Prospectus by Investment Company - Form 497

Venerable Insurance and Annuity Company

and the following variable annuity supported by its Variable Annuity Accounts B:

Preferred Advantage Variable Annuity

Prospectus Supplement Dated May 1, 2024

This supplement updates the Prospectus for your variable annuity contract and subsequent supplements thereto. Please read it carefully and keep it with your Prospectus for future reference.

IMPORTANT INFORMATION REGARDING FUND NAME AND SHARE CLASS NAME CHANGES

Effective as of May 1, 2024, the following Funds have changed their names and share class names as follows:

IMPORTANT INFORMATION REGARDING THE UPCOMING LIQUIDATION OF THE LIQUIDATING PORTFOLIOS

On February 22-23, 2024, the Board of Trustees of the Liquidating Portfolios voted to liquidate and terminate each of the Liquidating Portfolios. The liquidation is expected to take place on or about June 17, 2024 (the "Liquidation Date").

Voluntary Transfers Before the Liquidation Date. Any time prior to the Liquidation Date you may transfer amounts allocated to a Subaccount that invests in the Liquidating Portfolios to any other available Subaccount. There will be no charge for any such transfer, and any such transfer will not count as a transfer when imposing any applicable restriction or limit on transfers. You may give us alternative allocation instructions at any time by writing to Customer Service at P.O. Box 9271, Des Moines, IA 50306-9271 or calling (800) 366-0066. See the "Investment Options" section of your most recent Notice document and the section in the Contract prospectus that deals with transfers among investment options for information about making Subaccount transfers, including applicable restrictions and limits on transfers.

Automatic Reallocation Upon Liquidation. On the Liquidation Date and after our receipt of the proceeds from the liquidation of the Liquidating Portfolios, amounts allocated to a Subaccount that invested in the Liquidating Portfolios will be automatically reallocated to the Subaccount that invests in Class S2 shares of the Voya Government Liquid Assets Portfolio. There will be no charge for this automatic reallocation, and this automatic reallocation will not count as a transfer when imposing any applicable restriction or limit on transfers. Furthermore, you will not incur any tax liability because of this automatic reallocation, and your Contract value immediately before the reallocation will equal your Contract value immediately after the reallocation.

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May 2024

Information about the Voya Government Liquid Assets Portfolio. The following chart lists the investment adviser and subadviser and the investment objective of the Voya Government Liquid Assets Portfolio. More detailed information can be found in the most recent Notice document and in the current prospectus and Statement of Additional Information for this fund.

MORE INFORMATION IS AVAILABLE

More information about the funds available through your Contract, including information about the risks associated with investing in them, can be found in the most recent Notice document and in the current prospectus and Statement of Additional Information for each fund. You may obtain these documents by contacting:

Customer Service

P.O. Box 9271

Des Moines, Iowa 50306-9271

(800) 366-0066

If you received a summary prospectus for any of the funds available through your Contract, you may obtain a full prospectus and other fund information free of charge by either accessing the internet address, calling the telephone number or sending an email request to the email address shown on the front of the fund's summary prospectus.

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May 2024