SEC Info - Thrivent Variable Life Account I, et al.

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		Alternative Formats (Word, et al.) Abandoned Property Requirements Accelerated Death Benefits Access to Accumulated Value Accumulated Value Actions to Ensure Compliance with the Tax Law Additional Information About Charges Additional Information About Operation of Contracts and Registrant Addition, Deletion, Combination, or Substitution of Investments Administrative Charge (Basic Monthly Charge) Aggregation of Contracts that Are MECs Alternatives to the Contract Appendix Appendix: Portfolio Companies Available Under the Contract Automatic Asset Rebalancing Program Beneficiary Cash Surrender Value Changing Your Death Benefit Option Changing Your Face Amount Charges Compensation Paid to Financial Advisors and Professionals Contract Contract[le in force is not received within 61 days of the date Contracts Not Owned by Individuals Contract Year Cost of Insurance Charge Cost of Insurance Rates Cybersecurity Risk Death Benefit Death Benefit Guarantee Death Claims Death Proceeds Debt Decrease Decrease Charge Decreasing Your Face Amount Depositor Distribution of the Contracts Dollar Cost Averaging Electronic Payment Program Estate, Gift and Generation-Skipping Transfer Tax Considerations Face Amount FATCA Withholding Federal Income Tax Withholding Fees and Charges Fee Table Financial Statements Fixed Account Fixed Account Risk Flexible Premiums Frequent Trading Among Subaccounts and Other Transactions Fund Charges General General Account General Description of the Contract General Description of the Registrant, Depositor, and Portfolio Companies General Information and History Health Crisis Risk Illustrations Increasing Your Face Amount Independent Registered Public Accounting Firm Insurance Company Risk Insured Insured's Investment Risk Key Information Lapse and Reinstatement Legal Proceedings Loan Account Loan Risks Loans Maintenance of Solvency Medicare Hospital Insurance Tax Misstatement of Age or Sex Provision Money Market Dollar Cost Averaging Monthly Deductions from Accumulated Value Mortality and Expense Risk Charges Msci Disclaimer Net Premiums & Premium Allocation Nonresident Aliens and Other Foreign Persons Option 1: Interest Option 1 (Level Death Benefit Option) Option 2: A Selected Amount of Income Option 2 (Variable Death Benefit Option) Option 3: A Specified Period Option 4: Life Payment Option 5: Joint & Survivor Other Benefits Available Under the Contract Other Considerations Overview of the Contract Ownership Rights Partial Surrenders Payment of Benefits Percent of Premium Charge Portfolio Portfolio Risks Portfolios Postponement of Payments Potentially Harmful Transfer Activity Premium in Default and Grace Period Premium Limits Premium Payment Risk Premiums Principal Risks of Investing in the Contract Principal Underwriter Purpose Registrant Replacement of Existing Insurance Rider or Additional Benefit Charge Risk of Increase in Current Fees and Expenses Risk of Lapse Risks Affecting our Administration of Your Contract Section 1035 Exchanges Services Settlement Options Short-Term Investment Risk Special Terms Standard and Poor's Disclaimer Standard Death Benefits State Variations Subaccount Subaccounts Suicide Exclusion Provision Surrender Surrender and Partial Surrender Risks Surrenders and Withdrawals Table of Factors Taxation of Contracts that Are MECs Taxation of Contracts that Are Not MECs Taxation of the Contract-In General Tax Deferral During Accumulation Period Taxes Tax Risks Tax Status of the Variable Account Tax Treatment of Death Proceeds Term Conversion Termination Timely Processing Transfer Charge Transfers Variable Account Variation or Reduction of Charges Verification of Identity Voting
1	1st Page – Filing Submission
"	Key Information
"	Overview of the Contract
"	Purpose
"	Premiums
"	Death Benefit
"	Death Proceeds
"	Death Benefit Guarantee
"	Access to Accumulated Value
"	Fee Table
"	Principal Risks of Investing in the Contract
"	Investment Risk
"	Health Crisis Risk
"	Risk of Lapse
"	Tax Risks
"	Surrender and Partial Surrender Risks
"	Loan Risks
"	Portfolio Risks
"	Short-Term Investment Risk
"	Insurance Company Risk
"	Fixed Account Risk
"	Premium Payment Risk
"	Fees and Charges
"	Risks Affecting our Administration of Your Contract
"	Alternatives to the Contract
"	Potentially Harmful Transfer Activity
"	Risk of Increase in Current Fees and Expenses
"	Cybersecurity Risk
"	General Description of the Registrant, Depositor, and Portfolio Companies
"	Depositor
"	Registrant
"	Portfolios
"	Voting
"	Charges
"	Percent of Premium Charge
"	Decrease Charge
"	Transfer Charge
"	Monthly Deductions from Accumulated Value
"	Cost of Insurance Charge
"	Cost of Insurance Rates
"	Mortality and Expense Risk Charges
"	Administrative Charge (Basic Monthly Charge)
"	Rider or Additional Benefit Charge
"	Fund Charges
"	Variation or Reduction of Charges
"	Compensation Paid to Financial Advisors and Professionals
"	General Description of the Contract
"	Illustrations
"	Replacement of Existing Insurance
"	Term Conversion
"	Misstatement of Age or Sex Provision
"	Suicide Exclusion Provision
"	Ownership Rights
"	Transfers
"	Frequent Trading Among Subaccounts and Other Transactions
"	Addition, Deletion, Combination, or Substitution of Investments
"	Dollar Cost Averaging
"	Money Market Dollar Cost Averaging
"	Automatic Asset Rebalancing Program
"	General Account
"	Maintenance of Solvency
"	Termination
"	State Variations
"	Flexible Premiums
"	Premium in Default and Grace Period
"	Net Premiums & Premium Allocation
"	Electronic Payment Program
"	Premium Limits
"	Accumulated Value
"	Fixed Account
"	Loan Account
"	Variable Account
"	Cash Surrender Value
"	Timely Processing
"	Standard Death Benefits
"	Option 1 (Level Death Benefit Option)
"	Option 2 (Variable Death Benefit Option)
"	Changing Your Death Benefit Option
"	Changing Your Face Amount
"	Increasing Your Face Amount
"	Decreasing Your Face Amount
"	Death Claims
"	Payment of Benefits
"	Settlement Options
"	Option 1: Interest
"	Option 2: A Selected Amount of Income
"	Option 3: A Specified Period
"	Option 4: Life Payment
"	Option 5: Joint & Survivor
"	Abandoned Property Requirements
"	Other Benefits Available Under the Contract
"	Surrenders and Withdrawals
"	Verification of Identity
"	Partial Surrenders
"	Surrender
"	Postponement of Payments
"	Loans
"	Lapse and Reinstatement
"	Taxes
"	General
"	Estate, Gift and Generation-Skipping Transfer Tax Considerations
"	Tax Status of the Variable Account
"	Taxation of the Contract-In General
"	Tax Treatment of Death Proceeds
"	Tax Deferral During Accumulation Period
"	Taxation of Contracts that Are Not MECs
"	Taxation of Contracts that Are MECs
"	Aggregation of Contracts that Are MECs
"	Contracts Not Owned by Individuals
"	Section 1035 Exchanges
"	Accelerated Death Benefits
"	Actions to Ensure Compliance with the Tax Law
"	Other Considerations
"	Medicare Hospital Insurance Tax
"	Federal Income Tax Withholding
"	Nonresident Aliens and Other Foreign Persons
"	FATCA Withholding
"	Distribution of the Contracts
"	Legal Proceedings
"	Financial Statements
"	Special Terms
"	Beneficiary
"	Contract
"	Contract[le in force is not received within 61 days of the date
"	Contract Year
"	Decrease
"	Debt
"	Face Amount
"	Insured
"	Insured's
"	Portfolio
"	Subaccount
"	Subaccounts
"	Table of Factors
"	Appendix: Portfolio Companies Available Under the Contract
"	Appendix
"	General Information and History
"	Services
"	Additional Information About Operation of Contracts and Registrant
"	Principal Underwriter
"	Additional Information About Charges
"	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. 333-103454
1940 Act Registration No. 811-08289

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-6

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	☒
Pre-Effective Amendment No.	☐
Post-Effective Amendment No. 20	☒
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	☒
Amendment No. 57	☒

THRIVENT VARIABLE LIFE ACCOUNT I

(Exact Name of Registrant)

Thrivent Financial for Lutherans

(Name of Depositor)

600 Portland Avenue South, Suite 100
Minneapolis, Minnesota 55415

(Address of Principal Executive Offices)

Depositor’s Telephone Number, including Area Code: 920-628-4045

Heather J. Thenell, JD
Director, Senior Counsel
Thrivent Financial for Lutherans
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

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	A Decrease Charge (early withdrawal charge) may be assessed upon surrender, lapse or any decrease in the Face Amount. A Decrease Charge will be assessed for 10 years after each increase in Face Amount. The Decrease Charge will vary depending on the number of years since the last increase in Face Amount . The maximum amount that may be charged is $49.25 per $1,000 of decrease in Face Amount . For example, if you make an early withdrawal, you could pay a Decrease Charge of up to $4,925 on a $100,000 decrease.			Charges Fee Table
Transaction Charges	In addition to Decrease Charges (early withdrawal charges), you also may be charged for other transactions such as when you pay a premium, transfer accumulated value between investment options, make more than one partial surrender in a Contract Year or exercise your Accelerated Death Benefit Rider. A premium charge of 5% is deducted upon receipt of most premiums. A transfer charge applies to each transfer in excess of the first twelve transfers made in a Contract Year. The maximum amount deducted is $25 per transfer. An accelerated death benefit charge will be deducted upon the exercise of the benefit. The maximum amount deducted is $150. The charge may vary by state. An illustration charge of $25 applies upon each request in excess of one per Contract Year.			Charges Fee Table
Ongoing Fees and Expenses (annual charges)	In addition to Decrease Charges (early withdrawal charges) and transaction charges, investment in the Contract is subject to certain ongoing fees and expenses (typically assessed monthly), including fees and expenses covering the cost of insurance under the Contract, mortality and expense risk charges, basic monthly charges, interest on any Debt, and the cost of optional benefits available under the Contract. Some of these fees and expenses are set based on characteristics of the Insured (e.g. age, sex (in most states), and rating classification). See the specifications page of your Contract for rates applicable to your Contract. Investors will also bear expenses associated with Portfolio companies that correspond to Subaccounts available under the Contract, as shown in the following table:			Charges Fee Table Appendix
	Annual Fee	Minimum	Maximum
	Annual Portfolio Company Expenses (deducted from Portfolio assets)	0.23%	1.24%

RISKS		Location in Statutory Prospectus
Risk of Loss	You can lose money by investing in this Contract, including loss of your premiums (principal), and your Contract can lapse without value. Additionally, Debt will reduce your Cash Surrender Value, Death Proceeds and the amount of premiums considered to meet the Death Benefit Guarantee Premium requirement. If you surrender the Contract or allow it to lapse while a contract loan is outstanding, the amount of Debt, to the extent it has not previously been taxed, will be considered part of the amount you receive and taxed accordingly. Loans may have tax consequences.	Principal Risks of Investing in the Contract
Not a Short-Term Investment	This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. The primary purpose of this Contract is to provide Death Proceeds in the event of the Insured’s death. Surrender charges, expenses, and tax consequences generally make the Contract unsuitable as a short-term investment.	Principal Risks of Investing in the Contract
Risk Associated with Investment Options	An investment in this Contract is subject to the risk of poor investment performance of the investment options you choose. Each investment option has its own unique risks. 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 under the Contract. You could lose some or all of your money. You should review the available Portfolio s’ prospectuses before making an investment decision.	Principal Risks of Investing in the Contract
Insurance Company Risks	An investment in the Contract is subject to risks related to Thrivent, including that any obligations, guarantees, and benefits of the Contract are subject to the claims-paying ability and financial strength of Thrivent. More information about Thrivent, including its financial strength ratings, is available upon request by calling 1-800-847-4836.	Principal Risks of Investing in the Contract
Contract Lapse	If your monthly deductions exceed your Cash Surrender Value, then unless your Contract has an active Death Benefit Guarantee in effect your Contract will enter a 61-day grace period. We will notify you that your Contract will lapse (that is, terminate without value) if you do not send us a sufficient payment by a specified date. No Death Benefit will be paid if the Contract is lapsed. We will reinstate a Contract only if our requirements for reinstatement are satisfied, which may include requiring new proof of insurability of the Insured person.	Lapse and Reinstatement

RESTRICTIONS		Location in Statutory Prospectus
Investments	We place limits on frequent trading. There is a $25 charge for each transfer when you transfer money between investment options in excess of 12 times a year. Thrivent reserves the right to remove or substitute Portfolio companies as investment options that are available under the Contract. We reserve the right to not accept any premiums when the Death Benefit is based on the Table of Factors in your Contract. We will also have the right to limit or refund a premium payment or make distributions from the Contract as necessary to continue to qualify the Contract as life insurance under federal tax law or to avoid the classification of your Contract as a “modified endowment contract” (MEC).	Frequent Trading Among Subaccounts and Other Transactions Addition, Deletion, Combination or Substitution of Investments Premium Limits Taxes
Optional Benefits	Optional benefits may be subject to age and underwriting requirements. We generally deduct any monthly costs for these Additional Benefits from the Accumulated Value as part of the monthly deduction. Optional benefits may not be available for all ages or underwriting classes, may not be available after original issue of the Contract and may terminate at certain ages. We may stop offering an optional benefit at any time prior to the time you elect to add it to your Contract.	Other Benefits Available Under the Contract
TAXES
Tax Implications	You should consult with a tax professional to determine the tax implications of an investment in and payments received under this Contract. Distributions from your Contract, if taxable, will be taxed at ordinary income tax rates. Depending on the total amount of premiums you pay and the frequency of such payments, the Contract may be treated as a “modified endowment contract” (MEC). Distributions including loans and loan interest will be taxed on an “income first” basis and may be subject to a penalty tax if taken before you are age 59 1∕2 if your Contract is a MEC. The transfer of the Contract or designation of a Beneficiary may have federal, state, and/or local transfer and inheritance tax consequences, including the impositions of gift, estate, and generation skipping transfer taxes.	Taxes
CONFLICTS OF INTEREST		Location in Statutory Prospectus
Investment Professional Compensation	Your financial advisor or professional may receive compensation for selling this Contract to you. This compensation consists of commissions, bonuses, asset-based compensation, and promotional incentives. Thrivent may also share the revenue it earns on this Contract with the professional’s firm. This conflict of interest may influence your investment professional to recommend this Contract over another investment.	Distribution of the Contract
Exchanges	Some investment professionals may have a financial incentive to offer you a new contract in place of the one you own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing contract.	Distribution of the Contract

Overview of the Contract

This summary describes the Contract’s important benefits and risks. The sections in the prospectus following this summary discuss the Contract’s benefits and other provisions in more detail. For your convenience, we have provided Special Terms at the end of this prospectus that define certain words and phrases used in this prospectus.

Purpose

The Contract is a flexible premium variable adjustable life insurance contract and is a long-term investment, not appropriate for a customer with near term liquidity needs. The primary purpose of the Contract is to provide a death benefit to beneficiaries upon the death of the Insured. Secondarily, the Accumulated Value in the Contract may provide a source of supplemental funds in the future.

Premiums

After you pay the initial premium and after the Contract is issued, you may pay subsequent premiums at any time and in any amount, subject to some restrictions. Insufficient premiums may result in a lapse of the Contract. Therefore, we recommend that you pay at least a Death Benefit Guarantee Premium to protect your Contract from lapsing. While there are no scheduled premium due dates, you may schedule planned periodic premiums and then you will receive billing statements for the amount you select. You may elect to receive billing statements quarterly, semi-annually or annually. In most cases, you may make changes in the frequency and payment amounts at any time by giving adequate Notice to our Service Center. Premiums may be allocated to the Subaccounts of the Variable Account and/or to the Fixed Account. Additional information about the Portfolios corresponding to the Subaccounts is provided in the Appendix to this prospectus.

Death Benefit

At the time of purchase, you must select between two Death Benefit Options: the Level Death Benefit and the Variable Death Benefit.

Option 1 (Level Death Benefit Option). Under this option and before age 100, the Death Benefit is the greater of the Face Amount or the death benefit factor multiplied by Accumulated Value. The death benefit factor depends on the Insured’s Attained Age. The Death Benefit for this option generally remains level. The Death Benefit on any day on or after the Insured’s Attained Age 100 is equal to the Accumulated Value on that day.

Option 2 (Variable Death Benefit Option). Under this option and before age 100, the Death Benefit is the greater of the Face Amount plus Accumulated Value, or the death benefit factor multiplied by Accumulated Value. The death benefit factor depends on the Insured’s Attained Age. The Death Benefit for this option will vary over time, meaning it may increase or decrease. The Death Benefit on any day on or after the Insured’s Attained Age 100 is equal to the Accumulated Value on that day.

Death Proceeds

We pay Death Proceeds to the Beneficiary upon receipt at our Service Center of due proof of death of the Insured. The Death Proceeds will equal the Death Benefit and any insurance on the life of the Insured provided by Additional Benefits less any Debt and the amount, if any, needed to cover monthly deductions through the month of death.

Death Benefit Guarantee

Two Death Benefit Guarantees are generally available at issue: a basic and an enhanced Death Benefit Guarantee. The Death Benefit Guarantee ensures that your Contract will remain in effect, even if the Cash Surrender Value is insufficient to pay the current monthly deductions, if the Death Benefit Guarantee requirements are met. (In some states, this feature is referred to as a “no-lapse guarantee.”) The basic Death Benefit Guarantee is in effect for at least five Contract Years and until the Insured reaches age 70 or 15 years from the Date of Issue, whichever is earlier, provided that you make

timely payment of the required minimum premium amounts. The enhanced Death Benefit Guarantee is available for Contracts issued before age 70 and is in effect until the Insured reaches age 75. The enhanced Death Benefit Guarantee provides longer protection than the basic guarantee provided you make timely payment of the required minimum premium amount.

Access to Accumulated Value

Transfers. You may transfer accumulated value among the Subaccounts and the Fixed Account. You will not be charged for the first 12 transfers in a Contract Year. We will charge $25 for each additional transfer during a Contract Year. The minimum amount that may be transferred from a Subaccount or Fixed Account is $50, or if less, the total value in the Subaccount or the Fixed Account. There is no minimum amount that can be received by a Subaccount or Fixed Account.

Automatic Asset Rebalancing Program. The Automatic Asset Rebalancing program transfers your Contract’s Accumulated Value among Subaccounts (this excludes the Fixed Account) on a regular basis according to your instructions.

Dollar Cost Averaging Program. Dollar Cost Averaging allows you to make regular transfers of predetermined amounts from your Money Market Subaccount to any or all of the other Subaccounts. The Dollar Cost Averaging amount from the Money Market Subaccount must be at least $50. You may choose to use the Money Market Subaccount as the source account at any time and for any length of time.

Loans. You may borrow an amount equal to up to 90% (in most states) of the Accumulated Value of your Contract less any applicable Decrease Charge and existing Debt. The maximum annual interest rate is 5%. After the 10th Contract Year, you may borrow a portion of your Accumulated Value at an annual rate of 3% (preferred loan). For amounts that are left as collateral in the Loan Account, we pay an annual rate of 3%. Debt on non-preferred loan amounts will continue to increase unless it is repaid. Loans will impact your Contract’s performance, must be repaid, could cause the Contract to lapse and may result in tax consequences. In your Contract, the discussion of the operation of the loan feature is described as a Loan Account. For additional information see Loans in this prospectus and in your Contract.

Partial Surrenders. You may make a request to withdraw part of your Accumulated Value by giving us Notice. Decrease Charges may apply if the partial surrender results in a decrease in Face Amount and it has been less than 10 years since you increased the Face Amount. Partial surrenders may have tax consequences. Partial surrenders may decrease your Death Benefit and may impact the performance of the Contract including the number of years your Contract is expected to provide coverage. See Charges for more information on Decrease Charges.

Surrenders. At any time while the Contract is in force and the Insured is living, you may surrender this Contract by giving us Notice. A surrender may result in a Decrease Charge depending on how long it has been since you last increased the Face Amount. For more information on Decrease Charges, see Charges. Surrenders may have tax consequences.

Additional Benefits and Riders

We offer several optional insurance benefits and riders that provide additional benefits under the Contract. There is a charge associated with most of these insurance benefits and riders. Your financial advisor or professional can help you determine whether any of these benefits and riders are suitable for you.

Accidental Death Benefit (Optional Benefit)
This benefit generally provides an additional death benefit when the Insured dies from accidental bodily injury. Subject to our overall limit on accidental death benefits, you may select the amount of coverage up to the same amount as the Face Amount of your Contract. Any accidental death benefit payable would be in addition to your basic death benefit. The charge for this rider, based on Issue Age, is a per-thousand rate multiplied by the accidental death amount.

Disability Waivers (Optional Benefit)
You may choose one of two different disability waivers. Waiver of monthly deductions provides that, in the event of your qualifying disability, we will waive your cost of insurance and expense deductions until the earlier of your age 100 or your recovery from disability. The charge for this rider is a percentage based on Attained Age multiplied by the amount of each monthly deduction. Waiver of selected amount credits the amount selected at issue. The charge for this rider is a percentage based on Attained Age multiplied by the selected amount.

Applicant Waiver of Selected Amount (Optional Benefit)
This benefit enables the applicant on a Contract on the life of a minor to have selected amounts credited to the Contract if the applicant becomes disabled (as described above) or dies. Amounts will be credited until the end of the benefit period as defined in the rider. The charge for this benefit is a percentage based on Attained Age of the applicant and Issue Age of the Insured multiplied by the selected amount. The charge will apply until the rider terminates. The rider will terminate on the earliest of the following dates:

1.The date the applicant reaches age 65 or the end of a benefit period, if later.

2.The date control of the Contract is transferred to the Insured.

3.The date the Contract terminates.

4.The first monthly anniversary on or after the date we receive Notice to cancel the rider.

Guaranteed Increase Option (Optional Benefit)
Purchasing this option allows you to increase the amount of coverage without having to show evidence of insurability at certain pre-defined opportunities. The charge is a per-thousand rate multiplied by the size of the guaranteed increase amount. A new No-Lapse Guarantee Premium will be determined for any No Lapse Guarantee in effect on the date of increase.

Child Term Life Insurance (Optional Benefit)
This rider generally pays a benefit to the Beneficiary in the event of the death of a covered child of the Insured prior to the rider anniversary following the child’s 25th birthday. Conversely, in the event of the death of the Insured, the rider for any covered child will become child paid-up term insurance in force to the child’s 25th birthday. Beginning on the rider anniversary on or after the covered child’s 21st birthday until the rider anniversary on or after that child’s 25th birthday, the child will have the option to purchase his or her own life Contract without having to provide evidence of insurability. The charge for this benefit is a per-thousand rate multiplied by the amount of rider coverage. The charge does not depend upon the number of children Insured.

This rider may be issued even if there are no eligible children at the time the Contract is issued. In this case, there is no charge for this rider while there are no covered children. If you notify us within six months of the first birth or adoption, your child, and any subsequent children, will be covered without evidence of insurability. Charges will begin six months after the date of birth or adoption.

Term Life Insurance and Spouse Term Life Insurance (Optional Benefit)
These riders provide additional term life insurance. The riders are available on the life of the Insured and/or on the life of the spouse of the Insured for up to 30 years. The charge for this benefit is a per-thousand cost of insurance rate multiplied by the amount of rider coverage.

Cost of Living Adjustment Benefit (Optional Benefit)
This benefit annually adjusts the Face Amount of the Contract and, if elected, your premium payments to keep pace with the Consumers’ Price Index. The maximum increase is the smallest of 1) the CPI increase on a Contract Anniversary multiplied by the Face Amount rounded up to the next $100; 2) 10% of the Face Amount; and 3) $50,000. As a result of increasing the Face Amount, monthly deductions will increase. Furthermore, a new schedule of decrease charges will apply to any resulting increase in Face Amount. Any resulting increase to the Face Amount will also require a new Death

Benefit Guarantee Premium amount to be determined. There is no separate charge to implement this benefit, however, by electing the benefit you should anticipate increasing costs associated with increasing your Face Amount. This benefit terminates at the earliest of the:

1)expiration date for the rider shown on page 5-COL of the Contract;

2)date the Contract terminates;

3)date the Contract owner rejects an increase in Face Amount under the rider;

4)effective date of any decrease in Face Amount;

5)date the sum of the increases in Face Amount due to this rider equals or exceeds two times the Face Amount on the date of issue of the rider;

6)the effective date of any increase in Face Amount that has a rated Risk Class; and

7)the date the Contract owner gives Notice to cancel the rider.

Accelerated Benefits Rider-Generally Available on Contracts Applied for Prior to January 15, 2008 (Optional Benefit)
This rider pays a portion of the death benefit when requested if the Insured has a life expectancy of 12 months or less or has been in a nursing home for at least six consecutive months and is expected to remain there for the rest of his or her life. Tax consequences may result. See Taxes.

Accelerated Death Benefit for Terminal Illness (Optional Benefit)
You may add this rider at any time without cost. The rider allows you to receive the present value of the death benefit tax free if eligibility requirements are met. Eligibility requirements include doctor certification that the Insured is terminally ill. State variations apply.

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 selected.

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.

Transaction Fees

Charge	When Charge is Deducted	Amount Deducted
Percent of Premium Charge	Upon receipt of each premium payment	5% of each premium payment
Premium Tax Charge	Not currently applicable1	Not currently applicable1
Decrease Charge2	Upon surrender, lapse, or decrease in the Face Amount
Maximum		$49.25 per $1,000 of decrease in Face Amount
Minimum		$1.56 per $1,000 of decrease in Face Amount
Charge for a male Insured, Issue Age 40, in the standard non-tobacco risk class with a Face Amount of $225,000, in the first Contract Year.		$15.57 per $1,000 of decrease in Face Amount
Transfer Charge	Upon each transfer after the twelfth in a Contract Year.3	$25 per transfer
Accelerated Death Benefit	On exercise of benefit4	$150
Illustration of Hypothetical Values	Upon each request5	$25 per illustration

1 We are not currently subject to premium taxes. However, we reserve the right to impose a charge for these taxes in the future if we have to pay them. If imposed, the premium tax charge would be between 0% and 5% of premium payments.
2 The Decrease Charge remains level for the first five years following an increase in Face Amount, and then decreases each Contract Year to zero after the 10th year following an increase in Face Amount. Decrease charges depend on the Insured’s Issue Age, sex (in most states), amount of decrease in Face Amount, risk class and the amount of time since the last increase in Face Amount. The decrease charges shown in the table may not be representative of the charges you will pay. For decreases in Face Amount during the first 10 Contract Years following an increase in Face Amount, we calculate the amount of the Decrease Charge at the time of the decrease or surrender.
3 We do not assess a transfer charge for the first twelve transfers made each Contract Year
4 The charge may vary by state and may be lower in some states.
5 The charge applies upon each request in excess of one per Contract Year. There is no charge for illustrations provided prior to Contract purchase.

