Direct, L.P.5,42	Private equity fund	Delaware
Thrivent White Rose Fund X, Fund of Funds, L.P.5,43	Private equity fund	Delaware
Thrivent White Rose GP XI, LLC4,44	General partner	Delaware
Thrivent White Rose Fund XI Equity Direct, L.P.5,45	Private equity fund	Delaware
Thrivent White Rose Fund XI Fund of Funds, L.P.5,46	Private equity fund	Delaware
Thrivent White Rose GP XII, LLC,4,47	General Partner	Delaware
Thrivent White Rose Fund XII Equity Direct, L.P.5,48	Private equity fund	Delaware
Thrivent White Rose Fund XII Fund of Funds, L.P.5,49	Private equity fund	Delaware
Thrivent White Rose GP, XIII, LLC4,50	General Partner	Delaware
Thrivent White Rose Fund XIII Equity Direct, L.P.5,51	Private equity fund	Delaware
Thrivent White Rose Fund XIII Fund of Funds, L.P.5,52	Private equity fund	Delaware
Thrivent White Rose GP, XIV, LLC4,53	General Partner	Delaware
Thrivent White Rose Fund XIV Equity Direct, L.P.5,54	Private equity fund	Delaware
Thrivent White Rose Fund XIV Fund of Funds, L.P.5,55	Private equity fund	Delaware
Thrivent White Rose GP XV Fund of Funds, LLC4	General Partner	Delaware
Thrivent White Rose Fund XV Fund of Funds, L.P.5,56	Private equity fund	Delaware
Thrivent White Rose Feeder XV Fund of Funds, LLC6	Private equity fund	Delaware

Thrivent Financial Entities	Primary Business	State of Organization
Thrivent White Rose GP XV Equity Direct, LLC4	General Partner	Delaware
Thrivent White Rose Fund XV Equity Direct, L.P.5,57	Private equity fund	Delaware
Thrivent White Rose Feeder XV Equity Direct, LLC6	Private equity fund	Delaware
Thrivent White Rose Opportunity Fund GP, LLC1,58	General partner	Delaware
Thrivent White Rose Opportunity Fund, LP1,59	Investment subsidiary	Delaware
Thrivent White Rose Real Estate GP I, LLC4,60	General partner	Delaware
Thrivent White Rose Real Estate Fund I Fund of Funds, L.P.5,61	Private equity real estate fund	Delaware
Thrivent White Rose Real Estate GP II, LLC4,62	General partner	Delaware
Thrivent White Rose Real Estate Fund II, L.P.5,63	Private equity real estate fund	Delaware
Thrivent White Rose Real Estate GP III, LLC4,64	General partner	Delaware
Thrivent White Rose Real Estate Fund III, L.P.5,65	Private equity real estate fund	Delaware
Thrivent White Rose Real Estate GP IV, LLC4	General partner	Delaware
Thrivent White Rose Real Estate Fund IV, L.P.5,68	Private equity real estate fund	Delaware
Thrivent White Rose Real Estate Feeder IV, LLC6,	Private equity real estate fund	Delaware
Thrivent White Rose Real Estate GP V, LLC4	General Partner	Delaware
Thrivent White Rose Real Estate Fund V, L.P.5,66	Private equity real estate fund	Delaware
Thrivent White Rose Real Estate Feeder V, LLC6	Private equity real estate fund	Delaware
Thrivent White Rose Endurance GP, LLC4,67	General partner	Delaware
Thrivent White Rose Endurance Fund, L.P.5,68	Private equity fund	Delaware
Thrivent White Rose Endurance GP II, LLC4,69	General partner	Delaware
Thrivent White Rose Endurance Fund II, L.P.5,70	Private equity fund	Delaware
Thrivent White Rose Endurance GP III, LLC4,71	General partner	Delaware
Thrivent White Rose Endurance Fund III, L.P.5,72	Private equity fund	Delaware
Thrivent White Rose Endurance Feeder III, LLC6,73	Private equity fund	Delaware
Twin Bridge Capital Partners, LLC7,74	Investment adviser	Delaware

Wholly owned subsidiary of Thrivent Financial.

Wholly owned subsidiary of Thrivent Financial Holdings, Inc. Thrivent Financial is the ultimate controlling entity.

