Allianz Life Adds PIMCO Index Allocation to Allianz Pro V1 Annuity
May 11, 2010 by N/A
May 10, 2010
PIMCO US Advantage IndexSM Licensed Exclusively for the Allianz Pro V1SM Annuity
MINNEAPOLIS–(BUSINESS WIRE)– Allianz Life Insurance Company of North America (Allianz) today announced that it has added the PIMCO US Advantage Bond Index to the recently launched Allianz Pro V1 Annuity. This new index allocation option is an Allianz exclusive and is not available on any other FIA in the industry. Allianz Pro V1, a fixed index annuity that provides protection, guarantees, and a bond index allocation option with the power of annual reset, now provides clients with the choice of indices created by two of the most recognized names in the bond industry. In addition to the new PIMCO US Advantage Bond Index, contract holders can also allocate to the Barclays Capital U.S. Aggregate Bond Index and a fixed interest allocation.
“Allianz Life is constantly looking for ways to improve our products and offer clients unique advantages for trusting us with their retirement savings,” said Eric J. Thomes, senior vice president of Sales for Allianz Life. “By leveraging the expertise of our sister company PIMCO with this new allocation option, we’re delivering on that promise.”
“We are very pleased that Allianz Life has chosen the PIMCO US Advantage Index for its new fixed index annuity product,” said Curtis A. Mewbourne, managing director and portfolio manager for PIMCO. “The PIMCO US Advantage Index offers an alternative to traditional market capitalization weighted fixed income indices, and Allianz Life has created a product that allows clients to harness this innovative approach.”
Some of the features offered by Allianz Pro V1, now for sale in 44 states, include:
- The opportunity to earn interest based upon changes in the exclusive PIMCO US Advantage IndexSM, the Barclays Capital U.S. Aggregate Bond Index or a fixed interest allocation.
- Five year surrender charge period.
- Access to full accumulation value after just five years, or let the contract continue to accumulate.
- The simplicity of annual point-to-point crediting with a spread.
- 100% participation rate.
- The ability to take up to 10 percent of the premium in free withdrawals each year, starting immediately and the option to begin an annuity income stream after just one contract year.
Annuities are designed to meet long-term needs for retirement income. For more information about Allianz and Allianz Pro V1 visit: www.allianzlife.com.
Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America. Distributions are subject to ordinary income tax and, if taken prior to age 59 ½, a 10% federal tax penalty. Allianz Pro V1 AnnuitySM is contract C53520.
Although the external index may affect your contract values, the contract does not participate in any investments. You are not buying any shares of stock, bonds, or shares of an index fund.
Products issued by Allianz Life Insurance Company of North America.
Product and feature availability may vary by state. This product is not available in New York. In New York, products are issued by Allianz Life Insurance Company of New York, New York.
About Allianz Life
Allianz Life Insurance Company of North America has been keeping its promises since 1896. Today, it carries on that tradition, helping Americans achieve their retirement income goals with a variety of annuities and life insurance products. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with nearly 155,000 employees worldwide. Based on its revenue, Allianz SE is the 20th largest company in the world (Fortune Global 500, August 2009).
PIMCO, founded in 1971, is a global asset management firm that manages investments for an array of clients, including retirement and other assets that reach more than 8 million people in the U.S. and millions more around the world. Our clients include state, municipal and union pension and retirement plans whose beneficiaries come from all walks of life, from educators to healthcare workers to public safety employees. We have a substantial individual investor client base, and work in partnership with financial intermediaries such as Registered Investment Advisors, broker/dealers, trust banks and insurance companies. We are also advisors and asset managers to central banks, corporations, universities, foundations and endowments. With offices in North America, Europe, Asia and Australia, we manage investments across a full spectrum of global financial markets. PIMCO is owned by Allianz Global Investors, a subsidiary of the Munich-based Allianz Group, a leading global insurance company.
The PIMCO US Advantage Index is a comprehensive U.S. bond market index, offering exposure to interest rate swaps, inflation-protected securities, investment-grade corporate bonds, and securitized instruments such as mortgage-backed securities. The PIMCO US Advantage IndexSM (the “Index”) is a trademark of Pacific Investment Management Company LLC (“PIMCO”) and has been licensed for use by Allianz Life Insurance Company of North America (Allianz Life) in connection with the annuity. The Index is the exclusive property of PIMCO and is made and compiled without regard to the needs, including, but not limited to, the suitability needs, of Allianz Life, the annuity, or owners of the annuity. The annuity is not sold, sponsored, endorsed or promoted by PIMCO or any other party involved in, or related to, making or compiling the Index. PIMCO does not provide investment advice to Allianz Life with respect to the annuity or to owners of the annuity.
Neither PIMCO nor any other party involved in, or related to, making or compiling the Index has any obligation to continue to provide the Index to Allianz Life with respect to the annuity. Neither PIMCO nor any other party involved in, or related to, making or compiling the Index makes any representation regarding the Index, Index information, performance, annuities generally or the annuity particularly.
PIMCO disclaims all warranties, express or implied, including all warranties of merchantability or fitness for a particular purpose or use.PIMCO shall have no responsibility or liability whatsoever with respect to the annuity.
Allianz Life Insurance Company of North America, Allianz Life Insurance Company of New York, and PIMCO are subsidiaries of Allianz SE.
The Barclays Capital U.S. Aggregate Bond Index is comprised of U.S. investment-grade, fixed-rate bond market securities, including government agency, corporate, and mortgage-backed securities. Allianz products are not sponsored, endorsed, sold, or promoted by Barclays Capital. Barclays Capital makes no representation or warranty, express or implied, to the owners of Allianz products or any member of the public regarding the advisability of investing in securities generally or in Allianz products particularly or the ability of the Barclays Capital indices, including without limitation, the Barclays Capital U.S. Aggregate Bond Index, to track general bond market performance. Barclays Capital’s only relationship to Allianz Life Insurance Company of North America and its affiliates ( “Allianz “) is the licensing of the Barclays Capital U.S. Aggregate Bond Index which is determined, composed, and calculated by Barclays Capital without regard to Allianz or Allianz products. Barclays Capital has no obligation to take the needs of Allianz or the owners of Allianz products into consideration in determining, composing, or calculating the Barclays Capital U.S. Aggregate Bond Index. Barclays Capital is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of Allianz products to be issued or in the determination or calculation of the equation by which Allianz products are to be converted into cash. Barclays Capital has no obligation or liability in connection with the administration, marketing, or trading of Allianz products. Barclays Capital does not guarantee the quality, accuracy, and/or the completeness of the Barclays Capital indices, or any data included therein, or otherwise obtained by Allianz, owners of Allianz products, or any other person or entity from the use of the Barclays Capital indices, including without limitation, the Barclays Capital U.S. Aggregate Bond Index, in connection with the rights licensed hereunder or for any other use. Barclays Capital makes no express or implied warranties, and hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Barclays Capital indices, including without limitation, the Barclays Capital U.S. Aggregate Bond Index, or any data included therein. Without limiting any of the foregoing, in no event shall Barclays Capital have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.
Allianz Life Insurance Company of North America
Laurie Bauer, 763-765-6174
Source: Allianz Life Insurance Company of North America