Periodic Charges Other Than Fund Operating Expenses

The next table describes the fees and expenses that you will pay periodically during the time that you own the Contract, not including Fund fees and expenses.

Periodic Charges Other Than Fund Operating Expenses, cont.

Charge	When Deducted	Amount Deducted (Annualized)
Cost of Insurance Charge6	On Date of Issue and monthly thereafter
Maximum		$999.96 per $1,000 of amount at risk7
Minimum		$0.15 per $1,000 of amount at risk7
Charge for a male Insured, Issue Age 40, in the standard non-tobacco risk class with a Face Amount of $225,000, in the first Contract Year		$2.28 per $1,000 of amount at risk7
Mortality and Expense Risk Charge A tiered charge based on Subaccount Accumulated Value up to $25,000	On Date of Issue and monthly thereafter	0.90% of the Subaccount Accumulated Value within this range8
Administrative Charge (Basic Monthly Charge)	On Date of Issue and monthly thereafter	$108 for adults9
Loan Interest	On the monthly anniversary after a loan is taken and monthly thereafter	2% net interest rate on loan balance.10
Preferred Loan Interest	On the monthly anniversary after a loan is taken and monthly thereafter	0% net interest rate on preferred loan balance after the 10th Contract Anniversary11
Additional Benefit Charges:12

6 Cost of insurance charges depend on the Insured’s Issue Age, sex (in most states), amount at risk, Face Amount, risk class and duration of the Contract. The cost of insurance charges shown in the table are extremes and may not be representative of the charges you will pay. For more information on the calculation of this charge see Charges.
7 The amount at risk is equal to the death benefit divided by 1.0024663, then less the Accumulated Value on the date the charge is deducted.
8 After the 10th Contract Year the maximum annual rate dropped. For the first $25,000 the maximum annual rate is 0.90% of the Subaccount Accumulated Value. For Subaccount Accumulated Values in excess of $25,000 up to $100,000, the maximum annual rate is 0.80%. For Subaccount Accumulated Values in excess of $100,000, the maximum annual rate is 0.70%. This is a tiered charge. Actual current charges may be less. For additional information regarding this charge please see Charges and Deductions in this prospectus.
9 Charge shown is for adults (Issue Age 18+ years) and equates to $9.00 per month. For juvenile (Issue Age 0-17) Contracts, the charge is $90 per year, which equates to $7.50 per month.
10 You may borrow up to an amount such that the total loan amount does not exceed 90% of the Accumulated Value less decrease charges at the time of the loan request. We pay an annual rate of 3% on amounts that are left as collateral in the Loan Account, resulting in a maximum net interest rate of 2%.
11 See the Loans section later in this prospectus for more information on preferred loans. We pay an annual rate of 3% on amounts that are left as collateral in the Loan Account, resulting in a maximum net interest rate of 0%.
12 Charges for Additional Benefits may vary based on the Insured’s Attained Age or Issue Age, sex (in most states), risk class, Face Amount, amount at risk, or rider coverage amount. Charges based on age may increase as the Insured ages. The charges noted apply if the rider is included in your Contract and the Contract and/or rider has not otherwise terminated. The rider charges shown in the table may not be representative of the charges you will pay. Before you purchase a Contract, we will provide you personalized illustrations of your future benefits under the Contract, based upon the Insured’s age, sex, risk class, death benefit option chosen, Face Amount and riders requested.

Periodic Charges Other Than Fund Operating Expenses, cont.

Charge	When Deducted	Amount Deducted (Annualized)
Accidental Death Benefit	On the rider date of issue and monthly thereafter13
Maximum		$1.1208 per $1,000 of rider coverage amount
Minimum		$0.0696 per $1,000 of rider coverage amount
Charge for a male Insured, Issue Age 40, in the standard risk class in the first Contract Year		$0.42 per $1,000 of rider coverage amount
Term Life Insurance Benefit	On the rider date of issue and monthly thereafter14
Maximum		$999.96 per $1,000 of rider coverage amount
Minimum		$0.24 per $1,000 of rider coverage amount
Charge for a male Insured, Issue Age 40, in the standard nontobacco risk class with a Face Amount/rider coverage amount of $225,00015, in the first Contract Year		$1.56 per $1,000 of rider coverage amount
Child Term Life Insurance Benefit	On the rider date of issue and monthly thereafter16	$5.40 per $1,000 of rider coverage amount
Cost of Living Adjustment Benefit		No charge for this benefit17
Disability Waiver of Monthly Deduction Benefit	On the rider date of issue and monthly thereafter18
Maximum		195.5% of the selected monthly premium amount19
Minimum		4.8% of the selected monthly premium amount18
Charge for an Insured, Issue Age 40, in the standard risk class, in the first Contract Year.		7.7% of the selected monthly premium amount19

13 This charge applies until the Insured’s Attained Age 70.
14 The charge applies until the 30th rider anniversary.
15 Any amount of coverage includes $90,000 of base coverage and $135,000 of term rider coverage with a total of $225,000.
16 The charge applies until the child’s Attained Age 25.
17 This benefit will result in annual increases in Face Amount, which will result in increases in your overall cost of insurance deductions.
18 The charge applies until Insured’s Attained Age 65.
19 Monthly deductions include cost of insurance, benefit rider, administrative, and mortality and expense risk charges.

Periodic Charges Other Than Fund Operating Expenses, cont.

Charge	When Deducted	Amount Deducted (Annualized)
Disability Waiver of Selected Amount Benefit	On the rider date of issue and monthly thereafter
Maximum		98% of the selected monthly premium amount20
Minimum		1.9% of the selected monthly premium amount20
Charge for a male Insured, Issue Age 40, in the standard risk class in the first Contract Year		3.7% of the selected monthly premium amount20
Applicant Waiver of Selected Amount Benefit	On the rider date of issue and monthly thereafter21
Maximum		195% of the selected monthly premium amount20
Minimum		5% of the selected monthly premium amount20
Charge for an Insured, Issue Age 0 and applicant age 30, in the standard risk class, in the first Contract Year		6% of the selected monthly premium amount20
Guaranteed Increase Option Benefit	On the rider date of issue and monthly thereafter22
Maximum		$2.52 per $1,000 of rider coverage amount
Minimum		$0.36 per $1,000 of rider coverage amount
Charge for an Insured, Issue Age 0		$0.36 per $1,000 of rider coverage amount
Spouse Term Life Insurance Benefit	On the rider date of issue and monthly thereafter23
Maximum		$999.96 per $1,000 of rider coverage amount
Minimum		$0.24 per $1,000 of rider coverage amount

20 Any amount selected by the Contract Owner at issue between a pre-defined range. The minimum amount is the basic Death Benefit Guarantee Premium amount and the maximum amount is the guideline level premium as described under the Internal Revenue Code.
21 The charge stops when the rider terminates.
22 This charge applies until the Insured’s Attained Age 43.
23 This charge applies until the rider coverage ends.

Periodic Charges Other Than Fund Operating Expenses, cont.

Charge	When Deducted	Amount Deducted (Annualized)
Charge for a female Insured, Issue Age 40, in the standard nontobacco risk class with a rider coverage amount of $250,000, in the first Contract Year		$1.20 per $1,000 of rider coverage amount

The next item shows the minimum and maximum total annual operating expenses charged by the Portfolios that investors will bear during the time that they own the Contract. This table shows the range (maximum and minimum) of fees and expenses (including management fees and other expenses) charged by the Portfolios, expressed as an annual percentage of average daily net assets. 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 company assets, including management fees, distribution fees and other expenses.	0.23%	1.24%
Expenses that are deducted from Portfolio company assets, after reimbursements and/or fee waivers.*	0.23%*	1.15%*

* The reimbursements and/or fee waivers will last until April 30, 2024, but may be terminated at any time in the future.

As a fraternal benefit society, Thrivent is also required to have a Maintenance of Solvency provision that could require you to pay us an amount to maintain our financial strength. For a complete discussion of the Maintenance of Solvency provision, see Maintenance of Solvency in the statutory prospectus.

Principal Risks of Investing in the Contract

Investment Risk

The Contract is not suitable as a short-term investment vehicle. If you invest your accumulated value in one or more Subaccounts, then you will be subject to the risk that investment performance of the Subaccounts will be unfavorable and that the accumulated value will decrease. The assets in each Subaccount are invested in a corresponding Portfolio of the Fund. A comprehensive discussion of the risks of each Portfolio may be found in the Fund’s prospectus. You could lose everything you invest and your Contract could lapse without value, unless you pay additional premium. If you allocate premiums to the Fixed Account, then we credit your accumulated value in the Fixed Account with a declared rate of interest. You assume the risk that the rate may decrease, although the Fixed Account rate will never be lower than a guaranteed minimum annual effective rate of 3%.

Health Crisis Risk

The global pandemic outbreak of the novel coronavirus known as COVID-19 has resulted in substantial market volatility and global business disruption. The duration and full effects of the outbreak are uncertain and may result in trading suspensions and market closures, limit liquidity and the ability of the Fund to process contract owner redemptions, and negatively impact Fund performance. The COVID-19 outbreak and future pandemics could affect the global economy in ways that cannot be foreseen and may exacerbate other types of risks, negatively impacting the value of the Fund.

Risk of Lapse

If your monthly deductions exceed your Cash Surrender Value and a Death Benefit Guarantee is not in effect, your Contract will enter a 61-day (in most states) grace period. We will notify you that your Contract will lapse (that is, terminate without value) if you do not send us a sufficient payment by a specified date. Your Contract generally will not lapse:

♦

if you make timely payment of the minimum premium amount required to keep your Death Benefit Guarantee in effect; or

♦

if during the grace period you make a payment sufficient to cover the next two monthly deductions plus any additional amount necessary to bring your Cash Surrender Value to a positive balance before the end of the grace period. Subject to certain conditions, you may reinstate a lapsed Contract.

Tax Risks

We anticipate that the Contract should be deemed a life insurance contract under federal tax law. However, the federal income tax requirements applicable to the Contract are complex and there is limited guidance and some uncertainty about the application of the federal tax law to the Contract. Assuming that the Contract qualifies as a life insurance contract for federal income tax purposes, you should not be deemed to be in constructive receipt of Accumulated Value. However, the IRS could determine that a Contract Owner is in constructive receipt of the Accumulated Value if the Accumulated Value becomes equal to the Death Benefit, which can occur in some instances where the Insured is Attained Age 95 or older. In a case where there may be constructive receipt, an amount equal to the excess of the Accumulated Value over the investment in the contract could be includible in the Contract Owner’s income at that time. Under current tax law, Death Proceeds payable under the Contract generally would be excludable from the gross income of the Beneficiary. As a result, the Beneficiary generally should not have to pay U.S. federal income tax on the Death Proceeds. However, the Death Proceeds may be subject to state and/or federal estate and/or inheritance tax.

Depending on the total amount of premiums you pay, the Contract may be treated as a modified endowment contract (MEC) under federal tax laws. If a contract is treated as a MEC, then surrenders, partial surrenders, and loans under the Contract will be taxable as ordinary income to the extent there are earnings in the Contract. In addition, a 10% penalty tax may be imposed on surrenders, partial surrenders, and loans taken before you reach age 59 1∕2. If the Contract is not a MEC, distributions generally will be treated first as a return of your investment in the Contract and then as taxable income. Moreover, loans generally will not be treated as distributions. Finally, neither distributions nor loans from a Contract that is not a MEC are subject to the 10% penalty tax. See Taxes.

If the Contract lapses, a tax may result. Additionally, if the Contract lapses and is later reinstated, the Contract may be treated as a MEC.

We make no guarantees regarding any tax treatment—federal, state or local—of any Contract or of any transaction involving a Contract.

You should consult a qualified tax advisor for assistance in all Contract-related tax matters.

Surrender and Partial Surrender Risks

A Decrease Charge applies during the first 10 Contract Years after the Date of Issue and for 10 years after each increase in Face Amount. Depending on the amount of premium paid, or any decreases in Face Amount, there may be little or no Cash Surrender Value available to you at the time you surrender your Contract. You should purchase the Contract only if you have the financial ability to keep it in force for a substantial period of time. You should not purchase the Contract if you intend to surrender all or part of the Accumulated Value in the near future. We designed the Contract to meet long-term financial goals. The Contract is not suitable as a short-term investment.

Even if you do not ask to surrender your Contract, Decrease Charges may play a role in determining whether your Contract will lapse (terminate without value). This is because Decrease Charges affect the Cash Surrender Value, a measure we use to determine whether your Contract will enter a grace period (and possibly lapse). See Risk of Lapse in this section.

A partial surrender will reduce Accumulated Value, death benefit and the amount of premiums considered paid to meet the Death Benefit Guarantee Premium requirement. If you select a Level Death Benefit Option, a partial surrender also will generally reduce the Face Amount of the Contract.

A surrender or partial surrender may have tax consequences. See Taxes.

Loan Risks

A Contract loan will affect Accumulated Value over time because we transfer the amount of the loan from the Subaccounts and/or Fixed Account to the Loan Account where the value serves as collateral to assure repayment of the Loan. This loan collateral does not participate in the investment performance of the Subaccounts.

The non-preferred Loan amounts will grow and must be repaid. If the Loan is not repaid during the Insured’s life, we reduce the amount we pay on the Insured’s death by the amount of any outstanding Debt to repay the Loan. A loan will reduce your Cash Surrender Value, Death Proceeds and the amount of premiums considered to meet the Death Benefit Guarantee Premium requirement. If you surrender the Contract or allow it to lapse while a Contract loan is outstanding, the Loan Account collateral will be used to repay the Debt and the amount of Debt, to the extent it has not previously been taxed, will be considered part of the amount you have received and taxed accordingly. A loan may have immediate tax consequences if your Contract is a MEC, even if you do not surrender the Contract or allow it to lapse. See Taxes.

Portfolio Risks

A comprehensive discussion of the risks of each Portfolio in which the Subaccounts invest may be found in the summary prospectus for each Fund. Please refer to the summary prospectus for the Fund for more information. There is no assurance that any Portfolio will achieve its stated investment objective.

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 Contract is more beneficial to investors with a long time horizon. Surrender charges, expenses, and tax consequences make the Contract unsuitable as a short-term investment.

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 and financial strength of Thrivent. If Thrivent experiences financial distress, it may not be able to meet its obligations to you. More information about Thrivent, including its financial strength ratings, is available upon request by calling 1-800-847-4836.

Fixed Account Risk

Interest guarantees are subject to Thrivent's claims paying ability.

Premium Payment Risk

We reserve the right to not accept premiums when the Death Benefit is based on the Table of Factors in your Contract. We will also have the right to limit or refund a premium payment or make distributions from the Contract as necessary to continue to qualify the Contract as life insurance under federal tax law or to avoid the classification of your Contract as a MEC.

Fees and Charges

Deduction of Contract fees and charges, and optional benefit charges, may result in loss of principal. We reserve the right to increase the fees and charges under the Contract and optional benefits up to the maximum guaranteed fees and charges stated in your Contract or optional benefit rider.

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 and may materially impact our ability to administer the Contract (and to keep Contract owner information confidential).

Alternatives to the Contract

Other contracts or investments may provide more favorable returns or benefits than the Contract.

Potentially Harmful Transfer Activity

The Contract is not designed for frequent transfers by anyone. Frequent transfers between subaccounts may disrupt the underlying Portfolios and could negatively impact performance, by interfering with efficient management and reducing long-term returns, and increasing administrative costs. Frequent transfers may also dilute the value of shares of an underlying Portfolio. Neither the Contracts nor the underlying Portfolios are meant to promote any active trading strategy, like market timing. Allowing frequent transfers by one or some Contract Owners could be at the expense of other Contract Owners. To protect Contract Owners and the underlying Portfolios, we have policies and procedures to deter frequent transfers between and among the Subaccounts. We cannot guarantee that these policies and procedures will be effective in detecting and preventing all transfer activity that could potentially disadvantage or hurt the rights or interests of other Contract Owners.

Risk of Increase in Current Fees and Expenses

Certain insurance charges are currently assessed at less than their maximum levels. We may increase these current charges in the future up to the guaranteed maximum levels, based on changes in the Company’s future expectations of relevant factors, as determined in its sole discretion. Although some Portfolios may have expense limitation agreements, the operating expenses of the Portfolios are not guaranteed and may increase or decrease over time. If fees and expenses are increased, you may need to increase the amount and/or frequency of Premium Payments to keep the Contract in force.

Cybersecurity Risk

We and our service providers may be susceptible to operational, cybersecurity, and related risks. In general, cybersecurity events can result from deliberate or unintentional events. Cybersecurity events include, but are not limited to, acts or attempts to gain unauthorized access to information and/or information systems, or to otherwise disrupt operations. Cybersecurity events affecting us, a Subaccount, or our service providers have the ability to disrupt and impact your Contract and our operations, including but not limited to, financial losses, ability to calculate Contract values and benefits, corrupting data or preventing parties from sharing information necessary for our operations, preventing and/or slowing transactions, potentially subjecting us to regulatory fines and penalties, and creating additional compliance costs. Similar types of cybersecurity 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 reasonable controls to mitigate the risk of a cybersecurity event, there are inherent limitations in such controls, plans and systems. Additionally, while we do have control frameworks and we do perform due diligence on our service 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 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, failures, technological issues, or other similar events, and you may bear costs tied to these risks.

General Description of the Registrant, Depositor, and Portfolio Companies

Depositor

Thrivent Financial for Lutherans is the insurance company that issues the Contract with principal executive offices located at 600 Portland Ave S., Suite 100 Minneapolis, MN 55415. 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 Life Account I is the Registrant for the Contract. Thrivent Variable Life Account I is a segregated asset account established by the Board of Directors of Thrivent (then, Aid Association for Lutherans) on May 8, 1997, pursuant to the laws of the State of Wisconsin, and the first investment was made on March 31, 1998. The account meets the definition of “separate account” under the federal securities laws. The Variable Account is a unit investment trust, which is a type of investment company. It is registered with the Securities and Exchange Commission (SEC) under the 1940 Act. Such registration does not involve supervision by the SEC of the management or investment policies or practices of the Variable Account.

Income, gains and losses credited to, or charged against, the Registrant reflect the Registrant’s own investment experience and not the investment experience for the Depositor’s other assets. The assets of the registrant may not be used to pay any liabilities of the Depositor other than those arising from the Contracts. The Depositor 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 about the Portfolio. You can view these online at dfinview.com/Thrivent/VariableLife03. 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.

Voting

To the extent required by law, we will vote the Portfolio’s shares held in the Variable Account at regular and special shareholder meetings of the Portfolio in accordance with instructions received from persons having voting interests in the corresponding Subaccounts (investment options) 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.

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. 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

Charges

Charges are necessary to pay Death Benefits and to cover the expenses generated by issuing, distributing and administering the Contract. We expect to profit from one or more of the charges under the Contract. We can use these profits from any of these charges for any corporate purpose including our fraternal activities.

Percent of Premium Charge

We charge a Percent of Premium Charge of 5% on premiums. We use this charge to cover the costs of sales and other expenses.

Decrease Charge

If you elect to surrender your Contract, reduce the Face Amount, or if the Face Amount is decreased as a result of a partial surrender or Death Benefit Option change, we will reduce your Accumulated Value by the applicable Decrease Charge. Decrease Charges compensate us for expenses associated with underwriting, issuing and distributing the Contract. For decreases in the Face Amount or partial surrenders that result in a decrease in Face Amount during the first 10 Contract Years (or first 10 years following an increase in Face Amount), we calculate the amount of the Decrease Charge at the time of the reduction in Face Amount or surrender. We do not deduct this amount until the next Monthly Anniversary or upon surrender or lapse, if earlier. We do not impose any other charges (such as mortality and expense risk charges) on the Decrease Charge amount during this time. Because the Decrease Charge is not immediately deducted, you retain the investment risk on such amount prior to deduction and will bear any investment loss and benefit from any investment gain on such amounts. If the Decrease Charge applies to a partial surrender, the Decrease Charge will be deducted from the Subaccounts and Fixed Account in the same ratios as used for the partial surrender. If the Decrease Charge applies to other Face Amount decreases, the Decrease Charge will be deducted from the Subaccounts and Fixed Account in the same ratios as the monthly deduction is taken. New Decrease Charges apply to each Face Amount increase.

The Decrease Charge is assessed on a per thousand basis. The amount per thousand of Face Amount varies by sex (in most states), Face Amount, risk class and Issue Age. For the first five Contract Years, the Decrease Charge remains level then grades to zero after the 10th Contract Year. Beginning in the 11th year after the Date of Issue (assuming no increases in Face Amount), the Decrease Charge will be zero. We list your Decrease Charges in your Contract.

If you increase your Contract’s Face Amount, a new Decrease Charge is applicable to the increase, in addition to any existing Decrease Charge. We list your actual Decrease Charges for the increased Face Amount separately on a supplementary Contract schedule. We mail the supplementary Contract schedule to you after we process the request for increase in Face Amount.

Range of Decrease Charges as a Percentage of Face Amount Reduction

Duration in Years Since Face Amount Increase	1	2	3	4	5	6	7	8	9	10	11
Lowest Possible Charge at Any Age	0.16%	0.16%	0.16%	0.16%	0.16%	0.13%	0.10%	0.08%	0.05%	0.03%	0.00%
Highest Possible Charge at Any Age	4.93%	4.93%	4.93%	4.93%	4.93%	4.10%	3.28%	2.46%	1.64%	0.82%	0.00%

If you decrease the Face Amount while the Decrease Charge applies, we assess a Decrease Charge on a per $1,000 basis. We subtract the amount of decrease first from any previous increases in the Face Amount, starting with the most recent and then as needed from the original Face Amount.

Transfer Charge

You may make up to twelve transfers per Contract Year from the Subaccounts without charge. We charge $25 for each transfer in excess of twelve per Contract Year. This charge is deducted from the Subaccounts and the Fixed Account in proportion to the amount transferred from each. Transfers resulting from Dollar Cost Averaging, asset rebalancing and loans do not count as transfers for the purpose of assessing this charge.

Monthly Deductions from Accumulated Value

We deduct certain charges from Accumulated Value on a monthly basis. We refer to these charges as monthly deductions. Monthly deductions are deducted from each Subaccount or Fixed Account on a basis proportional to the Accumulated Value less any loan interest in the Contract. With our approval, you may choose other allocations of the monthly deductions. We deduct charges each month, beginning with the Contract Date (effective retroactive to the Date of Issue, if different) then monthly thereafter on each Monthly Deduction Date, provided that day of the month is a Valuation Date. If that day of the month does not fall on a Valuation Date, we use the next Valuation Date. Because portions of the deductions (e.g., the cost of insurance) can vary from month to month, the aggregate monthly deductions also will vary.

The monthly deductions consist of:

♦

the cost of insurance charge;

♦

the monthly mortality and expense risk charge;

♦

the monthly administrative charge; and

♦

charges for additional insurance benefits (riders), if any.

Cost of Insurance Charge

We assess a monthly cost of insurance charge to compensate us for underwriting the death benefit. The charge depends on a number of variables (including Issue Age, sex (in most states), risk class, rating class, duration, and Face Amount) that would cause it to vary from Contract to Contract.

The primary factors in the determination of the cost of insurance are the cost of insurance rate (or rates) and the net amount at risk. The cost of insurance charge for the initial Face Amount equals: the cost of insurance rate for the Insured’s age shown in your Contract, multiplied by the initial net amount at risk of your Contract divided by 1,000. Factors that affect the amount at risk include investment performance, payment of premiums, charges, partial surrenders and surrenders. We deduct the cost of insurance charge on each date we assess monthly deductions, starting with your Contract Date (effective retroactive to the Date of Issue, if different).

We underwrite the applicant to determine the risk class using information provided in the application and in other sources permitted by law. The factors that we consider for underwriting include, but are not limited to:

♦

the amount of insurance applied for,

♦

the proposed Insured’s age,

♦

outcome of medical testing,

♦

reports from physicians (attending physicians’ statements); and/or

♦

other information such as financial information that may be required.

Based on this information, standard or preferred coverage may be offered, or if it is determined that risks for a proposed Insured are higher than would be the case for a healthy individual, the proposed Insured may receive a rating which increases cost of insurance rates or, in some cases, the proposed Insured may be declined.

Cost of Insurance Rates

Cost of insurance rates are determined for the initial Face Amount and each increase in Face Amount. Actual cost of insurance rates may change, and we will determine the actual monthly cost of insurance rates based on our expectations as to future mortality, expense and persistency experience.

Actual cost of insurance rates will never be greater than the guaranteed maximum cost of insurance rates in the Contract. These guaranteed rates are determined based upon the Insured’s Attained Age and the applicable rate in the 1980 CSO Mortality Tables for Non-smokers and Smokers. We currently use cost of insurance rates that are generally lower than the guaranteed cost of insurance rates, and we reserve the right to raise those current rates.

Our current cost of insurance rates apply uniformly to all Insureds of the same Issue Age, Attained Age, sex, risk class and rating within the same band. Banding refers to the Face Amount. For purposes of this charge, the Insurance Coverage Amount includes any increases to the Face Amount made subsequent to the initial Face Amount and also includes the amount of any term rider coverage on the Insured under this Contract. Face Amounts within increasingly higher bands will generally result in a reduced cost of insurance on a per thousand basis. Any changes in the cost of insurance rates will apply uniformly to all Insureds of the same risk class within the same band. The bands for this charge are as follows:

Banded Levels

$25,000 to $99,999

$100,000 to $249,999

$250,000 to $499,999

$500,000 to $999,999

$1,000,000 and above

The cost of insurance rates generally increase as the Insured’s Attained Age increases, and they vary with the number of years the Face Amount or any increase in Face Amount has been in force. The risk class of an Insured also will affect the cost of insurance rate. Insureds in the preferred risk class generally will have a lower cost of insurance rate than those in risk classes involving higher mortality risk. The seven risk classes consist of the following:

1.Super-Preferred Non-Tobacco

2.Preferred Non-Tobacco

3.Preferred Tobacco

4.Standard Non-Tobacco

5.Standard Tobacco

6.Substandard Non-Tobacco (Rated)

7.Substandard Tobacco (Rated)

Insureds in non-tobacco risk classes will generally have a lower cost of insurance rate than similarly situated Insureds in tobacco risk classes. We use the same guidelines in determining premiums for the cost of insurance for the Contract as we would for any other life insurance Contract of similar risk class we offer.

Mortality and Expense Risk Charges

The mortality and expense risk charge is a monthly charge for risks that we assume in the Contracts. The mortality risk assumed is that Insureds, as a group, may live for a shorter period of time than we estimate and, therefore, the cost of insurance charges specified in the Contract would be insufficient to meet actual claims. The expense risk is that expenses incurred in issuing and administering the Contracts and operating the Variable Account may be greater than the charges we assess for such expenses. We may use any profit to pay distribution, sales and other expenses.