Wholly owned subsidiary of Thrivent Insurance Agency Inc. Thrivent Financial is the ultimate controlling entity.

Directly controlled by Thrivent Financial, which is the managing member and owns an interest in the limited liability company.

Directly controlled by Thrivent Financial. The fund is a pooled investment vehicle organized primarily for the purpose of investing assets of Thrivent Financial’s general account.

Directly controlled by Thrivent Financial. The fund is a pooled investment vehicle organized primarily for the purpose of investing assets of Thrivent Financial’s general account. The feeder entity is a feeder fund of the fund.

Directly controlled by Thrivent Financial. Investment advisory clients include Pacific Street Fund, Twin Bridge Narrow Gate Fund, and Twin Bridge Titan Fund limited partnerships.

Thrivent Financial has a 69.400% ownership interest.

Thrivent Financial has a 100% ownership interest.

Thrivent Financial has a 20.000% ownership interest.

Thrivent Financial has a 100% ownership interest.

Thrivent Financial has a 85.000% ownership interest.

Thrivent Financial has a 99.829% ownership interest.

Thrivent Financial has a 77.500% ownership interest.

Thrivent Financial has a 99.831% ownership interest.

Thrivent Financial has a 77.500% ownership interest.

Thrivent Financial has a 99.815% ownership interest.

Thrivent Financial has a 75.500% ownership interest.

Thrivent Financial has a 98.978% ownership interest.

Thrivent Financial has a 99.828% ownership interest.

Thrivent Financial has a 74.750% ownership interest.

Thrivent Financial has a 99.079% ownership interest.

Thrivent Financial has a 99.820% ownership interest.

Thrivent Financial has a 48.000% ownership interest.

Thrivent Financial has a 99.867% ownership interest.

Thrivent Financial has a 48.000% ownership interest.

Thrivent Financial has a 98.856% ownership interest.

Thrivent Financial has a 99.831% ownership interest.

Thrivent Financial has a 25.000% ownership interest.

Thrivent Financial has a 98.634% ownership interest.

Thrivent Financial has a 99.680% ownership interest.

Thrivent Financial has a 37.000% ownership interest.

Thrivent Financial has a 98.620% ownership interest.

Thrivent Financial has a 99.881% ownership interest.

Thrivent Financial has a 34.000% ownership interest.

Thrivent Financial has a 98.296% ownership interest.

Thrivent Financial has a 99.881% ownership interest.

Thrivent Financial has a 17.500% ownership interest.

Thrivent Financial has a 98.582% ownership interest.

Thrivent Financial has a 99.871% ownership interest.

Thrivent Financial has a 25.000% ownership interest.

Thrivent Financial has a 99.112% ownership interest.

Thrivent Financial has a 99.919% ownership interest.

Thrivent Financial has a 15.000% ownership interest.

Thrivent Financial has a 98.593% ownership interest.

Thrivent Financial has a 99.933% ownership interest.

Thrivent Financial has a 11.500% ownership interest.

Thrivent Financial has a 99.188% ownership interest.

Thrivent Financial has a 99.918% ownership interest.

Thrivent Financial has a 99.790% ownership interest.

Thrivent Financial has a 99.113% ownership interest.

Thrivent Financial has a 100% ownership interest.

Thrivent Financial has a 40.000% ownership interest.

Thrivent Financial has a 99.140% ownership interest.

Thrivent Financial has a 23.000% ownership interest.

Thrivent Financial has a 99.683% ownership interest.

Thrivent Financial has a 19.000% ownership interest.

Thrivent Financial has a 99.900% ownership interest.

Thrivent Financial has a 99.893% ownership interest.

Thrivent Financial has a 99.886% ownership interest.

Thrivent Financial has a 15.000% ownership interest.

Thrivent Financial has a 99732% ownership interest.

Thrivent Financial has a 11.500% ownership interest.

Thrivent Financial has a 99.906% ownership interest.

Thrivent Financial has a 99.846% ownership interest.

Thrivent Financial has a 49.000% ownership interest.

The subsidiaries of Thrivent Financial are shown above. In addition, Thrivent Series Fund, Inc. is an investment company registered under the Investment Company Act of 1940, offering its shares to the separate accounts identified below; and the shares of the Fund held in connection with certain of the accounts are voted by Thrivent Financial in accordance with voting instructions obtained from the persons who own, or are receiving payments under, variable annuity or variable life insurance contracts issued in connection with the separate accounts, or in the same proportions as the shares which are so voted.

