|
||||||||||||||||||||||||||
| SEC Info℠ | | | Home | | | Search | | | My Interests | | | Help | | | Sign In | | | Please Sign In | |||||||
|
||||||||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size 5/04/23 Allianz Life of NY Var Account C 497 5/04/23 1:4M → Allianz Life of NY Variable Account C ⇒ Allianz Index Advantage New York |
Document/Exhibit Description Pages Size 1: 497 Index Advantage Ny 497 HTML 3.91M
|
|
FEES AND
EXPENSES
|
Prospectus
Location
|
||
|
Charges
for Early
Withdrawals
|
If you withdraw money from the Contract within six years of your
last Purchase Payment,
you will be assessed a withdrawal charge of up to 8.5% of the
Purchase Payment
withdrawn, declining to 0% over that time period. For example, if
you invest $100,000 in the
Contract and make an early withdrawal, you could pay a withdrawal
charge of up to $8,500.
In addition, if you take a full or partial withdrawal (including
financial adviser fees that you
choose to have us pay from this Contract) from an Index Option on
a date other than the
Index Effective Date or an Index Anniversary, a Daily Adjustment
will apply to the Index
Option Value available for withdrawal. The Daily Adjustment also
applies if before the Index
Anniversary you execute a Performance Lock, annuitize the
Contract, we pay a death
benefit, or we deduct Contract fees and expenses. The Daily
Adjustment may be positive,
negative, or equal to zero. A negative Daily Adjustment will
result in loss. In extreme
circumstances, a negative Daily Adjustment could result in a loss
beyond the protection of
the 10% or 30% Buffer. The maximum potential loss from a negative
Daily Adjustment is
-99%.
|
Fee Tables
4. Valuing Your
Contract – Daily
Adjustment
6. Expenses –
Withdrawal
Charge
Appendix B –
Daily
Adjustment
|
||
|
Transaction
Charges
|
In addition to withdrawal charges, and Daily Adjustments that may
apply to withdrawals and
other transactions from the Index Options, we will also charge you
a fee of $25 per transfer
after you exceed 12 transfers between Variable Options in a
Contract Year.
|
Fee Tables
6. Expenses –
Transfer Fee
|
||
|
Ongoing
Fees and
Expenses
(annual
charges)
|
The table below describes the fees and expenses that you may pay each year, depending
on the 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.
These ongoing fees and expenses do not reflect any financial
adviser fees paid to a
Financial Professional from your Contract Value or other assets of
the Owner. If such
charges were reflected, these ongoing fees and expenses would be
higher.
|
|||
|
Annual Fee
|
Minimum
|
Maximum
|
||
|
Base Contract(1)
|
1.26%
|
1.26%
|
||
|
Investment Options(2)
(Variable Option fees and expenses)
|
0.66%
|
0.88%
|
||
|
|
Optional Benefits Available for an Additional
Charge
(for a single optional benefit, if elected)
|
Not Applicable
|
Not Applicable
|
|
|
|
(1)
As a percentage of the Charge Base, plus an amount attributable to
the contract maintenance charge.
|
|
||
|
|
(2)
As a percentage of the Variable Option’s average daily net assets.
|
|
||
|
|
FEES AND
EXPENSES
|
Prospectus
Location
|
||
|
|
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, which if taken from the
Index Options could result in substantial losses
due to the application of negative
Daily Adjustments.
|
|
||
|
|
Lowest Annual Cost:
$1,761
|
Highest Annual Cost:
$1,944
|
|
|
|
|
Assumes:
•Investment of $100,000
•Least expensive Variable Option fees and
expenses
•5% annual appreciation
•No additional Purchase Payments,
transfers, or withdrawals
•No financial adviser fees
|
Assumes:
•Investment of $100,000
•Most expensive Variable Option fees and
expenses
•5% annual appreciation
•No additional Purchase Payments,
transfers, or withdrawals
•No financial adviser fees
|
|
|
|
|
RISKS
|
|
||
|
Risk of
Loss
|
You can lose money by investing in the Contract, including loss of
principal and previous
earnings.
|
Risk Factors
|
||
|
Not a
Short-Term
Investment
|
• This Contract is not a short-term investment and is not
appropriate if you need ready
access to cash.
• Considering the benefits of tax deferral and long-term income,
the Contract is generally
more beneficial to investors with a long investment time horizon.
• If within six years after we receive a Purchase Payment you take
a full or partial
withdrawal (including financial adviser fees that you choose to
have us pay from this
Value or the amount of money that you actually receive.
Withdrawals may reduce or end
Contract guarantees.
• Withdrawals are subject to income taxes, including a 10%
additional federal tax for
withdrawals taken before age 59 1∕2.
• Amounts invested in an Index Option must be held in the Index
Option for a full Index
Year before they can receive a Performance Credit. We apply a
Daily Adjustment if before
the Index Anniversary you take a full or partial withdrawal
(including financial adviser fees
Performance Lock, we pay a death benefit, or we deduct Contract
fees and expenses.
• The Traditional Death Benefit may not be modified, but it will
terminate if you take
withdrawals that reduce both the Contract Value and Guaranteed
Death Benefit Value to
zero. Withdrawals may reduce the Traditional Death Benefit’s
Guaranteed Death Benefit
Value by more than the value withdrawn and could end the
Traditional Death Benefit.
|
|||
|
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 Options and
the Index Options
available under the Contract.
• Each Variable Option and Index Option has its own unique risks.
• You should review each Variable Option’s prospectus and
disclosures, including risk
factors, before making an investment decision.
|
Risk Factors
|
||
|
Insurance
Company
Risks
|
An investment in the Contract is subject to the risks related to
us. All obligations,
guarantees or benefits of the Contract are the obligations of
Allianz Life of New York and
are subject to our claims-paying ability and financial strength.
More information about
Allianz Life of New York, including our financial strength
ratings, is available upon request
by visiting allianzlife.com/new-york/about/why-allianz, or contacting us at (800) 624-0197.
|
Risk Factors
|
||
|
|
RESTRICTIONS
|
Prospectus
Location
|
||
|
Investments
|
• Certain Index Options may not be available under your Contract.
• The first 12 transfers between Variable Options every Contract
Year are free. After that,
we deduct a $25 transfer fee for each additional transfer. Your
transfers between the
Variable Options are also subject to policies designed to deter
excessively frequent
transfers and market timing.
• We only allow assets to move into the Index Options on the Index
Effective Date and on
subsequent Index Anniversaries as discussed in section 3,
Purchase Payments –
Allocation of Purchase Payments and Contract Value Transfers.
• You can transfer Index Option Value only on an Index
Anniversary.
• We reserve the right to close or substitute the Variable
Options. We also reserve the right
to substitute Indexes either on an Index Anniversary or during an
Index Year. We can also
decline a Purchase Payment if it does not meet the requirements
set out in section 3,
Purchase Payments – Purchase Payment Requirements.
|
Risk Factors
3. Purchase
Payments
4. Valuing Your
5. Variable
Options
6. Expenses –
Transfer Fee
Appendix A –
Available Indexes
|
||
|
Optional
Benefits
|
The Contract does not offer any Optional Benefits.
|
Not Applicable
|
||
|
|
TAXES
|
|
||
|
Tax
Implications
|
• Consult with a tax professional to determine the tax
implications of an investment in and
withdrawals from or payments received under the Contract.
• If you purchased the Contract through a tax-qualified plan or
individual retirement account
(IRA), you do not get any additional tax benefit under the
Contract.
• Earnings under a Non-Qualified Contract may be taxed at ordinary
income rates when
withdrawn, and you may have to pay a 10% additional federal tax
if you take a full or
partial withdrawal before age 59 1∕2.
• Generally, distributions from Qualified Contracts are taxed at
ordinary income tax rates
when withdrawn, and you may have to pay a 10% additional federal
tax if withdrawn
before age 59 1∕2.
|
11. Taxes
|
||
|
|
CONFLICTS
OF INTEREST
|
|
||
|
Investment
Professional
Compensation
|
Your Financial Professional may receive compensation for selling
this Contract to you, in
the form of commissions, additional cash benefits (e.g., cash
bonuses), and non-cash
compensation. We and/or our wholly owned subsidiary distributor
may also make marketing
support payments to certain selling firms for marketing services
and costs associated with
Contract sales. This conflict of interest may influence your
Financial Professional to
recommend this Contract over another investment for which the
Financial Professional is
not compensated or compensated less.
|
12. Other
Information –
Distribution
|
||
|
Exchanges
|
12. Other
Information –
Distribution
|
|||
|
Currently Available
Crediting Methods and Buffers
|
Currently
Available Indexes
|
Positive Index Performance
Participation Limit
|
|
Index Protection NY Strategy
with 30% Buffer
|
• S&P 500® Index
• Russell 2000® Index
• Nasdaq-100® Index
• EURO STOXX 50®
|
• 1.50% minimum Cap
|
|
Index Performance Strategy
with 10% Buffer
|
• S&P 500® Index
• Russell 2000® Index
• Nasdaq-100® Index
• EURO STOXX 50®
|
• 1.50% minimum Cap
|
|
Number of Complete Years
Since Purchase Payment
|
Withdrawal Charge Amount
|
|
0
|
8.5%
|
|
1
|
8%
|
|
2
|
6.5%
|
|
3
|
5%
|
|
4
|
3%
|
|
5
|
1%
|
|
6 years or more
|
0%
|
|
|
Index Protection NY Strategy and
Index Performance Strategy
|
|
Daily Adjustment Maximum Potential Loss
|
99%
|
|
(as a percentage of Index Option Value, applies for distributions from an Index Option
before
any Index Anniversary)(4)
|
|
|
Administrative Expenses (or contract maintenance
charge)(1)
(per year)
|
$50
|
|
Base Contract Expenses(2)
(as a percentage of the Charge Base)
|
1.25%
|
|
|
Minimum
|
Maximum
|
|
(expenses that are deducted from Variable Option assets, including management fees,
distribution and/or
service (12b-1) fees, and other expenses)
|
0.66%
|
0.88%
|
|
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
Maximum Variable Option expense
|
$9,804
|
$12,497
|
$14,099
|
$24,510
|
|
Minimum Variable Option expense
|
$9,584
|
$11,830
|
$12,977
|
$22,224
|
|
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
Maximum Variable Option expense
|
N/A*
|
$6,647
|
$11,399
|
$24,510
|
|
Minimum Variable Option expense
|
N/A*
|
$5,980
|
$10,277
|
$22,224
|
|
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
Maximum Variable Option expense
|
$2,154
|
$6,647
|
$11,399
|
$24,510
|
|
Minimum Variable Option expense
|
$1,934
|
$5,980
|
$10,277
|
$22,224
|
|
In recent years, the financial markets have experienced periods of
significant volatility and negative returns, contributing
to an uncertain and evolving economic environment. The performance of
the markets has been impacted by several
interrelating factors such as, but not limited to, the COVID-19
pandemic, geopolitical turmoil, rising inflation, changes in
interest rates, and actions by governmental authorities. It is not
possible to predict future performance of the markets.
Depending on your individual circumstances (e.g., your selected Index
Options and the timing of any Purchase
Payments, transfers, or withdrawals), you may experience (perhaps
significant) negative returns under the Contract. You
should consult with a Financial Professional about how recent market
conditions may impact your future investment
decisions related to the Contract, such as purchasing the Contract or
making Purchase Payments, transfers, or
withdrawals, based on your individual circumstances.
|
|
|
January 1, 2012 through December 31, 2022
|
|||
|
|
S&P 500® Index
|
Nasdaq-100® Index
|
Russell 2000® Index
|
EURO STOXX 50®
|
|
Returns without dividends
|
11.56%
|
17.69%
|
8.95%
|
4.47%
|
|
Returns with dividends
|
13.70%
|
18.96%
|
10.38%
|
8.04%
|
|
We will not provide advice or
notify you regarding whether you should execute a Performance Lock or the optimal
time for doing so. We will not
warn you if you execute a Performance Lock at a sub-optimal time. We are not
responsible for any losses related
to your decision whether or not to execute a Performance Lock.
|
|
Historical information on the Caps is provided in Appendix C. This information is for historical purposes only and is
not a representation as to future
Caps.
|
|
Financial Adviser Fee
Withdrawal
|
Value
|
Traditional Death Benefit’s Guaranteed Death Benefit
|
|
Prior to 1st years withdrawal
|
$ 100,000
|
$ 90,000
|
|
$5,000 withdrawal (subject to an
|
|
|
|
8.5% withdrawal charge)
|
– [($5,000 ÷ (1 – 8.5%)]
|
|
|
Amount withdrawn
|
– $5,465
|
– [($5,465 ÷ 100,000) x 90,000]
|
|
|
|
= - $4,919
|
|
After 1st years withdrawal
|
$ 94,535
|
$ 85,081
|
|
|
|
|
|
Prior to 2nd years withdrawal
|
$ 97,000
|
$ 85,081
|
|
$5,000 withdrawal (not subject to a
|
|
|
|
withdrawal charge)
|
– $5,000
|
– [($5,000 ÷ 97,000) x 85,081]
|
|
|
|
= - $4,386
|
|
After 2nd years withdrawal
|
$ 92,000
|
$ 80,695
|
|
|
|
|
|
Prior to 3rd years withdrawal
|
$ 80,0000
|
$ 80,695
|
|
$5,000 withdrawal (not subject to a
|
|
|
|
withdrawal charge)
|
– $5,000
|
– [($5,000 ÷ 80,000) x 80,695]
|
|
|
|
= - $5,044
|
|
After 3rd years withdrawal
|
$ 75,000
|
$ 75,651
|
|
UPON THE DEATH OF A SOLE OWNER
|
|
|
Action if the Contract is in the Accumulation Phase
|
Action if the Contract is in the Annuity Phase
|
|
• If this is an Inherited IRA Contract the Beneficiary can either:
– continue to receive RMD payments based on the
remaining life expectancy of the deceased Owner and the
Contract Value as of the Business Day we receive a Valid
Claim, until ten years after the Owner’s death at which
time we make a lump sum payment, or
– receive a lump sum payment of the Contract Value as of
the Business Day we receive a Valid Claim.
• For all other Contracts, we pay a death benefit to the
Beneficiary unless the Beneficiary is the surviving spouse and
continues the Contract.
• If the deceased Owner was a Determining Life and the
surviving spouse Beneficiary continues the Contract:
– we increase the Contract Value to equal the Guaranteed
Death Benefit Value if greater and available, and the
death benefit ends,
– the surviving spouse becomes the new Owner,
– the Accumulation Phase continues, and
– upon the surviving spouse’s death, his or her
Beneficiary(s) receives the Contract Value.
• If the deceased Owner was not a Determining Life, the
Traditional Death Benefit is not available and the Beneficiary(s)
receives the Contract Value.
|
• The Beneficiary becomes the Payee. If we are still required to
make Annuity Payments under the selected Annuity Option, the
Beneficiary also becomes the new Owner.
• If the deceased was not an Annuitant, Annuity Payments to the
Payee continue. No death benefit is payable.
• If the deceased was the only surviving Annuitant, Annuity
Payments end or continue as follows.
– Annuity Option 1 or 3, payments end.
– Annuity Option 2 or 4, payments end when the
guaranteed period ends.