The following table outlines our current annual mortality and expense risk charge that will be assessed from and based on the Accumulated Value of all of your Subaccounts. These charges are different in Maryland. No mortality and expense risk charges are deducted from the Fixed Account. This is a tiered charge based on your Accumulated Value at the time the charge is deducted.

	Maximum M&E Charge
	For Contract Years:
Subaccount Accumulated Value	More than 10 years
0 up to $25,000	0.90%
(monthly)	(0.07469)
Next $75,000	0.80%
(monthly)	(0.06642)
$100,000 and above	0.70%
(monthly)	(0.05815)

Administrative Charge (Basic Monthly Charge)

We deduct a charge to cover administrative costs. This charge covers such expenses as premium billing and collection, Accumulated Value calculation, transaction confirmations and periodic reports. This charge is dependent upon the Issue Age of the Insured. For Contracts we issue to Insureds whose Issue Age is from 0 to 17, we charge a monthly charge of $7.50. We charge all others $9 per month.

Rider or Additional Benefit Charge

If your Contract includes riders or additional benefits, we will deduct a monthly cost for those benefits from the Accumulated Value. Benefits include guaranteed increase option, disability waivers, applicant waiver and accidental death, term insurance rider, child term rider and spouse term insurance rider.

Fund Charges

The value of the net assets of each Subaccount reflects the investment advisory fee and other expenses incurred by the underlying Portfolios in which the Subaccount invests. For more information on these fees and expenses, refer to the Fund’s summary prospectuses and Fee Tables above.

Variation or Reduction of Charges

We may vary the charges and other terms of the Contracts if special circumstances result in reduced sales expenses, administrative expenses, or various risks. These variations will not be unfairly discriminatory to the interests of other Contract Owners. Variations may occur in Contracts sold to members of a class of associated individuals, an employer or other entities representing an associated class.

Compensation Paid to Financial Advisors and Professionals

Compensation consists of commissions, bonuses and promotional incentives. Increases in coverage pay at a first-year commission rate of 0% to 108% of commissionable premiums paid into the Contract. Your financial advisor or professional also receives a premium based trail compensation ranging from 0% to 8.008% annually.

Your financial advisor or professional may receive asset-based compensation in the amount of 0% to 0.327% of the Accumulated Value, if eligible. If you elect a settlement option, we pay commissions to the financial advisor or professional ranging from 0% to 1.08% of the premium applied to the settlement option, if eligible.

See Distribution of the Contracts for more information.

General Description of the Contract

While the Insured is alive, the Owner of the Contract may exercise every right and enjoy every benefit provided in the Contract.

For a Contract where the Insured and Owner of the Contract is younger than age 16 (juvenile), an adult must apply on behalf of the Insured in this case and retain control over the Contract. The adult is referred to as the applicant controller in the Contract. The applicant controller exercises certain rights of ownership on behalf of the juvenile. These rights are described in the Contract. The applicant controller may transfer control to another eligible person but cannot transfer ownership of the Contract.

After the juvenile Insured/Owner attains age 16, control will transfer to the Insured/Owner on the earlier of:

♦

the Contract Anniversary after the Insured’s 21st birthday;

♦

the date on which the applicant controller transfers control to the Insured/Owner by giving us Notice; or

♦

the date of death of the applicant controller.

If the person who has control of the Contract dies before the juvenile Insured attains age 16, control will be vested in an eligible person according to our bylaws. If we determine that it is best for the Insured, we may transfer control of the Contract to some other eligible person according to our bylaws.

Illustrations

Your financial advisor or professional will provide you an illustration for your Contract upon your request. Illustrations show how the Death Benefit and Accumulated Value for the Contract would vary based on hypothetical future investment results. The hypothetical future investment results you choose to review in your illustrations should be based upon realistic expectations given your own individual situation. Illustrations for variable life insurance policies do not project or predict investment results. The illustrated values assume that non-guaranteed elements such as dividends, Contract charges and level investment returns will not change. The illustrated values also assume that the investment results are never a negative amount (below zero percent) even though negative investment results are likely to happen. Given the volatility of the securities markets over time, the illustrated scenario is unlikely to occur and actual values, Death Benefits, and certain expenses (which may vary with the investment performance of the Portfolios) will be more or less than those illustrated. In addition, the actual timing and amounts of payments, deductions, expenses and any values removed from the Contract will also impact product performance. Due to these variations, even a Portfolio that averaged the same return as illustrated will produce values which will be more or less than those which were originally illustrated.

Replacement of Existing Insurance

It may not be in your best interest to surrender, lapse, change or borrow from existing life insurance policies or annuity contracts to increase coverage under this Contract. You should compare your existing insurance and this Contract carefully. You should replace your existing insurance only when you determine additional coverage under this Contract is better for you. You may have to pay a surrender charge on your existing insurance, and this Contract imposes a new Decrease Charge period on the amount of the increase in coverage. If you surrender your existing insurance policy for cash and then increase coverage under this Contract, you may have to pay a tax, including possibly a penalty tax, on the surrender. If the premium is coming from the issuer of your existing insurance policy, the increase of coverage under this Contract may be delayed.

Term Conversion

Contract Owners may be eligible for a contractual conversion incentive to convert their Thrivent term insurance contract(s) or rider(s) to permanent coverage.

If you are eligible for and exercise the conversion privilege found in eligible Thrivent term contracts and riders, Thrivent will give you a credit toward the first premium payable for the new coverage. The amount of the credit will not be less than $1.00 per $1,000 of term insurance that is converted.

Review this opportunity with your financial advisor or professional to determine whether it is available to you and right for you.

Misstatement of Age or Sex Provision

If the insured’s age or sex has been misstated, adjustments will be made using one of the following methods:

1. If misstatement is discovered upon the Insured’s death, the Face Amount will be changed to be the amount that would have been provided by the most recent cost of insurance deduction using the correct age and sex. The Death Proceeds on the date of change will not be less than the Cash Surrender Value prior to the change.

2. If misstatement is discovered while the Insured is living, the Accumulated Value will be changed to be the amount that would have been provided if the correct age and sex had been used to calculate values beginning on the Date of Issue. However, if this would result in termination of the Contract, the Accumulated Value will not change and the Face Amount will be changed as in (1) above. All future Contract charges will use the correct age and sex.

These methods will be revised as necessary for the Contract to continue to qualify as life insurance under federal tax rules.

Suicide Exclusion Provision

If the Insured dies by suicide within two years after the effective date of an increase in Face Amount, the Death Proceeds with respect to the increase are limited to the cost of insurance and monthly unit charges for the increase.

If your Contract was issued in North Dakota or Colorado, the suicide exclusion period listed above is shortened to one year.

Ownership Rights

The Contract belongs to the Owner named in the application. While the Insured is living, the Owner may exercise all of the rights and options described in the Contract. The Insured is the Owner unless the application specifies another person as the Owner, or the Owner is changed after issue. If the Owner is not the Insured and dies before the Insured, ownership of the Contract will pass to the Owner’s estate, unless a successor Owner has been designated. To the extent permitted by law, Contract benefits are not subject to any legal process for the payment of any claim against the payee, and no right or benefit will be subject to claims of creditors (except as may be provided by assignment). However, if the Issue Age was less than 16 and an applicant controller applied for the Contract, then you are the Owner but may not exercise ownership rights until control of the contract is transferred to you. Before control is transferred, only the applicant controller may exercise ownership rights on behalf of the Insured.

The Contract Owner may transfer ownership of the Contract, if the new owner is eligible under our Bylaws, or assign the Contract as collateral by giving Notice. Transfer of ownership will be effective as of the date you sign the Notice or, if the Notice is not dated, on the date the Notice is received at our Service Center.

Thrivent does not allow assignment of variable life insurance contracts to life settlement or viatical companies.

The Contract Owner may name one or more Beneficiaries to receive Death Proceeds. We restrict who may be named as a Beneficiary under your life insurance Contract. The named Beneficiaries must be eligible under our Bylaws. The Contract Owner will classify each Beneficiary as primary or contingent. Upon the Insured’s death, we will pay the Death Proceeds to the Beneficiaries as follows:

1.Proceeds will be paid to the primary Beneficiaries who are then alive.

2.If no primary Beneficiaries are living, proceeds will be paid to the surviving contingent Beneficiaries.

3.If no Beneficiary survives, proceeds will be paid to the Contract Owner or, if the Insured is the Contract Owner, to the Insured’s estate.

Other designations or successions of Beneficiaries may be arranged with us. Any Beneficiary who dies simultaneously with the Insured or within 15 days after the Insured dies and before Death Proceeds have been paid will be deemed to have died before the Insured.

The Contract Owner may change the Beneficiary by giving Notice while the Insured is living. Notice must be received by the Service Center and approved before it will be effective. The effective date of the change will be the date the Owner signs the Notice or, if the Notice is not dated, the date it is received at our Service Center. We are not liable for any payment made or action taken by us before we receive Notice.

Transfers

While the Insured is alive and the Contract is in force, you may transfer the Accumulated Value among the Subaccounts and Fixed Account by submitting a proper Notice to our Service Center.

You may make twelve transfers per Contract Year without charge. There will be a charge of up to $25 for each transfer in excess of twelve excluding any automatic transfers from the DCA Money Market Subaccount. We consider all amounts transferred in the same Valuation Period to be one transfer for purposes of this charge. It is not dependent upon the number of originating or destination Subaccounts.

Only one transfer may be made from the Fixed Account in each Contract Year which, if made, counts toward the twelve allowable transfers. If the accumulated value in the Fixed Account immediately before the transfer is at least $2,000, the amount transferred may not exceed 25% of the accumulated value in the Fixed Account. Otherwise, the amount transferred may not exceed $500.

Any transfer among the Subaccounts or to the Fixed Account will result in the crediting and cancellation of Accumulation Units based on the Accumulation Unit Values. Calculations are made as of the end of the Valuation Period during which a proper transfer request is received. The minimum amount that may be transferred from a Subaccount or the Fixed Account is $50 or the entire Accumulated Value in that Subaccount or Fixed Account, if less.

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.

Addition, Deletion, Combination, or Substitution of Investments

Where permitted by applicable law and business need, we reserve the right to make certain changes to the structure and operation of the Variable Account, including, among others, the right to:

♦

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

♦

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;

♦

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;

♦

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

♦

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

♦

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

♦

Modify the provisions of the Contract 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 the Fund or 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, the date any 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. The Fund 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 under the Contract. You could lose some or all of your money.

Dollar Cost Averaging

Your Contract provides a Dollar Cost Averaging program that allows you to have automatic periodic transfers made to one or more Subaccounts. Dollar Cost Averaging is generally suitable if you are making a substantial deposit to your Contract and desire to control the risk of investing at the top of a market cycle. Dollar Cost Averaging programs allow such investments to be made in equal installments over time in an effort to reduce such risk. Dollar Cost Averaging does not guarantee that your Contract’s Accumulated Value will gain in value, nor will it protect against a decline in value if market prices fall. However, it can be an effective strategy to help meet your long-term goals. Dollar Cost Averaging does not allow you to make automatic transfers to the Fixed Account. You may participate in a Dollar Cost Averaging program by giving Notice.

Money Market Dollar Cost Averaging

You may establish a Dollar Cost Averaging program to make periodic transfers of at least $50 from the Money Market Subaccount to one or more other Subaccounts. Transfers will be made automatically on the date you select (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 we receive Notice from you to discontinue the program, whichever is sooner. If the amount remaining in the Thrivent Money Market Subaccount drops below the amount you established to be transferred, the entire remaining balance will be transferred on the next transfer date and the Money Market Dollar Cost Averaging program will be discontinued. If the program is discontinued and you want systematic transfers to resume from the Money Market Subaccount, you must provide us Notice and assure adequate funding in the Money Market Subaccount.

Automatic Asset Rebalancing Program

As the value of your Subaccounts changes, the distribution of Accumulated Value among those Subaccounts also changes. The Automatic Asset Rebalancing program transfers your Contract’s value among the variable investment options (this excludes the Fixed Accounts). You may elect to automatically rebalance your Accumulated Value in the Subaccounts periodically under the Automatic Asset Rebalancing program according to the percentage allocation you determine at the time of setting up this program.

Automatic Asset Rebalancing may be set up annually or semi-annually to begin on the date you select (except the 29th, 30th or 31st). Before you begin the program, you should determine your investment goals and risk tolerance. Use of this program will not ensure any gain nor protect against any loss in overall Accumulated Value.

You can elect to participate in the program at the time of Application or at a later time. To elect to participate in the program after Application, we must receive Notice at our Service Center from you. This request will override any previous allocations you may have selected. Rebalancing continues until you stop or change it. You can change your allocations at any time by giving us Notice. You can also stop or suspend the program by providing Notice to our Service Center. If you make additional premium payments or transfers into a Subaccount that was not previously included in the asset rebalancing program, those amounts will not be subject to rebalancing unless you revise your asset rebalancing program. Periodic rebalancing takes into account increases and decreases in accumulated values in each Subaccount. Any transfers resulting from rebalancing will not incur a transfer charge.

General Account

The General Account consists of all assets owned by Thrivent other than those segregated in any Variable Account. Subject to applicable law, we have sole discretion over the investment of the General Account assets. You do not share directly in the investment returns of those assets. The Fixed Accounts are part of our General Account. We will declare effective annual interest rates for the Fixed Accounts. We guarantee that the effective annual interest rate will never be less than 3.0%. At our discretion, we may credit interest at a rate in excess of this guarantee. The Fixed Accounts have not been registered under the Securities Act of 1933 (1933 Act), and the Fixed Accounts have not been registered as an investment company under the Investment Company Act of 1940 (1940 Act). Accordingly, neither the Fixed Accounts nor any interests therein are generally subject to the provisions of the 1933 or 1940 Acts. Disclosures regarding the Fixed Accounts, however, may be subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of statements in prospectuses.

Maintenance of Solvency

If the Society’s reserves for any class of contracts, other than those portions of any contract that provide variable benefits based on the experience of a separate account, become impaired, the Board of Directors may require that benefit members pay the Society an equitable amount to eliminate the deficiency. If the amount is not paid within 60 days from the date we notify you of your share, it will be charged as a loan against this Contract with interest compounded at the rate of 5% per year. If you agree, an equivalent reduction in benefits can be chosen instead of the payment or loan against the Contract.

Termination

Your Contract will terminate if the Insured dies, if you surrender the Contract, if you exercise the right to a full payout under the accelerated death benefit rider, if a premium required to keep the Contract in force has not been paid by the end of the grace period or due to an excess loan.

State Variations

Any state variations in the Contract are covered in a special Contract form for use in that state and all material state variations are described in this prospectus. If you would like to review a specimen copy of the Contract and Additional Benefits, contact our Service Center.

Premiums

Flexible Premiums

This Contract is a flexible premium contract. Premiums may be paid at any time and in any amount, subject to some restrictions. All premium payments must be in U.S. dollars drawn on a U.S. bank. Generally, we do not accept cash, starter checks (checks without pre-printed registration), traveler’s checks, credit card courtesy checks, most third-party checks or other types of payments defined as not acceptable in our standard procedures. There are no scheduled premium due dates. However, we have the ability to assist you by scheduling planned periodic premiums. Planned periodic premiums are premiums you elect to pay on a regular basis. We will send you billing statements for an amount you select. You may select quarterly, semi-annual or annual statements. You may also elect to make pre-authorized automatic premiums using our electronic payment program. In most cases, you may make changes in frequency and payment amounts at any time with adequate notice.

You are responsible for monitoring and managing the amount of premiums you choose to pay and how those premiums are allocated to Subaccounts and the Fixed Account to help assure the Contract meets your needs. We recommend that you pay at least a Death Benefit Guarantee Premium to protect your Contract from lapsing. Paying this minimum premium amount ensures that your Contract will not lapse in the event the Cash Surrender Value is not sufficient to pay the monthly deductions. See Death Benefit Guarantee. In certain circumstances, a premium payment may cause the Contract to be characterized as a modified endowment contract. See Taxes. You should discuss the amount, frequency and allocation of your premiums with your financial advisor or professional.

Premium in Default and Grace Period

Unless a Death Benefit Guarantee is in effect, a premium is in default on a Monthly Anniversary if a monthly deduction to be made on that date would result in a Cash Surrender Value less than zero. You will be given 61 days from the date notice is mailed to you (in most states) to pay the required premium in order to avoid lapse. In addition, the Contract will lapse whenever the Contract Debt exceeds the Accumulated Value and 61 days have elapsed since we mailed notice to you. We will notify you of the premium required to keep the Contract in force. The amount indicated in the notice will be based on the Valuation Date on which the notice is produced. The amount needed to prevent the Contract from lapsing may increase or decrease daily based on fluctuations in the Subaccounts you selected.

You should discuss the amount of premium to be paid with your financial advisor or professional. The Contract will continue in force through the grace period.

If the Insured dies during the grace period, the Death Proceeds payable will be reduced by the amount of the monthly deductions due and unpaid, and the amount of any outstanding Contract Debt.

Net Premiums & Premium Allocation

We deduct from each premium, including the initial premium, a percent of premium charge of 5% for sales expenses. The remainder of the premium is the “Net Premium.” The percent of premium charge may not be deducted in certain situations. Net Premiums are the amounts we direct to the various Subaccounts and/or Fixed Account according to your allocation instructions.

We will allocate your Net Premium according to the allocation instructions on your application or most recent allocation instructions on file. Your allocation must be in whole percentages and total 100%. If the allocation request is not completed, is not in whole percentages, or does not total 100%, then the request will be treated as not in Good Order. We will process the allocation request when it is in Good Order. You may change your allocation percentages for future payments at any time by giving us Notice.

If we receive your premium before the close of regular trading on the New York Stock Exchange (NYSE) (usually 4:00 p.m. Eastern Time, the time we determine the value of the Accumulation Units) on a Valuation Date, allocation occurs at the end of the day in which we receive your payment. If we receive your premium on a non-Valuation Date or after the NYSE closes, the allocation occurs as of the end of the next Valuation Date.

Electronic Payment Program

Our electronic payment program allows you to make premium payments (or loan repayments) to your Contract on a regularly scheduled basis by having money automatically withdrawn from your checking or savings account, or other applicable payment source, rather than being billed. Under this plan, we draw from your account on the date you select and we will allocate premiums to the Subaccount(s) or Fixed Account according to your instructions. However, if the purchase date you have chosen falls on a weekend (or holiday) in any given month, we will treat your order as being received by us on the next Valuation Date. To set up the electronic payment program you may complete the applicable section on the application or, after the time of application, by giving us Notice. You should discuss the amount of premium to be withdrawn with your financial advisor or professional. The amount of premium withdrawn may not be enough to keep the contract in force.

Premium Limits

IRS rules govern the tax treatment of life insurance contracts. We have the right to limit or refund a premium payment or make distributions from the Contract as necessary to continue to qualify the Contract as life insurance under federal tax law or to avoid the classification of your Contract as a “modified endowment contract” (MEC). If mandated under applicable law, we may be required to reject a premium payment.

In addition to excluding life insurance Death Benefits from the Beneficiary’s gross income, the Internal Revenue Code of 1986, as amended (the “Code”) also defers taxation on the income portion of the Accumulated Value, prior to receipt by the Contract Owner. To qualify for this treatment, federal tax law may limit the premiums you may pay and requires that the Accumulated Value be limited to a certain percentage of the Death Benefit. We will return the portion of any premium payment that causes the limit on premiums to be exceeded, unless the premium is required to keep the Contract in force.

We reserve the right to not accept premiums when the Death Benefit is based on the Table of Factors in your Contract, or to refuse to accept any premium that would increase the Death Benefit to comply with the requirements of the Code.

Additional premium limits will apply for contracts subject to the guideline premium test. In the event of a reduction in the Face Amount, or other changes to the Contract which cause the premiums paid or the Accumulated Value to exceed the applicable limit described in the Code regarding the definition of life insurance, we will refund any excess premiums and earnings thereon (and other Accumulated Value) as necessary to comply with the limit described in the Code, and in limited circumstances we may increase the Death Benefit. At Attained Age 100 and later (except on New York issued Contracts), we reserve the right to not accept premiums as described above.

Your Contract could be classified as a MEC if premiums paid exceed certain dollar thresholds or if certain transactions are processed. Except as described below, we will apply only the portion of the premium payment(s) (including electronic payments) that will not cause the Contract to become a MEC and will return the balance to the premium payer without applying it to the Contract. The portion of the payment that is applied to the Contract will be credited as of the Valuation Date the payment was determined to be in Good Order. Additionally, except as described below, a request for any transaction (such as a reduction in Face Amount) that would immediately cause the Contract to become a MEC will be deemed not in Good Order. We will notify you if a requested transaction would immediately cause your Contract to become a MEC and will not process that transaction unless and until we have received your instruction to proceed and allow MEC status.

The following exceptions apply to this MEC process:

1. When your Contract is initially issued, we will either accept or reject the full premium payment. We will accept a full premium payment that results in MEC status only if we have received acknowledgement of MEC status signed by you on forms acceptable to us. Otherwise, if allocation of the full premium payment would result in MEC status, we will consider the Application to be not in Good Order and will not issue the Contract and will not allocate any portion of the premium until the Application is in Good Order.

2. If the start of the next MEC Contract Year is within 30 calendar days of the date the premium is received, and allocating all or a portion of the payment on the first day of the next MEC Contract Year will not cause the Contract to become a MEC, then:

a. upon receipt we will allocate, as described above, only the portion of the premium payment that will not cause the Contract to become a MEC; and

b. we will wait to allocate the balance of the payment that can be applied without causing your Contract to become a MEC on the first day of the next MEC Contract Year or if the first day of the next MEC Contract Year is not a Valuation Date, then the payment will be allocated as of the next following Valuation Date; and

c. we will return to the premium payer, without allocating it to the Contract, any remaining balance that, as of the first day of the next MEC Contract Year, still would have caused the Contract to become a MEC; and

d. no interest will be paid to you or the premium payer from the date of receipt of the premium payment to the date it is either allocated to your Contract or returned to you.

3. If the amount of the premium payment that can be applied to your Contract is less than $1.00, then the payment will be refunded or held according to these processes. A payment in an amount less than $1.00 will not be applied to your Contract.

4. You may also provide instructions directing us to allocate any specific premium payment and/or process any specific transaction even if MEC status will result. Those instructions must indicate that you consent to your Contract being treated as a MEC. You should consult with your tax advisor before doing so. Those instructions must be received with the applicable premium payment or transaction request that will result in MEC status. We do not allow advance elections for future premium payments or future transactions that may result in MEC status on your Contract.

For more information on MECs, see Taxes.

Death Benefit Guarantee

A Death Benefit Guarantee ensures that your coverage will continue even if the Cash Surrender Value is insufficient to pay the current monthly deductions. However, the guarantee is contingent upon timely payment of a minimum premium amount known as the Death Benefit Guarantee Premium.

The Death Benefit Guarantee Premium is the minimum monthly premium required to keep your Death Benefit Guarantee in effect. We show your particular Death Benefit Guarantee Premiums in your Contract. The Death Benefit Guarantee Premium is calculated specifically for each Contract on the Date of Issue. The Death Benefit Guarantee will vary by Issue Age, sex, Face Amount, Death Benefit Option, risk class and substandard ratings. The charges in the calculation include:

♦

the cost of insurance;

♦

the monthly administrative charge of $9 ($7.50 for Insureds Issue Age 17 and under);

♦

the percent of premium charge; and

♦

the charge for each additional benefit you choose.

Under the Contract, two Death Benefit Guarantees are generally available depending on the amount of your initial premium and Issue Age: the basic and the enhanced Death Benefit Guarantee. The basic Death Benefit Guarantee is available to you if you provide an initial premium payment that is at least the basic Death Benefit Guarantee Premium. The enhanced Death Benefit Guarantee is available to you if the Insured’s Issue Age is less than 70 and if you provide an initial premium payment that is at least the enhanced Death Benefit Guarantee Premium. Generally, the enhanced Death Benefit Guarantee provides a longer level of guarantee than the basic. The type of guarantee, the amount of the Death Benefit Guarantee Premium amount and termination date for the guarantee are shown on the schedule page of your Contract. Termination of the Death Benefit Guarantee differs between the two as follows:

♦ Basic Death Benefit Guarantee

The earlier of the Contract Anniversary after

age 70 or 15 Contract Years, but at least for 5

years.

♦ Enhanced Death Benefit Guarantee

The Contract Anniversary on or next after the

Insured’s 75th birthday.

Each month, we will determine if a Death Benefit Guarantee remains in effect. A Death Benefit Guarantee will remain in effect if, on each Monthly Deduction Date, the sum of all premiums paid and credited less any partial surrenders and loan amounts is greater than or equal to the sum of Death Benefit Guarantee Premiums for that guarantee since the Contract’s Date of Issue. If the Contract includes a disability waiver of monthly deduction benefit, the Death Benefit Guarantee Premium will not be added to this sum on any monthly anniversary on which we waive or credit the monthly deduction under that rider.

If this requirement is not met, we will notify you that an insufficiency has occurred. We will allow you 61 days to pay sufficient premiums or loan repayments to satisfy the Death Benefit Guarantee. If you do not pay the required premium, the Death Benefit Guarantee will expire and we will not reinstate it (in most states). However, this does not necessarily terminate your Contract. See Contract Lapse and Reinstatement.

If you change your Face Amount or riders, we will correspondingly change the Death Benefit Guarantee Premium. Any new Death Benefit Guarantee Premium applies from the effective date of the change.

Please note that the Death Benefit Guarantee will terminate automatically as determined by the type of Death Benefit Guarantee (described above). The termination date of the guarantee is listed on the schedule page of your Contract. After termination, the insurance coverage provided by the Contract will remain in force as long as your Cash Surrender Value is large enough to pay monthly deductions. See Contract Lapse and Reinstatement.

Accumulated Value

On the Contract Date, the Accumulated Value is the first Net Premium less any monthly deductions. After the Contract Date, Accumulated Value is equal to the sum of the accumulated values in the Contract’s Subaccounts, DCA Fixed Account, Fixed Account and Loan Account and may change daily.

The Accumulated Value of your Contract, at any one time, is determined by: multiplying the total number of Accumulation Units for each Subaccount by its appropriate current Accumulation Unit Value; adding together the resulting values of each Subaccount; and adding any accumulated value in the Fixed Account, DCA Fixed Account and the Loan Account.

While loans are not deducted from Accumulated Value, loans do reduce the amount you would receive upon surrender of your Contract and the amount available to pay charges. Loans do not share in the investment performance of the Subaccounts and accrue interest charges which may result in less Accumulated Value in your Contract than if the amounts were allocated to the Fixed Account.

Over the life of your Contract, many factors determine its Accumulated Value. They include:

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premiums paid;

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the investment experience of the Subaccounts;

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interest credited to the Fixed Account, DCA Fixed Account and Loan Account;

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loans taken and loan repayments;

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interest charged for any loans taken;

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partial surrenders taken; and

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charges and deductions taken.