Thrivent Variable Life Account I

Thrivent Variable Insurance Account A

Thrivent Variable Insurance Account B

Thrivent Variable Insurance Account C

Thrivent Variable Annuity Account I

Thrivent Variable Annuity Account II

Thrivent Variable Annuity Account A

Thrivent Variable Annuity Account B

Thrivent Variable Annuity Account C

Indemnification

Section 33 of Depositor’s Bylaws; Article VIII the Fund’s Articles of Incorporation; Section 4.01 of the Fund’s First Amended and Restated Bylaws; and Section Eight of Thrivent Investment Management Inc.’s Articles of Incorporation, contain provisions requiring the indemnification by Depositor, the Funds, and Thrivent Investment Management Inc. of their respective directors, officers and certain other individuals for any liability arising based on their duties as directors, officers or agents of the Depositor, Fund or Thrivent Investment Management Inc., unless, in the case of the Fund, such liability arises due to the willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such office.

Section 8 of the Participation Agreement between Depositor, the Accounts and the Fund contains a provision in which the Fund and Depositor mutually agree to indemnify and hold the other party (including its Officers, agents, and employees) harmless for any and all loss, cost damage and expense, including reasonable attorney’s fees, incurred by the other party arising out of their performance under the Agreement, unless such liability is incurred as a result of the party’s gross negligence, bad faith, or willful misfeasance or reckless disregard of its obligations and duties under the Agreement.

In addition, Section XII of the Investment Advisory Agreement between the Fund and Depositor contain provisions in which the Fund and Depositor mutually agree to indemnify and hold the other party (including its officers, agents, and employees) harmless for any and all loss, cost damage and expense, including reasonable attorney’s fees, incurred by the other party arising out of their performance under the Agreement, unless such liability is incurred as a result of the party’s gross negligence, bad faith, or willful misfeasance or reckless disregard of its obligations and duties under the Agreement.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of Registrant, pursuant to the foregoing provisions or otherwise, Registrant has been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Depositor, the Fund, or Thrivent Investment Management Inc. of expenses incurred or paid by a director or officer or controlling person of Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person of Registrant in connection with the securities being registered, Depositor, the Fund, or Thrivent Investment Management Inc. will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether or not such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Principal Underwriter

(a) Other activity. Thrivent Investment Management Inc. is the principal underwriter of the Contracts.

(b) Management. The directors and principal officers of Thrivent Investment Management Inc. are set out below. Unless otherwise indicated, the principal business address of each person named below is 600 Portland Avenue S., Suite 100, Minneapolis, MN 55415-4402.

Name and Principal Business Address	Position and Offices with Underwriter
Nicholas M. Cecere	Director

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Minneapolis and the State of Minnesota on this 26th day of April, 2023.

Thrivent Variable Annuity Account B (Registrant)

By:	/s/*Tonia Nicole James Gilchrist*
	Vice President and Managing Counsel on behalf of the Registrant

Thrivent Financial for Lutherans (Depositor)
By:	/s/*Tonia Nicole James Gilchrist*
	Vice President and Managing Counsel on behalf of the Depositor

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated below.

Teresa J. Rasmussen*	President, Chief Executive Officer and Director (Principal Executive Officer)

David S. Royal*	Executive Vice President, Chief Financial & Investment Officer
Paul R. Johnston*	Executive Vice President, Chief Legal Officer, General Counsel & Secretary
Mary Jane Fortin*	Executive Vice President, Chief Commercial Officer
Deborah M. Ackerman*	Director
N. Cornell Boggs, III*	Chair of the Board
Kenneth A. Carow*	Director
Bradford N. Creswell*	Director
Lynn Crump-Caine*	Director
Eric J. Draut*	Director
Kirk D. Farney*	Director
Mark A. Jeske*	Director
Jill B. Louis*	Director
Kathryn V. Marinello*	Director
Brian J. McGrane*	Director
Nichole B. Pechet*	Director
Angela S. Rieger*	Director

* Tonia Nicole James Gilchrist, by signing her name hereto, does hereby sign this document on behalf of each of the above-named directors and officers of Thrivent Financial for Lutherans pursuant to powers of attorney duly executed by such persons.

