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Allianz Life Insurance Company of North America

Allianz Retirement Pro Variable Annuity

®

Where lifetime income and flexible investing meet.

RET-001

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Solutions for RETIREMENT

REALITIES

Planning for the knowns ­ and unknowns ­ of retirement

Now more than ever, the key to creating the retirement lifestyle you want is a strategy that takes into account not just what we know about retirement in the future (longer retirements, rising costs) ­ but what we don't know as well (future inflation and tax rates, market volatility).

Solutions for increasing income potential, asset protection, and tax control

So many uncertainties. But there is a company you can turn to for help in creating a level of certainty in the retirement years ahead. When it comes to retirement solutions, the one thing to know about Allianz Life Insurance Company of North America (Allianz) is that we're more than one thing. We have a portfolio of annuities which offer different solutions that can help you with many retirement concerns, including: · Increasing income potential (available through optional riders at an additional cost) to help you keep up with inflation · Asset protection to help preserve your retirement savings from market volatility · Tax control to help manage your assets with more efficiency and flexibility using several distribution options of your choice The Allianz Retirement Pro® Variable Annuity and the optional Income Advantage Account can help provide the tax control and increasing income potential you may be looking for in retirement.

This brochure is designed to provide you with an overview of Allianz Retirement Pro, a deferred variable annuity. This material must be preceded or accompanied by a current prospectus for Allianz Retirement Pro Variable Annuity. Call your financial professional or Allianz Life Financial Services, LLC, member FINRA, at 800.624.0197 to obtain a prospectus about Allianz variable investment options. The prospectuses contain details on investment objectives, risks, fees, and expenses, as well as other information about the variable annuity and variable investment options, which you should carefully consider. Please read the prospectuses thoroughly before sending money. Income Advantage Account (09.10) All annuity contract and rider guarantees, or annuity payout rates, are backed by the claims-paying ability of the issuing insurance company. They are not backed by the broker/dealer from which this annuity is purchased, by the insurance agency from which this annuity is purchased, or any affiliates of those entities, and none makes any representations or guarantees regarding the claims-paying ability of Allianz Life Insurance Company of North America. Guarantees do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions.

Products are issued by Allianz Life Insurance Company of North America and distributed by its affiliate, Allianz Life Financial Services, LLC, member FINRA. · Not FDIC insured · May lose value · No bank or credit union guarantee · Not a deposit · Not insured by any federal government agency or NCUA/NCUSIF Product and feature availability may vary by state and broker/dealer.

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Allianz Retirement Pro® Variable Annuity

Allianz Retirement Pro Variable Annuity ­ a flexible, cost-effective way to help build and protect your retirement assets.

Allianz Retirement Pro is a retirement strategy designed to help those working with a financial professional on a solution to build and protect a source of lifetime income. With Allianz Retirement Pro, you can take control of your financial future, including: · A level of certainty for your retirement strategy · A portfolio that's aligned with your goals · Tax-efficient management of your assets It's your retirement. Make it the one you want, with the help of Allianz.

A variable annuity ­ its role in your retirement strategy

What's going to help you accumulate enough assets to retire the way you want and have enough income to maintain your lifestyle in retirement? Part of the answer might be a variable annuity. A variable annuity is essentially a contract between you and an insurance company that may help you reach your long-term financial goals. Variable annuities offer market participation and tax-deferred growth potential along with protection benefits that can provide certain lifetime income and death benefit guarantees. Variable annuities are subject to investment risk, including possible loss of principal. Investment returns and principal will fluctuate with market conditions so that units, upon distribution, may be worth more or less than the original cost.

Tax deferral

Market participation

Protection benefits

The advantages of a variable annuity

· Part of your overall, professionally managed portfolio · Transparent, straightforward fees · Relationship-driven, unbiased financial recommendation · Shared objectives with mutual interest in success

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Retirement Pro overview

Allianz Retirement Pro® Variable Annuity

Retirement Pro overview

Take control of your financial future.

Reaching your long-term financial goals requires taking a proactive approach to saving for your retirement. With Allianz Retirement Pro, you and your advisor benefit from the flexibility to design an investment strategy to fit your needs.

Allianz Retirement Pro offers:

· A versatile investment platform · Tax-deferred growth potential · Flexible protection · Access to your money

Allianz Retirement Pro at a glance

Allocate your purchase payments to either account or both

Base Account Investment focus Performance Market growth opportunity Choose from approximately 80 investment options Tax deferral Yes Protection benefits None

Income Advantage Account Investment focus Protection Market growth opportunity Choose from approximately 20 investment options Tax deferral Yes Protection benefits Income and death benefit guarantees Access to your money Yes

Customize a strategy to fit your needs

When you purchase your Allianz Retirement Pro contract, you can allocate and transfer your money between two accounts depending on your investment objective: · The Base Account is more growth-oriented with a wide range of investment options from virtually every asset class. Annual fee: 0.30% 1 · The Income Advantage Account is geared more toward protection and provides guaranteed lifetime income through withdrawals as well as a death benefit guarantee. Annual fee: 1.00% single/1.15% joint 2 The Income Advantage Account fee is subject to change (min: 0.25%/max: 1.75%), but will never increase/decrease by more than 0.25% in any 12-month period.

Access to your money Yes

Transfer money between the accounts prior to taking income, or access money within the accounts at any time.

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Calculated as a percentage of the net asset value of the investment options in the Base Account. Calculated as a percentage of the Benefit Base.