– Annuity Option 5, payments end and the Payee may
receive a lump sum refund.
– For more information on the Annuity Options, please see
section 8.
• If the deceased was an Annuitant and there is a surviving joint
Annuitant, Annuity Payments to the Payee continue during the
lifetime of the surviving joint Annuitant. No death benefit is
payable.
• For a Qualified Contract, the Annuity Payments must end ten
years after the Owner’s death.
|
|
FOR JOINTLY OWNED CONTRACTS: The sole primary Beneficiary is the surviving Joint Owner regardless of any
other named primary Beneficiaries. If both Joint Owners die
simultaneously, we pay the death benefit to the named
surviving primary Beneficiaries. If there are no named surviving
primary Beneficiaries, we pay the death benefit to the
named surviving contingent Beneficiaries, or equally to the estate of
the Joint Owners if there are no named surviving
contingent Beneficiaries.
|
|
• An assignment will only change the Determining Life (Lives) if it involves removing a Joint Owner due to
divorce, or replacing Joint Owners with a Trust.
|
|
We do not accept additional Purchase Payments if you
have an Inherited IRA, or Inherited Roth IRA Contract.
|
|
• In order to apply Purchase Payments we receive after the Index Effective Date to your selected Index Option(s) on
the next Index Anniversary, we must receive them before the end of the Business Day on the Index Anniversary (or
before the end of the prior Business Day if the anniversary is a non-Business Day).
|
|
Variable Account Value increases when….
|
Variable Account Value decreases when….
|
|
• you add assets to a Variable Option by Purchase Payment or
Contract Value transfer, or
• there is positive Variable Option performance
|
|
|
Contract fees and expenses we deduct from the
Variable Options include the product fee, contract maintenance charge,
withdrawal charge, and transfer fee as
described in section 6, Expenses. Financial adviser fees that you choose to have us
pay from this Contract are described in
section 1, The Contract. Variable Options include Purchase Payments we hold in
the AZL Government Money Market Fund
before transferring them to your selected Index Options.
|
|
|
Index Option Values increase when….
|
Index Option Values decrease when….
|
|
• you add assets to an Index Option by Purchase Payment or
Contract Value transfer, or
• you receive a positive Performance Credit or Daily Adjustment
|
|
|
• The Index Protection NY Strategy and Index Performance Strategy allow negative Performance Credits. A
negative Performance Credit means
you can lose principal and previous earnings. The maximum potential
negative Performance Credit is:
-90% with a 10% Buffer, and -70% with a 30% Buffer.
|
|
• Because we calculate Index Returns only on a single date in time, you may experience negative or flat
performance even though the Index you selected for a
given Crediting Method experienced gains through
some, or most, of the Index Year.
|
|
|
Index Protection NY Strategy
|
Index Performance Strategy
|
|
What is the
asset
protection?
|
• Most protection – has higher Buffers than the Index
Performance Strategy.
• Buffer absorbs 30% loss, but you receive a negative
Performance Credit for losses greater than 30%.
• Potential for large losses in any one Index Year.
• Impacted by very large negative market movements
because small and moderate negative market
movements are absorbed by the 30% Buffer.
|
• Less protection – has lower Buffers than the Index
Protection NY Strategy.
• Buffer absorbs 10% of loss, but you receive a negative
Performance Credit for losses greater than the 10%
Buffer.
• Potential for large losses in any one Index Year.
• More sensitive to large negative market movements
because small negative market movements are absorbed
by the 10% Buffer. In a period of extreme negative market
performance, the risk of loss is greater with the Index
Performance Strategy.
|
|
What is the
growth
opportunity?
|
• Less growth opportunity – generally has lower Caps
than the Index Performance Strategy.
• Growth opportunity limited by the Caps.
|
• Most growth opportunity – generally has higher Caps
than the Index Protection NY Strategy.
• Growth opportunity limited by the Caps.
• May perform best in a strong market.
|
|
What can
change
within a
Crediting
Method?
|
• Renewal Caps for existing Contracts can change on
each Index Anniversary subject to the guaranteed
1.50% minimum.
• The 30% Buffers for the currently available Index
Options cannot change. However, if we add a new
Index Option to your Contract after the Issue Date, we
establish the Buffer for it on the date we add the Index
Option to your Contract. The minimum Buffer is 5%
for a new Index Option.
|
• Renewal Caps for existing Contracts can change on each
Index Anniversary subject to the guaranteed 1.50%
minimum.
• The 10% Buffers for the currently available Index Options
cannot change. However, if we add a new Index Option to
your Contract after the Issue Date, we establish the
Buffer for it on the date we add the Index Option to your
Contract. The minimum Buffer is 5% for a new Index
Option.
|
|
• You participate in any negative Index Return in excess of the Buffer,
which reduces your Contract Value. For
example, for a 10% Buffer we absorb the first -10% of Index Return
and you could lose up to 90% of the Index Option
Value.
|
|
• Caps as set by us from time-to-time may vary substantially based on
market conditions. However, in extreme market
environments, it is possible that
all Caps will be equal and reduced to the minimum of 1.50%.
|
|
• Caps can be different from Index Option to Index Option, and from Contract-to-Contract depending on Index
Effective Date. For example, assume that on January 3, 2017 we set Caps for the Index Performance Strategy with
10% Buffer using the S&P 500® Index as
follows:
|
|
– 13% initial rate for new Contracts issued in 2017,
|
|
– 14% renewal rate for existing Contracts issued in 2016, and
|
|
– 12% renewal rate for existing Contracts issued in 2015.
|
|
|
First Index Option
|
Second Index Option
|
||
|
|
Index Option Value
|
Index Option Base
|
Index Option Value
|
Index Option Base
|
|
Prior to partial withdrawal
|
$ 75,000
|
$ 72,000
|
$ 25,000
|
$ 22,000
|
|
$10,000 partial withdrawal
|
– $7,500
|
– $7,200
|
– $2,500
|
– $2,200
|
|
|
|
|
|
|
|
After partial withdrawal
|
$ 67,500
|
$ 64,800
|
$ 22,500
|
$ 19,800
|
|
• Amounts removed from the Index Options during the Index Year for partial withdrawals you take (including
any financial adviser fees that you choose to have us
pay from this Contract) and deductions we make for
Contract fees and expenses do not receive a
Performance Credit on the next Index Anniversary. However, the
remaining amount in the Index Options is eligible for a Performance
Credit on the next Index Anniversary.
|
|
• You cannot specify from which Allocation Option we deduct Contract fees and expenses; we deduct Contract fees
and expenses from each Allocation Option proportionately based on the
percentage of Contract Value in each
Allocation Option. However, you can specify from which Allocation
Option we deduct a partial withdrawal and any
financial adviser fees that you choose to have us pay from this
Contract. There is no consistent financial advantage
to deducting a partial withdrawal from any specific
Allocation Option.
|
|
Crediting Method
|
If Index Value is less than it was
on the
prior Index Anniversary*
(i.e., Index Return is negative):
|
If Index Value is equal to or greater
than it was
on the prior Index Anniversary*
(i.e., Index Return is zero or positive):
|
|
Index Protection NY
Strategy
|
Performance Credit is equal to the negative Index
Return in excess of the 30% Buffer.
If the Index Return is…
• -12%, the Performance Credit is zero.
• -32%, the Performance Credit is -2%.
|
Performance Credit is equal to the Index Return
subject to the Cap set on the prior Index Anniversary
Assume the Cap is 5%. If the Index Return is…
• 0%, the Performance Credit is zero.
• 4%, the Performance Credit is 4%.
• 12%, the Performance Credit is 5%.
|
|
Index Performance
Strategy
|
Performance Credit is equal to the negative Index
Return in excess of the 10% Buffer.
If the Index Return is…
• -8%, the Performance Credit is zero.
• -12%, the Performance Credit is -2%.
|
Performance Credit is equal to the Index Return up
to the Cap set on the prior Index Anniversary
Assume the Cap is 8%. If the Index Return is…
• 0%, the Performance Credit is zero.
• 6%, the Performance Credit is 6%.
• 12%, the Performance Credit is 8%.
|
|
Crediting Method
|
If Index Value is less than it was
on the
prior Index Anniversary*
(i.e., Index Return is negative):
|
If Index Value is equal to or greater
than it was
on the prior Index Anniversary*
(i.e., Index Return is zero or positive):
|
|
* Or the Index Effective Date if this is the first Index Anniversary.
|
||
|
We will not provide advice or
notify you regarding whether you should execute a Performance Lock or the optimal
time for doing so. We will not
warn you if you execute a Performance Lock at a sub-optimal time. We are not
responsible for any losses related
to your decision whether or not to execute a Performance Lock.
|
|
This Contract is not designed for professional market timing
organizations, or other persons using programmed, large, or
frequent transfers, and we may restrict excessive or inappropriate
transfer activity.
|
|
Issue Date
|
Non-Quarterly Contract Anniversaries
|
Quarterly Contract Anniversaries*
|
|
• The Charge Base is
equal to your initial
Purchase Payment.
• We begin calculating
and accruing the
daily product fee, on
the day after the
Issue Date.
|
• First we calculate and accrue the daily product
fee, using the Charge Base. If this is a
non-Business Day we use the Charge Base from
the end of the prior Business Day.
• Then if this is a Business Day we
increase/decrease the Charge Base as follows.
– If we receive an additional Purchase
Payment, we increase the Charge Base by
the dollar amount we receive.
– If you take a partial withdrawal (including any
financial adviser fees that you choose to have
us pay from this Contract), or we deduct
Contract fees and expenses other than the
withdrawal charge, we decrease the Charge
Base by the percentage of Contract Value
withdrawn (including any withdrawal charge).
All withdrawals you take reduce the Charge
Base, even Penalty-Free Withdrawals.
|
• First we process all daily transactions and
determine your Contract Value. Daily
transactions include any gains/losses due to
Variable Option performance or application of
any Daily Adjustment (or Performance Credit if
this is also an Index Anniversary), any additional
Purchase Payment, any partial withdrawals you
take (including financial adviser fees that you
choose to have us pay from this Contract and
any withdrawal charge), and deductions we
make for other Contract fees and expenses
(including deduction of the
accrued daily
product fee for the prior
quarter). All partial
withdrawals you take reduce the Charge Base,
even Penalty-Free Withdrawals.
– We deduct the accrued product fee for the
prior quarter on a dollar for dollar basis from
the Contract Value, and proportionately from
each Allocation Option.
• Then we set the Charge Base equal to this
Contract Value and we calculate and accrue the
next quarter’s daily product fee using the newly
set Charge Base.
* Or the next Business Day if the Quarterly Contract
Anniversary is a non-Business Day.
|
|
Example: Contract Value is $125,000; Charge
Base is $127,000; a $10,000 partial
withdrawal (including any withdrawal charge)
would decrease the Charge Base by $10,160.
[($10,000 ÷ $125,000) x $127,000]
Any increase/decrease to the Charge Base
will increase/decrease the daily product fee
we calculate and accrue on the next day.
|
||
|
Examples of how we
calculate the product fee are included in Appendix E.
|
||
|
We do not treat the deduction of the accrued product fee as a
withdrawal when computing your Guaranteed Death
Benefit Value (see section 10).
|
|
If on a Quarterly Contract Anniversary (or the next Business Day if
the Quarterly Contract Anniversary is a
non-Business Day) the Contract Value is less than the accrued product
fee, we deduct your total remaining Contract
Value to cover the accrued product fee and reduce your Contract Value
to zero. If the deduction of the accrued product
fee reduces your Contract Value to zero and the Traditional Death
Benefit has ended, we treat this as a full withdrawal
and your Contract ends.
|
|
Calculating a Withdrawal Charge
|
Example
|
|
|
For purposes of calculating any withdrawal charge, we withdraw
Purchase Payments on a “first-in-first-out” (FIFO) basis and we
process withdrawal requests as follows.
|
You make an initial Purchase Payment of $30,000 and make
another Purchase Payment in the first month of the second
Contract Year of $70,000. In the third month of the third
request a $52,000 withdrawal. We withdraw money and
compute the withdrawal charge as follows.
|
|
|
1. First we withdraw from Purchase Payments that we have had
for six or more complete years, which is your Contract’s
withdrawal charge period. This withdrawal is not subject to a
withdrawal charge and it reduces the Withdrawal Charge Basis
dollar for dollar.
|
1. Purchase Payments beyond the withdrawal charge
period. All payments are still within the withdrawal charge
period, so this does not apply.
|
|
|
2. Amounts available as a Penalty-Free Withdrawal. This includes
partial withdrawals you take during the Accumulation Phase
under the free withdrawal privilege or waiver of withdrawal
charge benefit, and RMD payments you take under our
minimum distribution program. Penalty-Free Withdrawals are
not subject to a withdrawal charge, but they reduce the
Withdrawal Charge Basis dollar for dollar, and are withdrawn
from Purchase Payments on a FIFO basis.
|
2. Amounts available as a Penalty-Free Withdrawal. You
did not take any other withdrawals this year, so the entire
free withdrawal privilege (10% of your total Purchase
Payments, or $10,000) is available to you without incurring a
withdrawal charge. We also deduct this $10,000 from the
first Purchase Payment.
|
|
|
3. Next, on a FIFO basis, we withdraw from Purchase Payments
within your Contract’s withdrawal charge period and assess a
withdrawal charge. Withdrawing payments on a FIFO basis
may help reduce the total withdrawal charge because the
charge declines over time. We determine your total withdrawal
charge by multiplying each payment by its applicable
withdrawal charge percentage and then totaling the charges.
These withdrawals reduce the Withdrawal Charge Basis.
The withdrawal charge as a percentage of each Purchase
Payment withdrawn is as follows.
|
3. Purchase Payments within the withdrawal charge period
on a FIFO basis. The total amount we withdraw from the
first Purchase Payment is $20,000, which is subject to a
6.5% withdrawal charge, and you receive $18,700. We
determine this amount as follows:
(amount withdrawn) x (1 – withdrawal charge) = the
amount you receive, or:
$20,000 x 0.935 = $18,700
The total amount we withdraw from the second Purchase
Payment is $28,700, which is subject to an 8% withdrawal
charge, and you receive $23,300. We determine this amount
as follows:
(amount withdrawn) x (1 – withdrawal charge) = the
amount you receive, or:
$25,326 x 0.92 = $23,300
|
|
|
Number of Complete
Years Since
Purchase Payment
|
Withdrawal Charge
Amount
|
|
|
0
1
2
3
4
5
6 years or more
|
8.5%
8%
6.5%
5%
3%
1%
0%
|
|
|
Calculating a Withdrawal Charge
|
Example
|
|
|
4. Finally we withdraw any Contract earnings. This withdrawal is
not subject to a withdrawal charge and it does not reduce the
Withdrawal Charge Basis.
|
4. Contract earnings. We already withdrew your requested
amount, so this does not apply.
In total we withdrew $55,326 from your Contract, of
which you received $52,000 and paid a withdrawal
charge of $3,326. We also reduced the 1st Purchase
Payment from $30,000 to $0, and your 2nd Purchase
Payment from $70,000 to $44,674 ($70,000 – $25,326).