Because a Contract’s Accumulated Value is based on the variables listed above, it cannot be predetermined. Accumulated value in the Subaccounts will largely be determined by market conditions and investment experience of the underlying Portfolios. The Owner will bear all such risk.

Fixed Account

The Fixed Account accumulated value reflects Net Premiums allocated to the Fixed Account, transfers of accumulated value to or from the Subaccounts and/or Loan Account, interest credited, partial surrenders and any deductions. Each day the accumulated value in the Fixed Account will change based upon these factors. For the current interest rate, please call our Service Center at 1-800-847-4836. Review your Contract for further detail.

Loan Account

You establish the Loan Account when you take out a loan. The amount used to secure the loan is transferred to the Loan Account. The Loan Account is affected by repayments, additional loans and interest credited to and charged against it. Each day the accumulated value in the Loan Account will change based on these factors.

The number of Accumulation Units in any Subaccount may increase or decrease at the end of each Valuation Period. This fluctuation depends on the transactions that occur in the Subaccount during the Valuation Period. When transactions occur, the actual dollar amounts of the transactions are converted to Accumulation Units. The number of Accumulation Units is determined by dividing the dollar amount of the transaction by the Accumulation Unit Value of the Subaccount at the end of the Valuation Period during which the transaction occurs.

Variable Account

Number of Accumulation Units

The number of Accumulation Units in a Subaccount increases when the following transactions occur during the Valuation Period:

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Net Premiums are allocated to the Subaccount; or

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Accumulated Value is transferred to the Subaccount from another Subaccount or from the Fixed Account; or

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Debt is repaid.

The number of Accumulation Units in a Subaccount decreases when the following transactions occur during the Valuation Period:

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Accumulated value is transferred from the Subaccount to another Subaccount or to the Fixed Account, including loan transfers;

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surrenders, partial surrenders and Decrease Charges that are not the result of a partial surrender are taken from the Subaccount;

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monthly deductions or transfer charges are taken from the Subaccount; or

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Contract loans or accrued interest on loans are transferred from the Subaccount to the Loan Account.

Accumulation Unit Value

For each Subaccount, the initial Accumulation Unit Value was set when the Subaccount was established. The Accumulation Unit Value may increase or decrease from one Valuation Period to the next.

The Accumulation Unit Value for a Subaccount for any Valuation Period is equal to:

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the net asset value of the corresponding Portfolio at the end of the Valuation Period;

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plus the amount of any dividend, capital gain or other distribution made by the Portfolio if the “ex-dividend” date occurs during the Valuation Period;

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plus or minus any cumulative credit or charge for taxes reserved which we determine has resulted from the operation of the Portfolio;

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divided by the total number of Accumulation Units held in the Subaccount at the end of the Valuation Period before any of the transactions, referred to in the Number of Accumulation Units subsection, have occurred.

Cash Surrender Value

The Cash Surrender Value is the total amount you will receive upon surrender of the Contract. It is equal to the Accumulated Value less any Decrease Charges and any outstanding Debt and any deferred monthly deductions. The Cash Surrender Value changes daily, reflecting, among other things, increases and decreases in the value of the Portfolios in which the assets of the Subaccounts are invested and interest credited in the Fixed Account and Loan Account, and any interest charged against the Loan Account. It is possible for the Cash Surrender Value of your Contract to decline to zero because of unfavorable investment performance or outstanding Debt or insufficient premium payments.

You will be advised as to the number of Accumulation Units which are credited to the Contract, the current Accumulation Unit Values, Subaccount accumulated value, Fixed Account accumulated value, DCA Fixed Account accumulated value and Loan Account accumulated value, the total Accumulated Value and the Cash Surrender Value at least annually.

Timely Processing

We will process all requests in a timely fashion. Requests received in Good Order by us or our authorized designee 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 Date will use the Accumulation Unit Value as of the close of regular trading on the NYSE on that Valuation Date. 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 Date. 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.

Standard Death Benefits

The primary reason to buy a life insurance Contract is for the Death Benefit it provides in the event of the Insured’s death. At the time of purchase, you must select between two Death Benefit Options: Option 1 (Level Death Benefit Option) or Option 2 (Variable Death Benefit Option). We determine the amount payable (Death Proceeds) depending on the Death Benefit Option in effect on the date of Insured’s death. Death Proceeds payable upon the death of the Insured is the sum of the Death Benefit plus any insurance on the Insured’s life provided by Additional Benefits less any Debt and the lesser of (1) unpaid monthly deductions or (2) any unpaid No-Lapse Guarantee Premium. We will also deduct any amount paid by us after the date of death and before we were notified of the death. The Death Benefit will be calculated as of the date of death.

Option 1 (Level Death Benefit Option)

The Death Benefit for this option remains level, but in limited situations will vary. Prior to age 100, the Death Benefit is the greater of the Face Amount, or the death benefit factor multiplied by Accumulated Value. If you keep your Contract in force for several years and your Accumulated Value continues to increase, your Death Benefit may be increased by a death benefit factor. This factor helps to ensure that your Death Benefit is large enough to qualify as life insurance under federal tax law. The death benefit factor depends upon your Attained Age. Your Contract includes a Table of Factors. On or after age 100, the Death Benefit equals the Accumulated Value.

You should consider the Level Death Benefit Option if:

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you do not expect your insurance needs to generally increase; or

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you would like to minimize your insurance costs.

In general, the Level Death Benefit Option provides greater growth potential in Accumulated Value than the Variable Death Benefit Option. By choosing the Level Death Benefit Option, any increases in Accumulated Value reduce the actual risk amount and lower your cost of insurance.

Option 2 (Variable Death Benefit Option)

The Variable Death Benefit Option provides a Death Benefit that varies over time. Prior to age 100, the Death Benefit will be the greater of the Face Amount plus Accumulated Value, or the death benefit factor (described above) multiplied by Accumulated Value. The Death Benefit fluctuates correspondingly with your Accumulated Value. On or after age 100, the Death Benefit equals the Accumulated Value.

You should consider the Variable Death Benefit Option if:

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you expect your insurance needs to increase, or

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you would like to have the potential for an increasing death benefit.

In general, the variable option provides the potential for a greater death benefit than the level option.

Changing Your Death Benefit Option

You may ask to change your Death Benefit Option at any time before Attained Age 100. If we approve the change we will increase or decrease the Face Amount so your death benefit immediately after the change will be the same as immediately before the change.

If you change from the Level Death Benefit Option to the Variable Death Benefit Option, we will reduce your Face Amount by the amount of Accumulated Value on the date the change takes place. The decrease in Face Amount and any Decrease Charge will be applied to the most recent increase in Face Amount first, then to the next most recent increase(s) and finally to the initial Face Amount. We will not allow the change if it reduces your Face Amount below the minimum amount as defined on the schedule page of your Contract. If you change from the Variable Death Benefit Option to the Level Death Benefit Option, your Face Amount increases. The increase is determined so your death benefit immediately after the change will be the same as immediately before the change.

There may be tax consequences when you change your Death Benefit Option. Please consult your tax advisor before making any such change.

Changing Your Face Amount

You select the Face Amount when you apply for the Contract. You may change the Face Amount by giving us Notice. We will not permit any change that would result in your Contract being disqualified as a life insurance contract under Section 7702 of the Code and we will process a partial withdrawal to force out any premiums which exceed the maximum premium limitations after the change and that money will be refunded to you. Changing the Face Amount may have tax consequences and you should consult a tax advisor before doing so.

Increasing Your Face Amount

Subject to our underwriting guidelines and policies, you have the right to increase the Face Amount at any time on or before the Insured’s 80th birthday.

Any increase in Face Amount is subject to the following conditions:

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We must receive a written application at our Service Center.

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We require evidence of insurability which meets our standards.

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The increase amount must be for at least $25,000.

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The Cash Surrender Value must be sufficient to cover the monthly deduction on the effective date of the increase.

Increases in your Face Amount will result in additional charges to cover the increased amount at risk. We compute charges at the existing rates at the time of increase. The cost of insurance rates for each increase will vary based on factors such as sex (in most states), risk class, age and the time elapsed since issue. The increase will be effective on the date shown on the supplemental Contract schedule page we provide.

A new set of Decrease Charges will also apply to each increase in the Face Amount. We show these new charges on the supplemental Contract schedule page of your Contract. However, the Decrease Charges will only be assessed if your Face Amount is later decreased and the Decrease Charge is still in effect for that part of the Face Amount that was decreased. See Charges for additional information regarding this charge.

The two-year contestability provision will apply again with respect to each application for an increase in Face Amount,

Decreasing Your Face Amount

At any time before the Insured’s Attained Age 100, you have the right to decrease your Face Amount. Requirements for decreasing your Face Amount are:

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we must receive Notice at our Service Center;

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the Face Amount remaining in effect cannot be less than the minimum amount defined at issue on the schedule page; and

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premiums and Accumulated Value must be in compliance with the Code limits.

The decrease will become effective as of the Monthly Deduction Date on or following the date we receive the request at the Service Center. We will subtract the decrease first from any previous increases in the Face Amount, starting with the most recent, then as needed from the original Face Amount.

We subtract a Decrease Charge from the Accumulated Value if a Decrease Charge is in effect for that part of the Face Amount decreased. We show you the Decrease Charges applicable to you on the Table of Decrease Charges in your Contract.

A decrease in your Face Amount may cause your Contract to be classified as a modified endowment contract and could have other tax consequences. Please consult your tax advisor before decreasing your Face Amount. See Taxes.

Death Claims

In the event of the death of the Insured, we must receive Notice of death at our Service Center. Notice should include the Insured’s name and Contract number. A financial advisor or professional may assist in making such a claim.

As long as the Contract remains in force and the Death Proceeds are payable, we will pay the Death Proceeds to the Beneficiary upon receipt at our Service Center of all forms, requirements and due proof of the Insured’s death.

Payment of Benefits

In addition to traditional lump sum payments, other payment options are available. All or part of the life insurance proceeds from death or surrender may be placed in one of several settlement options. Proceeds distributed according to a settlement option do not vary with the investment performance of the Variable Account. Contract Owners may select or change a settlement option prior to, or after, the Insured’s death. If you are the Contract Owner and the Insured, your Beneficiary may choose a settlement option at the time of making a claim for death benefits. If no settlement option is selected, we will pay the proceeds in the form of a lump sum payment. The minimum amount that we will apply to a settlement option is $2,000. Additionally, the resulting payment must be at least $50. Once the Beneficiary chooses a settlement option, we will provide a settlement option agreement. In the settlement option agreement, we will reflect guaranteed payments, if any.

Settlement Options

Option 1: Interest

Under this settlement option, the proceeds are left with Thrivent to accumulate interest. We will pay a rate of interest of at least 3% annually on the proceeds that remain with us. The payee may withdraw all or part of the proceeds at any time.

Option 2: A Selected Amount of Income

With this settlement option the payee elects to receive a fixed amount at regular intervals until the proceeds with interest have all been paid. The payment period may not exceed 30 years. Interest accumulates on the amount that remains with us until the proceeds are all paid out. For example, if your Beneficiary elected to receive $10,000, paid annually, we would pay $10,000 annually until we pay out all of the remaining proceeds. The final payment may be smaller than prior payments.

We will pay a rate of interest of at least 3% annually. The amount of interest may be greater than the guaranteed amount. Unless the income election was irrevocable, the payee may withdraw the Commuted Value of all remaining payments at any time. If the Commuted Value is withdrawn, we will make no further payments.

Option 3: A Specified Period

This option provides payments at regular intervals. The payee may elect a specified number of months or years, but may not select a period exceeding the greater of 30 years or the payee's life expectancy.

We will pay a rate of interest of at least 3% annually on the proceeds that remain with us. The amount of interest we pay may be greater than the guaranteed amount. Unless the income election was irrevocable, the payee may withdraw the Commuted Value of any remaining payments at any time. If the Commuted Value is withdrawn, we will make no further payments.

Option 4: Life Payment

This settlement option is a form of annuity payment that continues until the annuitant’s death. The payee is the person receiving the income. We make payments to the payee at regular intervals during the annuitant’s life. Upon electing this option, the payee also selects a guaranteed period of not more than 360 months or selects no guaranteed period at all. If the annuitant dies during the guaranteed payment period, payments will continue to a Beneficiary named for the settlement option until the guaranteed payment period expires. The longer the guaranteed payment period, the lower the amount of regular payment. In other words, the payment amount the payee receives would be higher if the payee chose no guaranteed payment period. However, the risk the payee takes is that he or she may die shortly after we issue the settlement agreement. The agreement would then terminate and all payments would cease.

The amount of the payments depends on the age and, where permitted, sex of the annuitant at the time the settlement agreement is established. We show representative guaranteed payments in the settlement option section of the Contract. These rates are based on a guaranteed effective annual interest rate of 3% using the “Annuity 2000 Table” annuitant mortality table.

Option 5: Joint & Survivor

This settlement option is another form of annuity payment or life income available when both annuitants are alive when the settlement option is chosen. We will pay an income as long as at least one of the two annuitants is alive. The amount of payments is determined based on the lives of both of the annuitants. The payees may select a guaranteed payment period of not more than 360 months, or may select no guaranteed payment period at all.

Upon the death of one of the persons named to receive payments, we will continue to make payments of the same amount to the survivor for the remainder of the guaranteed payment period. At the end of this period, if the survivor is still living, the payments may be reduced if a reduction factor was chosen at issue. We pay the reduced amount until the survivor annuitant’s death. If the survivor also dies during the guaranteed payment period, the remaining guaranteed payments continue to a designated Beneficiary. The Beneficiary has an option to take a lump sum payment. If no guarantee payment period was selected, all payments will cease and the agreement terminates.

The amount of the payments depends on the age and, where permitted, sex of the annuitants at the time we issue the settlement agreement. In addition, any selection of a guaranteed payment period or any reduction factor will influence the payments. We show representative guaranteed payments in the settlement option section of the Contract. These rates are based on a guaranteed effective annual interest rate of 3% using the “Annuity 2000 Table” annuitant mortality table.

We may also offer other settlement options at our discretion.

Abandoned Property Requirements

Every state has unclaimed property laws which generally declare insurance contracts to be abandoned after a period of inactivity. This period of inactivity is generally defined by states as three to five years from the Contract’s maturity date, the date the Death Benefit is due and payable, or in some states, the date the insurer learns of the death of the Insured. For example, if the payment of the Death Benefit has been triggered, but, if after a thorough search and the passing of the state defined period of inactivity, we are still unable to locate the Beneficiary, or if the Beneficiary does not come forward to claim the Death Benefit proceeds, the Death Benefit proceeds will be paid to the abandoned property division or unclaimed property office of the state in which the Beneficiary or you last resided, as shown on our books and records, or to our state of domicile. This “escheatment” is revocable, however, and the state is obligated to pay the Death Benefit proceeds if your Beneficiary steps forward to claim them with the proper documentation. To prevent such escheatment, it is important that you update your Beneficiary designations, including addresses, if and as they change. Please contact your financial advisor or professional or call (800) 847-4836 for assistance in making such changes.

Other Benefits Available Under the Contract

In addition to the standard death benefits associated with your Contract, other standard and/or optional benefits may also be available to you. The following table summarizes information about those benefits. Information about the fees associated with each benefit included in the table may be found in the Fee Table.

Name of Benefit	Purpose	Is Benefit Standard or Optional	Brief Description of Restrictions/Limitations
Accidental Death Benefit	Provides an additional death benefit when the Insured dies from accidental bodily injury.	Optional	♦ Amount of coverage is subject to limits.
Cost of Living Adjustment Benefit	Annually adjusts the Face Amount of the Contract and, if elected, your premium payments to keep pace with the Consumers’ Price Index.	Optional	♦ As a result of increasing the Face Amount, monthly deductions will increase
Guaranteed Increase Option Benefit	Allows you to increase the amount of coverage without having to show evidence of insurability at certain pre-defined opportunities.	Optional	♦ Only available at issue for ages 0-37. ♦ Terminates at age 43.
Disability Waiver of Monthly Deductions	In the event of the Insured’s qualifying disability before age 60, we will waive your cost of insurance and other monthly deductions until the earlier of the Insured’s age 121 or recovery from total disability.	Optional	♦ Can be issued at ages 0-60. ♦ Terminates at age 65, or the end of a benefit period, if later.
Disability Waiver of Selected Amount	In the event of the Insured’s qualifying disability, this benefit will ensure that your planned premiums continue during the Insured’s disability until the earlier of age 121 or recovery from total disability.	Optional	♦ Can be issued at ages 0 – 60. ♦ Terminates at age 65, or the end of a benefit period, if later.
Child Term Life Insurance	Generally pays a benefit to the Beneficiary in the event of the death of a covered child of the Insured prior to the rider anniversary following the child’s 25th birthday	Optional	♦ Available for issue for children up to age 18.
Term Life Insurance	Provides additional term life insurance.	Optional	♦ Available for Issue Ages 18 to 65. ♦ Terminates after 30 years.
Spouse Term Life Insurance	Provides term life insurance for spouse of the Insured.	Optional	♦ Terms are available on the life of the spouse of the Insured for 10, 20, or 30 years.
Applicant Waiver of Selected Amount	This benefit enables the applicant on a Contract on the life of a minor to have selected amounts credited to the Contract in the event of the applicant’s qualifying disability or death.	Optional	♦ Terminates at age 65 or the end of a benefit period, if later.
Accelerated Death Benefit for Terminal Illness Rider	You may add this rider at any time without cost. The rider allows you to receive the present value of the death benefit tax free if eligibility requirements are met. Eligibility requirements include doctor certification that the Insured is terminally ill. State variations apply.	Standard	♦ Any assignee, irrevocable beneficiary or other party with ownership rights must consent to payment of the Accelerated Benefit.

Examples

Accidental Death Benefit (Optional)

A Contract is issued to an Insured at age 45, with a Face Amount of $250,000 and the Accidental Death Benefit rider is elected for $100,000. The Insured is underwritten and given Preferred Nontobacco risk class on the base coverage and standard rating on the rider. The charges for the rider are included in the monthly deductions collected for the next several years. At the Insured’s age 57, he is killed in a vehicle collision. The cause of death is ruled accidental. His Beneficiaries received the death proceeds of $250,000 base coverage and $100,000 Accidental Death Benefit coverage, for a total of $350,000.

Cost of Living Adjustment Benefit (Optional)

A Contract is issued to an Insured at age 45, with a Face Amount of $250,000 and the Cost of Living Adjustment (COLA) Benefit. There is no charge for including this COLA rider. The Insured is underwritten and given Preferred Nontobacco risk class on the base coverage. On each Contract Anniversary, the Owner is informed of the amount that the coverage will increase. The Owner is given the option to decline the increase, which will terminate the COLA rider. The amount of each increase is determined by the CPI rate from the previous year. The Owner chooses to continue to accept all increases, and the amount of coverage continues to increase. The Cost of Insurance rates charged reflect these increases. The waiver rider expires when the Insured reaches age 65. At that time, his coverage has increased by a total Face Amount of $371,400. The Face Amount remains at this amount until the Insured’s death.

Guaranteed Increase Option (Optional)

A Contract is issued to an Insured at age 12, with an initial Face Amount of $25,000 and a GIO rider of $25,000. The Insured’s risk class at issue is Standard Nontobacco, so all GIO increases will be at this risk class, with no additional underwriting. In this example, the Owner accepts the GIO at the Option Dates at the times that the Insured is ages 18, 22, and 25. The Face Amount in total is then $100,000 after these increases (initial $25,000 + 3 increases of $25,000 each). At age 27, the Owner exercises a Special Option at the time of the marriage of the Insured, bringing the total Face Amount to $125,000. The next Option at age 28 is skipped, and the Owner declines the Option at ages 31, 34 and 37. The Options are accepted at ages 40 and 43. With these 2 increases of $25,000 each, the total Face Amount is $175,000 after the last increase, and the GIO expires.

Disability Waiver of Monthly Deductions (Optional)

A Contract is issued to an Insured at age 45, with a Face Amount of $250,000 and the Disability Waiver of Monthly Deduction rider is elected. The Insured is underwritten and given Preferred Nontobacco risk class on the base coverage and standard rating on the waiver. The charges for the waiver benefit are included in the monthly deductions collected for the next several years. At the Insured’s age 52, he is injured in an accident on April 1st and is unable to work. The Insured submits a waiver claim, which is reviewed and approved, effective October 1st (6 months after disability). The Accumulated Value of the Contract is incremented by the amount of the monthly deductions for those 6 months, and monthly deductions are waived from that date forward. The Insured submits regular proof of his disability. After 15 months of waived deductions, the Insured recovers sufficiently to begin a new occupation. The monthly deductions begin again after his recovery. The waiver rider expires when the Insured reaches age 65.

Disability Waiver of Selected Amount (Optional)

A Contract is issued to an Insured at age 45, with a Face Amount of $250,000 and the Disability Waiver of Selected Amount rider is elected, with the amount of $500 per month. The Insured is underwritten and given Preferred Nontobacco risk class on the base coverage and standard rating on the waiver. The charges for the waiver benefit are included in the monthly deductions collected for the next several years. At the Insured’s age 52, he is injured in an accident on April 1st and is unable to work. The Insured submits a waiver claim, which is reviewed and approved, effective October 1st (6 months after disability). The Accumulated Value of the Contract is incremented by the total Selected Amount for those 6 months, and the Selected Amount is credited monthly from that date forward. The Insured submits regular proof of his disability. After 15 months of waiver claim, the Insured recovers sufficiently to begin a new occupation. The crediting of the Selected Amount stops at the time of his recovery. The waiver rider expires when the Insured reaches age 65.

Child Term Life Insurance (Optional)

A Contract is issued to an Insured at age 45, with a Face Amount of $250,000, and a $20,000 child rider is elected. Two children are named to be covered by the rider, ages 10 and 12. The charges for the child rider are included in the monthly deductions collected for the next several years. When each child reaches age 21, they are informed of eligibility to purchase coverage without underwriting any time before they are age 25. Each child decides to utilize this option. The older child takes out a $100,000 Universal Life contract age 24, and the other child takes out a $100,000 Whole Life contract at age 23. The child rider terminates when the second child uses the purchase option.

Term Life Insurance (Optional)

A Contract is issued to an Insured at age 30, with a Face Amount of $250,000, with a Super-Preferred Nontobacco risk class. When he is 36, he realizes he needs more coverage to cover the years until his children are through college and adds a 30-year term rider of $150,000. The charges for the term rider are included in the monthly deductions collected for the next several years. When the Insured is age 55, he decides that he does not want that extra coverage to expire after the original 30 years. He does a full conversion of the $150,000 term into the VUL Contract, and now has $400,000 of base coverage. The term rider terminates as a result of the conversion.

Spouse Term Life Insurance (Optional)

A Contract is issued to an Insured at age 45, with a Face Amount of $250,000, with a Super-Preferred Nontobacco risk class. A spouse rider is included at issue on the Insured’s wife, also age 45, for $125,000 for a 30-year term. The charges for the spouse term rider are included in the monthly deductions collected for the next several years. As the spouse approaches age 70, they decide not to convert her coverage, as the original 30-year term continues to meet their needs. The spouse becomes ill a few years later and dies at age 72. The $125,000 is paid out to her beneficiary. The spouse term rider terminates when her death claim is paid.

Annual Increase Benefit (Optional)

A Contract is issued to an Insured at age 45, with a Face Amount of $250,000, with a Super-Preferred Nontobacco risk class. An AIB rider is included at issue, and the Insured chooses 5% annual increases, and also chooses to have the scheduled payments increase by 5% annually. The charges for the rider are included in the monthly deductions collected for the next several years. On each Contract Anniversary, the Contract increases by 5%. When the Insured retires at age 67, the Face Amount has increased to $731,900. He decides that he no longer needs ongoing increases in coverage and chooses to discontinue the AIB rider. The rider terminates when he provides Notice.

Applicant Waiver of Selected Amount (Optional)

A Contract is issued to an Insured at age 5, with a Face Amount of $50,000 and the Applicant Waiver of Selected Amount rider is elected, with the amount of $25 per month. The Insured’s father is the applicant controller and is age 35. The Insured and controller are underwritten, and a standard rating is given on the waiver. The charges for the waiver benefit are included in the monthly deductions collected for the next several years. When the father is age 42, he is injured in an accident on April 1st and is unable to work. A waiver claim is submitted, which is reviewed and approved, effective October 1st (6 months after disability). The Accumulated Value of the Contract is incremented by the total Selected Amount for those 6 months, and the Selected Amount is credited monthly from that date forward. Regular proof of his disability is submitted. After 15 months of waiver claim, the father recovers sufficiently to begin a new occupation. The crediting of the Selected Amount stops at the time of his recovery. The waiver rider expires when the Insured reaches age 21.

Accelerated Death Benefits for Terminal Illness Rider (Standard)

A Contract is issued to an Insured at age 45, with a Face Amount of $250,000 and the Accelerated Death Benefit rider is automatically included. There is no charge for including this rider. The Contract continues for several years, with regular scheduled payments made and monthly deductions collected. When the Insured is age 68, he is diagnosed with a terminal illness. A claim is submitted to accelerate the entire Death Benefit, to pay for his medical care. The claim processing includes obtaining a certification from a qualified physician, which indicates that the Insured’s diagnosis is terminal and his expected life expectancy is within 12 months. A calculation is made to determine the present value of the Death Benefit, less a $150 processing fee. The Contract is terminated when that accelerated payment is made.

Surrenders and Withdrawals

You may surrender your Contract and receive your Cash Surrender Value or make a partial surrender by giving us Notice at our Service Center. The surrender or partial surrender will not be processed until we receive your request in Good Order. You may obtain information as to a surrender or partial surrender by contacting your financial advisor or professional or calling our Service Center at (800) 847-4836. We do not accept telephone requests for surrenders.

Verification of Identity

We require a Medallion Signature Guarantee for any surrender, partial surrender or loan disbursement in an amount of $500,000 or more. Certain requests of less than $500,000 require either a Medallion Signature Guarantee, a notarized signature, or an attestation of your signature by a Thrivent financial advisor or professional. These authentication procedures are designed to protect against fraud. Such an authentication procedure may be required for a:

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Request to receive funds with a value of $100,000 or more;

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Request to receive funds if there has been a change of address for the Contract Owner 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 Thrivent financial advisor or professional. You should consider the tax implications of a surrender or loan before you make a request. See Taxes.

Complete information pertaining to your individual situation is available through our Service Center at (800) 847-4836.

Partial Surrenders

Partial surrenders offer you a way to access your Accumulated Value. You may withdraw part of your Cash Surrender Value by giving us Notice. Each partial surrender must be at least $200. You may not make a partial surrender if the remaining Cash Surrender Value would be less than $300. Partial surrenders are implemented by either the redemption of Accumulation Units and/or reduction in the Fixed Account balance. The partial surrender will be taken from the Subaccounts and Fixed Account according to the ratio that the Contract’s Accumulated Value in the Subaccount or Fixed Account bears to the total Accumulated Value less any loan plus accrued interest of the Contract at the time of the partial surrender; or any other administrative option you choose that is available at the time of the partial surrender. An amount withdrawn may not be repaid.