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Allianz Retirement Pro® Variable Annuity

A versatile investment platform

Allianz Retirement Pro offers a comprehensive selection of professionally managed investment options covering a variety of asset classes and investment styles. You can position your assets for just about any investment objective or risk tolerance level with approximately 80 investment options to choose from in the Base Account. Or you can position your assets for income with the guarantees provided in the Income Advantage Account.

The Income Advantage Account may help protect from ... Market risk Longevity risk Inflation risk Liquidity risk

with ... Quarterly lock-ins Lifetime income guarantees Treasury-based payments with opportunities for increases Continued access to your account

Tax-deferred growth potential

Whether your money is allocated to the Base Account, the Income Advantage Account (or both), your assets will grow tax-deferred. Having this tax control may help you manage your assets more efficiently. When you contribute after-tax dollars to your Allianz Retirement Pro contract, you will only pay ordinary income taxes on your earnings when you withdraw money from the contract. Any tax-deferred growth, which can compound over time, may increase the amount of savings and income your contract generates for your retirement. Please note that purchasing an annuity within a retirement plan that already provides tax deferral under sections of the Internal Revenue Code results in no additional tax benefit. An annuity should be used to fund a qualified plan based upon features other than tax deferral. All annuity features, risks, limitations, and costs should be considered before purchasing an annuity within a tax-qualified plan.

Flexible protection

Life presents financial risks, including loss of property and loss of life. While some people assume the risk and employ strategies to help manage it, many choose to transfer a portion of the risk to an insurance company. With Allianz Retirement Pro, you can transfer risk from your portfolio by allocating money to your Income Advantage Account, which offers both income and death benefit guarantees. You'll have the flexibility to add purchase payments or transfer money to your Income Advantage Account at any point prior to taking Income Advantage Payments (subject to age and contribution limits). If your plans should ever change, you'll have the ability to transfer (or add) money to your Base Account at any time.

TAX CONTROL

of your assets helps reduce uncertainty in retirement.

Access to your money

While Allianz Retirement Pro is designed for your long-term retirement goals, it has no withdrawal charges, which means you have immediate access to the money in both your Base and Income Advantage Accounts should an unexpected need arise. Because Income Advantage Payments are a form of withdrawal (not annuitization), you'll still have continued access to your Income Advantage Account once your lifetime payments begin.

Please keep in mind that any withdrawal or payment from your contract may be subject to ordinary income tax and, if taken before age 59½, a 10% federal additional tax. Transferring or withdrawing money from your Income Advantage Account will reduce your guaranteed values (including lifetime income) and you will have incurred higher fees without receiving the benefits of the account. Please refer to page 10 for full details.

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Allianz Retirement Pro® Variable Annuity

Add a level of certainty to your retirement strategy.

As you transition through life's financial turning points ­ from building assets, to using them to fund a long-term retirement, to leaving a legacy for your loved ones ­ how can you be certain you'll meet all your goals?

A protected foundation for income

Your "Benefit Base" is the protected value that is used to calculate your annual payments, as well as the fee assessed on your Income Advantage Account. Before you start taking income, your Benefit Base will always equal your Quarterly Anniversary Value. When you're ready to start lifetime payments, your Benefit Base will equal the greater of: · Your Quarterly Anniversary Value · Your Income Advantage Account Value

The Income Advantage Account provides income and death benefit guarantees that can help you:

· Build and protect a foundation for income with a quarterly lock-in feature · Leave a financial legacy for the ones who matter most.

Establishing your Quarterly Anniversary Value

The Quarterly Anniversary Value is initially equal to the purchase payments you allocate to the Income Advantage Account. On each quarterly contract anniversary (before the older covered person reaches age 91), if your Income Advantage Account Value exceeds the value of your previously locked-in Quarterly Anniversary Value, a new Quarterly Anniversary Value will be established. Prior to taking income, your Benefit Base will also increase to equal your new Quarterly Anniversary Value. Please keep in mind that if the Income Advantage Account is higher between quarterly anniversary dates, it will not be locked in.

Leaving your financial legacy

As important as it is to have an income strategy in place to help you retire the way you want, it's also important to consider what you may leave to your loved ones. The Income Advantage Death Benefit guarantees that upon your death, your beneficiaries will receive the greater of: · Your Quarterly Anniversary Value · Your current Income Advantage Account Value (less final Income Advantage Account fee)

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Allianz Retirement Pro® Variable Annuity

A lifetime of payments, with the opportunity for increases

The Income Advantage Account provides guaranteed lifetime income through withdrawals, with continued access to your account. You can choose between: · Single Income Advantage Payments ­ providing guaranteed payments for your entire life, or · Joint Income Advantage Payments ­ providing guaranteed payments for the entire lifetimes of you and your spouse.

If the 10-year U.S. Constant Maturity Treasury rate is ... 3.49% or less 3.50% to 4.99% 5.00% to 6.49% 6.50% +

Your initial annual maximum payment will be ... 4% of your Benefit Base 5% of your Benefit Base 6% of your Benefit Base 7% of your Benefit Base

Two opportunities for payment increases

While lifetime income is important, lifestylesustaining income is essential. To help keep up with growing retirement expenses your income payments need the opportunity to increase. On each Benefit Anniversary prior to the older covered person reaching age 91 (and while the Income Advantage Account Value is positive), your annual maximum Income Advantage Payment has the potential to increase if the following occurs: · Income Advantage Account Value increase If on your benefit anniversary, your Income Advantage Account Value is greater than your Benefit Base, your annual maximum Income Advantage Payment will increase. · 10-year U.S. Constant Maturity Treasury rate increase If on your benefit anniversary, the Treasury rate has increased to a level that results in a higher payment percentage, your annual maximum Income Advantage Payment will increase if this higher percentage multiplied by your current Income Advantage Account Value is greater than your current maximum payment. Each time your annual maximum Income Advantage Payment increases, your Benefit Base automatically adjusts to equal your current Income Advantage Account Value, which will also impact the amount deducted for your Income Advantage Account fee.