/s/*Tonia Nicole James Gilchrist*	April 26, 2023
Tonia Nicole James Gilchrist Attorney-in-Fact	Date


	Years
	1	3	5	10
If you do not surrender your Contract at the end of the applicable time period with
Maximum Portfolio Expenses:	$2,521	$7,755	$13,255	$28,259
Minimum Portfolio Expenses:	$1,506	$4,679	$8,079	$17,684

Thrivent Variable Annuity Account B, et al. – ‘485BPOS’ on 4/26/23

On: Wednesday, 4/26/23, at 2:46pm ET · Effective: 4/30/23 · Accession #: 1193125-23-118233 · File #s: 333-76154, 811-07934

Previous ‘485BPOS’: ‘485BPOS’ on 4/26/22 · Next & Latest: ‘485BPOS’ on 4/26/24 · 7 References:

Post-Effective Amendment of a Form N-1 or N-1A Registration — Rule 485(b)

Filing Table of Contents

‘485BPOS’ — Thrivent Variable Annuity Account B

Document Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

1 Subsequent Filing that References this Filing

6 Previous Filings that this Filing References

	Thrivent Flexible Premium Deferred Variable Annuity
	Thrivent Variable Annuity Account B

	Statutory Prospectus
	April 30, 2023

	2022	2021
Loaned Securities:
Carrying value	$303	$290
Fair value	282	330
Cash Collateral Reinvested:
Open	$63	$156
30 days or less	112	64
31 - 60 days	59	61
61 - 90 days	15	26
91 - 120 days	6	—
121 - 180 days	10	3
181 - 365 days	11	—
1 - 2 years	15	27
2 - 3 years	—	—
Greater than 3 years	—	—
Total	$291	$337
Cash collateral liabilities	$291	$337

Name and Principal Business Address	Position and Offices with Underwriter
Thomas J. Birr 4321 North Ballard Road Appleton WI 54919	Vice President
Christopher J. Osborne	Vice President, Supervision
David J. Kloster	President and Director
Andrea C. Golis	Chief Compliance Officer
Kurt S. Tureson	Treasurer
Kathleen M. Koelling 4321 North Ballard Road Appleton WI 54919	Privacy Officer
Tonia Nicole James Gilchrist	Chief Legal Officer and Secretary
Sharon K. Minta 4321 North Ballard Road Appleton WI 54919	Anti-Money Laundering Officer
Cynthia J. Nigbur	Assistant Secretary
Jessica E. English	Assistant Secretary
Mary E. Faulkner 4321 North Ballard Road Appleton WI 54919	Chief Information Security Officer

EXHIBIT NO.
EX (k)	Opinion and Consent of Counsel as to the legality of the securities being registered (including written consent)
EX (l)	Consent of Independent Registered Public Accounting Firm, PricewaterhouseCoopers LLP
EX (p)	Powers of Attorney

This ‘485BPOS’ Filing	Date	Other Filings

Effective on:	4/30/23
Filed on:	4/26/23
	12/31/22	24F-2NT, N-CEN
	12/31/21	24F-2NT, N-CEN
	1/1/21
	12/31/20	24F-2NT, N-CEN
	8/31/20
	4/29/20
	1/1/20
	12/31/19	24F-2NT, N-CEN
	2/17/17
	4/18/11	485BPOS
	4/19/10	485BPOS
	1/1/09
	4/20/06	485BPOS
	4/19/04
	4/30/98	485BPOS
		List all Filings

2022	2021	2020
$35,516	$889,393	$1,108,826

Thrivent Variable Annuity Account B, et al. – ‘485BPOS’ on 4/26/23

On: Wednesday, 4/26/23, at 2:46pm ET · Effective: 4/30/23 · Accession #: 1193125-23-118233 · File #s: 333-76154, 811-07934

Post-Effective Amendment of a Form N-1 or N-1A Registration — Rule 485(b)Filing Table of Contents

‘485BPOS’ — Thrivent Variable Annuity Account BDocument Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

1 Subsequent Filing that References this Filing

6 Previous Filings that this Filing References

Post-Effective Amendment of a Form N-1 or N-1A Registration — Rule 485(b)

Filing Table of Contents

‘485BPOS’ — Thrivent Variable Annuity Account B

Document Table of Contents