A partial surrender may have tax consequences. It is important to note that if the Face Amount is decreased (including as a result of partial surrender), there is a possibility that the Contract might be classified as a modified endowment contract. See Taxes.

For a Contract with Option 1 (Level Death Benefit Option):

A partial surrender will reduce your Accumulated Value, Face Amount, death benefit and the amount of premiums considered to meet the Death Benefit Guarantee Premium requirements. If the death benefit is equal to the Face Amount at the time of the partial surrender, the amount of the reduction in the death benefit will be equal to the amount of the partial surrender. If the death benefit is greater than the Face Amount, (a) the Face Amount will be reduced by the amount (if any) by which the partial surrender amount exceeds the difference between the death benefit and the Face Amount, and (b) the new death benefit will be based on the death benefit factor, Accumulated Value, and Face Amount after the reduction.

The Face Amount remaining in effect after a partial surrender may not be less than the minimum Face Amount as defined on issue in the schedule pages of your Contract. We will not grant any request for a partial surrender that would reduce the Face Amount below this amount.

For a Contract with Option 2 (Variable Death Benefit Option):

A partial surrender will reduce the Accumulated Value, death benefit and the amount of premiums paid. Since the premiums paid are reduced, partial surrenders also affect the amount of premiums considered paid to meet the Death Benefit Guarantee Premium requirement. A partial surrender will not reduce the Face Amount. A partial surrender may have tax consequences. See Taxes.

Surrender

At any time while the Contract is in force and the Insured is living, you may surrender this Contract by sending Notice to our Service Center while the Insured is living. If you surrender your Contract, the surrender will be effective on the day we receive Notice.

Following a surrender, you will receive the Cash Surrender Value from the Contract. As an alternative to receiving the Cash Surrender Value, at any time while the Insured is living (and before Attained Age 100) you may surrender this Contract and elect to apply the Cash Surrender Value as a single premium to purchase Paid-Up Life Insurance on the Insured.

A surrender may result in a Decrease Charge depending how long your Contract has been in force.

A surrender will result in a Cash Surrender Value of $0, a Face Amount of $0 and a Death Benefit of $0. Insurance coverage ceases on the effective date of the surrender and the coverage cannot be reinstated.

A surrender of your Contract may have tax consequences. See Taxes.

Postponement of Payments

We typically process any surrender, partial surrender, death benefit, loan, transfer or settlement option within 7 days after receipt of all applicable written and telephone requests and/or proof of death of the Insured. We may postpone payment of any amount due from the Variable Account for a surrender, partial surrender, transfer, loan or on the death of the Insured whenever:

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the New York Stock Exchange is closed or trading is otherwise restricted;

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the SEC has determined that an emergency exists;

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the SEC requires that trading be restricted; or

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the SEC, by order, permits such postponement for the protection of Contract Owners.

Except when used to pay premiums due on contracts with us, we also may postpone any transfer from the Fixed Accounts or payment of any portion of the amount payable upon surrender, partial surrender or loan from the Fixed Accounts for not more than six months from the day we receive Notice and, if required, your Contract.

Under applicable anti-money laundering rules and other regulations, certain transactions may be suspended, restricted or cancelled and any proceeds may be withheld.

If mandated under applicable law, we may be required to reject a premium payment and/or otherwise block access to a Contract Owner’s account, and thereby refuse to pay any request for transfers, partial surrenders, surrenders or death benefits. Once restricted, money is held in that account until instructions are received from the appropriate authority.

Loans

While the Insured is living, you may, by giving Notice, obtain a loan from us using your Contract as security for the loan. The maximum available loan amount is an amount such that the total loan or loans will not exceed 90% (in most states) of Accumulated Value less Decrease Charges at the time of the loan request.

For Contract loans, interest will accrue on a daily basis at a maximum annual rate of 5% on the loan balance. On the 10th Contract Anniversary, any Debt that does not exceed 60% of the Accumulated Value will be automatically changed to a preferred loan. On each subsequent Contract Anniversary, we will automatically change to a preferred loan the portion of Debt, if any, that is not a preferred loan and does not increase the sum of preferred loans on this contract to more than 60% of the Accumulated Value on that date. On or after the 10th Contract Year, when you take a new loan we will add the new loan to Debt and then change to a preferred loan the portion of the Debt, if any, that is not a preferred loan and does not increase the sum of preferred loans on this contract to more than 60% of the Accumulated Value on that date. Interest will accrue on a daily basis at a maximum annual rate of 3% on any preferred loan balance. Loans and loan interest must be repaid either during the life of the Insured or from Death Benefits.

When a loan is made, Accumulated Value will be transferred to the Loan Account to secure the loan. Accumulated Value will be transferred from the Subaccounts or Fixed Account according to the ratio that the Accumulated Value in the Subaccounts or Fixed Account bears to the total Accumulated Value less loan and loan interest; or according to any other administrative option you choose and available at the time of the loan. The amount transferred to the Loan Account will continue to be treated as part of the Contract’s Accumulated Value. An interest rate of 3% will be credited to the Loan Account.

While your Contract is in force, you may repay, at any time, all or part of your loan. All loan repayments must be in U.S. dollars drawn on a U.S. bank. Generally, we do not accept cash, starter checks (checks without pre-printed registration), traveler’s checks, credit card courtesy checks, or third-party checks.

Upon your request, we will set up a loan repayment schedule for you. When you repay all or part of a loan, we credit your Loan Account then transfer the repayment from the Loan Account to the Subaccounts and the Fixed Account. Repayments will be allocated according to your premium allocation. Total Accumulated Value does not increase as a result of a loan repayment. The longer the loan is outstanding, the greater the negative impact it will have on Accumulated Value growth.

A loan reduces your Cash Surrender Value, your Death Proceeds and the amount of premiums considered to meet the Death Benefit Guarantee Premium requirement. Depending upon investment performance of the Subaccounts and the amounts borrowed, loans may cause your Contract to lapse. If your Contract lapses with an outstanding loan, adverse tax consequences may result. You should carefully consider the impact on your Contract’s Death Proceeds, before exercising these privileges.

A loan may have tax consequences. See Taxes.

Lapse and Reinstatement

Lapse
Your Contract will lapse (that is, terminate without value) if:

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your monthly deductions are greater than your Cash Surrender Value;

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the Death Benefit Guarantee is not in effect; and

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payment of the required premium to keep the Contract[le in force is not received within 61 days of the date notification is mailed to you (in most states).If the Contract lapses, a tax may result.

If the Contract lapses, you have the right to reinstate your Contract within certain limitations. The requirements for reinstatement and associated limitations are described below and in more detail in your Contract. Reinstatement within 90 days of lapse and within the same calendar year as the lapse is most beneficial for minimizing any related taxes.

Reinstatement
You may reinstate the Contract any time within three years after it has lapsed (some states may require a longer period to be able to reinstate your Contract). You cannot reinstate a Contract that was surrendered by you. To reinstate your Contract you must provide evidence of insurability that meets our standards and submit the required payment equal to or more than:

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the amount to cover the monthly deductions that were not made during the grace period;

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an amount to keep this Contract in force for at least two months, based on unit values on the date of reinstatement; and

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repayment of any loan amount and loan interest.

The premium paid upon reinstatement will be used first to pay any unpaid monthly deductions that occurred during the grace period. Your Contract will then be reinstated as of the date we approve your application for reinstatement.

We may contest the validity of the reinstated Contract based only upon statements made in the application for reinstatement for two years from the date of reinstatement.

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 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 generally does not address state or local tax consequences associated with the purchase of the Contract. In addition, WE MAKE NO GUARANTEE REGARDING ANY TAX TREATMENT—FEDERAL, STATE OR LOCAL—OF ANY CONTRACT OR OF ANY TRANSACTION INVOLVING A CONTRACT.

Estate, Gift and Generation-Skipping Transfer Tax Considerations

The transfer of the Contract or designation of a Beneficiary may have federal, state, and/or local transfer and inheritance tax consequences, including the imposition of gift, estate, and generation skipping transfer taxes. For example, the transfer of the Contract to, or the designation as a Beneficiary of, or the payment of proceeds to, a person who is assigned to a generation which is two or more generations below the generation assignment of the Contract Owner may have generation-skipping transfer tax consequences in addition to gift and estate tax consequences under federal tax law.

The individual situation of each Contract Owner or Beneficiary will determine the extent, if any, to which federal, state, and local transfer and inheritance taxes may be imposed and how ownership or receipt of Contract proceeds will be treated for purposes of federal, state and local estate, inheritance, generation-skipping and other taxes. If this Contract is used with estate and gift tax planning in mind, you should consult with your tax advisor as to the most up-to-date information as to federal estate, gift, and generation skipping tax rules.

Tax Status of the Variable Account

We are treated as the owner of the assets of the Variable Account for federal tax purposes. Also, the Variable Account is not separately taxed as a “regulated investment company” under the Code. 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 tax under current law. 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 are incurred and that we determine to be properly attributable to the Variable Account or the Contract. We will promptly notify you of any such charge.

Taxation of the Contract—In General

Tax Status of the Contract

Section 7702 of the Code establishes a statutory definition of life insurance for federal tax purposes. Under this section of the Code, a Contract must satisfy either the Cash Value Accumulation Test or the Guideline Premium Test. While the requirements of this section of the Code are complex and limited guidance has been provided from the Internal Revenue Service (the “IRS”) or otherwise, Thrivent believes that the Contract will meet the current statutory definition of life insurance, which places limitations on the Accumulated Values under both the Cash Value Accumulation Test and Guideline Premium Test, and premiums under the Guideline Premium Test, that can accumulate relative to the Death Benefit. As a result, the Death Benefit payable under the Contract will generally be excludable from the Beneficiary’s gross income, and gains and other income credited under the Contract will not be taxable unless certain withdrawals are made (or deemed to be made) from the Contract prior to the Insured’s death, as discussed below. This tax treatment generally will only apply, however, if (1) the investments of the Variable Account are “adequately diversified” in accordance with Treasury Department regulations, and (2) Thrivent, rather than the Contract Owner, is considered the owner of the assets of the Variable Account for federal income tax purposes.

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 diversification standards, the Contract will not be treated as a life insurance contract for federal income tax purposes and the Contract Owner would generally be taxed currently on the income on the Contract (as defined in the tax law). We expect that the Subaccounts of the Variable Account, through the Portfolios, will comply with the diversification requirements prescribed by the Code and Treasury Department regulations.

In certain circumstances, variable life insurance contract owners may be considered the owners, for federal income tax purposes, of the assets of a segregated asset account, such as the Variable Account, used to support their contracts. In those circumstances, income and gains from the segregated asset account would be includible in the contract owners’ gross income on a current basis. 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 differ in certain respects from, the ownership rights described in certain other IRS rulings where it was determined that contract owners were not owners of the assets of a segregated asset account. For example, the Owner of this Contract has the choice of more investment options to which to allocate premium payments and the Accumulated Value than were addressed in such 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.

The remainder of this discussion assumes that the Contract will be treated as a life insurance contract for federal tax purposes.

Tax Treatment of Death Proceeds

In general, the amount of the Death Proceeds payable from a Contract by reason of the death of the Insured is excludable from gross income under section 101 of the Code. Certain transfers of the Contract for valuable consideration, however, may result in a portion of the Death Proceeds being taxable.

If the Death Proceeds are not received in a lump sum and are, instead, applied under certain settlement options (other than settlement option 1), generally payments will be prorated between amounts attributable to the Death Proceeds, which will be excludable from the Beneficiary’s income, and amounts attributable to interest (accruing after the Insured’s death), which will be includible in the Beneficiary’s income. If the Death Proceeds are applied under settlement option 1 (Interest Income), the interest credited will be currently includible in the Beneficiary’s income.

Death Proceeds may be subject to state and/or federal estate and/or inheritance tax. The entire amount of Death Proceeds will be included in the taxable estate of an Insured if the Insured possesses control (referred to as “incidents of ownership”) over the Contract at the time of death or control has not been transferred more than three years prior to death. Many factors determine if an estate is subject to estate and/or inheritance tax such as the size of the taxable estate, timing of death and the applicable state law.

Tax Deferral During Accumulation Period

Under existing provisions of the Code, except as described below, any increase in a Contract’s Accumulated Value is generally not taxable to the Contract Owner unless amounts are received (or are deemed to be received) from the Contract prior to the Insured’s death. Amounts received (or deemed to be received) from the Contract are treated as ordinary income for tax purposes. If there is a full surrender of the Contract, an amount equal to the excess of the amount received over the “investment in the contract” will generally be includible in the Contract Owner’s income. The “investment in the contract” generally is the aggregate premiums and other consideration paid for the Contract, less the aggregate amount received under the Contract previously to the extent such amounts received were excludable from gross income.

As discussed below, the taxation of partial surrenders and other amounts deemed to be distributed from the Contract depends, in part, upon whether the Contract is considered a “modified endowment contract” (MEC) for federal income tax purposes. The status of a Contract as a MEC also may affect whether a 10% penalty tax applies upon a surrender or other distribution, as discussed below.

Taxation of Contracts that Are Not MECs

Tax Treatment of Partial Surrenders from Contracts that Are Not MECs—In General

If the Contract is not a MEC (described below), the amount of any partial surrender from the Contract generally will be treated first as a non-taxable recovery of premium and then as income received from the Contract. Thus, a partial surrender from a Contract that is not a MEC generally will not be includible in income except to the extent it exceeds the investment in the contract immediately before the partial surrender.

Certain Distributions Required by the Tax Law in the First 15 Contract Years

As indicated above, Section 7702 of the Code places limitations on the Accumulated Values and/or premiums that can accumulate relative to the Death Benefit. Where cash distributions are required under Section 7702 of the Code in connection with a reduction in benefits during the first 15 years after the Contract is issued (or if cash distributions are made in anticipation of a reduction in benefits, within the meaning of the tax law, during this period), some or all of such amounts may be includible in income notwithstanding the general rule described in the preceding paragraph. A reduction in benefits may result upon a decrease in the Face Amount, upon a change from one Death Benefit Option to the other, if a partial surrender is made, and in certain other instances.

Tax Treatment of Loans from Contracts that Are Not MECs

If a Contract is not a MEC, a Contract loan generally will be treated as indebtedness of the Contract Owner. As a result, no part of any Contract loan will constitute income to the Contract Owner so long as the Contract remains in force. However, in those situations where the interest rate credited to the Loan Account equals or is nearly the same as the interest rate charged for the loan, it is possible that some or all of the loan proceeds may be includible in income. If a Contract lapses or is surrendered when a Contract loan is outstanding, the portion of the Accumulated Value applied to

repay the Contract loan outstanding, including any accrued and unpaid loan interest, will be treated as the proceeds of a surrender for purposes of determining whether any amounts are includible in the Contract Owner’s income. The amount of Debt over and above that secured by Accumulated Value is “excess debt” taxable as “cancellation of indebtedness”.

Generally, interest paid on any Contract loans will not be tax deductible. A limited exception to this rule exists for certain interest paid in connection with certain “key person” insurance. Contract Owners should consult a tax advisor regarding the deductibility of interest incurred in connection with this Contract.

Taxation of Contracts that Are MECs

Characterization of a Contract as a MEC

In general, a Contract will be considered a “modified endowment contract” under section 7702A of the Code (i.e., as a MEC) if (1) the Contract is received in exchange for a life insurance contract that was a MEC, or (2) the Contract is entered into on or after June 21, 1988 and premiums are paid into the Contract more rapidly than the rate defined by a “7-Pay Test.” This test generally provides that a Contract will fail this test (and thus be considered a MEC) if the accumulated amount paid under the Contract at any time during the first 7 Contract Years exceeds the cumulative sum of the net level premiums which would have been paid to that time if the Contract provided for paid-up future benefits after the payment of 7 level annual premiums.

A material change of the Contract (as defined in the tax law) will generally result in a reapplication of the 7-Pay Test. In addition, any reduction in benefits during a 7-Pay testing period, including where a Contract lapses and is then reinstated more than 90 days later will affect the application of this test. For both material changes and reduction in benefits we will recalculate the applicable limit. The new limit may be higher or lower than the original 7-Pay Limit. We will monitor the Contracts and will attempt to notify Contract Owners on a timely basis if a Contract becomes a MEC or would become a MEC as a result of a transaction. The Contract Owner may then request that we take any steps that may be available to avoid treatment of the Contract as a MEC, if that is desired.

Tax Treatment of Partial Surrenders, Loans, Assignments, and Pledges Where a Contract is a MEC

If the Contract is a MEC, partial surrenders from the Contract will be treated first as withdrawals of income and then as a recovery of the investment in the Contract. Thus, partial surrenders will be includible in income to the extent the Accumulated Value exceeds the investment in the Contract. The receipt of any Contract loan, including any accrual of loan interest, will be treated as a withdrawal for tax purposes. In addition, distributions made within two years before a failure to meet the 7-Pay Test are treated as made under a MEC.

The discussion above regarding the tax treatment of deductibility of interest on loans and of lapses while loans are outstanding under the caption “Tax Treatment of Loans from Contracts that Are Not MECs” also generally applies to Contracts which are MECs.

If the Contract Owner assigns or pledges (or agrees to assign or pledge) any portion of the Accumulated Value, such portion will be treated as a withdrawal for tax purposes. If the entire Accumulated Value is assigned or pledged, subsequent increases in the Accumulated Value are also treated as withdrawals for as long as the assignment or pledge remains in place. The Contract Owner’s investment in the Contract is increased by the amount includible in income with respect to any assignment, pledge, or loan, though it is not affected by any other aspect of the assignment, pledge, or loan (including its release or repayment). Before assigning, pledging, or requesting a loan under a Contract treated as a MEC, a Contract Owner should consult a tax advisor.

Penalty Tax

Generally, proceeds of a full or partial surrender (or the amount of any deemed withdrawal, such as in the case of loans, assignments and pledges) from a MEC are subject to a penalty tax equal to 10% of the portion of the proceeds that is includible in income. This penalty tax does not apply where the surrender or deemed withdrawal is made (1) after the

Contract Owner attains age 591⁄2, (2) because the Contract Owner has become disabled (as defined in the tax law), or (3) as substantially equal periodic payments over the life or life expectancy of the Contract Owner (or the joint lives or life expectancies of the Contract Owner and his or her Beneficiary, as defined in the tax law).

Aggregation of Contracts that Are MECs

All life insurance contracts which are treated as MECs and which are purchased by the same person(s) from Thrivent, or any of our affiliates, within the same calendar year will be aggregated and treated as one contract for purposes of determining the tax on withdrawals (including deemed withdrawals). Contracts issued by different companies that subsequently merge are not aggregated. The effects of such aggregation are not always clear; however, it could affect the amount of a full or partial surrender (or a deemed withdrawal) that is taxable and the amount which might be subject to the 10% penalty tax described above.

Contracts Not Owned by Individuals

In the case of life insurance contracts issued to a non-natural taxpayer, or held for the benefit of such an entity, the tax law provides that a portion of the taxpayer’s otherwise deductible interest expenses may not be deductible as a result of ownership of the contract even if no loans are taken under the contract. An exception to this rule is provided for certain life insurance contracts which cover the life of an individual who is a twenty percent owner, or an officer, director, or employee, of a trade or business at the time first covered by the Contract. Entities that are considering purchasing the Contract, or entities that will be beneficiaries under a Contract, should consult a tax advisor.

Section 1035 Exchanges

Section 1035 of the Code provides that no gain or loss will be recognized on the exchange of a life insurance contract for another life insurance contract, endowment contract, annuity contract, or qualified long-term care insurance contract, provided that certain requirements are met. If the Contract is being issued in exchange for another life insurance contract, the requirements that must be met to receive tax-free treatment under Section 1035 of the Code include, but are not limited to: (1) the contracts must have the same insured, and (2) your old contract must be exchanged for the new contract either through an assignment of your old contract to the new insurer or by a direct transfer of the account value of the old contract to the new insurer. If your old contract was a MEC, the new life insurance contract also will be a MEC. You cannot exchange an endowment, annuity, or qualified long-term care insurance contract for a life insurance contract tax-free. If any money or other property is received in the exchange (“boot”) that satisfies the requirements of section 1035 of the Code, gain (but not loss) will be recognized equal to the lesser of the gain realized on the exchange or the amount of the boot received.

Generally, the new contract will have the same investment in the contract as the exchanged contract. However, if boot is received in the exchange the investment in the contract may be adjusted. Special rules and procedures apply to section 1035 exchanges. These rules can be complex, and if you wish to take advantage of section 1035, you should consult a tax and/or legal advisor.

Accelerated Death Benefits

If an Insured is “terminally ill,” as defined in the tax law, accelerated death benefits paid under a life insurance contract generally will be excludable from income under section 101 of the Code. Exceptions apply for certain business-related contracts and in certain situations where a Contract has been transferred for value. Under the tax law, an individual is considered “terminally ill” if the individual has been certified by a physician (as defined in the tax law) as having an illness or physical condition which can reasonably be expected to result in death in 24 months or less after the date of the certification.

Amounts paid under the accelerated benefits for terminal illness rider incorporated into this Contract will in most circumstances satisfy this requirement.

Actions to Ensure Compliance with the Tax Law

We believe that the values we have determined for the Contracts will comply with the federal tax definition of life insurance under section 7702 of the Code. We will monitor Contract values and take action as necessary to help assure compliance. We reserve the right to not accept any premiums when the Death Benefit is based on the Table of Factors in your Contract. We also reserve the right to increase the Death Benefit (which may result in larger charges under a Contract) or to take any other action deemed necessary to ensure the compliance of the Contract with the federal tax definition of life insurance.

Other Considerations

Changing the Contract Owner, designating an irrevocable Beneficiary, exchanging the Contract, increasing and decreasing the Face Amount, changing from one Death Benefit Option to another, and other changes under the Contract may have tax consequences (other than those discussed herein) depending on the circumstances of such change or event. In addition, tax consequences may apply if you sell your Contract. This list and the discussion herein are not exhaustive. Other transactions with respect to a Contract may also have federal income or other tax consequences. Federal estate, and state and local estate, inheritance and other tax consequences of ownership or receipt of Contract proceeds depend on the circumstances of each Contract Owner or Beneficiary.

In the case of an “employer-owned life insurance contract” as defined in the tax law that is issued (or deemed to be issued) after August 17, 2006, the portion of the death benefit excludable from gross income generally will be limited to the premiums paid for the contract. However, this limitation on the death benefit exclusion will not apply if certain notice and consent requirements are satisfied and one of several exceptions is satisfied. These exceptions include circumstances in which the death benefit is payable to certain heirs of the insured or to acquire an ownership interest in a business, or where the contract covers the life of a director or an insured who is “highly compensated” within the meaning of the tax law. These rules, including the definition of an “employer-owned life insurance contract,” are complex, and you should consult with your advisers for guidance as to their application.

Medicare Hospital Insurance Tax

A Medicare hospital insurance tax of 3.8% will apply to some types of investment income. This tax will apply to the taxable portion of (1) any proceeds distributed from the Contract as annuity payments pursuant to a settlement option prior to the death of the Insured, or (2) the proceeds of any sale or disposition of the Contract. This tax only applies to taxpayers with “modified adjusted gross income” that exceeds certain thresholds. For more information regarding this tax and whether it may apply to you, please consult your tax advisor.

Federal Income Tax Withholding

We will withhold and remit to the federal government a part of the taxable portion of full and partial surrenders made under a Contract unless the Contract Owner notifies us in writing, and such Notice is received at the Service Center at or before the time of the full or partial surrender, that he or she elects not to have any amounts withheld. This election out of withholding is not permitted in certain circumstances. Regardless of whether the Contract Owner requests that no taxes be withheld or whether we withhold a sufficient amount of taxes, the Contract Owner will be responsible for the payment of any taxes including any penalty tax that may be due on the amounts received. The Contract Owner may also be required to pay penalties under the estimated tax rules if the Contract Owner’s withholding and estimated tax payments are insufficient to satisfy the Contract Owner’s tax liability.

Nonresident Aliens and Other Foreign Persons

The discussion above provides general information regarding U.S. federal withholding tax consequences to life insurance purchasers that are U.S. citizens or residents. Purchasers or Beneficiaries that are not U.S. citizens or residents will generally be subject to U.S. federal withholding tax on taxable distributions (including taxable Death Benefit Proceeds) from life insurance policies at a 30% rate, unless a lower treaty rate applies. Prospective purchasers that are not U.S. citizens or residents and other foreign persons should consult with a tax advisor regarding federal tax withholding with respect to distributions from a Contract.

FATCA Withholding

If the payee of a distribution (including the Death Benefit) from the Contract is a foreign financial institution (“FFI”) or a non-financial foreign entity (“NFFE”) within the meaning of the Code as amended by the Foreign Account Tax Compliance Act (“FATCA”), the distribution could be subject to U.S. federal withholding tax on the taxable amount of the distribution at a 30% rate irrespective of the status of any beneficial owner of the Contract or the nature of the distribution. The rules relating to FATCA are complex, and a tax advisor should be consulted if an FFI or NFFE is or may be designated as a payee with respect to the Contract.

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 Avenue 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 registered representative of Thrivent Investment Management Inc. and is also an appointed insurance producer of Thrivent. Our financial advisors and professionals predominately sell insurance and annuity products of ours. It is more profitable for us and our affiliates if you purchase products issued by us instead of those issued by other insurance companies. As a result, we have a financial interest in the sale of the Contract, and an incentive to recommend that you purchase a contract issued by Thrivent instead of a contract issued by another company. Sales of Thrivent insurance products, which include variable annuity and variable life insurance contracts, help support our mission of service to congregations and communities. This gives both the organization and our members an opportunity to promote volunteerism, aid those in need, strengthen non-profit organizations and address critical community needs.

In addition, your financial advisor or professional may be paid differently depending on the product or service he or she recommends. 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.

From time to time and in accordance with applicable laws and regulations, financial advisors and professionals are eligible for various incentives. These include cash incentives such as bonuses and sales incentives, or other economic benefits. In addition to the commissions or other compensation paid when you purchase or invest in a product or account, your financial advisor or professional may also be paid additional compensation based on factors including the total volume of product sales, length of time that you continue to pay premiums or keep assets invested in the products sold.

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 advisors or professionals of 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.

Financial advisors and professionals are eligible to be paid back a portion of what they spent on marketing their financial services to the public.

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 up to 100% of first year commissionable premiums, plus up to 0.10% of a Contract’s Accumulated Value annually and up to 3% of paid premiums.

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.

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/VariableLife03 or you can request a copy by calling our Service Center at 1-800-847-4836, or by sending an email request to mail@thrivent.com.