Please note that this example may
differ from your
actual results due to rounding.
|
|
|
• Upon a full withdrawal the free withdrawal privilege is not available to you, and we apply a withdrawal charge
against Purchase Payments that are still within the withdrawal charge
period, including amounts previously
withdrawn under the free withdrawal privilege. On a full withdrawal your Withdrawal Charge Basis may be
greater than your Contract Value because the
following reduce your Contract Value, but do not reduce your
Withdrawal Charge Basis:
|
|
– deductions we make for Contract fees and expenses other than the withdrawal charge, and/or
|
|
– poor performance.
|
|
This also means that upon a full
withdrawal you may not receive any money.
|
|
• Withdrawals (including any financial adviser fees that you choose to have us pay from this Contract) are subject to
ordinary income taxes, and a 10% additional federal
tax if you are under age 59 1∕2, and the amount of
Contract Value available for withdrawal is affected
by the Daily Adjustment (which can be negative) unless
taken on an Index Anniversary.
Please consult with your Financial Professional before requesting us to pay
financial adviser fees from this
Contract rather than from other assets you may have.
|
|
• For tax purposes in most instances, withdrawals from Non-Qualified Contracts are considered to come from earnings
first, not Purchase Payments.
|
|
|
Index Protection NY Strategy and
Index Performance Strategy
|
|
Daily Adjustment Maximum Potential Loss
|
99%
|
|
(as a percentage of Index Option Value, applies for distributions from an Index Option
before
any Index Anniversary)
|
|
|
• Withdrawals are subject to a withdrawal charge, state and federal taxation, and a 10% additional federal tax if you are
under age 59 1∕2, and the amount of Contract Value available for withdrawal may be affected by the Daily
Adjustment
(which can be negative). Please
consult with your Financial Professional before requesting us to pay financial
adviser fees from this Contract
rather than from other assets you may have.
|
|
• Joint Owners: We send one check payable to both Joint Owners. For
Contracts issued before August 24, 2015, or if
the Contract has a number starting with GAZ, we tax report both Joint
Owner's based on the age of the older Joint
Owner. For Contracts issued on or after August 24, 2015 that have a
number starting with AV, we tax report each
Joint Owner individually. Tax reporting each Joint Owner individually can create a discrepancy in taxation if only
one Joint Owner is under age 59 1∕2 because that Joint Owner will be subject to the 10% additional federal tax.
|
|
• We may be required to provide information about you or your Contract to government regulators. We may also be
required to stop Contract disbursements and thereby refuse any
transfer requests, and refuse to pay any withdrawals
(including a full withdrawal), or death benefits until we receive
instructions from the appropriate regulator. If,
pursuant to SEC rules, the AZL Government Money Market Fund suspends
payment of redemption proceeds in
connection with a fund liquidation, we will delay payment of any
transfer, full or partial withdrawal, or death benefit
from the AZL Government Money Market Fund subaccount until the fund is
liquidated.
|
|
• During the withdrawal charge period, systematic withdrawals in excess of the free withdrawal privilege are
subject to a withdrawal charge, ordinary income
taxes, and a 10% additional federal tax if you are under age
59 1∕2.
|
|
• The systematic withdrawal program is not available while you are receiving RMD payments.
|
|
• You should consult a tax adviser before purchasing a Qualified Contract that is subject to RMD payments.
|
|
• The minimum distribution program is not available while you are receiving systematic withdrawals, or if you
have a Qualified Contract purchased through a
qualified plan.
|
|
• If you do not choose an Annuity Option before the Annuity Date, we make Annuity Payments to the Payee
under Annuity Option 2 with ten years of guaranteed
monthly payments.
|
|
• For Owners younger than age 59 1∕2, Annuity
Payments are subject to a 10% additional federal tax.
|
|
• For a Qualified Contract, the Annuity Payments must end ten years after the Owner’s death.
|
|
If on the Annuity Date (which may occur as early as
13 months after the Issue Date, or as late as age 100) your
Contract Value is greater than zero, you must
annuitize the Contract. We notify you of your available options in
writing 60 days in advance, including the option to extend your
Annuity Date if available. If on your Annuity Date you
have not selected an Annuity
Option, we make payments under Annuity Option 2 with ten years of guaranteed
monthly payments. Upon annuitization you no longer have Contract Value or a death benefit, and you cannot receive
any other periodic withdrawals or payments other than Annuity
Payments.
|
|
Standard Benefits (No Additional Charge)
|
||
|
Name of Benefit
|
Purpose
|
Brief Description of
Restrictions/Limitations
|
|
Free Withdrawal
Privilege
|
Allows you to withdraw up to 10% of your total
Purchase Payments each Contract Year without
incurring a withdrawal charge.
|
• Only available during the Accumulation Phase.
• Not available upon a full withdrawal.
• Unused free withdrawal amounts not available in
future years.
• Program withdrawals may be subject to negative
Daily Adjustments.
• Program withdrawals are subject to income taxes,
including a 10% additional federal tax if taken
before age 59 1∕2.
|
|
Automatic
Investment Plan
(AIP)
|
Allows you to make automatic Purchase Payments
by electronic money transfer from your savings,
checking, or brokerage account.
|
• Only available during the Accumulation Phase.
• Not available to certain Qualified Contracts.
• Payments must be on a monthly or quarterly basis.
• Subject to applicable Purchase Payment
restrictions.
• We reserve the right to discontinue or modify the
program.
|
|
Optional
Reallocation
Program
|
Provides for automatic transfers among the Index
Options to help you maintain your selected allocation
percentages among these Index Options.
|
• Only available during the Accumulation Phase.
• We reserve the right to discontinue or modify the
program.
|
|
Systematic
Withdrawal
Program
|
Allows you to take automatic withdrawals from your
|
• Only available during the Accumulation Phase.
• Not available while you are participating in
minimum distribution program.
• Program withdrawals may be monthly, quarterly,
semi-annual or annual, unless you have less than
$25,000 in Contract Value, in which case only
annual withdrawals are available.
• Program withdrawals count against free withdrawal
privilege.
• Program withdrawals may be subject to negative
Daily Adjustments.
• Program withdrawals are subject to withdrawal
charges and income taxes, including a 10%
additional federal tax if taken before age 59 1∕2.
• We reserve the right to discontinue or modify the
program.
|
|
Minimum
Distribution
Program
|
Allows you to automatically take withdrawals to
satisfy the minimum distribution requirements (RMD)
imposed by the Internal Revenue Code.
|
• Only available during the Accumulation Phase.
• Only available to IRA or SEP IRA Contracts.
• Generally required for Inherited IRA and Inherited
Roth IRA Contracts.
• Program withdrawals count against free withdrawal
privilege.
• Program withdrawals may be subject to negative
Daily Adjustments.
• Program withdrawals are subject to income taxes.
• Program withdrawals may be monthly, quarterly,
semi-annual or annual, unless you have less than
$25,000 in Contract Value, in which case only
annual payments are available.
• We reserve the right to discontinue or modify the
program subject to the requirements of law.
|
|
Standard Benefits (No Additional Charge)
|
||
|
Name of Benefit
|
Purpose
|
Brief Description of
Restrictions/Limitations
|
|
Financial Adviser
Fees
|
• Only available during the Accumulation Phase.
• Financial adviser fees are in addition to the
Contract’s fees and expenses.
• Deductions for financial adviser fees are treated as
withdrawals under the Contract.
• Program withdrawals count against free withdrawal
privilege.
• Program withdrawals may be subject to negative
Daily Adjustments.
• Program withdrawals are subject to withdrawal
charges and income taxes, including a 10%
additional federal tax if taken before age 59 1∕2.
• We reserve the right to discontinue or modify the
program.
• See section 1 for an example of how deduction of
financial adviser fees impact the Contract.
|
|
|
Waiver of
Withdrawal Charge
Benefit
|
Waives withdrawal charges if you become confined
to a nursing home.
|
• Only available during the Accumulation Phase.
• Confinement must be for at least 90 consecutive
days.
• Requires physician certification.
• Not available if any Owner was confined to a
nursing home on the Issue Date.
• Program withdrawals count against free withdrawal
privilege.
• Program withdrawals may be subject to negative
Daily Adjustments.
• Program withdrawals are not subject to withdrawal
charges, but are subject to income taxes, including
a 10% additional federal tax if taken before age
59 1∕2.
|
|
Traditional Death
Benefit
|
Provides a death benefit equal to the greater of the
Contract Value, or Guaranteed Death Benefit Value.
The Guaranteed Death Benefit Value is total
Purchase Payments adjusted for withdrawals.
An example of the death benefit provided by the
Traditional Death Benefit is included in section 10,
Death Benefit.
An example of how deduction of financial adviser
fees impact the death benefit is included in section 1.
|
• Benefit only available during the Accumulation
Phase.
• Withdrawals, including any negative Daily
Adjustments, may significantly reduce the benefit
as indicated in section 1, Financial Adviser Fee
Deduction Example.
• Restrictions on Purchase Payments may limit the
benefit.
• Annuitizing the Contract will end the benefit.
|
|
Standard Benefits (No Additional Charge)
|
||
|
Name of Benefit
|
Purpose
|
Brief Description of
Restrictions/Limitations
|
|
Performance Lock
|
Allows you to capture the current Index Option Value
during the Index Year for an Index Option. Can help
eliminate doubt about future Index performance and
possibly limit the impact of negative performance.
A Performance Lock example is included in section
4, Valuing Your Contract — Performance Locks.
|
• Available during the Accumulation Phase.
• Not available with the Index Protection Strategy
Index Options.
• Performance Locks must be executed before the
next Index Anniversary.
• If a Performance Lock is executed, the locked
Index Option will no longer participate in Index
performance (positive or negative) for the
remainder of the Index Year, and will not receive a
Performance Credit on the next Index Anniversary.
• You will not know your locked Index Option Value
in advance.
• The locked Index Option Value will reflect a Daily
Adjustment.
• If executed when Daily Adjustment has declined,
will lock in any loss.
• Can be executed only once each Index Year for
each Index Option.
• Cannot be executed for only a portion of the Index
Option Value.
• Deductions (e.g. withdrawals, fees) decrease the
locked Index Option Value.
• Cannot transfer locked Index Option Value until the
next Index Anniversary.
• We will not provide advice or notify you
regarding whether you should execute a
Performance Lock or the optimal time for doing
so.
• We will not warn you if you execute a
Performance Lock at a sub-optimal time.
• We are not responsible for any losses related
to your decision whether or not to execute a
Performance Lock.
|
|
We base the Guaranteed Death Benefit Value on the first death of a
Determining Life (or Lives). This means that upon
the death of an Owner (or Annuitant if the Owner is a
non-individual), if a surviving spouse continues the Contract the
Guaranteed Death Benefit Value is
no longer available. Also, if you and the Determining Life (Lives) are different
individuals and you die first, the
Guaranteed Death Benefit Value is not available to your Beneficiary(s).
|
|
Type of Contract
|
Persons and Entities that can own the Contract
|
|
IRA
|
Must have the same individual as Owner and Annuitant.
|
|
Roth IRA
|
Must have the same individual as Owner and Annuitant.
|
|
SEP IRA
|
Must have the same individual as Owner and Annuitant.
|
|
Certain Code Section 401 Plans
|
A qualified retirement plan is the Owner and the Annuitant must be an individual who is a
participant in the plan. If the qualified retirement plan is a defined benefit plan, the
individual
must be the only participant in the plan.
|
|
Inherited IRA and Inherited Roth IRA
|
Must have the same individual as Owner and Annuitant. The deceased owner of the
previously held tax-qualified arrangement will also be listed in the titling of the
Contract.
|
|
Name(1)
|
Title
|
Allocation
Percentages
|
|
Jasmine M. Jirele
|
Chair and Chief
Executive Officer
|
5.00%
|
|
William E. Gaumond
|
Chief Financial Officer
and Treasurer
|
5.00%
|
|
Compensation Element
|
Description
|
Objective
|
|
Base Salary
|
Fixed rate of pay that compensates employees for fulfilling their
basic job responsibilities. For NEOs, increases are generally
provided in the case of a significant increase in responsibilities
or a significant discrepancy versus the market.
|
Attract and retain high-caliber
leadership.
|
|
Annual Incentive Plan
|
Incentive compensation that promotes and rewards the
achievement of annual performance objectives through awards
under the Allianz Life Annual Incentive Plan (“AIP”).
|
• Link compensation to annual
performance results.
• Attract and motivate
high-caliber leadership.
• Align the interests of NEOs
and our stockholder.
|
|
Performance-Based Equity
Incentives
|
Incentive compensation through restricted stock unit awards
made under the Allianz Equity Incentive Plan (“AEI”) that
promotes and rewards the achievement of long term
performance objectives.
|
• Retain high-caliber leadership
with multi-year vesting.
• Align the interests of NEOs
and our stockholder.
|
|
Severance Arrangements
|
Severance payments to employees, including NEOs, under
certain company-initiated termination events.
|
Compensate employees for
situations where the employee’s
employment is involuntarily
terminated in a qualifying
termination of employment.
|
|
Perquisites-Benefits
|
Perquisites provided to our NEOs include employer matching
contributions to the NEOs’ accounts in the 401(k) plan and may
also include the payment of life insurance premiums, relocation
reimbursements, and reimbursements for financial planning, tax
preparation services, and spousal travel expenses.
|
Provide market competitive total
compensation package.