INCREASING

INCOME POTENTIAL

to help keep up with rising retirement expenses

Determining your Income Advantage Payments

Your initial annual maximum Income Advantage Payment is determined by your Benefit Base and a payment percentage based on the current 10-year U.S. Constant Maturity Treasury rate. When you elect to begin Income Advantage Payments (Benefit Election Date), your payment percentage will be based on the Treasury rate from the last business day of the previous week (at the close of business). Once your initial annual maximum Income Advantage Payment is established, it will never decrease due to negative investment performance or a lower Treasury rate.

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Income Advantage Account

You can start Income Advantage Payments at any time as long as the younger covered person is at least age 65, and the older covered person is younger than age 91.

Allianz Retirement Pro® Variable Annuity

Example: Your Income Advantage Account in the accumulation and income phases

This hypothetical example shows how your Income Advantage Account works before and after you begin taking Income Advantage Payments, but it does not show the values associated with your Income Advantage Death Benefit. It does not predict or project the actual performance of the Allianz Retirement Pro Variable Annuity, or its investment options. This example assumes no change in payment percentage due to an increased 10-year U.S. Constant Maturity Treasury rate.

Income Advantage Account

On the day your contract is issued, your Quarterly Anniversary Value and Benefit Base are equal to the purchase payments you allocate to your Income Advantage Account. Once established, these values are protected from negative investment performance. On each quarterly contract anniversary before age 91, if your Income Advantage Account Value exceeds the value of your previously locked-in Quarterly Anniversary Value, a new Quarterly Anniversary Value will be established. Prior to starting income, your Benefit Base also increases as your Quarterly Anniversary Value increases. On your Benefit Election Date, your Benefit Base is equal to the greater of your Quarterly Anniversary Value or your Income Advantage Account Value. If your Income Advantage Account Value was higher at this point, your Benefit Base would increase to equal this higher amount. Your annual maximum Income Advantage Payment is also determined on your Benefit Election Date. This amount is guaranteed for life, and will not decrease unless an excess withdrawal is taken or money is transferred to the Base Account.

A protected foundation for income

The combination of market participation, tax-deferred growth potential, and quarterly lock-ins can help you build a protected foundation for income.

Income Advantage Account Value Quarterly Anniversary Value Benefit Base

B A

Initial allocation to Income Advantage Account

Adding or transferring money to your Income Advantage Account will also increase your Quarterly Anniversary Value and Benefit Base.

Issue date

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Allianz Retirement Pro® Variable Annuity

Your Income Advantage Account Value has increased, resulting in a higher maximum payment. Your Benefit Base also adjusts to equal your Income Advantage Account Value. Even though your Income Advantage Account Value decreased, your maximum payment and Benefit Base stay the same. As long as you do not take an excess withdrawal, transfer money out of this account, or annuitize the contract, Income Advantage Payments continue for life. You will continue to have an opportunity for payment increases until the older covered person reaches age 91, or until your Income Advantage Account Value is reduced to zero.

A lifetime of payments with the opportunity for increases

A guaranteed stream of lifetime income, with the opportunity for payment increases, can help you sustain your lifestyle in the years ahead.

C

Benefit Election Date

You also have opportunities for payment increases due to a higher Treasury rate. Turn to the next page for an example.

D

Income Advantage Payment

E

Income Advantage Payment Increase

F

Income Advantage Payment Income Advantage Payment Income Advantage Payment Increase

G

Payments continue for life

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10

Years

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Allianz Retirement Pro® Variable Annuity

Calculating your annual maximum Income Advantage Payment

Once established, your Income Advantage Payments: · Are guaranteed for life (unless you take an excess withdrawal, make a transfer, or annuitize the contract) · Will never decrease due to negative investment performance, or a lower Treasury rate · Have the potential to increase on benefit anniversaries before age 91

If your Benefit Base is ... $100,000 $250,000 $500,000 $750,000 $1,000,000

at 4% $4,000 $10,000 $20,000 $30,000 $40,000

Your annual maximum payment will be ... at 5% at 6% $5,000 $12,500 $25,000 $37,500 $50,000 $6,000 $15,000 $30,000 $45,000 $60,000

at 7% $7,000 $17,500 $35,000 $52,500 $70,000

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Allianz Retirement Pro® Variable Annuity

Example: Payment increase due to a higher Treasury rate

These hypothetical examples show how you may receive an increase in your annual maximum Income Advantage Payment due to a higher Treasury rate-based payment percentage under two different market scenarios. They do not predict or project the actual performance of the Allianz Retirement Pro Variable Annuity, its investment options, or the 10-year U.S. Constant Maturity Treasury rate. These examples assume the Income Advantage Account Value and Benefit Base are equal at the time payments begin.

With negative returns

Benefit Election Date Income Advantage Account Value Benefit Base Treasury rate Payment percentage Annual maximum payment $100,000 $100,000 4.17% 5% $5,000 Benefit Anniversary $90,000 $90,000 5.08% 6% $5,400 Income Advantage Account Value Benefit Base Treasury rate Payment percentage Annual maximum payment

With positive returns

Benefit Election Date $100,000 $100,000 4.17% 5% $5,000 Benefit Anniversary $110,000 $110,000 5.08% 6% $6,600

Because the higher payment percentage multiplied by your current Income Advantage Account Value results in a greater payment, you receive an increase. Each time your payment increases, your Benefit Base automatically adjusts to equal your current Income Advantage Account Value.

