Prospectus by Investment Company (Form 497)

SUPPLEMENT DATED JULY 29, 2026

TO THE PROSPECTUS DATED MAY 1, 2026

FOR DEFERRED VARIABLE ANNUITY

ISSUED BY

THE PENN INSURANCE AND ANNUITY COMPANY

AND FUNDED THROUGH

PIA VARIABLE ANNUITY ACCOUNT I

OF

THE PENN INSURANCE AND ANNUITY COMPANY

PO BOX 178, PHILADELPHIA, PA 19105

1-800-523-0650

THIS SUPPLEMENT SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS DATED

MAY 1, 2026.

The purpose of this supplement is to update information regarding certain Portfolios of the Vanguard Variable Insurance Funds available under the contract.

Small Company Growth Portfolio

Effective June 29, 2026, the Vanguard Variable Insurance Funds - Small Company Growth Portfolio's advisory team has been restructured, removing ArrowMark Colorado Holdings, LLC as an investment advisor, and adding T. Rowe Price Associates, Inc. The Vanguard Group, Inc., through its wholly owned subsidiary, Vanguard Portfolio Management, remains an advisor to the Fund.

The restructuring of the Fund's investment advisory arrangements is expected to increase the Fund's expense ratio by three basis points, from 29 to 32 basis points.

Accordingly, all references to the Small Company Growth Portfolio expenses in the Prospectus are hereby replaced with 0.32% and all references to ArrowMark Colorado Holdings, LLC in the Prospectus are hereby replaced with references to T. Rowe Price Associates, Inc. Such references are found under Appendix A - Investment Options Available Under the Contract.

For further details, please refer to the Vanguard Variable Insurance Funds - Small Company Growth Portfolio Prospectus Supplement dated June 29, 2026.

Index Portfolio

Effective July 29, 2026, the Vanguard Variable Insurance Funds - Index Portfolio has been renamed the Vanguard Variable Insurance Funds - Morningstar Index Portfolio.

Accordingly, all references to the Index Portfolio in the Prospectus are hereby replaced with Morningstar Index Portfolio. Such references are found under Appendix A - Investment Options Available Under the Contract, and in the examples under "Dollar Cost Averaging Program - Fixed Dollar Cost Averaging Options" on page 106 and "Automatic Asset Rebalancing Program" on page 107 of the Prospectus.

For further details, please refer to the Vanguard Variable Insurance Funds - Morningstar Index Portfolio Prospectus Supplement dated July 29, 2026.

THIS SUPPLEMENT SHOULD BE READ IN ITS ENTIRETY AND RETAINED FOR FUTURE REFERENCE.

PM9279