|
|
Name and Principal
Position
(a)
|
Year
(b)
|
NY Allocation %
|
Salary
(c)
|
Bonus
(d)
|
Stock
Awards
(e)(2)
|
Non-Equity
Incentive Plan Compensation
(g)
|
All Other
Compensation
(i)(3)
|
Total
(j)
|
|
Jasmine M. Jirele(1)
Chair and Chief Executive
Officer
|
2022
|
5.00%
|
$37,500
|
$10,000
|
$67,444
|
$44,963
|
$1,191
|
$161,097
|
|
William E. Gaumond
Chief Financial Officer and
Treasurer
|
2022
|
5.00%
|
$25,261
|
$0
|
$47,125
|
$21,417
|
$1,242
|
$95,045
|
|
Name
|
Year
|
Milestone/
Anniversary/
Recognition(4)
|
Life
Insurance
Premiums
|
Employer
Match to
401(k) Plan
|
ASAAP
Contribution(5)
|
Total
|
|
Jasmine M. Jirele
|
2022
|
$13
|
$34
|
$1,025
|
$119
|
$1,191
|
|
William E. Gaumond
|
2022
|
$64
|
$35
|
$1,025
|
$119
|
$1,242
|
|
Name
(a)
|
Grant Date
(b)
|
Estimated Future Payouts Under
Non-Equity
Incentive Plan Awards(1)
|
Estimated Future Payouts Under Equity
Incentive
Plan Awards(2,3)
|
||||
|
Threshold ($)
(c)
|
Target ($)
(d)
|
Maximum ($)
(e)
|
Threshold ($)
(f)
|
Target ($)
(g)
|
Maximum ($)
(h)
|
||
|
Jasmine M. Jirele
|
3/3/2023
|
|
|
|
|
|
|
|
RSUs (under AEI)
|
|
|
|
|
$0
|
$56,250
|
$253,125
|
|
AIP Award
|
|
$0
|
$37,500
|
$56,250
|
|
|
|
|
William E. Gaumond
|
3/3/2023
|
|
|
|
|
|
|
|
RSUs (under AEI)
|
|
|
|
|
$0
|
$27,289
|
$122,802
|
|
AIP Award
|
|
$0
|
$18,193
|
$27,289
|
|
|
|
|
Name
(a)
|
RSUs
|
|
|
Number of RSUs
That Have Not
Vested
(g)(1,2)
|
Market Value of
RSUs That Have
Not Vested
(h)(3)
|
|
|
Jasmine M. Jirele
|
|
|
|
|
73.350
|
$15,737
|
|
|
94.300
|
$20,231
|
|
|
120.350
|
$25,820
|
|
|
309.750
|
$66,454
|
|
William E. Gaumond
|
|
|
|
|
76.900
|
$16,498
|
|
|
97.400
|
$20,896
|
|
|
73.150
|
$15,694
|
|
|
223.550
|
$47,960
|
|
Name
|
Stock Awards
|
|
|
Number of
Shares
Acquired
on Vesting (#)
|
Value Realized
on Vesting ($)(1)
|
|
|
Jasmine M. Jirele
|
-
|
-
|
|
William E. Gaumond
|
102
|
$22,905
|
|
Name
(a)
|
Fees Earned or
Paid in Cash
($)(1)
(b)
|
Total
($)
(h)
|
|
Jasmine M. Jirele(2)
Chair and Chief Executive
Officer
|
N/A
|
N/A
|
|
William E. Gaumond(2)
Chief Financial Officer and
Treasurer
|
N/A
|
N/A
|
|
Eric J. Thomes(2)
President
|
N/A
|
N/A
|
|
Steven J. Thiel(2)
Vice President, Appointed
Actuary
|
N/A
|
N/A
|
|
Jesse J. Kling(2)
Vice President, Appointed
Actuary
|
N/A
|
N/A
|
|
Lorraine Lods(2)
Non-Independent Director
|
N/A
|
N/A
|
|
Ronald M. Clark
Independent Director
|
$30,000
|
$30,000
|
|
Martha Clark Goss
Independent Director
|
$45,000
|
$45,000
|
|
Gary A. Smith
Non-Independent Director
|
$30,000
|
$30,000
|
|
Kevin E. Walker
Independent Director
|
$30,000
|
$30,000
|
|
The Index Protection NY Strategy first became available to newly
issued Contracts on August 24, 2015. It is not
available to Contracts issued before August 24, 2015, or that have a
Contract number starting with GAZ.
|
|
Indexes:
|
S&P 500® Index
|
Russell 2000® Index
|
Nasdaq-100® Index
|
EURO STOXX 50®
|
||||
|
Caps
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
|
Initial Caps
|
4.00%
|
5.75%
|
4.75%
|
7.00%
|
3.50%
|
6.00%
|
4.75%
|
6.50%
|
|
1st Anniversary Renewal Caps
|
4.75%
|
5.50%
|
5.25%
|
6.25%
|
4.50%
|
5.25%
|
5.25%
|
6.25%
|
|
2nd Anniversary Renewal Caps
|
4.00%
|
5.00%
|
4.25%
|
5.75%
|
4.00%
|
5.00%
|
5.75%
|
7.25%
|
|
3rd Anniversary Renewal Caps
|
5.25%
|
5.75%
|
5.25%
|
6.00%
|
5.50%
|
6.50%
|
8.75%
|
8.75%
|
|
4th Anniversary Renewal Caps
|
5.25%
|
6.00%
|
5.50%
|
6.25%
|
5.25%
|
6.25%
|
8.25%
|
9.25%
|
|
5th Anniversary Renewal Caps
|
7.75%
|
9.25%
|
8.75%
|
10.75%
|
9.00%
|
12.25%
|
8.50%
|
10.00%
|
|
6th Anniversary Renewal Caps
|
6.75%
|
7.25%
|
7.75%
|
9.25%
|
7.25%
|
8.00%
|
8.25%
|
9.00%
|
|
7th Anniversary Renewal Caps
|
7.50%
|
8.25%
|
9.00%
|
9.75%
|
8.75%
|
9.50%
|
9.25%
|
10.50%
|
|
Indexes:
|
S&P 500® Index
|
Russell 2000® Index
|
Nasdaq-100® Index
|
EURO STOXX 50®
|
||||
|
Caps
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
|
Initial Caps
|
4.75%
|
6.00%
|
5.25%
|
6.75%
|
4.50%
|
5.50%
|
5.25%
|
6.75%
|
|
1st Anniversary Renewal Caps
|
4.00%
|
5.00%
|
4.25%
|
5.75%
|
4.00%
|
5.00%
|
5.25%
|
7.25%
|
|
2nd Anniversary Renewal Caps
|
4.50%
|
6.00%
|
5.25%
|
6.50%
|
5.00%
|
6.50%
|
7.00%
|
9.25%
|
|
3rd Anniversary Renewal Caps
|
5.25%
|
6.00%
|
5.50%
|
6.25%
|
5.25%
|
6.25%
|
8.25%
|
10.00%
|
|
4th Anniversary Renewal Caps
|
5.50%
|
9.25%
|
5.50%
|
10.75%
|
5.50%
|
12.25%
|
8.00%
|
10.75%
|
|
5th Anniversary Renewal Caps
|
6.75%
|
8.00%
|
7.75%
|
10.75%
|
7.25%
|
9.50%
|
7.75%
|
9.00%
|
|
6th Anniversary Renewal Caps
|
7.00%
|
8.25%
|
8.50%
|
10.00%
|
8.00%
|
9.50%
|
8.75%
|
11.75%
|
|
Indexes:
|
S&P 500® Index
|
Russell 2000® Index
|
Nasdaq-100® Index
|
EURO STOXX 50®
|
||||
|
Caps
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
|
Initial Caps
|
4.25%
|
5.75%
|
5.00%
|
6.50%
|
4.25%
|
5.50%
|
5.25%
|
7.00%
|
|
1st Anniversary Renewal Caps
|
4.50%
|
6.25%
|
5.25%
|
6.50%
|
5.00%
|
6.75%
|
7.00%
|
10.00%
|
|
2nd Anniversary Renewal Caps
|
5.25%
|
6.75%
|
5.50%
|
6.75%
|
5.50%
|
7.00%
|
8.25%
|
10.25%
|
|
3rd Anniversary Renewal Caps
|
5.50%
|
10.25%
|
5.50%
|
11.50%
|
5.50%
|
12.25%
|
8.00%
|
11.00%
|
|
4th Anniversary Renewal Caps
|
6.75%
|
8.00%
|
8.00%
|
10.75%
|
7.25%
|
9.50%
|
7.75%
|
9.50%
|
|
5th Anniversary Renewal Caps
|
7.00%
|
9.00%
|
8.50%
|
10.50%
|
8.00%
|
10.50%
|
8.75%
|
11.75%
|
|
Indexes:
|
S&P 500® Index
|
Russell 2000® Index
|
Nasdaq-100® Index
|
EURO STOXX 50®
|
||||
|
Caps
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
|
Initial Caps
|
4.75%
|
7.50%
|
5.50%
|
7.75%
|
5.00%
|
8.00%
|
7.00%
|
15.75%
|
|
1st Anniversary Renewal Caps
|
5.25%
|
6.75%
|
5.50%
|
7.00%
|
5.50%
|
7.00%
|
8.50%
|
12.75%
|
|
2nd Anniversary Renewal Caps
|
5.50%
|
9.25%
|
5.50%
|
10.50%
|
5.50%
|
11.50%
|
7.25%
|
10.75%
|
|
3rd Anniversary Renewal Caps
|
5.50%
|
8.00%
|
6.75%
|
10.75%
|
6.25%
|
9.75%
|
6.50%
|
8.75%
|
|
4th Anniversary Renewal Caps
|
7.00%
|
8.25%
|
8.25%
|
10.00%
|
8.00%
|
9.50%
|
8.50%
|
11.75%
|
|
Indexes:
|
S&P 500® Index
|
Russell 2000® Index
|
Nasdaq-100® Index
|
EURO STOXX 50®
|
||||
|
Caps
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
|
Initial Caps
|
6.25%
|
8.50%
|
6.25%
|
8.25%
|
6.25%
|
9.00%
|
9.25%
|
17.75%
|
|
1st Anniversary Renewal Caps
|
5.50%
|
9.50%
|
5.50%
|
10.00%
|
5.50%
|
11.50%
|
7.25%
|
14.75%
|
|
2nd Anniversary Renewal Caps
|
5.50%
|
7.00%
|
6.50%
|
9.50%
|
6.00%
|
8.50%
|
6.50%
|
10.75%
|
|
3rd Anniversary Renewal Caps
|
6.50%
|
7.75%
|
8.00%
|
9.50%
|
7.50%
|
9.00%
|
8.00%
|
11.00%
|
|
Indexes:
|
S&P 500® Index
|
Russell 2000® Index
|
Nasdaq-100® Index
|
EURO STOXX 50®
|
||||
|
Caps
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
|
Initial Caps
|
5.50%
|
10.25%
|
5.50%
|
12.00%
|
5.50%
|
13.50%
|
7.25%
|
11.00%
|
|
1st Anniversary Renewal Caps
|
5.50%
|
8.00%
|
6.50%
|
9.50%
|
6.00%
|
8.75%
|
6.50%
|
9.25%
|
|
2nd Anniversary Renewal Caps
|
6.50%
|
9.75%
|
8.00%
|
11.25%
|
7.50%
|
10.75%
|
8.00%
|
11.25%
|
|
Indexes:
|
S&P 500® Index
|
Russell 2000® Index
|
Nasdaq-100® Index
|
EURO STOXX 50®
|
||||
|
Caps
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
|
Initial Caps
|
5.50%
|
7.00%
|
6.50%
|
9.50%
|
6.00%
|
8.50%
|
6.25%
|
8.00%
|
|
1st Anniversary Renewal Caps
|
6.50%
|
8.75%
|
8.00%
|
10.25%
|
7.50%
|
10.00%
|
8.00%
|
11.00%
|
|
Indexes:
|
S&P 500® Index
|
Russell 2000® Index
|
Nasdaq-100® Index
|
EURO STOXX 50®
|
||||
|
Caps
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
|
Initial Caps
|
6.75%
|
13.50%
|
8.25%
|
15.75%
|
7.75%
|
15.00%
|
8.00%
|
18.50%
|
|
The Index Performance Strategy with the EURO STOXX 50® first became
available to newly issued Contracts on
August 24, 2015. It is not available to Contracts issued before
August 24, 2015, or that have a Contract number starting
with GAZ.
|
|
Indexes:
|
S&P 500® Index
|
Russell 2000® Index
|
Nasdaq-100® Index
|
|||
|
Caps
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
|
Initial Caps
|
12.50%
|
13.50%
|
14.75%
|
15.75%
|
11.75%
|
13.00%
|
|
1st Anniversary Renewal Caps
|
10.50%
|
15.50%
|
13.50%
|
17.50%
|
9.75%
|
15.25%
|
|
2nd Anniversary Renewal Caps
|
10.75%
|
13.25%
|
13.75%
|
16.50%
|
10.75%
|
13.00%
|
|
3rd Anniversary Renewal Caps
|
9.25%
|
10.25%
|
12.00%
|
14.25%
|
10.00%
|
11.00%
|
|
4th Anniversary Renewal Caps
|
10.50%
|
12.00%
|
11.00%
|
13.00%
|
11.75%
|
14.25%
|
|
5th Anniversary Renewal Caps
|
10.50%
|
13.25%
|
12.25%
|
14.75%
|
11.50%
|
14.25%
|
|
6th Anniversary Renewal Caps
|
17.50%
|
20.25%
|
19.00%
|
24.00%
|
18.75%
|
23.75%
|
|
7th Anniversary Renewal Caps
|
15.00%
|
15.75%
|
17.50%
|
20.50%
|
16.00%
|
17.75%
|
|
8th Anniversary Renewal Caps
|
15.00%
|
16.75%
|
18.50%
|
21.00%
|
17.25%
|
19.50%
|
|
Indexes:
|
S&P 500® Index
|
Russell 2000® Index
|
Nasdaq-100® Index
|
EURO STOXX 50®
|
||||
|
Caps
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
|
Initial Caps1
|
10.50%
|
15.50%
|
13.25%
|
17.50%
|
9.75%
|
15.25%
|
13.50%
|
17.50%
|
|
1st Anniversary Renewal Caps2
|
10.75%
|
15.50%
|
13.75%
|
18.50%
|
10.75%
|
15.00%
|
13.75%
|
16.50%
|
|
2nd Anniversary Renewal Caps3
|
9.25%
|
12.00%
|
12.00%
|
16.50%
|
9.50%
|
12.00%
|
22.00%
|
25.00%
|
|
3rd Anniversary Renewal Caps4
|
9.25%
|
13.75%
|
11.00%
|
14.50%
|
10.75%
|
15.50%
|
24.00%
|
25.00%
|
|
4th Anniversary Renewal Caps5
|
10.50%
|
13.25%
|
12.00%
|
14.75%
|
11.50%
|
15.00%
|
25.00%
|
26.50%
|
|
5th Anniversary Renewal Caps6
|
11.75%
|
20.25%
|
12.25%
|
24.00%
|
11.75%
|
23.75%
|
25.50%
|
29.25%
|
|
6th Anniversary Renewal Caps7
|
15.00%
|
18.00%
|
17.50%
|
20.50%
|
15.50%
|
19.75%
|
24.00%
|
29.25%
|
|
7th Anniversary Renewal Caps8
|
13.75%
|
16.75%
|
18.50%
|
22.50%
|
17.25%
|
20.00%
|
27.00%
|
30.00%
|
|
Indexes:
|
S&P 500® Index
|
Russell 2000® Index
|
Nasdaq-100® Index
|
EURO STOXX 50®
|
||||
|
Caps
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
|
Initial Caps
|
10.75%
|
15.50%
|
13.75%
|
18.50%
|
10.75%
|
15.00%
|
13.75%
|
18.50%
|
|
1st Anniversary Renewal Caps
|
9.25%
|
12.00%
|
12.00%
|
16.50%
|
9.50%
|
12.00%
|
13.50%
|
25.00%
|
|
2nd Anniversary Renewal Caps
|
9.25%
|
13.75%
|
11.00%
|
14.50%
|
10.75%
|
15.50%
|
24.00%
|
28.00%
|
|
3rd Anniversary Renewal Caps
|
10.50%
|
13.25%
|
12.00%
|
14.75%
|
11.50%
|
15.00%
|
25.00%
|
28.00%
|
|
4th Anniversary Renewal Caps
|
11.75%
|
20.25%
|
12.25%
|
24.00%
|
11.75%
|
23.75%
|
23.50%
|
29.25%
|
|
5th Anniversary Renewal Caps
|
15.00%
|
18.00%
|
17.50%
|
20.50%
|
15.50%
|
19.75%
|
22.25%
|
29.25%
|
|
6th Anniversary Renewal Caps
|
13.75%
|
16.75%
|
18.50%
|
22.50%
|
17.25%
|
20.00%
|
25.00%
|
30.00%
|
|
Indexes:
|
S&P 500® Index
|
Russell 2000® Index
|
Nasdaq-100® Index
|
EURO STOXX 50®
|
||||
|
Caps
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
|
Initial Caps
|
9.75%
|
14.50%
|
13.50%
|
18.50%
|
10.00%
|
14.00%
|
13.50%
|
25.50%
|
|
1st Anniversary Renewal Caps
|
9.25%
|
17.00%
|
12.00%
|
17.25%
|
10.75%
|
17.75%
|
24.00%
|
31.00%
|
|
2nd Anniversary Renewal Caps
|
10.75%
|
17.75%
|
12.00%
|
18.00%
|
11.50%
|
17.75%
|
25.50%
|
31.00%
|
|
3rd Anniversary Renewal Caps
|
11.75%
|
25.50%
|
12.25%
|
27.50%
|
11.75%
|
26.50%
|
23.50%
|
31.50%
|
|
4th Anniversary Renewal Caps
|
16.50%
|
20.75%
|
18.25%
|
22.75%
|
16.50%
|
20.75%
|
25.50%
|
29.50%
|
|
5th Anniversary Renewal Caps
|
14.50%