Special Terms

Accumulated Value	The total value of the Contract. Accumulated Value equals the sum of the Subaccounts, the Fixed Account, and the Loan Account.
Accumulation Unit	A unit of measure used to calculate the Accumulated Value in each Subaccount of the Variable Account.
Accumulation Unit Value	On any Valuation Date, the value of the Accumulation Unit of each Subaccount of the Variable Account.
Additional Benefits	Benefits provided by riders, if any, attached to the Contract.
Attained Age	Attained Age on any day is the Insured’s age on the Contract Anniversary on or immediately prior to that day.
Beneficiary	The person(s) named by the Contract Owner to receive the Death Proceeds under the Contract. A Beneficiary need not be a natural person.
Cash Surrender Value	The Accumulated Value of the Contract less any applicable Decrease Charges and outstanding loan balances and any deferred monthly deductions.
Contract	The flexible premium variable life insurance Contract offered by us, (Thrivent) and described in this prospectus. The Contract consists of the Contract, any additional riders or benefits, amendments, endorsements, the application and our Articles of Incorporation and Bylaws.
Contract Anniversary	The same day and month in each succeeding year as the Date of Issue.
Contract Date	The later of the Date of Issue or the date we receive in Good Order the first premium payment at our Service Center.
Contract Year	The 12-month period following the Date of Issue or a Contract Anniversary. The Contract Year is always based upon the time elapsed since the Date of Issue.
Date of Issue	The date when we issue the Contract. This date will be specified in the Contract and may be different from the Contract Date. The Date of Issue is the date as of which we begin to apply deductions from your Accumulated Value.
Death Benefit	The amount of the benefit that provides the basis for the Death Proceeds calculation. The Death Benefit on any day depends on the Death Benefit Option in effect on that day.
Death Benefit Guarantee	A Contract provision that guarantees that insurance coverage will not lapse if your Cash Surrender Value is not adequate to cover the current monthly deductions as long as premium requirements are met. There are two levels of Death Benefit Guarantees available: basic and enhanced.
Death Benefit Guarantee Premium	The minimum monthly premium required to keep the Death Benefit Guarantee(s) in effect. Different combinations of age, sex, risk class, Face Amount, Death Benefit Option and additional benefits will result in different Death Benefit Guarantee Premiums.
Death Benefit Option	Either of the two methods used to determine the Death Benefit.
Death Proceeds	The amount paid upon the death of the Insured.
Decrease Charge	A Decrease Charge compensates us for expenses associated with underwriting, issuing and distributing the Contract. The charge will apply if you increase the Face Amount and then within 10 years of that increase you decrease the Face Amount or take a partial surrender that results in a decrease in Face Amount. We calculate the amount of the Decrease Charge at the time of the reduction in Face Amount or surrender. The charge is based on the amount of the increase that is being decreased. We do not deduct this amount until the next Monthly Anniversary or upon surrender or lapse, if earlier.
Debt	All unpaid contract loans plus accrued interest.
Dollar Cost Averaging	An elective program that systematically moves dollars from the Money Market Subaccount.

Face Amount	The amount of life insurance for which we issued the Contract. The Face Amount of your Contract may change, as described in your Contract.
Fixed Account	A cash value accumulation option that credits an interest rate. The Fixed Account is part of our General Account. The Fixed Account is not a Subaccount.
Fund	Thrivent Series Fund, Inc., the mutual fund that consists of several Portfolios that underlie Subaccounts of the Variable Account.
General Account	The General Account includes all assets we own that are not in the Variable Account or any other separate account.
Good Order	Any request that is submitted with any and all required forms, information, authorization, and funds, received at our Service Center in Appleton, Wisconsin.
Insured	The person on whose life the Contract is issued.
Issue Age	The age of the Insured as of his or her last birthday on the Date of Issue.
Level Death Benefit	This Death Benefit Option generally remains level but could vary in limited situations. It is also called Option 1 in your Contract.
Loan Account	If there is a loan against the Contract, we set up a Loan Account for you. The Loan Account is equal to the amount transferred from any Subaccount, or the Fixed Account to secure the loan plus any interest credited.
MEC Contract Year	The 12-month period following the Date of Issue or a Contract Anniversary unless there has been a material change under IRC Section 7702A. A material change of the Contract (as defined in the tax law) results in a MEC Contract Year based upon the date of the material change. If there has been more than one material change, the most recent material change will determine the current MEC Contract Year.
Net Premium	The amount invested in the Contract after a 5% charge is taken for sales expenses. The percent of premium charge may not be deducted in certain situations.
Notice	A written request or notice signed by the Contract Owner, received in Good Order by us at our Service Center and satisfactory in form and content to us. While your Contract refers to written notice, administratively Notice may meet this requirement.
Owner	A person or entity who owns the Contract.
Paid-Up Life Insurance	A new whole life insurance contract with a reduced death benefit determined based on the Cash Surrender Value applied as a single premium to purchase the coverage. No further premiums will be required to support the new, lower amount of coverage.
Portfolio	A portfolio of Thrivent Series Fund, Inc. which is the underlying investment of a corresponding Subaccount which you may select for your Contract.
Percent of Premium Charge	5% of each premium.
Selling Firm	Unaffiliated broker-dealers with whom we have entered into agreements to service the Contracts. 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.
Service Center	Our office located at 4321 North Ballard Road, Appleton, Wisconsin 54919-0001 or such other address as we may designate. Telephone: (800) 847-4836. Email: mail@thrivent.com.
Subaccount	Your available investment options within the Variable Account. Each Subaccount invests exclusively in the shares of a corresponding Portfolio of the Fund.
Table of Factors	The table found in your Contract and used to help qualify your Contract as a life insurance contract under federal tax law.
Thrivent	Thrivent Financial for Lutherans, a fraternal benefit society organized under the laws of the State of Wisconsin, owned by and operated for its members. Thrivent is the issuer of the Contract.

Appendix: Portfolio Companies 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/VariableLife03. 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 reflects 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 Variable Account. The SAI has been filed with the SEC and is incorporated by reference into the prospectus. The SAI is available, without charge, upon request. You can view a copy of the SAI online at dfinview.com/Thrivent/VariableLife03. For a paper copy of the SAI, to request other information about the Contract, and to make other 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 V-VQ-VUL(03) and state variations

EDGAR Contract No. C000007342 21232PR R4-23

THRIVENT VARIABLE LIFE ACCOUNT I

Statement of Additional Information

Dated April 30, 2023

Flexible Premium Individual Variable Adjustable Life Insurance Contract

Offered 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) contains additional information about the Registrant. The SAI has been filed with the SEC and is incorporated by reference into the prospectus. This SAI is not a prospectus and should be read together with the prospectus for the Contract dated April 30, 2023. Terms used in this SAI that are not otherwise defined herein have the same meanings given to them in the prospectus that is incorporated by reference. The SAI is available, without charge, upon request. You can view a copy of the SAI online at dfinview.com/Thrivent/VariableLife03. Alternatively, you can request a copy of the SAI, request other information about the Contract or make investor inquiries by calling our Service Center at 1-800-847-4836, or by sending an email to request to mail@thrivent.com.

TABLE OF CONTENTS
	PAGE
GENERAL INFORMATION AND HISTORY	2
SERVICES	3
PREMIUMS	3
ADDITIONAL INFORMATION ABOUT OPERATION OF CONTRACTS AND REGISTRANT	3
PRINCIPAL UNDERWRITER	4
ADDITIONAL INFORMATION ABOUT CHARGES	4
LAPSE AND REINSTATEMENT	5
LOANS	5
STANDARD AND POOR’S DISCLAIMER	6
MSCI DISCLAIMER	7
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	8

SERVICES

Service Agreements and Other Service Providers

Assurance and audit services are currently provided by PricewaterhouseCoopers LLP, whose address is 45 South Seventh Street, Suite 3400, Minneapolis, Minnesota 55402.

There are no other service agreement contracts or service providers other than those described in this Statement of Additional Information. There is no custodian.

PREMIUMS

Administrative Procedures

If mandated under applicable law, we may be required to reject an initial premium.

Sometimes we are not able to accept premiums. We reserve the following rights to ensure compliance with provisions in the Internal Revenue Code to retain the tax deferral quality, or exclusion of increases in cash value and death benefits from gross income:

(1)

to accept certain premiums;

(2)

to refund premiums;

(3)

to refund the earnings on premiums;

(4)

to refund any necessary accumulated value; and

(5)

to increase death benefit.

Automatic Premium Loans

The Contract does not provide for automatic premium loans.

ADDITIONAL INFORMATION ABOUT OPERATION OF CONTRACTS AND REGISTRANT

Incidental Benefits

We offer Additional Benefits that you can add to your Contract. Certain of these riders are subject to age and underwriting requirements and may be added, if available, or cancelled at any time. The prospectus provides a detailed discussion regarding Additional Benefits.

Surrender and Withdrawal

The prospectus provides a detailed discussion regarding Surrenders and withdrawals (referred to as Partial Surrenders and Loans in the Contract).

Material Contracts Relating to the Registrant

There are no material contracts relating to the operation or administration of the Variable Account not already disclosed.

PRINCIPAL UNDERWRITER

Identification

Thrivent Investment Management Inc., 600 Portland Avenue S., Suite 100, Minneapolis, Minnesota 55415-4402 is an indirect subsidiary of Thrivent and a registered broker-dealer. Thrivent Investment Management Inc. is a corporation organized under Delaware law in 1986 and it serves as the principal underwriter of the Contracts. Contracts are distributed by financial representatives of Thrivent Investment Management Inc. Thrivent Investment Management Inc. is a member of the Financial Industry Regulatory Authority (FINRA), and is a broker-dealer registered with the SEC under the Securities Exchange Act of 1934. It also serves as the principal underwriter of other variable accounts established by Thrivent. Thrivent Investment Management Inc.’s fiscal year operates on a calendar year basis.

Offering and Commissions

The Contract is no longer being sold, however, additional premium payments and coverage increases are allowed pursuant to Contract terms. Offerings of units issued under the terms of the Contracts are continuous.

The prospectus provides a detailed discussion regarding the determination of commissions and other compensation paid to financial representatives.

Thrivent paid underwriting commissions for the last three fiscal years as shown below. Of these amounts, Thrivent Investment Management Inc. retained $0.

2020	2021	2022
$351,455	$456,864	$416,566

ADDITIONAL INFORMATION ABOUT CHARGES

Sales Load

We charge a sales load, referred to as “Percent of Premium Charge” in the Contract, of 5% on each premium.

Special Purchase Plans

We currently do not have any programs such as group discounts that would result in a variation in, or elimination of, any applicable charges. In some situations, certain charges may be waived.

Underwriting Procedures

We require proof of insurability, which may include a medical examination. We offer people who do not use nicotine products the most favorable rates. If increased mortality risks are involved, there may be a higher cost of insurance charged. We reserve the right to change our underwriting requirements.

Increases in Face Amount

Subject to our underwriting guidelines and policies, the Contract Owner has the right to increase the Face Amount at any time before the Insured’s 80th birthday. Increases in Face Amount will result in additional charges to cover the increased amount at risk. We compute charges at the existing rates at the time of increase. The cost of insurance rates for each increase will vary based on factors such as sex (in most states), risk class, age and the time elapsed since issue.

A new set of Decrease Charges will also apply to each increase in the Face Amount. The Decrease Charge applies to decreases in Face Amount during the first 10 years following an increase in Face Amount. The Decrease Charge remains level during the first five years following an increase in Face Amount, and then decreases each Contract Year to zero after the 10th year following an increase in Face Amount. Decrease Charges depend on the Insured’s Issue Age, sex (in most states), amount of decrease in Face Amount, risk class and duration of the Contract. We will subtract the decrease first from any previous increases in the Face Amount, starting with the most recent, then as needed from the original Face Amount.

LAPSE AND REINSTATEMENT

The prospectus provides a detailed discussion regarding lapse and reinstatement provisions of the Contract.

LOANS

The prospectus provides a detailed discussion regarding loans.

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, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD-PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THRIVENT, OTHER THAN THE LICENSORS OR S&P DOW JONES INDICES.

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

F-8

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

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”).

F-9

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

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.

F-10

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

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.

F-11

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

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.

F-12

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

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.

F-13

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.

F-14

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

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.

F-15

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

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.

F-16

Thrivent Financial for Lutherans
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	—	—

F-17

Thrivent Financial for Lutherans
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

F-18

Thrivent Financial for Lutherans
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.

F-19

Thrivent Financial for Lutherans
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.

F-20

Thrivent Financial for Lutherans
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.

F-21

Thrivent Financial for Lutherans
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

F-30

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.

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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)

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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.

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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.

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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

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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.

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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

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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.

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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)

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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.

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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

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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.

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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.

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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 Life Account I.

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Thrivent Variable Life Account I, 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 Life Account I 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 Life Account I 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 Life Account I 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 Life Account I

since 2014.

F-47

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2022

Subaccount	Investments at fair value	Net Assets	Series funds, at cost	Series funds shares owned
Aggressive Allocation	$248,009,402	$248,009,402	$250,066,531	16,049,168
All Cap	$8,369,410	$8,369,410	$8,861,181	638,394
Balanced Income Plus	$13,983,627	$13,983,627	$15,357,254	1,046,765
Diversified Income Plus	$11,658,671	$11,658,671	$12,874,486	1,652,517
ESG Index	$1,781,354	$1,781,354	$1,936,891	141,398
Global Stock	$28,088,917	$28,088,917	$28,057,695	2,465,821
Government Bond	$8,795,708	$8,795,708	$9,801,610	900,074
High Yield	$7,481,409	$7,481,409	$8,726,606	1,891,154
Income	$8,373,071	$8,373,071	$10,087,521	991,096
International Allocation	$28,057,640	$28,057,640	$30,620,519	3,404,021
International Index	$2,663,603	$2,663,603	$2,817,234	231,167
Large Cap Growth	$65,908,771	$65,908,771	$72,889,893	1,803,057
Large Cap Index	$157,721,733	$157,721,733	$112,042,231	3,058,810
Large Cap Value	$24,408,706	$24,408,706	$20,846,187	1,168,949
Limited Maturity Bond	$6,571,341	$6,571,341	$6,926,179	704,316
Low Volatility Equity	$837,774	$837,774	$837,769	67,688
Mid Cap Growth	$2,215,154	$2,215,154	$2,563,191	189,367
Mid Cap Index	$53,616,361	$53,616,361	$50,502,525	2,830,271
Mid Cap Stock	$51,366,843	$51,366,843	$50,914,780	2,824,698
Mid Cap Value	$1,810,031	$1,810,031	$1,835,634	115,050
Moderate Allocation	$123,013,719	$123,013,719	$129,074,986	9,479,438
Moderately Aggressive Allocation	$369,458,531	$369,458,531	$379,731,360	26,294,858
Moderately Conservative Allocation	$12,995,682	$12,995,682	$14,417,335	1,111,036
Money Market	$7,020,477	$7,020,477	$7,020,477	7,020,477
Multidimensional Income	$853,761	$853,761	$935,756	92,941
Opportunity Income Plus	$3,229,705	$3,229,705	$3,674,579	373,010
Partner Emerging Markets Equity	$5,048,556	$5,048,556	$5,627,241	407,388
Partner Healthcare	$11,062,294	$11,062,294	$9,663,589	436,463
Real Estate Securities	$8,680,589	$8,680,589	$7,697,360	331,757
Small Cap Growth	$3,878,281	$3,878,281	$4,427,508	277,880
Small Cap Index	$71,345,813	$71,345,813	$67,779,207	3,924,196
Small Cap Stock	$36,370,654	$36,370,654	$34,314,351	1,991,886

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

F-48

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2022

Subaccount	Investment Income	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	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	$2,072,098	$2,072,098	$859,738	$28,324,028	$(81,364,498)	$(52,180,732)	$(50,108,634)
All Cap	$46,877	$46,877	$56,886	$1,457,289	$(3,311,620)	$(1,797,445)	$(1,750,568)
Balanced Income Plus	$305,576	$305,576	$(15,289)	$1,158,490	$(3,723,170)	$(2,579,969)	$(2,274,393)
Diversified Income Plus	$332,818	$332,818	$(1,603)	$699,044	$(2,564,013)	$(1,866,572)	$(1,533,754)
ESG Index	$8,360	$8,360	$2,274	$29,507	$(400,116)	$(368,335)	$(359,975)
Global Stock	$327,101	$327,101	$181,041	$3,661,654	$(10,688,329)	$(6,845,634)	$(6,518,533)
Government Bond	$198,005	$198,005	$(76,214)	$—	$(1,130,593)	$(1,206,807)	$(1,008,802)
High Yield	$405,776	$405,776	$(73,644)	$—	$(1,157,314)	$(1,230,958)	$(825,182)
Income	$296,952	$296,952	$(143,547)	$280,577	$(1,949,747)	$(1,812,717)	$(1,515,765)
International Allocation	$785,800	$785,800	$14,470	$2,411,772	$(9,406,501)	$(6,980,259)	$(6,194,459)
International Index	$43,657	$43,657	$(12,243)	$5,094	$(203,701)	$(210,850)	$(167,193)
Large Cap Growth	$—	$—	$546,400	$6,454,363	$(38,451,069)	$(31,450,306)	$(31,450,306)
Large Cap Index	$1,914,262	$1,914,262	$2,211,558	$1,868,340	$(38,460,750)	$(34,380,852)	$(32,466,590)
Large Cap Value	$292,129	$292,129	$477,877	$1,731,173	$(3,551,367)	$(1,342,317)	$(1,050,188)
Limited Maturity Bond	$136,975	$136,975	$(35,942)	$21,802	$(408,835)	$(422,975)	$(286,000)
Low Volatility Equity	$8,364	$8,364	$1,981	$43,608	$(124,081)	$(78,492)	$(70,128)
Mid Cap Growth	$—	$—	$(54,408)	$13,757	$(518,819)	$(559,470)	$(559,470)
Mid Cap Index	$556,064	$556,064	$251,726	$4,650,270	$(12,723,015)	$(7,821,019)	$(7,264,955)
Mid Cap Stock	$160,918	$160,918	$383,582	$9,046,822	$(20,122,873)	$(10,692,469)	$(10,531,551)
Mid Cap Value	$—	$—	$(7,468)	$3,986	$(94,385)	$(97,867)	$(97,867)
Moderate Allocation	$2,068,677	$2,068,677	$375,232	$9,957,365	$(35,801,380)	$(25,468,783)	$(23,400,106)
Moderately Aggressive Allocation	$4,910,251	$4,910,251	$1,389,851	$36,175,207	$(118,226,396)	$(80,661,338)	$(75,751,087)
Moderately Conservative Allocation	$293,790	$293,790	$(68,091)	$663,174	$(3,278,169)	$(2,683,086)	$(2,389,296)
Money Market	$98,836	$98,836	$—	$—	$—	$—	$98,836
Multidimensional Income	$18,598	$18,598	$(7,943)	$1,731	$(120,209)	$(126,421)	$(107,823)
Opportunity Income Plus	$135,624	$135,624	$(75,294)	$—	$(448,959)	$(524,253)	$(388,629)
Partner Emerging Markets Equity	$42,577	$42,577	$(7,764)	$63,237	$(1,714,763)	$(1,659,290)	$(1,616,713)
Partner Healthcare	$25,860	$25,860	$144,571	$1,076,758	$(1,823,416)	$(602,087)	$(576,227)
Real Estate Securities	$110,237	$110,237	$259,344	$210,724	$(3,529,742)	$(3,059,674)	$(2,949,437)
Small Cap Growth	$—	$—	$(38,705)	$263,604	$(1,066,857)	$(841,958)	$(841,958)
Small Cap Index	$834,864	$834,864	$624,162	$5,924,173	$(20,517,372)	$(13,969,037)	$(13,134,173)
Small Cap Stock	$119,630	$119,630	$303,080	$6,374,895	$(10,896,347)	$(4,218,372)	$(4,098,742)

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

F-49

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)

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	Cost of insurance and administrative charges	Transfers between subaccounts	Mortality and expense risk charges	Asset based risk charge	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	$2,072,098	$29,183,766	$(81,364,498)	$(50,108,634)	$35,005,063	$(5,920,843)	$(7,723,337)	$2,932,668	$(620,086)	$(509,061)	$23,164,404	$(26,944,230)	$274,953,632	$248,009,402
All Cap	$46,877	$1,514,175	$(3,311,620)	$(1,750,568)	$1,237,284	$(124,636)	$(222,583)	$35,529	$(19,770)	$(10,051)	$895,773	$(854,795)	$9,224,205	$8,369,410
Balanced Income Plus	$305,576	$1,143,201	$(3,723,170)	$(2,274,393)	$870,619	$(264,385)	$(480,214)	$(241,437)	$(37,952)	$(6,881)	$(160,250)	$(2,434,643)	$16,418,270	$13,983,627
Diversified Income Plus	$332,818	$697,441	$(2,564,013)	$(1,533,754)	$1,498,325	$(143,370)	$(411,742)	$247,948	$(26,499)	$(24,566)	$1,140,096	$(393,658)	$12,052,329	$11,658,671
ESG Index	$8,360	$31,781	$(400,116)	$(359,975)	$679,312	$(7,366)	$(61,874)	$103,196	$(3,676)	$(1,832)	$707,760	$347,785	$1,433,569	$1,781,354
Global Stock	$327,101	$3,842,695	$(10,688,329)	$(6,518,533)	$1,828,816	$(416,131)	$(764,060)	$(338,437)	$(80,518)	$(9,480)	$220,190	$(6,298,343)	$34,387,260	$28,088,917
Government Bond	$198,005	$(76,214)	$(1,130,593)	$(1,008,802)	$747,134	$(429,887)	$(310,293)	$322,135	$(20,697)	$(27,902)	$280,490	$(728,312)	$9,524,020	$8,795,708
High Yield	$405,776	$(73,644)	$(1,157,314)	$(825,182)	$945,996	$(265,151)	$(245,453)	$(18,795)	$(20,519)	$(12,368)	$383,710	$(441,472)	$7,922,881	$7,481,409
Income	$296,952	$137,030	$(1,949,747)	$(1,515,765)	$1,098,433	$(241,094)	$(276,514)	$899	$(24,172)	$(13,549)	$544,003	$(971,762)	$9,344,833	$8,373,071
International Allocation	$785,800	$2,426,242	$(9,406,501)	$(6,194,459)	$2,114,352	$(894,044)	$(705,764)	$232,595	$(71,707)	$(33,222)	$642,210	$(5,552,249)	$33,609,889	$28,057,640
International Index	$43,657	$(7,149)	$(203,701)	$(167,193)	$1,447,794	$(24,392)	$(95,235)	$400,993	$(5,823)	$(1,048)	$1,722,289	$1,555,096	$1,108,507	$2,663,603
Large Cap Growth	$—	$7,000,763	$(38,451,069)	$(31,450,306)	$8,840,124	$(1,938,386)	$(1,997,506)	$824,587	$(188,564)	$(88,071)	$5,452,184	$(25,998,122)	$91,906,893	$65,908,771
Large Cap Index	$1,914,262	$4,079,898	$(38,460,750)	$(32,466,590)	$21,903,248	$(3,397,656)	$(4,405,842)	$4,096,488	$(307,404)	$(254,356)	$17,634,478	$(14,832,112)	$172,553,845	$157,721,733
Large Cap Value	$292,129	$2,209,050	$(3,551,367)	$(1,050,188)	$2,694,205	$(637,616)	$(582,806)	$2,993,574	$(56,890)	$(26,620)	$4,383,847	$3,333,659	$21,075,047	$24,408,706
Limited Maturity Bond	$136,975	$(14,140)	$(408,835)	$(286,000)	$581,864	$(190,852)	$(295,681)	$271,564	$(22,777)	$(13,554)	$330,564	$44,564	$6,526,777	$6,571,341
Low Volatility Equity	$8,364	$45,589	$(124,081)	$(70,128)	$113,886	$(145)	$(22,692)	$136,851	$(1,082)	$(2,072)	$224,746	$154,618	$683,156	$837,774
Mid Cap Growth	$—	$(40,651)	$(518,819)	$(559,470)	$726,981	$(160,091)	$(89,808)	$543,637	$(5,465)	$(1,574)	$1,013,680	$454,210	$1,760,944	$2,215,154
Mid Cap Index	$556,064	$4,901,996	$(12,723,015)	$(7,264,955)	$9,504,867	$(761,380)	$(1,686,119)	$335,806	$(95,632)	$(134,353)	$7,163,189	$(101,766)	$53,718,127	$53,616,361
Mid Cap Stock	$160,918	$9,430,404	$(20,122,873)	$(10,531,551)	$6,478,226	$(1,094,802)	$(1,353,530)	$365,184	$(129,506)	$(59,781)	$4,205,791	$(6,325,760)	$57,692,603	$51,366,843
Mid Cap Value	$—	$(3,482)	$(94,385)	$(97,867)	$517,741	$(6,850)	$(57,392)	$287,893	$(2,693)	$(3,983)	$734,716	$636,849	$1,173,182	$1,810,031
Moderate Allocation	$2,068,677	$10,332,597	$(35,801,380)	$(23,400,106)	$12,376,269	$(4,038,168)	$(4,818,369)	$(296,663)	$(314,424)	$(220,561)	$2,688,084	$(20,712,022)	$143,725,741	$123,013,719
Moderately Aggressive Allocation	$4,910,251	$37,565,058	$(118,226,396)	$(75,751,087)	$43,592,648	$(8,900,137)	$(11,954,583)	$(6,641,345)	$(930,636)	$(767,592)	$14,398,355	$(61,352,732)	$430,811,263	$369,458,531
Moderately Conservative Allocation	$293,790	$595,083	$(3,278,169)	$(2,389,296)	$1,189,552	$(966,092)	$(568,508)	$(770,699)	$(38,418)	$(20,346)	$(1,174,511)	$(3,563,807)	$16,559,489	$12,995,682
Money Market	$98,836	$—	$—	$98,836	$1,319,866	$(480,436)	$(323,303)	$1,580,421	$(23,581)	$(25,316)	$2,047,651	$2,146,487	$4,873,990	$7,020,477
Multidimensional Income	$18,598	$(6,212)	$(120,209)	$(107,823)	$131,642	$(41,112)	$(19,270)	$197,311	$(1,222)	$(1,306)	$266,043	$158,220	$695,541	$853,761
Opportunity Income Plus	$135,624	$(75,294)	$(448,959)	$(388,629)	$537,041	$(350,577)	$(123,963)	$(142,284)	$(9,427)	$(9,482)	$(98,692)	$(487,321)	$3,717,026	$3,229,705
Partner Emerging Markets Equity	$42,577	$55,473	$(1,714,763)	$(1,616,713)	$831,928	$(164,618)	$(148,675)	$27,838	$(8,260)	$(13,838)	$524,375	$(1,092,338)	$6,140,894	$5,048,556
Partner Healthcare	$25,860	$1,221,329	$(1,823,416)	$(576,227)	$1,385,606	$(197,587)	$(281,762)	$41,169	$(14,679)	$(30,117)	$902,630	$326,403	$10,735,891	$11,062,294
Real Estate Securities	$110,237	$470,068	$(3,529,742)	$(2,949,437)	$949,537	$(279,377)	$(270,568)	$(179,060)	$(25,751)	$(15,128)	$179,653	$(2,769,784)	$11,450,373	$8,680,589
Small Cap Growth	$—	$224,899	$(1,066,857)	$(841,958)	$1,290,119	$(164,402)	$(181,927)	$314,251	$(9,212)	$(5,103)	$1,243,726	$401,768	$3,476,513	$3,878,281
Small Cap Index	$834,864	$6,548,335	$(20,517,372)	$(13,134,173)	$9,842,750	$(2,221,612)	$(2,165,328)	$137,837	$(145,668)	$(132,124)	$5,315,855	$(7,818,318)	$79,164,131	$71,345,813
Small Cap Stock	$119,630	$6,677,975	$(10,896,347)	$(4,098,742)	$3,104,048	$(918,322)	$(864,012)	$563,386	$(101,110)	$(24,433)	$1,759,557	$(2,339,185)	$38,709,839	$36,370,654

