Form 497VPU THRIVENT VARIABLE ANNUIT

April 29, 2026 1:58 PM EDT
 
 
Thrivent Flexible Premium Deferred
Variable Annuity
 
Thrivent Variable Annuity Account B
 
Updating Summary Prospectus
April 30, 2026
This updating summary prospectus summarizes key features of the Thrivent Flexible Premium Deferred Variable Annuity Contract which was issued by Thrivent Financial for Lutherans (“Thrivent,” “we,” “us,” or “our”), a fraternal benefit society organized under Wisconsin law.
The Contract is a complex investment and involves risks, including potential loss of principal. The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals could result in taxes and/or tax penalties.
Thrivent’s obligations under the Contract are subject to its financial strength and claims-paying ability.
The statutory prospectus for the Contract contains more information about the Contract, including its features, benefits and risks. You can find the current statutory prospectus and other information about the Contract online at dfinview.com/Thrivent/VariableAnnuityB. You can also obtain this information at no cost by calling 1-800-847-4836, or by sending an email request to [email protected].
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Special Terms 
The sum of the values for your Contract in Subaccounts and/or the Fixed
Account during the accumulation phase.
A date when annuity payments begin.
The flexible premium deferred variable annuity contract offered by Thrivent and
described in this prospectus.
The period from one Contract Anniversary to the next. The first Contract Year
will be the period beginning on the Date of Issue and ending on the first
Contract Anniversary.
An Investment Option that credits an interest rate. The Fixed Account is part of
our General Account. The Fixed Account is not a Subaccount. For the current
interest rate, please call our Service Center at 1-800-847-4836.
A Variable Option or the Fixed Account available in this Contract.
Each Subaccount invests exclusively in the shares of a corresponding Portfolio.
A retirement plan that receives favorable tax treatment under Section 401, 403,
408, or 408A or similar provisions of the Internal Revenue Code.
Thrivent, 4321 North Ballard Road, Appleton, Wisconsin 54919-0001,
telephone, 1-800-847-4836, or such other office as we may specify in a notice
to the Contract Owner.
A subdivision of the Variable Account. Each Subaccount invests exclusively in
the shares of a corresponding Portfolio.
An Investment Option under the Contract of which the value of the contract
varies according to the investment experience of a Subaccount.
Updated Information About Your Contract
The information in this updating summary prospectus is a summary of certain Contract features that have changed since the prospectus dated April 30, 2025. This may not reflect all of the changes that have occurred since you entered into your Contract. 
Content
Description of Changes
Important Information You Should
Consider About the Contract
The Annual Portfolio expenses table was updated to reflect the new range.
The lowest and highest annual cost examples have been revised to reflect
the new range.
Fee Table
The Fee Table has been updated with the new range of Portfolio Expenses.
Other Changes
The Appendix has been revised to reflect the updated performance
information and the current expenses for the Portfolios.
 
3
Important Information You Should Consider About the Contract  
FEES AND EXPENSES
Location in
Statutory
Prospectus
Are There Charges
or Adjustments for
Early Withdrawals?
No. There are no longer any charges for making a full or partial surrender from
this Contract.
Fee Table
Are There
Transaction
Charges?
Yes. There may be charges for other transactions. You will pay a charge if you
request a wire transfer of funds from your Contract to another financial
institution. Your financial institution may also charge a fee to receive a wire. You
will also pay a charge if you request to have a check sent to you using an
overnight mail service.
Fee Table
Are There Ongoing
Fees and
Expenses?
Yes. The table below describes the fees and expenses that you may pay each
year, depending on the Investment Options you choose. Please refer to your
Contract specifications page for information about the specific fees you will pay
each year based on the options you have elected.
Fee Table
Annual Fee
Minimum
Maximum
Base Contract (as a percentage of
average daily assets of each Portfolio)
0.0%
1.25%
Portfolio Company fees and expenses
(Expenses that you pay as a
percentage of your investment.
Expenses may be higher or lower in
future years. More detail is contained
in the prospectus for each Portfolio .)
0.22%
1.52%
Because your Contract is customizable, the choices you make affect how much
you will pay. To help you understand the cost of owning your Contract, the
following table shows the lowest and highest cost you could pay each year,
based on current charges. This estimate assumes that you do not take
withdrawals from the Contract.
Lowest Annual Cost: $1,243
Highest Annual Cost: $2,551
Assumes:
Assumes:
Investment of $100,000
Investment of $100,000
5% annual appreciation
5% annual appreciation
Least expensive Portfolio fees and
expenses
Most expensive combination of
Portfolio fees and expenses
No optional benefits or riders
No optional benefits or riders
No sales charges
No sales charges
No additional purchase payments,
transfers or withdrawals
No additional purchase payments,
transfers or withdrawals
RISKS
Location in
Statutory
Prospectus
Is There a Risk of
Loss from Poor
Performance?
Yes. You can lose money investing in the Contract.
Principal Risks of
Investing in the
Contract
Is This a
Short-Term
Investment?
No. The Contract is not a short-term investment and is not appropriate for you if
you need ready access to cash. Amounts withdrawn from the Contract may
result in taxes and tax penalties.
Principal Risks of
Investing in the
Contract
 