History of the 10-year U.S. Constant Maturity Treasury rate

The following table shows the actual highs and lows of the 10-year U.S. Constant Maturity Treasury rate from 1997 ­ 2012. This information is provided for historical purposes only and is not representative of future rates.

High and low 10-year U.S. Constant Maturity Treasury rate by year

Year High Low 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 6.98% 5.81% 6.45% 6.79% 5.54% 5.44% 4.61% 4.89% 4.66% 5.25% 5.26% 4.27% 3.98% 4.01% 3.75% 2.39% 5.72% 4.16% 4.63% 5.02% 4.22% 3.61% 3.13% 3.70% 3.89% 4.34% 3.83% 2.08% 2.23% 2.41% 1.72% 1.43%

Source: Federal Reserve

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Allianz Retirement Pro® Variable Annuity

Important points to consider with your Income Advantage Account.

· Any withdrawal or payment from your contract may be subject to ordinary income tax and, if taken before age 59½, a 10% federal additional tax. · During accumulation, a withdrawal or transfer from your Income Advantage Account will reduce your Quarterly Anniversary Value and Benefit Base by the greater of the percentage of your account value withdrawn/transferred, or by the dollar amount taken. Subsequently, these values will increase by the dollar amount of any additional purchase payments allocated to your Income Advantage Account, or any transfer from the Base Account. · Once you begin Income Advantage Payments you can no longer add or transfer money to your Income Advantage Account. · If you do not begin Income Advantage Payments during the period they are available, you will have incurred higher fees without receiving the benefit of lifetime Income Advantage Payments, although you will still have the Income Advantage Death Benefit. · Transferring money from your Income Advantage Account, or taking an excess withdrawal (a withdrawal that is greater than your annual maximum Income Advantage Payment) will reduce your Benefit Base by the greater of the percentage of your account value transferred/withdrawn, or the dollar amount removed. An excess withdrawal or transfer will also cause future Income Advantage Payments to decrease, or potentially stop. If payments stop, the Income Advantage Account (and Income Advantage Death Benefit) will terminate. · Income Advantage Payments, excess withdrawals, and transfers from your Income Advantage Account will reduce your Income Advantage Death Benefit by the greater of the percentage of your account value transferred/withdrawn, or the dollar amount removed.

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Allianz Retirement Pro® Variable Annuity

Important risk and index disclosures for the following section:

* An investment in the fund is neither insured nor guaranteed by FDIC or any other governmental agency. Although the fund seeks to preserve your $1.00 per unit, it is possible to lose money in the fund.

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Small-cap and mid-cap stocks are more volatile than large-cap or more established companies' securities. This investment option seeks to match the performance of the specified market index. Investors cannot invest directly into indexes. The AZL®, AGIC, and PIMCO investment options are managed by an affiliate of Allianz Life Insurance Company of North America and Allianz Life Financial Services, LLC. This investment option is subadvised. The subadvisor may have a public mutual fund with an investment objective that is similar to that of this investment option. These are separate portfolios that will have different performance due to differing fees, expenses, relative cash flows, portfolio sizes, and other factors. International investing involves some risks not present with U.S. investments, such as currency fluctuation and political volatility. High-yield securities inherently have a high degree of market risk in addition to credit risk and potential illiquidity. Bond funds are subject to credit risk and inflation risk. They are also subject to interest rate risk. Generally, when interest rates rise, bond prices fall. Bonds with longer maturities tend to be more sensitive to changes in interest rates. Money invested in a specific sector or industry is subject to a higher degree of risk than money that is diversified. The investment option normally invests in commodity-linked derivative instruments backed by a portfolio of inflation-indexed securities and other fixed income instruments. Neither the current market value of inflation-indexed bonds nor the value of shares of a fund that invests in inflation-indexed bonds is guaranteed. Either may fluctuate as they adjust to the rate of inflation. Commoditylinked derivative instruments may be more volatile than traditional securities. They are affected by changes in overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes, and international, economic, and political developments. This investment option invests in derivative instruments such as futures, options, and swap agreements. Derivatives can increase the investment option's share price volatility and could magnify losses. Certain derivative instruments also involve costs that could reduce returns. Certain derivatives may involve risk of default. This investment option is classified as "nondiversified" within the meaning of the Investment Company Act of 1940. However, these investment options are required, pursuant to the Internal Revenue Code of 1986, to meet certain diversification requirements in order to qualify as regulated investment companies for federal income tax purposes. Investment options that are nondiversified are generally subject to greater risk than investment options that are diversified. Manager Allocation Risk: The risk refers to the possibility that the manager could allocate assets in a manner that will cause the funds to underperform other funds with similar investment objectives. The manager may have a potential conflict of interest in allocating assets among and between the permitted underlying funds because the subadvisory fee rate it pays to the subadvisors of the permitted underlying funds is different. "Standard & Poor's®," "S&P®," "S&P 500," "Standard & Poor's 500," "500," "Standard & Poor's SmallCap 600," "S&P SmallCap 600," and "S&P MidCap 400" are trademarks of Standard & Poor's Financial Services LLC and have been licensed for use by the Allianz Variable Insurance Products Trust and Allianz Investment Management LLC. The product is not sponsored, endorsed, sold, or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of purchasing the product. Because certain investment options are not available with certain optional benefits, the performance of these investment options does not reflect the rider charges associated with these benefits. The Russell 1000® Value Index is a market-capitalization weighted index of those firms in the Russell 1000 with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 includes the largest 1,000 firms in the Russell 3000®, which represents approximately 98% of the investable U.S. equity markets. The Russell 1000® Growth Index is a market-capitalization weighted index of those firms in the Russell 1000 with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 includes the largest 1,000 firms in the Russell 3000®, which represents approximately 98% of the investable U.S. equity markets.