|
20.75%
|
18.75%
|
25.00%
|
17.75%
|
23.25%
|
26.00%
|
32.00%
|
|
Indexes:
|
S&P 500® Index
|
Russell 2000® Index
|
Nasdaq-100® Index
|
EURO STOXX 50®
|
||||
|
Caps
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
|
Initial Caps
|
11.50%
|
16.25%
|
14.25%
|
16.75%
|
12.00%
|
17.00%
|
24.00%
|
28.00%
|
|
1st Anniversary Renewal Caps
|
12.50%
|
16.00%
|
13.50%
|
17.75%
|
12.25%
|
16.50%
|
26.25%
|
28.00%
|
|
2nd Anniversary Renewal Caps
|
12.75%
|
22.50%
|
13.25%
|
25.75%
|
12.50%
|
26.25%
|
24.00%
|
29.50%
|
|
3rd Anniversary Renewal Caps
|
16.50%
|
21.50%
|
17.75%
|
23.75%
|
15.50%
|
22.25%
|
25.00%
|
29.00%
|
|
4th Anniversary Renewal Caps
|
15.25%
|
18.75%
|
18.75%
|
24.50%
|
17.50%
|
21.50%
|
27.00%
|
30.00%
|
|
Indexes:
|
S&P 500® Index
|
Russell 2000® Index
|
Nasdaq-100® Index
|
EURO STOXX 50®
|
||||
|
Caps
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
|
Initial Caps
|
14.25%
|
17.25%
|
15.00%
|
17.75%
|
14.25%
|
18.50%
|
26.50%
|
29.00%
|
|
1st Anniversary Renewal Caps
|
13.75%
|
22.25%
|
14.00%
|
25.75%
|
13.50%
|
26.25%
|
25.00%
|
29.50%
|
|
2nd Anniversary Renewal Caps
|
16.25%
|
20.75%
|
17.25%
|
23.50%
|
15.25%
|
21.50%
|
25.50%
|
28.50%
|
|
3rd Anniversary Renewal Caps
|
15.00%
|
18.75%
|
18.75%
|
21.25%
|
17.25%
|
20.25%
|
26.50%
|
30.00%
|
|
Indexes:
|
S&P 500® Index
|
Russell 2000® Index
|
Nasdaq-100® Index
|
EURO STOXX 50®
|
||||
|
Caps
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
|
Initial Caps
|
13.75%
|
22.25%
|
14.00%
|
25.75%
|
13.50%
|
26.25%
|
25.00%
|
29.50%
|
|
1st Anniversary Renewal Caps
|
16.25%
|
20.75%
|
17.25%
|
23.50%
|
15.25%
|
21.50%
|
25.50%
|
28.50%
|
|
2nd Anniversary Renewal Caps
|
15.00%
|
18.75%
|
18.75%
|
21.25%
|
17.25%
|
20.25%
|
26.50%
|
30.00%
|
|
Indexes:
|
S&P 500® Index
|
Russell 2000® Index
|
Nasdaq-100® Index
|
EURO STOXX 50®
|
||||
|
Caps
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
|
Initial Caps
|
16.25%
|
20.75%
|
17.25%
|
23.50%
|
15.25%
|
21.50%
|
25.50%
|
28.50%
|
|
1st Anniversary Renewal Caps
|
15.00%
|
18.75%
|
18.75%
|
21.25%
|
17.25%
|
20.25%
|
26.50%
|
30.00%
|
|
Indexes:
|
S&P 500® Index
|
Russell 2000® Index
|
Nasdaq-100® Index
|
EURO STOXX 50®
|
||||
|
Caps
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
Lowest
|
Highest
|
|
Initial Caps
|
17.25%
|
30.00%
|
18.75%
|
34.00%
|
17.25%
|
32.50%
|
26.50%
|
34.00%
|
|
The Index Protection NY Strategy was not available before August 24,
2015. The Buffer was 30% for all time periods. It
is not available to Contracts issued before August 24, 2015 or that
have a Contract number starting with GAZ.
|
|
Index Effective Date
|
8/24/2015-
8/28/2015
|
9/1/2015-
10/5/2015
|
10/6/2015-
11/2/2015
|
11/3/2015-
11/30/2015
|
12/1/2015-
1/4/2016
|
1/5/2016-
2/1/2016
|
2/2/2016-
2/29/2016
|
|
Initial Cap
|
4.25%
|
4.00%
|
5.50%
|
5.75%
|
5.50%
|
5.00%
|
5.25%
|
|
1st Index Year Index Return
|
9.63% to
16.32%
|
7.21% to
15.39%
|
-0.29% to
9.13%
|
-1.00% to
6.98%
|
4.21% to
12.82%
|
12.51% to
22.44%
|
19.69% to
27.29%
|
|
1st Index Anniversary Credit
|
4.25%
|
4.00%
|
0% to
5.50%
|
0% to
5.75%
|
4.21% to
5.50%
|
5.00%
|
5.25%
|
|
1st Anniversary Renewal Cap
|
5.50%
|
4.75%
|
4.75%
|
4.75%
|
4.75%
|
4.50%
|
4.50%
|
|
2nd Index Year Index Return
|
12.10% to
12.69%
|
12.76% to
18.17%
|
17.61% to
22.97%
|
17.47% to
24.26%
|
17.65% to
20.59%
|
20.67% to
25.11%
|
12.48% to
21.10%
|
|
2nd Index Anniversary Credit
|
5.50%
|
4.75%
|
4.75%
|
4.75%
|
4.75%
|
4.50%
|
4.50%
|
|
2nd Anniversary Renewal Cap
|
4.75%
|
4.50%
|
4.75%
|
4.00%
|
5.00%
|
4.75%
|
4.50%
|
|
3rd Index Year Index Return
|
17.86% to
18.57%
|
13.07% to
17.16%
|
2.33% to
13.35%
|
1.37% to
7.60%
|
-12.38% to
5.72%
|
-7.97% to
-4.09%
|
-1.35% to
4.92%
|
|
3rd Index Anniversary Credit
|
4.75%
|
4.50%
|
2.33% to
4.75%
|
1.37% to
4.00%
|
0% to
5.00%
|
0%
|
0% to
4.50%
|
|
3rd Anniversary Renewal Cap
|
5.25%
|
5.25%
|
5.25%
|
5.50%
|
5.75%
|
5.75%
|
5.50%
|
|
4th Index Year Index Return
|
-0.95% to
0.13%
|
-1.23% to
4.05%
|
0.30% to
15.08%
|
11.00% to
19.03%
|
10.85% to
37.13%
|
20.04% to
27.32%
|
11.54% to
23.91%
|
|
4th Index Anniversary Credit
|
0% to
0.13%
|
0% to
4.05%
|
0.30% to
5.25%
|
5.50%
|
5.75%
|
5.75%
|
5.50%
|
|
4th Anniversary Renewal Cap
|
5.25%
|
5.75%
|
6.00%
|
6.00%
|
5.75%
|
5.75%
|
5.50%
|
|
5th Index Year Index Return
|
19.21% to
21.47%
|
8.19% to
22.36%
|
7.54% to
19.15%
|
9.45% to
16.17%
|
14.00% to
18.84%
|
13.47% to
18.86%
|
15.37% to
22.41%
|
|
5th Index Anniversary Credit
|
5.25%
|
5.75%
|
6.00%
|
6.00%
|
5.75%
|
5.75%
|
5.50%
|
|
5th Anniversary Renewal Cap
|
9.25%
|
8.25%
|
9.00%
|
8.75%
|
7.75%
|
7.50%
|
7.25%
|
|
6th Index Year Index Return
|
28.50% to
30.75%
|
26.70% to
37.44%
|
23.10% to
40.52%
|
26.59% to
38.34%
|
23.15% to
29.53%
|
13.00% to
26.13%
|
8.87% to
19.94%
|
|
6th Index Anniversary Credit
|
9.25%
|
8.25%
|
9.00%
|
8.75%
|
7.75%
|
7.50%
|
7.25%
|
|
6th Anniversary Renewal Cap
|
6.75%
|
6.75%
|
7.25%
|
7.25%
|
7.00%
|
|
|
|
7th Index Year Index Return
|
-11.00% to
-6.61%
|
-17.97% to
-7.81%
|
-19.27% to
-14.19%
|
-20.18% to
-13.73%
|
-20.96% to
-9.67%
|
|
|
|
7th Index Anniversary Credit
|
0%
|
0%
|
0%
|
0%
|
0%
|
|
|
|
Index Effective Date
|
3/1/2016-
4/4/2016
|
4/5/2016-
5/2/2016
|
5/3/2016-
6/6/2016
|
6/7/2016-
7/4/2016
|
7/5/2016-
8/1/2016
|
8/2/2016-
9/5/2016
|
|
Initial Cap
|
6.00%
|
6.00%
|
5.50%
|
5.00%
|
5.50%
|
5.50%
|
|
1st Index Year Index Return
|
13.80% to
21.11%
|
11.30% to
15.36%
|
15.09% to
17.38%
|
14.85% to
20.94%
|
13.49% to
16.47%
|
10.91% to
14.86%
|
|
1st Index Anniversary Credit
|
6.00%
|
6.00%
|
5.50%
|
5.00%
|
5.50%
|
5.50%
|
|
1st Anniversary Renewal Cap
|
4.25%
|
4.25%
|
4.75%
|
4.75%
|
4.75%
|
4.75%
|
|
2nd Index Year Index Return
|
9.46% to
17.83%
|
10.23% to
15.65%
|
10.12% to
15.40%
|
11.29% to
14.51%
|
12.50% to
14.89%
|
14.11% to
18.57%
|
|
2nd Index Anniversary Credit
|
4.25%
|
4.25%
|
4.75%
|
4.75%
|
4.75%
|
4.75%
|
|
2nd Anniversary Renewal Cap
|
5.50%
|
5.50%
|
6.00%
|
5.50%
|
5.25%
|
5.25%
|
|
3rd Index Year Index Return
|
-0.12% to
11.05%
|
7.25% to
11.18%
|
-0.09% to
12.01%
|
3.72% to
10.42%
|
4.98% to
9.27%
|
-0.63% to
3.71%
|
|
3rd Index Anniversary Credit
|
0% to
5.50%
|
5.50%
|
0% to
6.00%
|
3.72% to
5.50%
|
4.98% to
5.25%
|
0% to
3.71%
|
|
3rd Anniversary Renewal Cap
|
5.50%
|
5.50%
|
5.25%
|
5.50%
|
5.75%
|
5.25%
|
|
4th Index Year Index Return
|
-21.63% to
12.08%
|
-8.16% to
-1.63%
|
-3.49% to
13.79%
|
3.56% to
12.50%
|
4.68% to
11.55%
|
12.37% to
22.36%
|
|
4th Index Anniversary Credit
|
0% to
5.50%
|
0%
|
0% to
5.25%
|
3.56% to
5.50%
|
4.68% to
5.75%
|
5.25%
|
|
4th Anniversary Renewal Cap
|
5.50%
|
8.00%
|
8.75%
|
8.50%
|
8.50%
|
9.25%
|
|
5th Index Year Index Return
|
20.39% to
76.12%
|
44.93% to
53.42%
|
30.76% to
47.51%
|
30.76% to
40.53%
|
30.96% to
38.96%
|
26.70% to
34.25%
|
|
5th Index Anniversary Credit
|
5.50%
|
8.00%
|
8.75%
|
8.50%
|
8.50%
|
9.25%
|
|
5th Anniversary Renewal Cap
|
8.00%
|
8.00%
|
7.00%
|
7.00%
|
7.00%
|
6.75%
|
|
6th Index Year Index Return
|
5.14% to
16.23%
|
-0.89% to
10.97%
|
-6.20% to
3.25%
|
-13.19% to
-1.56%
|
-13.35% to
-6.12%
|
-13.50% to
-2.65%
|
|
6th Index Anniversary Credit
|
5.14% to
8.00%
|
0% to
8.00%
|
0% to
3.25%
|
0%
|
0%
|
0%
|
|
Index Effective Date
|
7/1/2014-
8/4/2014
|
8/5/2014-
9/1/2014
|
9/2/2014-
10/6/2014
|
10/7/2014-
11/3/2014
|
11/4/2014-
12/1/2014
|
12/2/2014-
1/5/2015
|
1/6/2015-
2/2/2015
|
|
Initial Cap
|
13.00%
|
12.75%
|
12.75%
|
12.50%
|
13.50%
|
12.75%
|
11.75%
|
|
1st Index Year Index Return
|
3.98% to
8.98%
|
-6.52% to
9.35%
|
-5.10% to
0.97%
|
2.26% to
9.15%
|
-0.80% to
4.48%
|
-2.70% to
5.09%
|
-8.52% to
-0.62%
|
|
1st Index Anniversary Credit
|
3.98% to
8.98%
|
0% to
9.35%
|
0% to
0.97%
|
2.26% to
9.15%
|
0% to
4.48%
|
0% to
5.09%
|
0%
|
|
1st Anniversary Renewal Cap
|
10.50%
|
10.75%
|
10.50%
|
13.50%
|
15.50%
|
13.50%
|
12.50%
|
|
2nd Index Year Index Return
|
0.80% to
4.88%
|
3.65% to
16.32%
|
7.21% to
14.05%
|
-1.00% to
7.91%
|
-0.81% to
6.98%
|
5.40% to
12.81%
|
14.41% to
22.16%
|
|
2nd Index Anniversary Credit
|
0.80% to
4.88%
|
3.65% to
10.75%
|
7.21% to
10.50%
|
0% to
7.91%
|
0% to
6.98%
|
5.40% to
12.81%
|
12.50%
|
|
2nd Anniversary Renewal Cap
|
13.25%
|
13.00%
|
11.25%
|
10.75%
|
11.00%
|
11.25%
|
10.75%
|
|
3rd Index Year Index Return
|
13.49% to
15.60%
|
10.91% to
14.08%
|
12.75% to
17.98%
|
17.61% to
23.90%
|
17.47% to
24.26%
|
17.72% to
20.90%
|
20.67% to
25.34%
|
|
3rd Index Anniversary Credit
|
13.25%
|
10.91% to
13.00%
|
11.25%
|
10.75%
|
11.00%
|
11.25%
|
10.75%
|
|
3rd Anniversary Renewal Cap
|
10.25%
|
10.00%
|
9.25%
|
9.75%
|
9.50%
|
9.50%
|
9.75%
|
|
4th Index Year Index Return
|
11.70% to
15.09%
|
14.35% to
18.57%
|
13.14% to
17.53%
|
2.33% to
13.35%
|
1.96% to
8.62%
|
-12.38% to
5.72%
|
-7.97% to
-1.35%
|
|
4th Index Anniversary Credit
|
10.25%
|
10.00%
|
9.25%
|
2.33% to
9.75%
|
1.96% to
8.62%
|
-2.38% to
5.72%
|
0%
|
|
4th Anniversary Renewal Cap
|
10.75%
|
10.75%
|
10.50%
|
10.75%
|
10.50%
|
12.00%
|
12.50%
|
|
5th Index Year Index Return
|
-0.20% to
10.42%
|
-0.95% to
3.70%
|
-1.23% to
4.18%
|
0.30% to
15.08%
|
9.64% to
17.66%
|
10.85% to
37.13%
|
19.23% to
27.32%
|
|
5th Index Anniversary Credit
|
0% to
10.42%
|
0% to
3.70%
|
0% to
4.18%
|
0.30% to
10.75%
|
9.64% to
10.50%
|
10.85% to
12.00%
|
12.50%
|
|
5th Anniversary Renewal Cap
|
12.00%
|
10.50%
|
12.00%
|
12.50%
|
12.75%
|
13.25%
|
12.75%
|
|
6th Index Year Index Return
|
4.48% to
16.23%
|
14.38% to
21.47%
|
8.19% to
22.36%
|
7.62% to
20.29%
|
11.86% to
17.62%
|
13.59% to
18.84%
|
13.61% to
18.68%
|
|
6th Index Anniversary Credit
|
4.48% to
12.00%
|
10.50%
|
8.19% to
12.00%
|
7.62% to
12.50%
|
11.86% to
12.75%
|
13.25%
|
12.75%
|
|
6th Anniversary Renewal Cap
|
18.00%
|
20.25%
|
19.25%
|
17.50%
|
19.00%
|
17.50%
|
17.00%
|
|
7th Index Year Index Return
|
30.96% to
39.05%
|
28.28% to
33.42%
|
26.16% to
37.44%
|
23.40% to
40.52%
|
23.22% to
35.91%
|
23.15% to
29.61%
|
13.00% to
25.29%
|
|
7th Index Anniversary Credit
|
18.00%
|
20.25%
|
19.25%
|
17.50%
|
19.00%
|
17.50%
|
13.00% to
17.00%
|
|
7th Anniversary Renewal Cap
|
15.50%
|
15.00%
|
15.25%
|
15.75%
|
15.00%
|
15.00%
|
|
|
8th Index Year Index Return
|
-13.35% to
-5.69%
|
-12.32% to
-2.65%
|
-17.97% to
-7.81%
|
-20.18% to
-15.13%
|
-19.43% to
-9.67%
|
-19.75% to
-11.04%
|
|
|
8th Index Anniversary Credit
|
-3.35% to
0.00%
|
-2.32% to
0.00%
|
-7.97% to
0.00%
|
-10.18% to
-5.13%
|
-9.43% to
0.00%
|
-9.75% to
-1.04%
|
|
|
Index Effective Date
|
2/3/2015-
3/2/2015
|
3/3/2015-
4/6/2015
|
4/7/2015-
5/4/2015
|
5/5/2015-
6/1/2015
|
6/2/2015-
7/6/2015
|
|
Initial Cap
|
12.00%
|
11.75%
|
11.00%
|
11.00%
|
10.75%
|
|
1st Index Year Index Return
|
-11.58% to
-6.17%
|
-5.43% to
0.64%
|
-3.00% to
0.63%
|
-4.13% to
-0.59%
|
-4.84% to
1.92%
|
|
1st Index Anniversary Credit
|
-1.58% to
0.00%
|
0% to
0.64%
|
0% to
0.63%
|
0%
|
0% to
1.92%
|
|
1st Anniversary Renewal Cap
|
13.25%
|
15.50%
|
15.50%
|
13.75%
|
12.50%
|
|
2nd Index Year Index Return
|
19.69% to
27.29%
|
13.80% to
19.55%
|
11.82% to
16.50%
|
15.09% to
17.38%
|
14.76% to
21.92%
|
|
2nd Index Anniversary Credit
|
13.25%
|
13.80% to
15.50%
|
11.82% to
15.50%
|
13.75%
|
12.50%
|
|
2nd Anniversary Renewal Cap
|