4
What Are the Risks
Associated with
Investment
Options?
An investment in the Contract is subject to the risk of poor investment
performance and can vary depending on the performance of the variable
Investment Options available under the Contract. Each Investment Option
(including the Fixed Account) will have its own unique risks, and you should
review the available Investment Options before making an investment decision.
Principal Risks of
Investing in the
Contract
What are the Risks
Related to the
Insurance
Company?
An investment in the Contract is subject to the risks related to Thrivent. Any
obligations (including those under the Fixed Account), guarantees or benefits
are subject to the claims-paying ability of Thrivent. More information about
Thrivent, including its financial strength ratings are available upon request by
calling (800) 847-4836 or by sending an email to [email protected].
Principal Risks of
Investing in the
Contract
RESTRICTIONS
Location in
Statutory
Prospectus
Are There
Restrictions on the
Investment
Options?
Yes. We reserve the right to add, delete, combine or substitute investment
options.
The total amount transferred each time must be at least $200 (unless the total
value in the Investment Optionss or the Fixed Account is less than $200, in
which case the entire amount may be transferred). We reserve the right to limit
the number of Subaccount transfers in any Contract Year, although we will
always allow at least 12 Subaccount transfers a year. With respect to the Fixed
Account, transfers out of the Fixed Account are limited to only one each
Contract Year and must be made on or within 45 days after a Contract
Anniversary. Premium amounts of $1 million or greater require prior approval.
We reserve the right to limit the total of all premiums paid under the Contract to
$1 million. Additional premiums must be at least $50.
Purchases and
Contract Value –
Fixed Account
Are There any
Restrictions on
Contract Benefits?
No.
Not Applicable
TAXES
Location in
Statutory
Prospectus
Taxes – What are
the Contract’s Tax
Implications?
You should consult with a tax professional to determine the tax implications of
an investment in and withdrawals or benefits received under the Contract.
There is no additional tax benefit if the Contract is purchased through a
tax-qualified plan or individual retirement account (IRA). Withdrawals may be
subject to ordinary income tax and may be subject to a 10% federal tax penalty,
if under age 59 1∕2 and no exception applies.
Taxes
CONFLICTS OF INTEREST
Location in
Statutory
Prospectus
How are
Investment
Professionals
Compensated?
The financial advisor or professional will receive compensation whenever you
submit additional premiums. In addition, they may receive trailing compensation
based on the Contract’s Accumulated Value.
Financial advisors or professionals may have an incentive to offer or
recommend the Contract over another investment. They may also have an
incentive to recommend you move to a new product.
Distribution of the
Contracts
Should I Exchange
My Contract?
Some financial advisors or professionals may have a financial incentive to offer
you a new contract in place of the one you already own. You should only
exchange your Contract if you determine, after comparing the features, fees,
and risks of both contracts, and any fees or penalties to terminate the existing
Contract , that it is preferable for you to purchase the new Contract rather than
continue to own the existing contract.
Taxes –
Exchanges of
Annuity
Contracts
 
5
Appendix: Investment Options Available Under the Contract
(a) Variable Options Available Under the Contract
The following is a list of Portfolio Companies that correspond to Subaccounts available under the Contract. More information about the Portfolio Companies is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at dfinview.com/Thrivent/VariableAnnuityB. You can also request this information in paper at no cost by calling (800) 847-4836 or by sending an email request to [email protected].
The current expenses and performance information below reflects fees and expenses of the Portfolio Companies, 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 Company’s past performance is not necessarily an indication of future performance.  
INVESTMENT
TYPE
PORTFOLIO AND ADVISER/SUBADVISER
CURRENT
EXPENSES
AVERAGE ANNUAL TOTAL RETURNS
(as of 12/31/25)
1 YEAR
5 YEAR
10 YEAR
Aggressive
Allocation
Thrivent Aggressive Allocation Portfolio
0.85%1
15.81%
9.61%
11.26%
Large Blend
Thrivent All Cap Portfolio
0.66%
18.05%
11.90%
12.43%
Conservative
Allocation
Thrivent Conservative Allocation Portfolio
0.50%
10.17%
4.03%
5.42%
Moderately
Conservative
Allocation
Thrivent Dynamic Allocation Portfolio
0.68%
12.62%
5.92%
6.84%
Diversified
Emerging
Mkts
Thrivent Emerging Markets Equity Portfolio
1.15%1
32.20%
2.10%
7.47%
Large Blend
Thrivent ESG Index Portfolio
0.36%1
17.78%
13.56%
N/A3
Global
Large-Stock
Blend
Thrivent Global Stock Portfolio
0.60%
20.82%
10.69%
10.67%
Intermediate
Government
Thrivent Government Bond Portfolio
0.49%
7.32%
0.01%
1.74%
Health
Thrivent Healthcare Portfolio
0.92%
13.07%
4.62%
7.37%
High Yield
Bond
Thrivent High Yield Portfolio
0.45%
8.78%
4.06%
5.32%
Corporate
Bond
Thrivent Income Portfolio
0.44%
7.93%
0.38%
3.60%
Foreign Large
Blend
Thrivent International Equity Portfolio
0.72%
30.87%
8.54%
7.41%
Foreign Large
Blend
Thrivent International Index Portfolio
0.37%
31.15%
8.61%
N/A3
Large Growth
Thrivent Large Cap Growth Portfolio
0.43%
16.95%
12.89%
16.35%
Large Blend
Thrivent Large Cap Index Portfolio
0.22%
17.62%
14.17%
14.54%
Large Value
Thrivent Large Cap Value Portfolio
0.62%
19.65%
13.96%
12.16%
Mid-Cap
Growth
Thrivent Mid Cap Growth Portfolio
0.89%1
2.50%
1.10%
N/A3
Mid-Cap
Blend
Thrivent Mid Cap Index Portfolio
0.25%
7.23%
8.86%
10.46%
Mid-Cap
Blend
Thrivent Mid Cap Stock Portfolio
0.66%
4.73%
6.86%
11.30%
Mid-Cap
Value
Thrivent Mid Cap Value Portfolio
0.87%1
10.82%
11.31%
N/A3
 