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Allianz Retirement Pro® Variable Annuity

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MSCI EAFE® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. EAFE is a registered service mark of MSCI, Inc. Emerging market securities carry special risks, such as less developed or less efficient trading markets, a lack of company information, and differing auditing and legal standards. The securities markets of emerging market countries can be extremely volatile; performance can also be influenced by political, social, and economic factors affecting companies in emerging market countries. The Portfolio invests in stocks believed to be undervalued, but that may not realize their perceived value for extended periods of time or may never realize their perceived value. The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks. Because growth stocks have higher valuations and lower dividend yields than slower-growth or cyclical companies, the share price volatility may be higher. As such, fund prices could decline further in market downturns than non-growth-oriented funds. The value approach carries the risk that the market will not recognize a security's true worth for a long time, or that a stock judged to be undervalued may actually be appropriately priced. As with all equity funds, the fund's share price can fall because of weakness in the broad market, a particular industry, or specific holdings Due to the fund's concentration in health sciences companies, its share price will be more volatile than that of more diversified funds. Further, these firms are often dependent on government funding and regulation and are vulnerable to product liability lawsuits and competition from low-cost generic products. Equity funds are subject generally to market, market sector, market liquidity issuer, and investment style risks, among other factors and to varying degrees Franklin Rising Dividends Fund invests in value securities, which may not increase in price as anticipated or may decline further in value. While smaller and midsize companies may offer substantial opportunities for capital growth, they also involve heightened risks and should be considered speculative. Historically, smaller- and midsize- company securities have been more volatile in price than larger company securities, especially over the short term. These and other risks are detailed in the fund's prospectus. Investments in the utilities sector can be very volatile because of supply and/or demand for services or fuel, financing costs, conservation efforts, the negative impact of regulation, and other factors.

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Design a portfolio that's aligned with your goals.

Whether you want to build a source of lifetime income, or simply grow your assets for a specific retirement goal, Allianz offers a wide variety of investment options that let you design a portfolio in line with your long-term investment strategy.

How we choose our money managers

At Allianz, quality matters. We constantly monitor our investment options and money managers through a process we call Comprehensive Portfolio Management (CPM). With CPM, we evaluate the options and managers based on three criteria: · Control: We offer choices in all major asset classes and monitor our money managers to ensure they retain their investment style. · Consistency: We only retain those money managers with proven track records of delivering consistent performance. · Capacity: We make sure our money managers have the resources and practices to provide diverse investment options.

How you select your investment options

In order to build a source of reliable retirement assets, it is essential to have a long-term, holistic approach to investing. Your investment advisor offers the financial expertise to help you select investment options aligned with your personal objectives, and then manage allocations based on individual needs and current market conditions. Use this brochure and the professional guidance of your advisor to build a portfolio to help you reach your retirement goals.

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Investment options

Allianz Retirement Pro® Variable Annuity

Investing for performance

When it comes to investing, variety and opportunity are two key components if you are seeking increased growth potential from your retirement assets. The Base Account offers a number of performance-driven asset allocation portfolios, as well an extensive list of asset class options to customize your own portfolio based on your long-term investment objectives. The charts below display the several asset classes that are available. You are able to create an asset allocation portfolio by selecting investment options found in one of the four areas: risk-managed, tactical, balanced, and strategic asset allocations. Please keep in mind that asset allocation and diversifying your portfolio do not ensure a profit or protect against loss. Refer to pages 16 and 17 for a complete list of investment options available in the Base Account.

Customize your portfolio

Access to highly regarded asset classes offered in Retirement Pro

Large Cap Value Mid Cap Value Small Cap Value Large Cap Core Mid Cap Core EQUITY Small Cap Core Large Cap Growth Mid Cap Growth Small Cap Growth International Value International Core Global Equity International Growth Intermediate-Term Short-Term FIXED INCOME Global Bond High Yield Multisector Money Market Absolute Return Emerging Market Equity ALTERNATIVES Long-Short Commodities Floating Rate Bond Treasury Inflation Protected Emerging Market Bond Global Real Estate Energy SECTORS Technology Healthcare Utilities Materials

Asset allocation solutions

Risk-managed asset allocation Asset allocation strategies with focus on managing the overall risk of portfolio AZL MVP FusionSM Balanced Fund AZL MVP FusionSM Conservative Fund AZL MVP FusionSM Growth Fund AZL MVP FusionSM Moderate Fund Legg Mason Dynamic Multi-Strategy VIT Portfolio Tactical asset allocation Asset allocation strategies that are actively managed to be flexible and opportunistic in their asset allocation mix BlackRock Global Allocation V.I. Fund Ivy Funds VIP Asset Strategy Portfolio PIMCO VIT All Asset Portfolio PIMCO VIT Global Multi-Asset Portfolio Balanced risk asset allocation Asset allocation strategies which seek to weigh asset classes to contribute similar amounts of risk to the overall portfolio Invesco V.I. Balanced-Risk Allocation Fund Strategic asset allocation Asset allocation strategies which seek to provide a generally static mix of asset classes AZL® Franklin Templeton Founding Strategy Plus Fund AZL® Invesco Equity and Income Fund Franklin Income Securities Fund Franklin Templeton VIP Founding Funds Allocation Fund

Investment options

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Important risk and index disclosures are found on page 11. Page 16 of 24

Allianz Retirement Pro® Variable Annuity

Investing for protection

Consistent performance and safety of principal are essential if you're looking to build and sustain a reliable source of retirement income. A conservative blend of equity, bonds, and other fixed-income instruments may help meet your needs if you are seeking a predictable stream of lifetime income with the potential for future growth. A conservative, long-term investment strategy can help provide the income you may need to sustain your lifestyle in retirement. Please refer to page 19 for a complete list of investment options available in the Income Advantage Account.