10.25%
|
12.00%
|
12.00%
|
10.50%
|
10.25%
|
|
3rd Index Year Index Return
|
12.99% to
17.56%
|
9.46% to
17.83%
|
10.86% to
15.21%
|
11.36% to
14.75%
|
11.40% to
14.71%
|
|
3rd Index Anniversary Credit
|
10.25%
|
9.46% to
12.00%
|
10.86% to
12.00%
|
10.50%
|
10.25%
|
|
3rd Anniversary Renewal Cap
|
9.25%
|
12.00%
|
11.50%
|
13.75%
|
11.75%
|
|
4th Index Year Index Return
|
0.51% to
3.77%
|
-0.12% to
11.18%
|
7.17% to
11.14%
|
0.36% to
9.72%
|
-0.09% to
10.42%
|
|
4th Index Anniversary Credit
|
0.51% to
3.77%
|
0% to
11.18%
|
7.17% to
11.14%
|
0.36% to
9.72%
|
0% to
10.42%
|
|
4th Anniversary Renewal Cap
|
13.25%
|
11.75%
|
10.75%
|
10.75%
|
11.00%
|
|
5th Index Year Index Return
|
6.67% to
23.91%
|
-20.05% to
12.08%
|
-8.16% to
-0.89%
|
-2.87% to
11.34%
|
3.27% to
13.79%
|
|
5th Index Anniversary Credit
|
6.67% to
13.25%
|
-10.05% to
11.75%
|
0%
|
0% to
10.75%
|
3.27% to
11.00%
|
|
5th Anniversary Renewal Cap
|
12.25%
|
11.75%
|
14.25%
|
15.50%
|
16.00%
|
|
6th Index Year Index Return
|
14.92% to
30.99%
|
20.39% to
74.78%
|
44.83% to
53.42%
|
37.51% to
47.51%
|
30.78% to
42.59%
|
|
6th Index Anniversary Credit
|
12.25%
|
11.75%
|
14.25%
|
15.50%
|
16.00%
|
|
6th Anniversary Renewal Cap
|
16.50%
|
16.75%
|
18.00%
|
16.50%
|
15.25%
|
|
7th Index Year Index Return
|
8.87% to
17.28%
|
5.14% to
16.23%
|
-0.89% to
10.30%
|
-6.20% to
-0.50%
|
-13.19% to
-0.74%
|
|
7th Index Anniversary Credit
|
8.87% to
16.50%
|
5.14% to
16.23%
|
0% to
10.30%
|
0%
|
-3.19% to
0.00%
|
|
Crediting Method / Indexes
|
Availability Restrictions:
|
|
Index Protection NY Strategy
|
– For Contracts with a number starting with AV this first became
available to newly issued Contracts on August 24, 2015.
– Not available to Contracts issued before August 24, 2015, or if the
Contract has a number starting with GAZ.
|
|
EURO STOXX 50®
|
– For Contracts with a number starting with AV this first became
available to newly issued Contracts on August 24, 2015.
– Not available to Contracts issued before August 24, 2015, or if the
Contract has a number starting with GAZ.
|
|
Investment Objectives
|
Variable Option and
Adviser/Subadviser
|
Current
Expenses
|
Average Annual Total Returns
(as of December 31, 2022)
|
||
|
1 Year
|
5 Years
|
10 Years
|
|||
|
Current income consistent with
stability of principal
|
AZL®
Government Money
Market Fund(1)
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Advisors, LLC
|
0.87%
|
0.78%
|
0.68%
|
0.35%
|
|
Long-term capital appreciation with
preservation of capital as an
important consideration
|
AZL®
MVP Balanced Index
Strategy Fund(2)
Adviser: Allianz Investment
Management LLC
|
0.71%
|
-14.87%
|
2.09%
|
4.61%
|
|
Long-term capital appreciation
|
AZL®
MVP Growth Index
Strategy Fund(2)
Adviser: Allianz Investment
Management LLC
|
0.66%
|
-15.10%
|
3.14%
|
6.31%
|
| Year ended December 31, | ||||||||||||||||||||||||||||||||
| Selected income data | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||
| Premium and annuity considerations* | $ | 658,839 | 689,602 | 431,944 | 376,919 | 306,832 | ||||||||||||||||||||||||||
| Net investment income | 18,100 | 16,177 | 18,028 | 19,866 | 23,273 | |||||||||||||||||||||||||||
| Ceded reinsurance reserve and expense adjustments | 1,146 | 578 | 291 | 181 | 201 | |||||||||||||||||||||||||||
| Fees from separate accounts | 58,894 | 66,792 | 66,045 | 68,960 | 72,602 | |||||||||||||||||||||||||||
| Total income | 736,979 | 773,149 | 516,308 | 465,926 | 402,908 | |||||||||||||||||||||||||||
| Policyholder benefits and surrenders | 274,066 | 281,533 | 244,532 | 255,885 | 246,712 | |||||||||||||||||||||||||||
| Change in aggregate reserves | 76,056 | (17,165) | 1,842 | 2,503 | (35,379) | |||||||||||||||||||||||||||
| General and administrative and commission | 82,936 | 78,354 | 56,875 | 52,630 | 43,506 | |||||||||||||||||||||||||||
| Net transfers to separate accounts | 351,286 | 358,538 | 186,015 | 134,980 | 107,721 | |||||||||||||||||||||||||||
| Total benefits and other expenses | 784,344 | 701,260 | 489,264 | 445,998 | 362,560 | |||||||||||||||||||||||||||
| Income tax expense (benefit) | 3,586 | 6,319 | 1,280 | (7,343) | (292) | |||||||||||||||||||||||||||
| Net realized capital gain (loss) | 22,638 | (59,957) | (41,220) | (70,095) | 7,217 | |||||||||||||||||||||||||||
| Net (loss) income | (28,313) | 5,613 | (15,456) | (42,824) | 47,857 | |||||||||||||||||||||||||||
| Capital and Surplus: | ||||||||||||||||||||||||||||||||
| Change in unrealized capital gain (loss) | 4,843 | 1,534 | (1,845) | (8,937) | 18,410 | |||||||||||||||||||||||||||
| Other change in capital & surplus | 2,024 | (106) | 1,934 | (649) | (15,579) | |||||||||||||||||||||||||||
| Capital contribution from parent | 30,000 | — | — | — | — | |||||||||||||||||||||||||||
| Net change in capital & surplus | $ | 8,554 | 7,041 | (15,367) | (52,410) | 50,688 | ||||||||||||||||||||||||||
| *Includes premiums and annuity and supplementary contract considerations. | ||||||||||||||||||||||||||||||||
| As of December 31, | ||||||||||||||||||||||||||||||||
| Selected balance sheet data | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||
| Total cash and invested assets | $ | 671,072 | 610,691 | 590,406 | 596,501 | 652,934 | ||||||||||||||||||||||||||
| Investment income due and accrued | 4,719 | 4,480 | 4,744 | 4,921 | 5,270 | |||||||||||||||||||||||||||
| Other admitted assets | 8,914 | 9,085 | 8,604 | 12,922 | 4,246 | |||||||||||||||||||||||||||
| Separate account assets | 4,347,526 | 4,447,304 | 3,773,866 | 3,232,062 | 2,677,964 | |||||||||||||||||||||||||||
| Total admitted assets | 5,032,231 | 5,071,560 | 4,377,620 | 3,846,406 | 3,340,414 | |||||||||||||||||||||||||||
| Total policyholder liabilities | 550,065 | 473,598 | 490,011 | 487,107 | 484,136 | |||||||||||||||||||||||||||
| Other liabilities | (36,924) | (12,352) | (42,226) | (44,099) | (45,390) | |||||||||||||||||||||||||||
| Separate account liabilities | 4,347,526 | 4,447,304 | 3,773,866 | 3,232,062 | 2,677,964 | |||||||||||||||||||||||||||
| Total liabilities | 4,860,667 | 4,908,550 | 4,221,651 | 3,675,070 | 3,116,710 | |||||||||||||||||||||||||||
| Total capital and surplus | $ | 171,564 | 163,010 | 155,969 | 171,336 | 223,746 | ||||||||||||||||||||||||||
| Year ended December 31, | Increase (decrease) and % change | Increase (decrease) and % change | |||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2022 - 2021 | 2021 - 2020 | |||||||||||||||||||||||||||||||||||||
| Income: | |||||||||||||||||||||||||||||||||||||||||
| Premium and annuity considerations* | $ | 658,839 | 689,602 | 431,944 | $ | (30,763) | (4.5) | % | $ | 257,658 | 59.7 | % | |||||||||||||||||||||||||||||
| Net investment income | 18,100 | 16,177 | 18,028 | 1,923 | 11.9 | (1,851) | (10.3) | ||||||||||||||||||||||||||||||||||
| Ceded reinsurance reserve and expense adjustments | 1,146 | 578 | 291 | 568 | 98.3 | 287 | 98.6 | ||||||||||||||||||||||||||||||||||
| Fees from separate accounts | 58,894 | 66,792 | 66,045 | (7,898) | (11.8) | 747 | 1.1 | ||||||||||||||||||||||||||||||||||
| Total income | 736,979 | 773,149 | 516,308 | (36,170) | (4.7) | 256,841 | 49.7 | ||||||||||||||||||||||||||||||||||
|
Benefits and other expenses:
|
|||||||||||||||||||||||||||||||||||||||||
| Policyholder benefits and surrenders | 274,066 | 281,533 | 244,532 | (7,467) | (2.7) | 37,001 | 15.1 | ||||||||||||||||||||||||||||||||||
| Change in aggregate reserves | 76,056 | (17,165) | 1,842 | 93,221 | 543.1 | (19,007) | (1,031.9) | ||||||||||||||||||||||||||||||||||
| General and administrative and commission | 82,936 | 78,354 | 56,875 | 4,582 | 5.8 | 21,479 | 37.8 | ||||||||||||||||||||||||||||||||||
| Net transfers to separate accounts | 351,286 | 358,538 | 186,015 | (7,252) | (2.0) | 172,523 | 92.7 | ||||||||||||||||||||||||||||||||||
| Total benefits and other expenses | 784,344 | 701,260 | 489,264 | 83,084 | 11.8 | 211,996 | 43.3 | ||||||||||||||||||||||||||||||||||
| Pretax (loss) income | (47,365) | 71,889 | 27,044 | (119,254) | (165.9) | 44,845 | 165.8 | ||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 3,586 | 6,319 | 1,280 | (2,733) | (43.3) | 5,039 | 393.7 | ||||||||||||||||||||||||||||||||||
| Net realized capital gain (loss) | 22,638 | (59,957) | (41,220) | 82,595 | 137.8 | (18,737) | (45.5) | ||||||||||||||||||||||||||||||||||
| Net (loss) income | $ | (28,313) | 5,613 | (15,456) | $ | (33,926) | (604.4) | % | $ | 21,069 | 136.3 | % | |||||||||||||||||||||||||||||
| Capital and Surplus: | |||||||||||||||||||||||||||||||||||||||||
| Change in unrealized capital gain (loss) | $ | 4,843 | 1,534 | (1,845) | $ | 3,309 | 215.7 | % | $ | 3,379 | 183.1 | % | |||||||||||||||||||||||||||||
| Other change in capital & surplus | 2,024 | (106) | 1,934 | 2,130 | 2,009.4 | (2,040) | (105.5) | ||||||||||||||||||||||||||||||||||
| Capital contribution from parent | 30,000 | — | — | 30,000 | — | — | — | ||||||||||||||||||||||||||||||||||
| Net change in capital & surplus | $ | 8,554 | 7,041 | (15,367) | $ | 1,513 | 21.5 | % | $ | 22,408 | 145.8 | % | |||||||||||||||||||||||||||||
| *Includes premiums and annuity and supplementary contract considerations. | |||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, | Increase (decrease) and % change | Increase (decrease) and % change | |||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2022 - 2021 | 2021 - 2020 | |||||||||||||||||||||||||||||||||||||
| Deposits and gross premiums written: | |||||||||||||||||||||||||||||||||||||||||
| Individual Annuities | $ | 653,562 | 685,610 | 425,561 | $ | (32,048) | (4.7) | % | $ | 260,049 | 61.1 | % | |||||||||||||||||||||||||||||
| Other | 5,492 | 4,416 | 4,108 | 1,076 | 24.4 | 308 | 7.5 | ||||||||||||||||||||||||||||||||||
| Total | $ | 659,054 | 690,026 | 429,669 | $ | (30,972) | (4.5) | % | $ | 260,357 | 60.6 | % | |||||||||||||||||||||||||||||
| In-force: | |||||||||||||||||||||||||||||||||||||||||
| Individual Annuities | $ | 4,654,719 | 4,797,886 | 3,990,425 | $ | (143,167) | (3.0) | % | $ | 807,461 | 20.2 | % | |||||||||||||||||||||||||||||
| Other | 1,837,298 | 750,332 | 328,472 | 1,086,966 | 144.9 | 421,860 | 128.4 | ||||||||||||||||||||||||||||||||||
| Total | $ | 6,492,017 | 5,548,218 | 4,318,897 | $ | 943,799 | 17.0 | % | $ | 1,229,321 | 28.5 | % | |||||||||||||||||||||||||||||
| Year ended December 31, | % change | ||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2022 - 2021 | 2021 - 2020 | |||||||||||||||||||||||||
| Stock Index | |||||||||||||||||||||||||||||
| S&P 500 | (19.44)% | 26.89% | 16.26% | (46.33)% | 10.63% | ||||||||||||||||||||||||
| NASDAQ 100 | (32.97)% | 26.63% | 47.58% | (59.60)% | (20.95)% | ||||||||||||||||||||||||
| Year ended December 31, | Basis point (bps) change | ||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2022 - 2021 | 2021 - 2020 | |||||||||||||||||||||||||
| Interest Rates | |||||||||||||||||||||||||||||
| Swap rate - 10 year | 3.84% | 1.58% | 0.93% | 226 bps | 65 bps | ||||||||||||||||||||||||
| Swap rate - 20 year | 3.74% | 1.76% | 1.32% | 198 bps | 44 bps | ||||||||||||||||||||||||