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

F-50

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)

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	Cost of insurance and administrative charges	Transfers between subaccounts	Mortality and expense risk charges	Net Change in Net Assets from Unit Transactions	Net Change in Net Assets	Net Assets Beginning of Year	Net Assets End of Year	Asset based risk charge
Aggressive Allocation	$1,935,433	$11,786,277	$30,400,211	$44,121,921	$28,926,446	$(4,892,333)	$(6,804,613)	$2,687,149	$(606,291)	$(534,198)	$18,776,160	$62,898,081	$212,055,551	$274,953,632
All Cap	$34,334	$382,170	$1,344,733	$1,761,237	$676,586	$(178,754)	$(167,029)	$227,397	$(18,603)	$(10,164)	$529,433	$2,290,670	$6,933,535	$9,224,205
Balanced Income Plus	$360,668	$292,022	$1,157,273	$1,809,963	$799,009	$(446,504)	$(443,293)	$59,565	$(40,129)	$(6,850)	$(78,202)	$1,731,761	$14,686,509	$16,418,270
Diversified Income Plus	$331,288	$106,158	$288,575	$726,021	$1,433,445	$(174,160)	$(349,146)	$380,842	$(26,092)	$(25,795)	$1,239,094	$1,965,115	$10,087,214	$12,052,329
ESG Index	$—	$11,860	$210,852	$222,712	$340,231	$(2,518)	$(26,714)	$527,701	$(1,375)	$(1,311)	$836,014	$1,058,726	$374,843	$1,433,569
Global Stock	$293,142	$1,631,092	$4,084,915	$6,009,149	$1,730,388	$(969,139)	$(715,870)	$(758,138)	$(87,723)	$(11,040)	$(811,522)	$5,197,627	$29,189,633	$34,387,260
Government Bond	$124,087	$227,862	$(491,116)	$(139,167)	$686,622	$(315,153)	$(263,835)	$383,546	$(20,801)	$(28,447)	$441,932	$302,765	$9,221,255	$9,524,020
High Yield	$335,743	$(5,470)	$(14,163)	$316,110	$833,190	$(175,394)	$(201,395)	$346,400	$(19,524)	$(12,006)	$771,271	$1,087,381	$6,835,500	$7,922,881
Income	$249,933	$295,932	$(576,906)	$(31,041)	$941,949	$(180,210)	$(247,966)	$594,294	$(24,180)	$(14,906)	$1,068,981	$1,037,940	$8,306,893	$9,344,833
International Allocation	$494,301	$254,665	$3,390,313	$4,139,279	$2,384,004	$(582,408)	$(673,156)	$341,045	$(79,360)	$(34,760)	$1,355,365	$5,494,644	$28,115,245	$33,609,889
International Index	$950	$6,485	$28,636	$36,071	$611,370	$(2,416)	$(32,567)	$296,473	$(1,645)	$(402)	$870,813	$906,884	$201,623	$1,108,507
Large Cap Growth	$108,631	$10,187,638	$6,418,676	$16,714,945	$7,810,849	$(1,698,357)	$(1,774,075)	$(1,259,645)	$(203,096)	$(103,111)	$2,772,565	$19,487,510	$72,419,383	$91,906,893
Large Cap Index	$2,067,737	$3,951,800	$31,066,654	$37,086,191	$15,226,411	$(3,823,061)	$(3,521,610)	$1,751,291	$(281,259)	$(242,456)	$9,109,316	$46,195,507	$126,358,338	$172,553,845
Large Cap Value	$219,036	$934,836	$3,591,328	$4,745,200	$1,630,224	$(349,086)	$(364,357)	$1,447,103	$(47,494)	$(16,230)	$2,300,160	$7,045,360	$14,029,687	$21,075,047
Limited Maturity Bond	$100,445	$38,299	$(120,617)	$18,127	$663,126	$(736,814)	$(275,182)	$(5,065)	$(21,840)	$(15,441)	$(391,216)	$(373,089)	$6,899,866	$6,526,777
Low Volatility Equity	$8,832	$10,866	$79,466	$99,164	$76,035	$(3,902)	$(15,102)	$42,655	$(642)	$(1,892)	$97,152	$196,316	$486,840	$683,156
Mid Cap Growth	$—	$72,892	$51,267	$124,159	$686,465	$(52,642)	$(61,927)	$346,120	$(3,615)	$(1,565)	$912,836	$1,036,995	$723,949	$1,760,944
Mid Cap Index	$458,450	$1,180,636	$8,309,371	$9,948,457	$6,849,463	$(1,013,476)	$(1,358,638)	$(120,887)	$(82,339)	$(135,459)	$4,138,664	$14,087,121	$39,631,006	$53,718,127
Mid Cap Stock	$120,635	$3,744,023	$8,783,827	$12,648,485	$4,466,024	$(1,228,808)	$(1,088,410)	$(360,065)	$(127,991)	$(59,135)	$1,601,615	$14,250,100	$43,442,503	$57,692,603
Mid Cap Value	$4,804	$30,192	$64,751	$99,747	$221,232	$(1,663)	$(20,318)	$833,696	$(1,256)	$(1,746)	$1,029,945	$1,129,692	$43,490	$1,173,182
Moderate Allocation	$2,027,630	$7,533,508	$6,477,958	$16,039,096	$11,405,057	$(4,473,954)	$(4,379,565)	$961,698	$(322,463)	$(243,123)	$2,947,650	$18,986,746	$124,738,995	$143,725,741
Moderately Aggressive Allocation	$4,755,736	$19,670,620	$34,901,028	$59,327,384	$38,770,165	$(9,439,526)	$(10,937,086)	$(2,835,803)	$(941,302)	$(821,766)	$13,794,682	$73,122,066	$357,689,197	$430,811,263
Moderately Conservative Allocation	$275,962	$705,716	$101,807	$1,083,485	$1,134,831	$(433,460)	$(576,644)	$744,773	$(42,249)	$(22,350)	$804,901	$1,888,386	$14,671,103	$16,559,489
Money Market	$—	$—	$—	$—	$1,332,562	$(541,506)	$(310,297)	$(1,804,526)	$(21,719)	$(26,920)	$(1,372,406)	$(1,372,406)	$6,246,396	$4,873,990
Multidimensional Income	$15,852	$1,558	$12,420	$29,830	$74,813	$(4,381)	$(11,473)	$202,219	$(549)	$(1,279)	$259,350	$289,180	$406,361	$695,541
Opportunity Income Plus	$96,755	$1,908	$(42,377)	$56,286	$395,424	$(4,421)	$(113,388)	$570,146	$(8,850)	$(10,718)	$828,193	$884,479	$2,832,547	$3,717,026
Partner Emerging Markets Equity	$10,233	$164,428	$(509,631)	$(334,970)	$942,587	$(135,159)	$(154,141)	$23,171	$(9,012)	$(17,044)	$650,402	$315,432	$5,825,462	$6,140,894
Partner Healthcare	$27,932	$657,187	$476,662	$1,161,781	$1,154,419	$(131,210)	$(233,779)	$12,771	$(12,512)	$(30,140)	$759,549	$1,921,330	$8,814,561	$10,735,891
Real Estate Securities	$129,631	$172,323	$3,013,718	$3,315,672	$772,637	$(172,274)	$(216,660)	$191,158	$(25,199)	$(13,996)	$535,666	$3,851,338	$7,599,035	$11,450,373
Small Cap Growth	$—	$256,303	$(9,469)	$246,834	$1,140,786	$(37,141)	$(133,153)	$360,232	$(6,750)	$(5,563)	$1,318,411	$1,565,245	$1,911,268	$3,476,513
Small Cap Index	$600,518	$1,549,045	$13,880,934	$16,030,497	$7,465,173	$(1,532,498)	$(1,872,293)	$(714,265)	$(143,615)	$(137,657)	$3,064,845	$19,095,342	$60,068,789	$79,164,131
Small Cap Stock	$286,427	$1,867,302	$5,466,500	$7,620,229	$2,215,089	$(1,043,370)	$(725,824)	$(255,252)	$(102,221)	$(22,298)	$66,124	$7,686,353	$31,023,486	$38,709,839

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

F-51

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2022

(1) ORGANIZATION

The Thrivent Variable Life Account I (the Variable Account) is a unit investment trust registered under the Investment Company Act of 1940 and is a separate account of Thrivent Financial for Lutherans (Thrivent Financial). The Variable Account has 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 LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)
NOTES TO FINANCIAL STATEMENTS (continued)

(1) ORGANIZATION - continued

The Funds are registered under the Investment Company Act of 1940 as open-end management 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 flexible premium variable universal life insurance 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 variable universal life insurance contracts. 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.

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)

NOTES TO FINANCIAL STATEMENTS

(2) SIGNIFICANT ACCOUNTING POLICIES

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.

F-53

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)
NOTES TO FINANCIAL STATEMENTS (continued)

(2) SIGNIFICANT ACCOUNTING POLICIES - continued

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 AND OTHER TRANSACTIONS WITH AFFILIATES

Amounts are paid to Thrivent Financial for mortality and expense risks assumed in connection with the contracts as a percentage of the subaccounts. No mortality and expense risk charges are deducted from the fixed account. The mortality and expense risk charges for each of the variable subaccounts are reported in the statements of changes in net assets. The rates are as follows for the four contract types within the Variable Account:

•

Thrivent Variable Life 2019 Series – annual rate is based on the subaccount accumulated value and is guaranteed not to exceed 1.00% for all contract years.

•

Thrivent Variable Life 2008 Series – annual rate is based on the subaccount accumulated value and is guaranteed not to exceed 0.45% for all contract years.

•

Thrivent Variable Life 2003 Series – annual rate is based on subaccount accumulated value and is guaranteed not to exceed 1.10% during the first 10 contract years and guaranteed not to exceed 0.90% thereafter.

•

Thrivent Variable Life 1997 Series – annual rate is based on the subaccount cash value and is guaranteed not to exceed 0.90% during the first 15 years and guaranteed not to exceed 0.40% thereafter.

Thrivent Financial deducts a monthly unit charge for the Thrivent Variable Life 2008 Series only. This charge covers the expenses associated with underwriting, issuing, or increasing the face amount. The charge applies for the first 120 months after issue and the first 120 months after an increase in face amount.

Thrivent Financial deducts an issue expense charge for the Thrivent Variable Life 1997 Series only. This charge covers the expenses associated with underwriting, issuing, or increasing the face amount. The charge applies for the first 36 months after issue and the first 36 months after an increase in face amount.

F-54

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)
NOTES TO FINANCIAL STATEMENTS (continued)

(3) EXPENSE CHARGES AND OTHER TRANSACTIONS WITH AFFILIATES - continued

Thrivent Financial deducts an asset charge for Thrivent Variable Life 2008 Series only. This charge covers the expenses incurred in issuing and administering the contract and operating the Variable Account.

Prior to the allocation of premiums to the Variable Account, Thrivent Financial deducts a sales charge, based on the product, to cover a portion of the sales expenses incurred by Thrivent Financial.

Thrivent Financial charges a monthly administrative fee for administrative expenses.

Thrivent Financial assumes responsibility for providing the insurance benefit included in the contract. On a monthly basis, a cost of insurance charge is deducted proportionately from the value of each variable subaccount and/or fixed account funding option. The fixed account is part of the general account of Thrivent Financial and is not included in these financial statements. The cost of insurance charge depends on the attained age, risk classification, sex (in most states) and the current net amount at risk. The charges are calculated as follows for the four contract types wtihin the Variable Account:

•

Thrivent Variable Life 2019, 2008 and 2004 Series – For subaccounts, sufficient Accumulation Units are redeemed from each subaccount in the proportion that the Accumunlation value in each Subaccount bears to the Accumulation Value of the entire Contract.

•

Thrivent Variable Life 1997 Series – For subaccounts, sufficient Accumulation Units are redeemed from each subaccount in the proportion that the cash value in each Subaccount bears to the Cash Value of the entire Contract.

Thrivent Financial assesses a transfer fee to each transfer from the subaccounts and fixed account in excess of the first twelve transfers made in a contract year.

Thrivent Financial, upon lapse, surrender or face amount reduction, will charge a decrease or surrender charge during the first 10 contract years and during the first 10 years following an increase in face amount. These charges are in part a deferred sales charge and in part a recovery of certain administrative costs. In no event will the surrender charge exceed the maximum allowed by state or federal law.

Thrivent Financial may charge an administrative fee for each partial surrender/withdrawal that is taken in excess of one per contract year. For Thrivent Variable Life 2003 Series only, the charge is applicable in the first 10 contract years only.

Thrivent Financial reserves the right to charge a fee for certain contract changes for Thrivent Variable Life 1997 Series only.

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 in units (including transfers among subaccounts) 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	7,045,599	1,950,539	(871,060)	8,125,078	2,753,012	(1,287,654)	9,590,436
All Cap	177,977	55,214	(24,606)	208,585	103,065	(36,346)	275,304

F-55

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)
NOTES TO FINANCIAL STATEMENTS (continued)

(4) UNIT ACTIVITY - continued

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
Balanced Income Plus	472,497	57,315	(49,049)	480,763	64,136	(52,526)	492,373
Diversified Income Plus	390,191	144,284	(66,310)	468,165	200,474	(101,689)	566,950
ESG Index	28,949	65,965	(10,259)	84,655	90,566	(40,658)	134,563
Global Stock	1,059,914	109,317	(119,136)	1,050,095	140,020	(103,705)	1,086,410
Government Bond	472,838	112,168	(80,843)	504,163	133,308	(104,307)	533,164
High Yield	247,240	84,407	(35,939)	295,708	105,889	(57,086)	344,511
Income	371,882	153,595	(79,173)	446,304	163,423	(102,487)	507,240
International Allocation	2,005,300	265,541	(171,778)	2,099,063	283,997	(227,809)	2,155,251
International Index	15,616	80,241	(18,418)	77,439	184,979	(44,624)	217,794
Large Cap Growth	1,329,763	506,901	(278,146)	1,558,518	735,126	(350,639)	1,943,005
Large Cap Index	3,204,869	933,281	(436,879)	3,701,271	1,632,381	(559,566)	4,774,086
Large Cap Value	427,557	178,411	(65,376)	540,592	373,577	(148,684)	765,485
Limited Maturity Bond	451,901	139,153	(165,170)	425,884	133,467	(101,948)	457,403
Low Volatility Equity	36,415	13,489	(5,998)	43,906	26,512	(8,342)	62,076
Mid Cap Growth	48,515	103,094	(46,052)	105,557	147,109	(66,895)	185,771
Mid Cap Index	1,153,963	435,911	(194,805)	1,395,069	738,657	(252,172)	1,881,554
Mid Cap Stock	895,721	247,580	(114,668)	1,028,633	473,806	(178,649)	1,323,790
Mid Cap Value	3,272	91,159	(27,000)	67,431	100,180	(57,838)	109,773
Moderate Allocation	4,878,702	876,678	(576,118)	5,179,262	1,069,905	(665,028)	5,584,139
Moderately Aggressive Allocation	13,014,188	2,439,636	(1,440,168)	14,013,656	3,295,197	(1,925,219)	15,383,634
Moderately Conservative Allocation	654,028	164,032	(111,538)	706,522	110,529	(153,528)	663,523
Money Market	5,444,250	3,114,138	(4,276,069)	4,282,319	6,023,150	(4,123,067)	6,182,402
Multidimensional Income	34,067	25,034	(3,534)	55,567	37,741	(12,761)	80,547
Opportunity Income Plus	154,945	69,010	(17,265)	206,690	70,413	(62,091)	215,012
Partner Emerging Markets Equity	286,823	86,903	(49,724)	324,002	113,662	(65,791)	371,873
Partner Healthcare	233,604	71,190	(33,776)	271,018	118,131	(52,976)	336,173
Real Estate Securities	238,095	63,293	(33,553)	267,835	89,980	(50,219)	307,596
Small Cap Growth	106,009	137,308	(64,901)	178,416	167,445	(82,257)	263,604
Small Cap Index	1,378,286	437,679	(227,699)	1,588,266	720,747	(287,916)	2,021,097
Small Cap Stock	687,013	136,735	(90,153)	733,595	235,620	(105,348)	863,867

F-56

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)
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	$60,961,984	$7,401,454
All Cap	2,920,083	520,146
Balanced Income Plus	2,303,212	999,395
Diversified Income Plus	3,009,070	837,113
ESG Index	1,051,355	305,726
Global Stock	5,682,283	1,473,340
Government Bond	1,637,357	1,158,862
High Yield	1,403,823	614,336
Income	2,060,533	939,003
International Allocation	5,589,201	1,749,418
International Index	1,854,103	83,063
Large Cap Growth	16,228,128	4,321,584
Large Cap Index	26,641,738	5,224,659
Large Cap Value	8,730,823	2,323,676
Limited Maturity Bond	1,555,509	1,066,168
Low Volatility Equity	347,058	70,337
Mid Cap Growth	1,488,034	460,598
Mid Cap Index	13,756,430	1,386,907
Mid Cap Stock	15,592,832	2,179,300
Mid Cap Value	1,494,238	755,537
Moderate Allocation	22,601,694	7,887,568
Moderately Aggressive Allocation	72,204,217	16,720,404
Moderately Conservative Allocation	2,449,337	2,666,882
Money Market	4,626,507	2,480,019
Multidimensional Income	374,212	87,840
Opportunity Income Plus	860,139	823,206
Partner Emerging Markets Equity	1,271,878	641,688
Partner Healthcare	2,833,781	828,533
Real Estate Securities	1,471,032	970,417
Small Cap Growth	2,180,245	672,916
Small Cap Index	15,541,200	3,466,308
Small Cap Stock	10,235,920	1,981,835

F-57

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)
NOTES TO FINANCIAL STATEMENTS (continued)

(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:

Subaccount	2022	2021	2020	2019	2018
Aggressive Allocation
Units	9,590,436	8,125,078	7,045,599	6,510,340	6,225,356
Unit value	$11.84-$35.96	$14.43-$43.82	$12.01-$36.45	$10.25-$31.12	$18.32-$24.83
Net assets	$248,009,402	$274,953,632	$212,055,551	$172,509,420	$133,573,092
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	0.83%	0.79%	12.29%	1.30%	0.68%
Total return (c)	(17.92)%	20.20%	17.14%	2.49 - 25.34%	(6.46)%
All Cap (3)
Units	275,304	208,585	177,977	156,498	149,383
Unit value	$12.86-$60.53	$15.72-$74.00	$12.67-$59.63	$10.28-$48.41	$17.67-$37.16
Net assets	$8,369,410	$9,224,205	$6,933,535	$5,266,382	$3,944,040
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	0.56%	0.41%	3.76%	0.62%	0.52%
Total return (c)	(18.21)%	24.11%	23.17%	2.84 - 30.27%	(9.89)%
Balanced Income Plus
Units	492,373	480,763	472,497	460,903	431,278
Unit value	$10.76-$34.37	$12.48-$39.86	$11.10-$35.45	$20.51-$32.49	$17.52-$27.74
Net assets	$13,983,627	$16,418,270	$14,686,509	$13,376,036	$10,975,453
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	2.08%	2.31%	4.37%	2.97%	2.43%
Total return (c)	(13.77)%	12.44%	9.11%	17.11%	(4.87)%
Diversified Income Plus
Units	566,950	468,165	390,191	367,573	334,051
Unit value	$10.18-$30.41	$11.62-$34.71	$10.88-$32.48	$10.13-$30.25	$18.28-$26.59
Net assets	$11,658,671	$12,052,329	$10,087,214	$9,209,941	$7,432,858
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	2.89%	2.97%	11.45%	3.50%	3.07%
Total return (c)	(12.38)%	6.87%	7.37%	1.29 - 13.73%	(2.69)%
ESG Index
Units	134,563	84,655	28,949	—	—
Unit value	$13.24	$16.93	$12.95	—	—
Net assets	$1,781,354	$1,433,569	$374,843	—	—
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	—%	—%
Investment income ratio (b)	0.55%	0.00%	18.44%	—%	—%
Total return (c) (2)	(21.83)%	30.78%	29.48%	—%	—%
Global Stock (3)
Units	1,086,410	1,050,095	1,059,914	1,176,251	1,201,195
Unit value	$11.56-$30.35	$14.27-$37.45	$11.82-$31.02	$20.64-$26.93	$16.79-$21.90
Net assets	$28,088,917	$34,387,260	$29,189,633	$28,546,546	$23,743,735
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	1.11%	0.90%	3.40%	1.44%	1.24%
Total return (c)	(18.97)%	20.71%	15.21%	22.95%	(8.33)%

F-58

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)
NOTES TO FINANCIAL STATEMENTS (continued)

(6) FINANCIAL HIGHLIGHTS - continued

Subaccount	2022	2021	2020	2019	2018
Government Bond
Units	533,164	504,163	472,838	444,834	427,093
Unit value	$9.44-$24.63	$10.54-$27.48	$10.70-$27.90	$15.38-$26.02	$14.53-$24.58
Net assets	$8,795,708	$9,524,020	$9,221,255	$8,300,695	$7,600,001
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	2.18%	1.33%	4.84%	2.18%	2.42%
Total return (c)	(10.37)%	(1.52)%	7.22%	5.86%	0.19%
High Yield
Units	2,155,251	295,708	247,240	220,659	215,892
Unit value	$9.79-$38.02	$10.91-$42.35	$10.45-$40.57	$22.13-$39.48	$19.36-$34.53
Net assets	$7,481,409	$7,922,881	$6,835,500	$6,194,689	$5,349,575
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	5.43%	4.59%	23.69%	5.56%	5.81%
Total return (c)	(10.22)%	4.40%	2.76%	14.34%	(3.31)%
Income
Units	217,794	446,304	371,882	273,281	240,124
Unit value	$9.38-$22.98	$11.15-$27.32	$11.21-$27.45	$10.03-$24.57	$16.51-$21.63
Net assets	$8,373,071	$9,344,833	$8,306,893	$5,874,010	$4,625,839
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	3.49%	2.78%	13.08%	3.35%	3.68%
Total return (c)	(15.86)%	(0.47)%	11.70%	0.31 - 13.60%	(2.32)%
International Allocation (3)
Units	1,943,005	2,099,063	2,005,300	1,951,081	1,882,723
Unit value	$9.94-$13.14	$12.17-$16.09	$10.63-$14.06	$13.52	$11.22
Net assets	$28,057,640	$33,609,889	$28,115,245	$26,373,976	$21,123,540
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	2.73%	1.56%	9.55%	2.30%	2.77%
Total return (c)	(18.35)%	14.46%	3.99%	20.48%	(15.39)%
International Index
Units	4,774,086	77,439	15,616	—	—
Unit value	$12.23	$14.31	$12.91	—	—
Net assets	$2,663,603	$1,108,507	$201,623	—	—
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	—%	—%
Investment income ratio (b)	2.52%	0.17%	92.21%	—%	—%
Total return (c) (2)	(14.56)%	10.86%	29.12%	—%	—%
Large Cap Growth (1)
Units	765,485	1,558,518	1,329,763	796,746	750,693
Unit value	$12.05-$63.16	$18.16-$95.17	$14.77-$77.39	$31.85-$53.99	$23.96-$40.63
Net assets	$65,908,771	$91,906,893	$72,419,383	$33,768,379	$24,554,562
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	0.00%	0.13%	0.90%	0.01%	0.40%
Total return (c)	(33.63)%	22.97%	43.34%	32.90%	2.50%

F-59

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)
NOTES TO FINANCIAL STATEMENTS (continued)

(6) FINANCIAL HIGHLIGHTS - continued

Subaccount	2022	2021	2020	2019	2018
Large Cap Index
Units	4,774,086	3,701,271	3,204,869	2,859,126	2,634,176
Unit value	$12.74-$51.22	$15.59-$62.69	$12.14-$48.82	$10.28-$41.33	$22.01-$31.51
Net assets	$157,721,733	$172,553,845	$126,358,338	$100,837,918	$72,414,300
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	1.22%	1.38%	3.33%	1.55%	1.44%
Total return (c)	(18.30)%	28.41%	18.12%	2.79 - 31.15%	(4.61)%
Large Cap Value
Units	765,485	540,592	427,557	433,629	419,003
Unit value	$13.48-$55.87	$14.14-$58.61	$10.71-$44.38	$22.96-$42.49	$18.46-$34.16
Net assets	$24,408,706	$21,075,047	$14,029,687	$13,811,702	$10,953,427
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	1.29%	1.21%	7.43%	1.54%	1.34%
Total return (c)	(4.68)%	32.05%	4.44%	24.39%	(8.70)%
Limited Maturity Bond
Units	457,403	425,884	451,901	325,958	325,033
Unit value	$10.01-$16.20	$10.45-$16.91	$10.42-$16.86	$13.62-$16.21	$13.01-$15.48
Net assets	$6,571,341	$6,526,777	$6,899,866	$4,933,398	$4,726,764
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	2.08%	1.55%	10.28%	2.61%	2.49%
Total return (c)	(4.19)%	0.27%	4.01%	4.75%	1.03%
Low Volatility Equity
Units	62,076	43,906	36,415	41,499	20,076
Unit value	$10.98-$14.26	$12.29-$15.96	$10.35-$13.45	$13.16	$10.69
Net assets	$837,774	$683,156	$486,840	$546,296	$214,641
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	1.17%	1.53%	36.44%	0.95%	0.01%
Total return (c)	(10.67)%	18.65%	2.19%	23.13%	(2.90)%
Mid Cap Growth
Units	185,771	105,557	48,515	—	—
Unit value	$11.92	$16.68	$14.92	—	—
Net assets	$2,215,154	$1,760,944	$723,949	—	—
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	—%	—%
Investment income ratio (b)	0.00%	0.00%	0.00%	—%	—%
Total return (c) (2)	(28.52)%	11.80%	49.22%	—%	—%
Mid Cap Index
Units	1,881,554	1,395,069	1,153,963	951,000	817,840
Unit value	$12.51-$61.48	$14.42-$70.87	$11.58-$56.93	$10.22-$50.21	$22.50-$39.89
Net assets	$53,616,361	$53,718,127	$39,631,006	$31,437,746	$22,067,608
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	1.09%	0.95%	8.85%	1.18%	1.01%
Total return (c)	(13.25)%	24.47%	13.40%	2.16 - 25.86%	(11.29)%