TRANSFER

some of your market risk to an insurance company.

The chart below illustrates the statistical probabilities of events likely to happen in an average year, and how a portion of that risk can be transferred away. The greatest probability in any one given year is the loss of market value. Yet many people seldom realize the need to protect their retirement assets.

Annual financial risks 0.3% Chance of house fire1 Portion of risk transferred away Homeowners insurance

0.9% Chance of death2

Life insurance

2.1% Chance of car accident3

Auto insurance

PREPARE

for the unknown in retirement by rethinking protection.

28% Chance of market loss4

VA

Variable annuity protection benefits

Variable annuity optional living and death benefit riders help provide protection and can be purchased for an additional charge.

1

Percentage is calculated from U.S. Fire Administration Fire Estimates, "Residential Building Estimates," www.usfa.fema.gov/statistics/estimates/index.shtm and American Housing Survey for the United States: 2010. Accessed February 2013. 2001 CSO Table, www.actuary.org/life/sco_0702.asp. Accessed February 2013. Percentage is calculated from the U.S. Department of Transportation National Highway Traffic Safety Administration, "Highlights of 2009 Motor Vehicle Crashes," Traffic Safety Facts, August 2010 and Fatality Analysis Reporting System (FARS) Encyclopedia 2009, www-fars.nhtsa.dot.gov/Main/index.aspx. Accessed February 2013. Percentage is based on number of years (14) the S&P 500 ® was down during the 50-year period between January 1, 1962 ­ December 31, 2012. Jeffrey A. Hirsch and Yale Hirsch, Stock Trader's Almanac 2013, p. 155. 15

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The data provided for the table came from sources believed to be reliable and the most recent available. Page 17 of 24

Allianz Retirement Pro® Variable Annuity

Base Account ­ investing for performance

Investment options by asset class

ASSET CLASS NAME

Asset Allocation

Fund of Funds AZL MVP FusionSM Balanced Fund3,12 AZL MVP FusionSM Conservative Fund3,12 AZL MVP FusionSM Growth Fund3,12 AZL MVP FusionSM Moderate Fund3,12 Model/Balanced AZL® Franklin Templeton Founding Strategy Plus Fund3,4,10,12 AZL® Invesco Equity and Income Fund3,4 BlackRock Global Allocation V.I. Fund Franklin Income Securities Fund6,7,8 Franklin Templeton VIP Founding Funds Allocation Fund Invesco V.I. Balanced-Risk Allocation Fund11 Ivy Funds VIP Asset Strategy Portfolio5,6,7,9,10 Legg Mason Dynamic Multi-Strategy VIT Portfolio5,6,7 PIMCO VIT All Asset Portfolio3 PIMCO VIT Global Multi-Asset Portfolio3,10,12

Equity ­ Large Cap

Large Cap Value AZL® Davis New York Venture Fund3,4 AZL® Invesco Growth and Income Fund3,4,5 AZL® MFS Value Fund3,4 AZL® Russell 1000 Value Index Fund2,3,4,15 BlackRock Equity Dividend V.I. Fund Mutual Shares Securities Fund T. Rowe Price Equity Income Portfolio21 Large Cap Core AZL® JPMorgan U.S. Equity Fund3,4 AZL® MFS Investors Trust Fund3,4,10 AZL® S&P 500 Index Fund2,3,4,13 Dreyfus VIF Appreciation Portfolio23 Franklin Rising Dividends Securities Fund24 Large Cap Growth AZL® BlackRock Capital Appreciation Fund3,4,5 AZL® Dreyfus Research Growth Fund3,4 AZL® Russell 1000 Growth Index Fund2,3,4,16 Ivy Funds VIP Growth Portfolio5 ClearBridge Variable Aggressive Growth Portfolio T. Rowe Price Blue Chip Growth Portfolio20

Equity ­ Mid Cap

Mid Cap Value Mid Cap Core Mid Cap Growth AZL® Columbia Mid Cap Value Fund1,3,4 Invesco V.I. American Value Fund1

SM

AZL® Mid Cap Index Fund1,2,3,4,10,13 Fidelity VIP Mid Cap Portfolio1 AZL® Morgan Stanley Mid Cap Growth Fund1,3,4,5 Ivy Funds VIP Mid Cap Growth Portfolio1,5

16

Allianz Life Insurance Company of New York, Allianz Life Financial Services, LLC, Allianz Investment Management LLC, NFJ Investment Group, LLC, Allianz Global Investors, and PIMCO are affiliated companies. Important risk and index disclosures are found on page 11. Page 18 of 24

Allianz Retirement Pro® Variable Annuity

ASSET CLASS

NAME

Equity ­ Small Cap

Small Cap Value Small Cap Core Small Cap Growth AZL® Columbia Small Cap Value Fund1,3,4,10 AZL® Federated Clover Small Value Fund1,3,4 AZL® Small Cap Stock Index Fund1,2,3,4,13 Lazard Retirement U.S. Small-Mid Cap Equity Portfolio1,19 AZL® Oppenheimer Discovery Fund1,3,4