| Year ended December 31, | Increase (decrease) and % change | Increase (decrease) and % change | |||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2022 - 2021 | 2021 - 2020 | |||||||||||||||||||||||||||||||||||||
| Income: | |||||||||||||||||||||||||||||||||||||||||
| Premium and annuity considerations* | $ | 655,804 | 686,652 | 429,006 | $ | (30,848) | (4.5) | % | $ | 257,646 | 60.1 | % | |||||||||||||||||||||||||||||
| Net investment income | 13,899 | 12,181 | 14,100 | 1,718 | 14.1 | (1,919) | (13.6) | ||||||||||||||||||||||||||||||||||
| Fees from separate accounts | 58,894 | 66,792 | 66,045 | (7,898) | (11.8) | 747 | 1.1 | ||||||||||||||||||||||||||||||||||
| Total income | 728,597 | 765,625 | 509,151 | (37,028) | (4.8) | 256,474 | 50.4 | ||||||||||||||||||||||||||||||||||
| Benefits and other expenses: | |||||||||||||||||||||||||||||||||||||||||
| Policyholder benefits and surrenders | 271,102 | 279,788 | 241,717 | (8,686) | (3.1) | 38,071 | 15.8 | ||||||||||||||||||||||||||||||||||
| Change in aggregate reserves | $ | 71,289 | (25,127) | (5,248) | $ | 96,416 | 383.7 | % | $ | (19,879) | (378.8) | % | |||||||||||||||||||||||||||||
| General and administrative and commission | 79,959 | 76,484 | 55,706 | 3,475 | 4.5 | 20,778 | 37.3 | ||||||||||||||||||||||||||||||||||
| Net transfers to separate accounts | 351,286 | 358,538 | 186,015 | (7,252) | (2.0) | 172,523 | 92.7 | ||||||||||||||||||||||||||||||||||
| Total benefits and other expenses | 773,636 | 689,683 | 478,190 | 83,953 | 12.2 | 211,493 | 44.2 | ||||||||||||||||||||||||||||||||||
| Pretax income (loss) | (45,039) | 75,942 | 30,961 | (120,981) | (159.3) | 44,981 | 145.3 | ||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 3,409 | 6,675 | 1,465 | (3,266) | (48.9) | % | 5,210 | 355.6 | % | ||||||||||||||||||||||||||||||||
| Net realized capital gain (loss) | 22,688 | (59,965) | (41,117) | 82,653 | 137.8 | (18,848) | (45.8) | ||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (25,760) | 9,302 | (11,621) | $ | (35,062) | (376.9) | % | $ | 20,923 | 180.0 | % | |||||||||||||||||||||||||||||
| Capital and Surplus: | |||||||||||||||||||||||||||||||||||||||||
| Change in unrealized capital gain (loss) | $ | 4,997 | 1,627 | (1,873) | $ | 3,370 | 207.1 | % | $ | 3,500 | 186.9 | % | |||||||||||||||||||||||||||||
| Other change in capital & surplus | 1,756 | (88) | 1,697 | 1,844 | 2,095.5 | (1,785) | (105.2) | ||||||||||||||||||||||||||||||||||
| Net change in capital & surplus | $ | (19,007) | $ | 10,841 | $ | (11,797) | $ | (29,848) | (275.3) | % | $ | 22,638 | 191.9 | % | |||||||||||||||||||||||||||
| *Includes premiums and annuity and supplementary contract considerations. | |||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, | Increase (decrease) and % change | Increase (decrease) and % change | |||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2022 - 2021 | 2021 - 2020 | |||||||||||||||||||||||||||||||||||||
| Income: | |||||||||||||||||||||||||||||||||||||||||
| Premium and annuity considerations | $ | 3,035 | 2,950 | 2,938 | $ | 85 | 2.9 | % | $ | 12 | 0.4 | % | |||||||||||||||||||||||||||||
| Net investment income | 4,201 | 3,996 | 3,927 | 205 | 5.1 | 69 | 1.8 | ||||||||||||||||||||||||||||||||||
| Ceded reinsurance reserve and expense adjustments | 1,146 | 578 | 291 | 568 | 98.3 | 287 | 98.6 | ||||||||||||||||||||||||||||||||||
| Total income | 8,382 | 7,524 | 7,156 | 858 | 11.4 | 368 | 5.1 | ||||||||||||||||||||||||||||||||||
| Benefits and other expenses: | |||||||||||||||||||||||||||||||||||||||||
| Policyholder benefits and surrenders | 2,964 | 1,745 | 2,815 | 1,219 | 69.9 | (1,070) | (38.0) | ||||||||||||||||||||||||||||||||||
| Change in aggregate reserves | 4,767 | 7,962 | 7,090 | (3,195) | (40.1) | 872 | 12.3 | ||||||||||||||||||||||||||||||||||
| General and administrative and commission | 2,977 | 1,870 | 1,168 | 1,107 | 59.2 | 702 | 60.1 | ||||||||||||||||||||||||||||||||||
| Total benefits and other expenses | 10,708 | 11,577 | 11,073 | (869) | (7.5) | 504 | 4.6 | ||||||||||||||||||||||||||||||||||
|
Pretax (loss) income
|
(2,326) | (4,053) | (3,917) | 1,727 | 42.6 | (136) | (3.5) | ||||||||||||||||||||||||||||||||||
| Income tax (benefit) expense | 176 | (356) | (185) | 532 | 149.4 | (171) | (92.4) | ||||||||||||||||||||||||||||||||||
| Net realized capital (loss) gain | (50) | 8 | (103) | (58) | (725.0) | 111 | 107.8 | ||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (2,552) | (3,689) | (3,835) | $ | 1,137 | 30.8 | % | $ | 146 | 3.8 | % | |||||||||||||||||||||||||||||
| Capital and Surplus: | |||||||||||||||||||||||||||||||||||||||||
| Change in unrealized capital (loss) gain | $ | (154) | (93) | 28 | $ | (61) | (65.6) | % | $ | (121) | (432.1) | % | |||||||||||||||||||||||||||||
| Other change in capital & surplus | 268 | (18) | 237 | 286 | 1,588.9 | % | (255) | (107.6) | |||||||||||||||||||||||||||||||||
| Net change in capital & surplus | $ | (2,438) | (3,800) | (3,570) | $ | 1,362 | 35.8 | $ | (230) | (6.4) | |||||||||||||||||||||||||||||||
| Year ended December 31, | Increase (decrease) and % change | ||||||||||||||||||||||
| 2022 | 2021 | 2022 - 2021 | |||||||||||||||||||||
| Capital and Surplus: | |||||||||||||||||||||||
| Capital Contribution from parent | $ | 30,000 | — | $ | 30,000 | — | % | ||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||
| Carrying Value | % of total | Carrying Value | % of total | ||||||||||||||||||||
| Bonds | $ | 647,422 | 96.5 | % | $ | 580,114 | 95.0 | % | |||||||||||||||
| Cash and cash equivalents | 22,009 | 3.3 | 29,047 | 4.8 | |||||||||||||||||||
| Policy loans | 185 | — | 106 | — | |||||||||||||||||||
| Derivative assets | — | — | 700 | 0.1 | |||||||||||||||||||
| Receivables for securities | 1,456 | 0.2 | 724 | 0.1 | |||||||||||||||||||
| Total cash and invested assets | $ | 671,072 | 100.0 | % | $ | 610,691 | 100.0 | % | |||||||||||||||
| 2022 | |||||||||||||||||||||||
| NAIC Classes | Fair Value | % of Total | Amortized Cost | % of Total | |||||||||||||||||||
| 1 | $ | 402,120 | 68.3 | % | $ | 442,762 | 68.4 | % | |||||||||||||||
| 2 | 180,165 | 30.6 | 198,397 | 30.6 | |||||||||||||||||||
| Investment grade | 582,285 | 98.9 | 641,159 | 99.0 | |||||||||||||||||||
| 3 | 6,242 | 1.1 | 6,263 | 1.0 | |||||||||||||||||||
| 4 | — | — | — | — | |||||||||||||||||||
| 5 | — | — | — | — | |||||||||||||||||||
| 6 | — | — | — | — | |||||||||||||||||||
| Below investment grade | 6,242 | 1.1 | 6,263 | 1.0 | |||||||||||||||||||
| Total | $ | 588,527 | 100.0 | % | $ | 647,422 | 100.0 | % | |||||||||||||||
| 2021 | |||||||||||||||||||||||
| NAIC Classes | Fair Value | % of Total | Amortized Cost | % of Total | |||||||||||||||||||
| 1 | $ | 366,499 | 59.4 | % | $ | 351,132 | 60.6 | % | |||||||||||||||
| 2 | 241,412 | 39.2 | 221,262 | 38.1 | |||||||||||||||||||
| Investment grade | 607,911 | 98.6 | 572,394 | 98.7 | |||||||||||||||||||
| 3 | 8,016 | 1.3 | 7,196 | 1.2 | |||||||||||||||||||
| 4 | 555 | 0.1 | 524 | 0.1 | |||||||||||||||||||
| 5 | — | — | — | — | |||||||||||||||||||
| 6 | — | — | — | — | |||||||||||||||||||
| Below investment grade | 8,571 | 1.4 | 7,720 | 1.3 | |||||||||||||||||||
| Total | $ | 616,482 | 100.0 | % | $ | 580,114 | 100.0 | % | |||||||||||||||
| 2022 | ||||||||||||||||||||||||||
| NAIC Classes | Amortized Cost | % of Total | Vintage | Amortized Cost | % of Total | |||||||||||||||||||||
| 1 | $ | 74,182 | 100.0 | % | 2022 | $ | — | — | % | |||||||||||||||||
| 2 | — | — | 2021 | — | — | |||||||||||||||||||||
| 3 | — | — | 1 | 2020 | 2,457 | 3.3 | ||||||||||||||||||||
| 4 | — | — | 2019 | 3,718 | 5.0 | |||||||||||||||||||||
| 5 | — | — | 2018 and prior | 68,007 | 91.7 | |||||||||||||||||||||
| 6 | — | — | $ | 74,182 | 100.0 | % | ||||||||||||||||||||
| $ | 74,182 | 100.0 | % | |||||||||||||||||||||||
| 2021 | ||||||||||||||||||||||||||
| NAIC Classes | Amortized Cost | % of Total | Vintage | Amortized Cost | % of Total | |||||||||||||||||||||
| 1 | $ | 83,279 | 100.0 | % | 2021 | $ | — | — | % | |||||||||||||||||
| 2 | — | — | 2020 | 2,464 | 3.0 | |||||||||||||||||||||
| 3 | — | — | 2019 | 3,750 | 4.5 | |||||||||||||||||||||
| 4 | — | — | 2018 | 8,093 | 9.7 | |||||||||||||||||||||
| 5 | — | — | 2017 and prior | 68,972 | 82.8 | |||||||||||||||||||||
| 6 | — | — | $ | 83,279 | 100.0 | % | ||||||||||||||||||||
| $ | 83,279 | 100.0 | % | |||||||||||||||||||||||
| 2022 | ||||||||||||||||||||||||||
| NAIC Classes | Amortized Cost | % of Total | Vintage | Amortized Cost | % of Total | |||||||||||||||||||||
| 1 | $ | 2,825 | 100.0 | % | 2022 | $ | — | — | % | |||||||||||||||||
| 2 | — | — | 2021 | 2,800 | 99.1 | |||||||||||||||||||||
| 3 | — | — | 2020 | — | — | |||||||||||||||||||||
| 4 | — | — | 2019 | — | — | |||||||||||||||||||||
| 5 | — | — | 2018 and prior | 25 | 0.9 | |||||||||||||||||||||
| 6 | — | — | $ | 2,825 | 100.0 | % | ||||||||||||||||||||
| $ | 2,825 | 100.0 | % | |||||||||||||||||||||||
| 2021 | ||||||||||||||||||||||||||
| NAIC Classes | Amortized Cost | % of Total | Vintage | Amortized Cost | % of Total | |||||||||||||||||||||
| 1 | $ | 2,881 | 100.0 | % | 2021 | $ | 2,800 | 97.2 | % | |||||||||||||||||
| 2 | — | — | 2020 | — | — | |||||||||||||||||||||
| 3 | — | — | 2019 | — | — | |||||||||||||||||||||
| 4 | — | — | 2018 | — | — | |||||||||||||||||||||
| 5 | — | — | 2017 and prior | 81 | 2.8 | |||||||||||||||||||||
| 6 | — | — | $ | 2,881 | 100.0 | % | ||||||||||||||||||||
| $ | 2,881 | 100.0 | % | |||||||||||||||||||||||
| 2022 | |||||||||||||||||||||||
| Investment Grade | % of Total | Below Investment Grade | % of Total | ||||||||||||||||||||
| Twelve months or less below fair value | $ | 36,020 | 58.7 | % | $ | 115 | 0.2 | % | |||||||||||||||
| More than twelve months below fair value | 25,225 | 41.1 | 43 | — | |||||||||||||||||||
| Total | $ | 61,245 | 99.8 | % | $ | 158 | 0.2 | % | |||||||||||||||
| 2021 | |||||||||||||||||||||||
| Investment Grade | % of Total | Below Investment Grade | % of Total | ||||||||||||||||||||
| Twelve months or less below fair value | $ | 2,970 | 71.0 | % | $ | 9 | 0.2 | % | |||||||||||||||
| More than twelve months below fair value | 1,203 | 28.8 | — | — | |||||||||||||||||||
| Total | $ | 4,173 | 99.8 | % | $ | 9 | 0.2 | % | |||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||
| Impairment | No. of Securities | Impairment | No. of Securities | ||||||||||||||||||||
| Corporate securities | $ | 539 | 3 | $ | — | — | |||||||||||||||||
| Year ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Net cash provided by operating activities | $ | 949 | 79,047 | 38,478 | ||||||||||||||||
| Net cash used in investing activities | (39,612) | (67,319) | (61,112) | |||||||||||||||||
| Net cash provided by (used in) financing and miscellaneous activities | 31,625 | 682 | (1,742) | |||||||||||||||||
| Net (decrease) increase in cash and cash equivalents | $ | (7,038) | 12,410 | (24,376) | ||||||||||||||||
| Admitted Assets | 2022 | 2021 | ||||||||||||
| Cash and invested assets: | ||||||||||||||
| Bonds | $ | 647,422 | 580,114 | |||||||||||
| Cash and cash equivalents | 22,009 | 29,047 | ||||||||||||
| Policy loans | 185 | 106 | ||||||||||||
| Derivative assets | — | 700 | ||||||||||||
| Receivables for securities | 1,456 | 724 | ||||||||||||