F-60

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)
NOTES TO FINANCIAL STATEMENTS (continued)

(6) FINANCIAL HIGHLIGHTS - continued

Subaccount	2022	2021	2020	2019	2018
Mid Cap Stock
Units	1,323,790	1,028,633	895,721	864,954	821,185
Unit value	$13.14-$61.42	$16.02-$74.86	$12.44-$58.12	$10.22-$47.76	$24.59-$37.86
Net assets	$51,366,843	$57,692,603	$43,442,503	$36,598,879	$28,092,831
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	0.31%	0.23%	1.46%	0.61%	0.34%
Total return (c)	(17.96)%	28.81%	21.69%	2.21 - 26.16%	(10.96)%
Mid Cap Value
Units	109,773	67,431	3,272	—	—
Unit value	$16.49	$17.40	$13.29	—	—
Net assets	$1,810,031	$1,173,182	$43,490	—	—
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	—%	—%
Investment income ratio (b)	0.00%	0.62%	0.00%	—%	—%
Total return (c) (2)	(5.23)%	30.88%	32.93%	—%	—%
Moderate Allocation
Units	5,584,139	5,179,262	4,878,702	4,707,817	4,735,964
Unit value	$10.90-$27.39	$13.00-$32.68	$11.54-$29.00	$10.16-$25.53	$16.82-$21.50
Net assets	$123,013,719	$143,725,741	$124,738,995	$107,849,307	$91,627,762
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	1.62%	1.50%	13.00%	2.26%	1.74%
Total return (c)	(16.19)%	12.69%	13.57%	1.58 - 18.75%	(4.44)%
Moderately Aggressive Allocation
Units	6,182,402	14,013,656	13,014,188	12,227,180	11,685,771
Unit value	$11.20-$31.05	$13.56-$37.59	$11.65-$32.31	$10.19-$28.24	$17.54-$23.13
Net assets	$369,458,531	$430,811,263	$357,689,197	$300,776,539	$237,010,919
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	1.29%	1.20%	16.87%	1.84%	1.28%
Total return (c)	(17.41)%	16.35%	14.41%	1.87 - 22.11%	(5.90)%
Moderately Conservative Allocation
Units	80,547	706,522	654,028	601,105	591,841
Unit value	$10.20-$22.29	$11.96-$26.14	$11.16-$24.38	$18.05-$22.10	$15.67-$19.19
Net assets	$12,995,682	$16,559,489	$14,671,103	$12,488,261	$10,703,758
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	2.10%	1.77%	14.99%	2.53%	2.03%
Total return (c)	(14.73)%	7.20%	10.34%	15.18%	(3.30)%
Money Market
Units	215,012	4,282,319	5,444,250	4,015,245	3,874,133
Unit value	$1.02-$1.26	$1.00-$1.24	$1.00-$1.24	$1.06-$1.24	$1.04-$1.21
Net assets	$7,020,477	$4,873,990	$6,246,396	$4,605,230	$4,395,178
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	1.51%	0.00%	1.26%	1.80%	1.48%
Total return (c)	1.36%	0.00%	0.29%	1.83%	1.48%

F-61

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)
NOTES TO FINANCIAL STATEMENTS (continued)

(6) FINANCIAL HIGHLIGHTS - continued

Subaccount	2022	2021	2020	2019	2018
Multidimensional Income
Units	371,873	55,567	34,067	33,138	32,002
Unit value	$9.86-$10.94	$11.38-$12.62	$10.76-$11.93	$11.27	$9.79
Net assets	$853,761	$695,541	$406,361	$373,548	$313,443
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	2.35%	2.73%	0.00%	4.07%	6.67%
Total return (c)	(13.35)%	5.77%	5.85%	15.09%	(5.37)%
Opportunity Income Plus
Units	336,173	206,690	154,945	151,871	127,073
Unit value	$9.59-$18.40	$10.71-$20.56	$10.53-$20.19	$16.18-$19.35	$14.91-$17.83
Net assets	$3,229,705	$3,717,026	$2,832,547	$2,686,866	$2,096,689
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	4.03%	3.00%	19.25%	4.01%	4.12%
Total return (c)	(10.49)%	1.80%	4.38%	8.53%	(1.01)%
Partner Emerging Markets Equity
Units	371,873	324,002	286,823	267,898	245,956
Unit value	$9.51-$14.42	$12.83-$19.47	$13.47-$20.43	$16.07	$13.37
Net assets	$5,048,556	$6,140,894	$5,825,462	$4,304,051	$3,288,822
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	0.83%	0.16%	24.13%	0.76%	1.26%
Total return (c)	(25.91)%	(4.73)%	27.19%	20.15%	(14.88)%
Partner Healthcare
Units	336,173	271,018	233,604	208,578	190,427
Unit value	$12.96-$42.16	$13.72-$44.63	$12.17-$39.58	$10.24-$33.32	$26.47
Net assets	$11,062,294	$10,735,891	$8,814,561	$6,949,239	$5,041,225
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	0.25%	0.29%	5.23%	0.42%	0.90%
Total return (c)	(5.54)%	12.77%	18.80%	2.42 - 25.85%	8.31%
Real Estate Securities
Units	307,596	267,835	238,095	223,139	217,319
Unit value	$10.00-$55.72	$13.44-$74.90	$9.46-$52.70	$23.21-$55.68	$18.14-$43.52
Net assets	$8,680,589	$11,450,373	$7,599,035	$7,709,539	$6,069,202
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	1.14%	1.38%	10.52%	2.15%	2.02%
Total return (c)	(25.60)%	42.11%	(5.35)%	27.94%	(5.30)%
Small Cap Growth
Units	263,604	178,416	106,009	26,739	7,445
Unit value	$13.65-$15.69	$17.70-$20.35	$15.82-$18.18	$11.70	$9.11
Net assets	$3,878,281	$3,476,513	$1,911,268	$312,887	$67,852
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	0.00%	0.00%	0.00%	0.00%	0.00%
Total return (c)	(22.91)%	11.94%	55.38%	28.41%	(8.87)%

F-62

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)
NOTES TO FINANCIAL STATEMENTS (continued)

(6) FINANCIAL HIGHLIGHTS - continued

Subaccount	2022	2021	2020	2019	2018
Small Cap Index
Units	2,021,097	1,588,266	1,378,286	1,167,733	1,027,170
Unit value	$12.01-$73.19	$14.35-$87.44	$11.34-$69.12	$10.21-$62.21	$24.94-$50.79
Net assets	$71,345,813	$79,164,131	$60,068,789	$50,250,862	$37,951,046
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	1.17%	0.82%	2.49%	1.05%	0.95%
Total return (c)	(16.30)%	26.51%	11.11%	2.07 - 22.49%	(8.66)%
Small Cap Stock
Units	863,867	733,595	687,013	649,986	643,770
Unit value	$14.00-$62.10	$15.64-$69.35	$12.54-$55.58	$25.61-$45.30	$20.05-$35.46
Net assets	$36,370,654	$38,709,839	$31,023,486	$24,530,311	$19,211,502
Ratio of expenses to net assets (a)	0.00%	0.00%	0.00%	0.00%	0.00%
Investment income ratio (b)	0.33%	0.78%	1.70%	0.39%	0.42%
Total return (c)	(10.46)%	24.77%	22.69%	27.77%	(10.13)%

(a)

These amounts only include items that flow through operations. All other charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded.

(b)

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.

(c)

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. Investment options with a date notation in footnote 2 below indicate the effective date of the investment option in the Variable Account.

(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

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)
NOTES TO FINANCIAL STATEMENTS (continued)

(7) UNIT FAIR VALUE

Units, unit values and asset balances for each subaccount are as follows:

Year Ended December 31, 2022	Units	Unit Value	Assets in Accumulation Period
Thrivent Flexible Premium Variable Life Insurance – 2019
Aggressive Allocation	2,196,932	$11.84	$26,022,375
All Cap	99,290	$12.86	$1,276,676
Balanced Income Plus	49,634	$10.76	$534,155
Diversified Income Plus	150,393	$10.18	$1,531,493
ESG Index	80,129	$13.24	$1,060,756
Global Stock	86,468	$11.56	$999,580
Government Bond	49,733	$9.44	$469,710
High Yield	94,781	$9.79	$928,139
Income	161,966	$9.38	$1,519,846
International Allocation	80,313	$9.94	$797,951
International Index	184,204	$12.23	$2,252,802
Large Cap Growth	738,452	$12.05	$8,901,340
Large Cap Index	1,534,602	$12.74	$19,548,517
Large Cap Value	231,795	$13.48	$3,124,207
Limited Maturity Bond	51,637	$10.01	$516,994
Low Volatility Equity	14,432	$10.98	$158,398
Mid Cap Growth	105,220	$11.92	$1,254,656
Mid Cap Index	766,728	$12.51	$9,591,432
Mid Cap Stock	460,019	$13.14	$6,046,043
Mid Cap Value	37,941	$16.49	$625,606
Moderate Allocation	988,152	$10.90	$10,767,344
Moderately Aggressive Allocation	2,696,133	$11.20	$30,192,478
Moderately Conservative Allocation	67,005	$10.20	$683,240
Money Market	1,126,755	$1.02	$1,146,531
Multidimensional Income	25,200	$9.86	$248,527
Opportunity Income Plus	53,846	$9.59	$516,399
Partner Emerging Markets Equity	64,147	$9.51	$609,767
Partner Healthcare	106,541	$12.96	$1,380,767
Real Estate Securities	66,633	$10.00	$666,220
Small Cap Growth	126,185	$13.65	$1,722,173
Small Cap Index	723,883	$12.01	$8,692,816
Small Cap Stock	194,680	$14.00	$2,726,215
			$146,513,153

F-64

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)
NOTES TO FINANCIAL STATEMENTS (continued)

(7) UNIT FAIR VALUE - continued

Year Ended December 31, 2022	Units	Unit Value	Assets in Accumulation Period
Thrivent Flexible Premium Variable Life Insurance – 2008
Aggressive Allocation	4,658,206	$26.54	$123,617,640
All Cap	91,190	$28.78	$2,624,272
Balanced Income Plus	89,261	$21.70	$1,937,077
Diversified Income Plus	221,930	$20.90	$4,639,403
ESG Index	38,664	$13.24	$511,835
Global Stock	112,172	$23.26	$2,609,214
Government Bond	258,237	$14.56	$3,759,697
High Yield	116,522	$21.32	$2,484,120
Income	132,287	$17.54	$2,320,774
International Allocation	631,674	$13.14	$8,298,892
International Index	20,184	$12.23	$246,854
Large Cap Growth	480,262	$37.25	$17,891,347
Large Cap Index	1,709,152	$35.77	$61,141,978
Large Cap Value	237,099	$30.18	$7,156,058
Limited Maturity Bond	132,308	$13.61	$1,801,323
Low Volatility Equity	32,447	$14.26	$462,680
Mid Cap Growth	43,176	$11.92	$514,837
Mid Cap Index	863,473	$34.68	$29,947,573
Mid Cap Stock	352,445	$39.89	$14,058,977
Mid Cap Value	57,987	$16.49	$956,137
Moderate Allocation	2,285,837	$21.43	$48,977,365
Moderately Aggressive Allocation	7,280,490	$23.54	$171,387,757
Moderately Conservative Allocation	240,921	$18.21	$4,386,751
Money Market	2,612,379	$1.08	$2,816,370
Multidimensional Income	42,897	$10.94	$469,086
Opportunity Income Plus	76,794	$15.39	$1,181,445
Partner Emerging Markets Equity	222,562	$14.42	$3,210,338
Partner Healthcare	170,308	$42.16	$7,180,367
Real Estate Securities	133,077	$23.23	$3,091,164
Small Cap Growth	79,342	$15.69	$1,244,880
Small Cap Index	785,112	$35.94	$28,213,658
Small Cap Stock	176,854	$35.11	$6,208,984
			$565,348,853

F-65

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)
NOTES TO FINANCIAL STATEMENTS (continued)

(7) UNIT FAIR VALUE - continued

Year Ended December 31, 2022	Units	Unit Value	Assets in Accumulation Period
Thrivent Flexible Premium Variable Life Insurance – 2003
Aggressive Allocation	2,198,259	$35.96	$79,055,316
All Cap	60,857	$49.59	$3,017,637
Balanced Income Plus	96,451	$27.76	$2,677,115
Diversified Income Plus	110,398	$26.51	$2,926,474
ESG Index	10,440	$13.24	$138,200
Global Stock	309,943	$30.35	$9,405,255
Government Bond	130,345	$17.11	$2,230,272
High Yield	100,203	$28.09	$2,814,227
Income	152,840	$20.61	$3,149,903
International Allocation	791,137	$13.14	$10,393,403
International Index	11,404	$12.23	$139,468
Large Cap Growth	494,026	$49.74	$24,571,636
Large Cap Index	380,463	$47.68	$18,140,808
Large Cap Value	211,312	$44.31	$9,363,826
Limited Maturity Bond	202,823	$15.33	$3,108,654
Low Volatility Equity	13,608	$14.26	$194,035
Mid Cap Growth	18,902	$11.92	$225,388
Mid Cap Index	149,750	$52.29	$7,830,493
Mid Cap Stock	267,922	$60.88	$16,311,213
Mid Cap Value	11,207	$16.49	$184,789
Moderate Allocation	1,713,809	$27.39	$46,936,750
Moderately Aggressive Allocation	4,382,830	$31.05	$136,078,545
Moderately Conservative Allocation	270,131	$22.29	$6,020,794
Money Market	1,919,650	$1.25	$2,399,581
Multidimensional Income	9,196	$10.94	$100,561
Opportunity Income Plus	61,523	$18.07	$1,111,450
Partner Emerging Markets Equity	63,145	$14.42	$910,831
Partner Healthcare	44,511	$42.16	$1,876,621
Real Estate Securities	84,605	$42.86	$3,625,896
Small Cap Growth	30,463	$15.69	$477,969
Small Cap Index	141,106	$51.68	$7,292,218
Small Cap Stock	280,139	$50.90	$14,257,895
			$416,967,223

F-66

THRIVENT VARIABLE LIFE ACCOUNT I (SERIES 2019, 2008, 2003, 1997)
NOTES TO FINANCIAL STATEMENTS (continued)

(7) UNIT FAIR VALUE - continued

Year Ended December 31, 2022	Units	Unit Value	Assets in Accumulation Period
AAL Variable Universal Life – 1997
Aggressive Allocation	537,039	$35.96	$19,314,071
All Cap	23,967	$60.53	$1,450,825
Balanced Income Plus	257,027	$34.37	$8,835,280
Diversified Income Plus	84,229	$30.41	$2,561,301
ESG Index	5,330	$13.24	$70,563
Global Stock	577,827	$26.09	$15,074,868
Government Bond	94,849	$24.63	$2,336,029
High Yield	33,005	$38.02	$1,254,923
Income	60,147	$22.98	$1,382,548
International Allocation	652,127	$13.14	$8,567,394
International Index	2,002	$12.23	$24,479
Large Cap Growth	230,265	$63.16	$14,544,448
Large Cap Index	1,149,869	$51.22	$58,890,430
Large Cap Value	85,279	$55.87	$4,764,615
Limited Maturity Bond	70,635	$16.20	$1,144,370
Low Volatility Equity	1,589	$14.26	$22,661
Mid Cap Growth	18,473	$11.92	$220,273
Mid Cap Index	101,603	$61.48	$6,246,863
Mid Cap Stock	243,404	$61.42	$14,950,610
Mid Cap Value	2,638	$16.49	$43,499
Moderate Allocation	596,341	$27.39	$16,332,260
Moderately Aggressive Allocation	1,024,181	$31.05	$31,799,751
Moderately Conservative Allocation	85,466	$22.29	$1,904,897
Money Market	523,618	$1.26	$657,995
Multidimensional Income	3,254	$10.94	$35,587
Opportunity Income Plus	22,849	$18.40	$420,411
Partner Emerging Markets Equity	22,019	$14.42	$317,620
Partner Healthcare	14,813	$42.16	$624,539
Real Estate Securities	23,281	$55.72	$1,297,309
Small Cap Growth	27,614	$15.69	$433,258
Small Cap Index	370,996	$73.19	$27,147,121
Small Cap Stock	212,194	$62.10	$13,177,560
			$255,848,358

F-67

PART C. OTHER INFORMATION

Exhibits

Except as noted below, all required exhibits have been previously filed and are incorporated by reference from prior Registration Statements of the Depositor.

Exhibit	Description	Filed Herewith / Incorporated by reference
(a)(i)	Resolution of the Board of Directors of the Depositor authorizing the establishment of the Registrant	Initial registration statement on Form S-6EL24 of Thrivent Variable Life Account I, Registration Statement No. 333-31011, filed on July 10, 1997
(a)(ii)	Resolution of the Board of Directors of the Depositor authorizing the name change of the Registrant to Thrivent Variable Life Account I	Post-Effective Amendment No. 8 to the registration statement on Form N-6 of Thrivent Variable Life Account I, Registration Statement No. 333-31011, filed on August 29, 2002
(b)	Custodian Agreement	Not Applicable
(c)(i)	Specimen of Distribution Agreement with Registered Representatives	Initial Filing of the registration statement on Form N-4 of Thrivent Variable Annuity Account I, Registration Statement 333-216125, filed on February 17, 2017
(c)(ii)	Principal Underwriting Agreement	Pre-Effective Amendment No. 1 to the registration statement on Form N-6 of Thrivent Variable Life Account I, Registration Statement No. 333-233397, filed on November 27, 2019
(d)(i)	Specimen Flexible Premium Variable Life Insurance Contracts	Pre-Effective Amendment No. 1 to the registration statement on Form N-6 of Thrivent Variable Life Account I, Registration Statement No. 333-103454, filed on December 15, 2003
(d)(ii)	Contract Riders and Endorsements	Initial registration statement on Form N-6 of Thrivent Variable Life Account I, Registration Statement No. 333-103454, filed on February 26, 2003
(d)(iii)	Amendatory Agreement	Post-Effective Amendment No. 6 to the registration statement on Form N-6 of Thrivent Variable Life Account I, Registration Statement No. 333-103454, filed on April 21, 2009
(d)(iv)	Amendatory Agreement	Post-Effective Amendment No. 8 to the registration statement on Form N-6 of Thrivent Variable Life Account I, Registration Statement No. 333-103454, filed on April 18, 2011
(d)(v)	Amendatory Agreement	Post Effective No. 11 to the registration statement on Form N-6 of Thrivent Variable Life Account I, Registration Statement No. 333-103454, filed on April 28, 2014
(e)	Application Form	Initial Filing to the registration statement on Form N-6 of Thrivent Variable Life Account I, Registration Statement No. 333-103454, filed on February 26, 2003
(f)	Articles of Incorporation of Depositor 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)(i)	Reinsurance Agreement with Swiss RE – I2107058US-18	Pre-Effective Amendment No. 1 to the registration statement on Form N-6 of Thrivent Variable Life Account 1, Registration Statement No. 333-233397, filed on November 27, 2019
(g)(ii)	Reinsurance Agreement with Swiss RE – Amendment 6 to I94119US-07	Filed herewith
(g)(iii)	Reinsurance Agreement with Swiss RE – Amendment 7 to I94119US-07	Filed herewith
(g)(iv)	Coinsurance Agreement with SCOR Global Life - 6950-05	Pre-Effective Amendment No. 1 to the registration statement on Form N-6 of Thrivent Variable Life Account 1, Registration Statement No. 333-233397, filed on November 27, 2019

Exhibit	Description	Filed Herewith / Incorporated by reference
(g)(v)	Coinsurance Agreement with SCOR Global Life - Amendment 1 to 6950-05	Pre-Effective Amendment No. 1 to the registration statement on Form N-6 of Thrivent Variable Life Account 1, Registration Statement No. 333-233397, filed on November 27, 2019
(g)(vi)	Coinsurance Agreement with SCOR Global Life - Amendment 2 to 6950-05	Pre-Effective Amendment No. 1 to the registration statement on Form N-6 of Thrivent Variable Life Account 1, Registration Statement No. 333-233397, filed on November 27, 2019
(g)(vii)	Coinsurance Agreement with SCOR Global Life - 201711.1	Pre-Effective Amendment No. 1 to the registration statement on Form N-6 of Thrivent Variable Life Account 1, Registration Statement No. 333-233397, filed on November 27, 2019
(g)(viii)	Coinsurance Agreement with SCOR Global Life - Amendment 1 to 201711.1	Pre-Effective Amendment No. 1 to the registration statement on Form N-6 of Thrivent Variable Life Account 1, Registration Statement No. 333-233397, filed on November 27, 2019
(g)(ix)	Reinsurance Agreement with RGA Reinsurance - 1582-00-00	Pre-Effective Amendment No. 1 to the registration statement on Form N-6 of Thrivent Variable Life Account 1, Registration Statement No. 333-233397, filed on November 27, 2019
(g)(x)	Reinsurance Agreement with RGA Reinsurance - 1582-00-01	Pre-Effective Amendment No. 1 to the registration statement on Form N-6 of Thrivent Variable Life Account 1, Registration Statement No. 333-233397, filed on November 27, 2019
(g)(xi)	Reinsurance Agreement with RGA Reinsurance - 1582-01-00	Pre-Effective Amendment No. 1 to the registration statement on Form N-6 of Thrivent Variable Life Account 1, Registration Statement No. 333-233397, filed on November 27, 2019
(g)(xii)	Reinsurance Agreement with RGA Reinsurance – Amendment 15852- 01-01	Filed herewith
(g)(xiii)	Reinsurance Agreement with RGA Reinsurance – Amendment 15852- 01-03	Filed herewith
(g)(xiv)	Reinsurance Agreement with RGA Reinsurance- Amendment TLIC Dissolution	Filed herewith
(g)(xv)	Reinsurance Agreement with RGA Reinsurance – Amendment 3453- 00-13	Filed herewith
(g)(xvi)	Reinsurance Agreement with RGA Reinsurance – Amendment 3453- 00-15	Filed herewith
(h)	Participation Agreement between Depositor and Thrivent Series Fund, Inc. dated December 15, 2003	Post-Effective Amendment No. 1 to the registration statement on Form N-6 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 & Consent of Counsel	Filed Herewith
(l)	Actuarial Opinion	Not Applicable
(m)	Calculation	Not Applicable
(n)	Consent of Independent Registered Public Accounting Firm	Filed Herewith
(o)	Omitted Financial Statements	Not Applicable
(p)	Initial Capital Agreements	Not Applicable
(q)	Redeemability Exemption	Not Applicable
(r)	Form of Initial Summary Prospectus	Not Applicable

Exhibit	Description	Filed Herewith / Incorporated by reference
(s)	Powers of Attorney for Board of Directors and Officers	Filed herewith

Directors and Officers of the Depositor

The directors, executive officers and, to the extent responsible for variable insurance 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

Thrivent Financial Entities	Primary Business	State of Organization
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
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 Financial Entities	Primary Business	State of Organization
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 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
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

Location of Accounts and Records

The accounts and records of Registrant are located at the offices of Depositor at 600 Portland Avenue S., Suite 100, Minneapolis, Minnesota 55415-4402 and 4321 North Ballard Road, Appleton, Wisconsin 54919.

Management Services

Not Applicable.

Fee Representation

Depositor represents that, as to the flexible premium variable life contracts that are the subject of this registration statement, File No. 333-103454, that the fees and charges deducted under the contracts, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by the Depositor.

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 Life Account I (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*	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

Valuation Date	Any day upon which the New York Stock Exchange is open for regular trading.
Valuation Period	The period from the end of one Valuation Date to the end of the next Valuation Date.
Variable Account	Thrivent Variable Life Account I, which is a separate account of Thrivent.
Variable Death Benefit Option	This Death Benefit Option will vary over time, corresponding with the Accumulated Value. It is also called Option 2 in your Contract.
we, us, our	Thrivent.
you, your	The Owner(s) of the Contract.

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

On: Wednesday, 4/26/23, at 2:43pm ET · Effective: 4/30/23 · Accession #: 1193125-23-118218 · File #s: 811-08289, 333-103454

Previous ‘485BPOS’: ‘485BPOS’ on 4/26/23 · Next: ‘485BPOS’ on 4/26/24 · Latest: ‘485BPOS’ on 4/26/24 · 11 References:

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

Filing Table of Contents

‘485BPOS’ — Thrivent Variable Life Account I – Series 2003

Document Table of Contents

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

Dates Referenced Herein and Documents Incorporated by Reference

2 Subsequent Filings that Reference this Filing

9 Previous Filings that this Filing References

	Thrivent Variable Universal Life Insurance


	Thrivent Variable Life Account I
	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

	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

Exhibit Number	Name of Exhibit
(g)(ii)	Reinsurance Agreement with Swiss RE – Amendment 6 to I94119US-07
(g)(iii)	Reinsurance Agreement with Swiss RE – Amendment 7 to I94119US-07
(g)(xii)	Reinsurance Agreement with RGA Reinsurance – Amendment 15852- 01-01
(g)(xiii)	Reinsurance Agreement with RGA Reinsurance – Amendment 15852- 01-03
(g)(xiv)	Reinsurance Agreement with RGA Reinsurance- Amendment TLIC Dissolution
(g)(xv)	Reinsurance Agreement with RGA Reinsurance – Amendment 3453- 00-13
(g)(xvi)	Reinsurance Agreement with RGA Reinsurance – Amendment 3453- 00-15
(k)	Opinion & Consent of Counsel
(n)	Consent of Independent Registered Public Accounting Firm
(s)	Powers of Attorney for Board of Directors and Directors

This ‘485BPOS’ Filing	Date	Other Filings

	4/30/24
Effective on:	4/30/23	485BPOS
Filed on:	4/26/23	485BPOS
	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
	11/27/19	N-6/A
	4/30/19	485BPOS
	2/17/17
	4/28/14	485BPOS
	4/18/11	485BPOS
	4/21/09	485BPOS
	1/15/08	497
	8/17/06
	4/19/04	485BPOS
	12/15/03	N-6/A
	2/26/03	N-6
	8/29/02	485APOS
	5/21/02
	3/31/98	485BPOS
	7/10/97	N-8A, N-8B-2, S-6, S-6EL24
	5/8/97
		List all Filings

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

On: Wednesday, 4/26/23, at 2:43pm ET · Effective: 4/30/23 · Accession #: 1193125-23-118218 · File #s: 811-08289, 333-103454

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

‘485BPOS’ — Thrivent Variable Life Account I – Series 2003Document Table of Contents

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

Dates Referenced Herein and Documents Incorporated by Reference

2 Subsequent Filings that Reference this Filing

9 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 Life Account I – Series 2003

Document Table of Contents