Equity ­ International/Global

International Growth International Core AZL® Invesco International Equity Fund3,4,5 Oppenheimer International Growth Fund/VA5 AZL® International Index Fund2,3,4,5,17 AZL® JPMorgan International Opportunities Fund3,4,5 Lazard Retirement International Equity Portfolio5,18,19 International Value Global Equity AZL® NFJ International Value Fund3,4,5 MFS VIT II International Value Portfolio5 PIMCO EqS Pathfinder Portfolio3,5,6,7 Templeton Growth Securities Fund5

Fixed Income

Intermediate-Term Bond AZL® Pyramis® Core Bond Fund3,4,7 Fidelity VIP Strategic Income Portfolio7 Franklin Strategic Income Securities Fund7 Franklin U.S. Government Fund7 JPMorgan Insurance Trust Core Bond Portfolio7 MFS VIT Research Bond Portfolio7 PIMCO VIT Total Return Portfolio3,7,10 Global Bond High-Yield Bonds Short-Term Cash Equivalent PIMCO VIT Global Bond Portfolio (Unhedged)3,5,7 Templeton Global Bond Securities Fund5,6,7 Franklin High Income Securities Fund6,7,8 PIMCO VIT High Yield Portfolio3,6,7 PIMCO VIT Low Duration Portfolio3 AZL® Money Market Fund*,3,4

Specialty ­ Alternatives

Long Short Global Real Estate Emerging Market Equity Floating Rate Bond Emerging Market Equity Commodities Emerging Market Bond Absolute Return AZL® Gateway Fund3,4,10 AZL® Morgan Stanley Global Real Estate Fund3,4,5,8 AZL® Schroder Emerging Markets Equity Fund3,4,5,8 Eaton Vance VT Floating Rate Income Fund Fidelity VIP Emerging Markets Portfolio5,8 PIMCO VIT CommodityRealReturn Strategy Portfolio3,9,11 PIMCO VIT Emerging Markets Bond Portfolio3,5,6,7 PIMCO VIT Unconstrained Bond Portfolio3,5,7

Treasury Inflation Protection PIMCO VIT Real Return Portfolio3,5,7,15

Specialty ­ Sector

Energy Materials Technology Utilities Healthcare Ivy Funds VIP Energy Portfolio8 Ivy Funds VIP Global Natural Resources Portfolio8 Ivy Funds VIP Science and Technology Portfolio8 MFS VIT Utilities Portfolio8,18,25 T. Rowe Price Health Sciences Portfolio8,22

17 Page 19 of 24

Allianz Retirement Pro® Variable Annuity

Income Advantage Account ­ investing for protection

When you allocate money to your Income Advantage Account, certain investment allocation rules apply. Allocation to aggressive investment options will be limited, which may limit the downside risk and the upside potential to your Income Advantage Account Value. Each quarter, money in your Income Advantage Account will be automatically rebalanced according to your most recent allocation instructions for future purchase payments. Income Advantage Account allocation rules: · You can have up to 15% of your Income Advantage Account Value in the Group 1 investment options. · You can have up to 50% of your Income Advantage Account Value combined in the Group 1 and Group 2 investment options. · You must have at least 50% of your Income Advantage Account Value in the Group 3 investment options.

18 Page 20 of 24

Allianz Retirement Pro® Variable Annuity

Investment options by group

Group 1

Small Cap

Intermediate Term Bond Specialty AZL® Small Cap Stock Index Fund1,2,3,4,13 PIMCO VIT Emerging Markets Bond Portfolio3,5,6,7 AZL® Morgan Stanley Global Real Estate Fund3,4,5,8 AZL® Schroder Emerging Markets Equity Fund3,4,5,8 PIMCO VIT CommodityRealReturn Strategy Portfolio3,9,11 Group 1 and Group 2 Allocate up to 50% Group 1 Allocate up to 15% Group 3 Allocate 50-100%

Group 2

Large Cap Growth Large Value Mid Cap Core International Core Specialty Model / Balanced AZL® Russell 1000 Growth Index Fund2,3,4,16 AZL® Russell 1000 Value Index Fund2,3,4,15 AZL® Mid Cap Index Fund1,2,3,4,10,13 AZL® International Index Fund2,3,4,5,17 AZL® Gateway Fund3,4,10 BlackRock Global Allocation V.I. Fund PIMCO VIT Global Multi-Asset Portfolio3,10,12

Group 3

Intermediate Term Bond Global Bond Treasury Inflation Bond High Yield Bond Cash Equivalent Specialty Franklin U.S. Government Fund7 PIMCO VIT Total Return Portfolio3,7,10 PIMCO VIT Global Bond Portfolio (Unhedged)3,5,7 Templeton Global Bond Securities Fund5,6,7 PIMCO VIT Real Return Portfolio3,5,7,15 Franklin High Income Securities Fund6,7,8 PIMCO VIT High Yield Portfolio3,6,7 AZL® Money Market Fund*,3,4 PIMCO VIT Unconstrained Bond Portfolio3,5,7