6
INVESTMENT
TYPE
PORTFOLIO AND ADVISER/SUBADVISER
CURRENT
EXPENSES
AVERAGE ANNUAL TOTAL
RETURNS
(as of 12/31/25)
1 YEAR
5 YEAR
10 YEAR
Moderate
Allocation
Thrivent Moderate Allocation Portfolio
0.70%1
13.63%
7.13%
8.38%
Moderately
Aggressive
Allocation
Thrivent Moderately Aggressive Allocation Portfolio
0.76%1
15.46%
8.30%
9.69%
Moderately
Conservative
Allocation
Thrivent Moderately Conservative Allocation Portfolio
0.65%1
12.10%
4.49%
6.04%
Money
Market -
Taxable
Thrivent Money Market Portfolio
0.31%
4.06%
3.05%
1.93%
Multisector
Bond
Thrivent Multisector Bond Portfolio
0.74%
7.93%
2.43%
3.47%
Real Estate
Thrivent Real Estate Securities Portfolio
0.90%
0.67%
3.89%
4.68%
Short-Term
Bond
Thrivent Short-Term Bond Portfolio
0.45%
6.06%
2.75%
2.89%
Small Growth
Thrivent Small Cap Growth Portfolio
0.94%1
1.87%
1.37%
N/A2
Small Blend
Thrivent Small Cap Index Portfolio
0.24%
5.80%
7.06%
9.57%
Small Blend
Thrivent Small Cap Stock Portfolio
0.70%
2.45%
7.50%
11.93%
1
Current expenses reflect temporary fee reductions.
2
The 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.
3
The 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.
(b) Fixed Account Investment Option Available Under the Contract
On or before the Annuity Commencement Date , you may allocate the premiums paid under the Contract and transfers from the Subaccounts to the Fixed Account. After the Annuity Commencement Date, you may no longer transfer out of the Fixed Account. Any amounts allocated to the Fixed Account are invested with our general account assets. Interest will be credited on premiums allocated to the Fixed Account and on amounts transferred to the Fixed Account from the date of allocation or transfer. The initial interest rate for each such allocation or transfer is guaranteed for 12 months, and subsequent interest rates will not change more frequently than every 12 months. Interest will be compounded daily and will never be less than an effective annual interest rate of 3% per year. For the current interest rate, please contact our Service Center at 1-800-847-4836. In any Contract Year, only one of your allowed transfers may be from the Fixed Account. Any transfer from the Fixed Account must be made on or within 45 days after a Contract Anniversary. 
Name
Term
Minimum Guaranteed
Interest Rate
Fixed Account
Life of the Contract
3.00%
 
7
 
 
This updating summary prospectus incorporates by reference the Thrivent Flexible Premium Deferred Variable Annuity prospectus and Statement of Additional Information (SAI), both dated April 30, 2026, as amended and supplemented.
The Statement of Additional Information (SAI) dated April 30, 2026 contains more information about the Contract and the Variable Account. The SAI has been filed with the SEC and is incorporated by reference into the prospectuses. The SAI is available, without charge, upon request. You can view a copy of the SAI online at dfinview.com/Thrivent/VariableAnnuityB. For a free paper copy of the SAI, to request other information about the Contracts, and to make investor inquiries, you may call our Service Center at 1-800-847-4836, or you may send an email to [email protected].
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: [email protected].
Thrivent is the marketing name for Thrivent Financial for Lutherans. Insurance products issued by Thrivent. Securities and investment advisory services offered through Thrivent Investment Management Inc., a registered investment adviser, member FINRA and SIPC, and a subsidiary of Thrivent. Licensed agent/producer of Thrivent. Registered representative of Thrivent Investment Management, Inc. Thrivent.com/disclosures.
Insurance products, securities and investment advisory services are provided by appropriately appointed and licensed financial advisors and professionals. Only individuals who are financial advisors are credentialed to provide investment advisory services. Visit Thrivent.com or FINRA’s Broker Check for more information about our financial advisors.
Contract Form W2-BA-FPVA-1 and state variations
EDGAR Contract No. C00007341 VP63-1SPRU R4-26

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