Important risk and index disclosures are found on page 11. Page 21 of 24

19

Allianz Retirement Pro® Variable Annuity product profile

Issue age Minimum purchase payments Account Maximum contributions 0-80 (based on covered person) Initial: $75,000 Base N/A 0.30% Calculated as a percentage of the net asset value of the investment options in the Base Account No Subsequent: $50 Income Advantage $1 million without prior approval (includes total purchase payments allocated to this account and transfers from Base Account) 1.00% single / 1.15% joint Calculated as a percentage of the Benefit Base Yes Minimum: 0.25% / Maximum: 1.75% (Will never increase/decrease more than 0.25% in any 12-month period)

Annual account fee

Account fee subject to change? Contract maintenance charge

$75 annually (waived for contract value of $100,000 or more) Withdrawals: Access to your money with no withdrawal charges Transfers: Can be made to the Income Advantage Account prior to starting income, or to the Base Account at any time

Withdrawals/transfers

All withdrawals are subject to ordinary income tax, and if taken prior to age 59½, may be subject to a 10% federal tax penalty. Withdrawals or transfers from the Income Advantage Account may reduce your Quarterly Anniversary Value and Benefit Base by more than the amount removed from the Income Advantage Account. · Life · Life with period certain · Joint and last survivor · Joint and last survivor with period certain · Refund life N/A

Annuity payout options

Other features

· Dollar-cost averaging: 6 or 12 month program (Base Account only) · Flexible Rebalancing Program (Base Account only) · Systematic Withdrawal Program (Base Account only) Beneficiaries receive: · Base Account Value Approximately 80 are currently available. Minimum Maximum 1.70%

· Automatic Investment Plan · Required Minimum Distribution Program

Financial legacy

Beneficiaries receive the greater of: · Income Advantage Account Value · Quarterly Anniversary Value Approximately 20 are currently available. Minimum 0.65% Maximum 1.70%

Investment options

Annual operating expense of investment options

0.65%

Expenses shown are before fee waivers and expense reimbursements.

Expenses shown are before fee waivers and expense reimbursements.

Tax-free transfers among investment options Income Advantage Account A protected foundation for income

12 free per year ($25 thereafter). All transfers on the same day are counted as one. There is not a limit or fee for the following transfers: Transfers made between the same investment option in the two different accounts, dollar-cost averaging transfers, flexible rebalancing transfers, or quarterly balancing transfers in the Income Advantage Account.

Initial Income Advantage Payments are calculated from the greater of: · Your Income Advantage Account Value · Your Quarterly Anniversary Value Quarterly Anniversary Value: Initially equal to the purchase payments allocated to your Income Advantage Account. On each quarterly contract anniversary before age 91, if your Income Advantage Account Value exceeds the value of your previously lockedin Quarterly Anniversary Value, a new Quarterly Anniversary Value will be established. Your account value may be higher between quarterly anniversaries, but will not be locked in.

A lifetime of income, with the opportunity for payment increases

Income Advantage Payments can begin at any time as long as the younger covered person is at least 65, and the older covered person is younger than 91. Your initial annual maximum payment is based on the 10-year U.S. Constant Maturity Treasury rate: Treasury rate 3.49% or less 3.50% to 4.99% 5.00% to 6.49% 6.50% or greater Annual maximum payment 4% of your Benefit Base 5% of your Benefit Base 6% of your Benefit Base 7% of your Benefit Base

Two opportunities for payment increases · Income Advantage Account Value increase If on your benefit anniversary, your Income Advantage Account Value is greater than your Benefit Base, your annual maximum Income Advantage Payment will increase. · 10-year U.S. Constant Maturity Treasury rate increase If on your benefit anniversary, the Treasury rate has increased to a level that results in a higher payment percentage, your annual maximum Income Advantage Payment will increase if this higher percentage multiplied by your current Income Advantage Account Value is greater than your current maximum payment. Each time your annual maximum Income Advantage Payment increases, your Benefit Base automatically adjusts to equal your current Income Advantage Account Value, which will also impact the amount deducted for your Income Advantage Account fee.

20 Page 22 of 24

Work with your investment advisor to determine what role the Allianz Retirement Pro® Variable Annuity can play in your overall retirement strategy.

Page 23 of 24

True to our promises ... so you can be true to yours.

A leading provider of annuities and life insurance, Allianz Life Insurance Company of North America (Allianz) bases each decision on a philosophy of being true: True to our strength as an important part of a leading global financial organization. True to our passion for making wise investment decisions. And true to the people we serve, each and every day. Through a line of innovative products and a network of trusted financial professionals, and with over 2.6 million contracts issued, Allianz helps people as they seek to achieve their financial and retirement goals. Founded in 1896, Allianz is proud to play a vital role in the success of our global parent, Allianz SE, one of the world's largest financial services companies. While we pride ourselves on our financial strength, we're made of much more than our balance sheet. We believe in making a difference with our clients by being true to our commitments and keeping our promises. People rely on Allianz today and count on us for tomorrow ­ when they need us most.

®

All annuity contract and rider guarantees, or annuity payout rates, are backed by the claims-paying ability of the issuing insurance company. They are not backed by the broker/dealer from which this annuity is purchased, by the insurance agency from which this annuity is purchased, or any affiliates of those entities, and none makes any representations or guarantees regarding the claims-paying ability of Allianz Life Insurance Company of North America. Guarantees do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions.

www.allianzlife.com Allianz Retirement Pro® Variable Annuity is issued by: Allianz Life Insurance Company of North America 5701 Golden Hills Drive Minneapolis, MN 55416-1297 800.624.0197 Allianz Retirement Pro Variable Annuity is distributed by: Allianz Life Financial Services, LLC 5701 Golden Hills Drive Minneapolis, MN 55416-1297 800.624.0197

Member FINRA

L40533 (R-5/2013)

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