| Total cash and invested assets | 671,072 | 610,691 | ||||||||||||
| Investment income due and accrued | 4,719 | 4,480 | ||||||||||||
| Deferred tax asset, net | 8,439 | 6,772 | ||||||||||||
| Other assets | 475 | 2,313 | ||||||||||||
| Admitted assets, exclusive of separate account assets | 684,705 | 624,256 | ||||||||||||
| Separate account assets | 4,347,526 | 4,447,304 | ||||||||||||
| Total admitted assets | $ | 5,032,231 | 5,071,560 | |||||||||||
| Liabilities and Capital and Surplus | 2022 | 2021 | ||||||||||||
| Policyholder liabilities: | ||||||||||||||
| Life policies and annuity contracts | $ | 459,725 | 388,469 | |||||||||||
| Accident and health policies | 83,151 | 78,678 | ||||||||||||
| Deposit-type contracts | 6,735 | 6,122 | ||||||||||||
| Life policy and contract claims | 21 | 71 | ||||||||||||
| Accident and health policy and contract claims | 433 | 258 | ||||||||||||
| Total policyholder liabilities | 550,065 | 473,598 | ||||||||||||
| General expenses due and accrued | 1,108 | 494 | ||||||||||||
| Due from separate accounts | (64,853) | (38,810) | ||||||||||||
| Payable to parent and affiliates | 5,176 | 4,793 | ||||||||||||
| Current income taxes | 3,548 | 6,005 | ||||||||||||
| Asset valuation reserve | 12,862 | 10,141 | ||||||||||||
| Other liabilities | 5,235 | 5,025 | ||||||||||||
| Liabilities, exclusive of separate account liabilities | 513,141 | 461,246 | ||||||||||||
| Separate account liabilities | 4,347,526 | 4,447,304 | ||||||||||||
| Total liabilities | 4,860,667 | 4,908,550 | ||||||||||||
| Capital and surplus: | ||||||||||||||
| Common stock, $10 par value. Authorized, issued, and outstanding 200,000 shares at December 31, 2022 and 2021 | 2,000 | 2,000 | ||||||||||||
| Additional paid-in capital | 102,500 | 72,500 | ||||||||||||
| Unassigned surplus | 67,064 | 88,510 | ||||||||||||
| Total capital and surplus | 171,564 | 163,010 | ||||||||||||
| Total liabilities and capital and surplus | $ | 5,032,231 | 5,071,560 | |||||||||||
| See accompanying notes to statutory financial statements. | ||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Income: | ||||||||||||||||||||
| Premiums and annuity considerations | $ | 656,597 | 688,560 | 428,499 | ||||||||||||||||
| Consideration for supplementary contracts | 2,242 | 1,042 | 3,445 | |||||||||||||||||
| Net investment income | 18,100 | 16,177 | 18,028 | |||||||||||||||||
| Commissions and expense allowances on reinsurance ceded | 1,146 | 578 | 291 | |||||||||||||||||
| Fees from separate accounts | 58,894 | 66,792 | 66,045 | |||||||||||||||||
| Total income | 736,979 | 773,149 | 516,308 | |||||||||||||||||
| Benefits and other expenses: | ||||||||||||||||||||
| Policyholder benefits | 43,865 | 40,707 | 34,640 | |||||||||||||||||
| Surrenders | 230,201 | 240,826 | 209,892 | |||||||||||||||||
| Change in aggregate reserves and deposit funds | 76,056 | (17,165) | 1,842 | |||||||||||||||||
| Commissions and other agent compensation | 46,104 | 47,602 | 31,709 | |||||||||||||||||
| General and administrative expenses | 36,832 | 30,752 | 25,166 | |||||||||||||||||
| Net transfers to separate accounts | 351,286 | 358,538 | 186,015 | |||||||||||||||||
| Total benefits and other expenses | 784,344 | 701,260 | 489,264 | |||||||||||||||||
| Income from operations before income taxes and net realized capital gain | (47,365) | 71,889 | 27,044 | |||||||||||||||||
| Income tax expense | 3,586 | 6,319 | 1,280 | |||||||||||||||||
| Net (loss) income from operations before net realized capital gain | (50,951) | 65,570 | 25,764 | |||||||||||||||||
| Net realized capital gain (loss), net of taxes and interest maintenance reserve | 22,638 | (59,957) | (41,220) | |||||||||||||||||
| Net (loss) income | $ | (28,313) | 5,613 | (15,456) | ||||||||||||||||
| See accompanying notes to statutory financial statements. | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Capital and surplus at beginning of year | $ | 163,010 | 155,969 | 171,336 | ||||||||||||||||
| Net (loss) income | (28,313) | 5,613 | (15,456) | |||||||||||||||||
| Change in unrealized capital gain (loss) | 4,843 | 1,534 | (1,845) | |||||||||||||||||
| Change in net deferred income tax | 8,856 | 3,807 | 5,397 | |||||||||||||||||
| Change in nonadmitted assets | (4,124) | (1,308) | (1,698) | |||||||||||||||||
| Capital contribution from parent | 30,000 | — | — | |||||||||||||||||
| Other changes in capital and surplus | (2,708) | (2,605) | (1,765) | |||||||||||||||||
| Capital and surplus at end of year | $ | 171,564 | 163,010 | 155,969 | ||||||||||||||||
| See accompanying notes to statutory financial statements. | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Premiums and annuity considerations, net | $ | 658,838 | 689,603 | 432,042 | ||||||||||||||||
| Net investment income | 20,141 | 19,340 | 21,039 | |||||||||||||||||
| Other income | 60,035 | 67,367 | 66,336 | |||||||||||||||||
| Total cash provided by operating activities | 739,014 | 776,310 | 519,417 | |||||||||||||||||
| Benefits and expenses paid: | ||||||||||||||||||||
| Benefit and loss-related payments | 272,409 | 279,458 | 242,416 | |||||||||||||||||
| Commissions, expenses paid, and aggregate write-ins for deductions | 82,323 | 78,441 | 56,583 | |||||||||||||||||
| Net transfers to separate accounts | 377,329 | 337,054 | 189,376 | |||||||||||||||||
| Income tax paid (benefit received), net | 6,004 | 2,310 | (7,436) | |||||||||||||||||
| Total cash used in operating activities | 738,065 | 697,263 | 480,939 | |||||||||||||||||
| Net cash provided by operating activities | 949 | 79,047 | 38,478 | |||||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Proceeds from investments sold, matured, or repaid: | ||||||||||||||||||||
| Bonds | 97,922 | 82,882 | 152,052 | |||||||||||||||||
| Derivatives | 29,969 | — | — | |||||||||||||||||
| Miscellaneous proceeds | — | 36 | 374 | |||||||||||||||||
| Total cash provided by investing activities | 127,891 | 82,918 | 152,426 | |||||||||||||||||
| Cost of investments acquired: | ||||||||||||||||||||
| Bonds | 166,219 | 91,367 | 171,141 | |||||||||||||||||
| Derivatives | — | 58,296 | 42,397 | |||||||||||||||||
| Miscellaneous applications | 1,284 | 574 | — | |||||||||||||||||
| Total cash used in investing activities | 167,503 | 150,237 | 213,538 | |||||||||||||||||
| Net cash used in investing activities | (39,612) | (67,319) | (61,112) | |||||||||||||||||
| Cash flows from financing and miscellaneous activities: | ||||||||||||||||||||
| Capital Contribution | 30,000 | — | — | |||||||||||||||||
| Change in payable to parent and affiliates | 383 | 891 | 518 | |||||||||||||||||
| Other | 1,242 | (209) | (2,260) | |||||||||||||||||
| Net cash provided by (used in) financing and miscellaneous activities | 31,625 | 682 | (1,742) | |||||||||||||||||
| Net (decrease) increase in cash and cash equivalents | (7,038) | 12,410 | (24,376) | |||||||||||||||||
| Cash and cash equivalents: | ||||||||||||||||||||
| Beginning of year | 29,047 | 16,637 | 41,013 | |||||||||||||||||
| End of year | $ | 22,009 | 29,047 | 16,637 | ||||||||||||||||
| See accompanying notes to statutory financial statements. | ||||||||||||||||||||
| 2022 | ||||||||||||||||||||||||||
| Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||||||
| Bonds: | ||||||||||||||||||||||||||
| U.S. government | $ | 192,732 | — | 12,000 | 180,732 | |||||||||||||||||||||
| States and political subdivisions | 6,788 | 22 | 776 | 6,034 | ||||||||||||||||||||||
| Corporate securities | 340,514 | 2,477 | 37,920 | 305,071 | ||||||||||||||||||||||
| Mortgage-backed securities | 107,388 | 8 | 10,707 | 96,690 | ||||||||||||||||||||||
| Total | $ | 647,422 | 2,507 | 61,403 | 588,527 | |||||||||||||||||||||
| 2021 | ||||||||||||||||||||||||||
| Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||||||
| Bonds: | ||||||||||||||||||||||||||
| U.S. government | $ | 78,869 | 864 | 1,274 | 78,459 | |||||||||||||||||||||
| States and political subdivisions | 6,921 | 975 | — | 7,896 | ||||||||||||||||||||||
| Corporate securities | 372,767 | 34,113 | 1,954 | 404,926 | ||||||||||||||||||||||
| Mortgage-backed securities | 121,557 | 4,598 | 954 | 125,201 | ||||||||||||||||||||||
| Total | $ | 580,114 | 40,550 | 4,182 | 616,482 | |||||||||||||||||||||
| Amortized cost | Fair value | |||||||||||||
| Due in 1 year or less | $ | 34,283 | 33,931 | |||||||||||
| Due after 1 year through 5 years | 218,802 | 208,543 | ||||||||||||
| Due after 5 years through 10 years | 188,050 | 157,483 | ||||||||||||
| Due after 10 years through 20 years | 73,072 | 70,673 | ||||||||||||
| Due after 20 years | 25,827 | 21,207 | ||||||||||||
| Loan-backed and other structured securities | 107,388 | 96,690 | ||||||||||||
| Total bonds and other assets receiving bond treatment | $ | 647,422 | 588,527 | |||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Proceeds from sales | $ | 97,922 | 82,882 | 152,052 | ||||||||||||||||
| Gross gains | 152 | 82 | 1,883 | |||||||||||||||||
| Gross losses | 335 | 80 | 297 | |||||||||||||||||
| 2022 | |||||||||||||||||||||||||||||||||||
| 12 months or less | Greater than 12 months | Total | |||||||||||||||||||||||||||||||||
| Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses | ||||||||||||||||||||||||||||||
| Bonds: | |||||||||||||||||||||||||||||||||||
| U.S. government | $ | 149,836 | 7,654 | 30,896 | 4,346 | 180,732 | 12,000 | ||||||||||||||||||||||||||||
| States and political subdivisions | 5,088 | 776 | — | — | 5,088 | 776 | |||||||||||||||||||||||||||||
| Corporate securities | 197,026 | 22,189 | 56,543 | 15,731 | 253,569 | 37,920 | |||||||||||||||||||||||||||||
| Mortgage-backed securities | 78,483 | 5,516 | 17,776 | 5,191 | 96,259 | 10,707 | |||||||||||||||||||||||||||||
| Total temporarily impaired securities | $ | 430,433 | 36,135 | 105,215 | 25,268 | 535,648 | 61,403 | ||||||||||||||||||||||||||||
| 2021 | |||||||||||||||||||||||||||||||||||
| 12 months or less | Greater than 12 months | Total | |||||||||||||||||||||||||||||||||
| Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses | ||||||||||||||||||||||||||||||
| Bonds: | |||||||||||||||||||||||||||||||||||
| U.S. government | $ | 14,972 | 71 | 19,058 | 1,203 | 34,030 | 1,274 | ||||||||||||||||||||||||||||
| Corporate securities | 71,212 | 1,954 | — | — | 71,212 | 1,954 | |||||||||||||||||||||||||||||
| Mortgage-backed securities | 23,502 | 954 | — | — | 23,502 | 954 | |||||||||||||||||||||||||||||
| Total temporarily impaired securities | $ | 109,686 | 2,979 | 19,058 | 1,203 | 128,744 | 4,182 | ||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Bonds | $ | (722) | 2 | 101 | ||||||||||||||||
| Derivatives | 23,057 | (60,008) | (40,495) | |||||||||||||||||
| Other | (25) | 64 | 45 | |||||||||||||||||
| Total realized capital gains (losses) | 22,310 | (59,942) | (40,349) | |||||||||||||||||
| Income tax benefit (expense) on net realized gains (losses) | 38 | (20) | (652) | |||||||||||||||||
| Total realized capital gains (losses), net of taxes | 22,348 | (59,962) | (41,001) | |||||||||||||||||
| Net (losses) gains transferred to IMR, net of taxes | (290) | (5) | 219 | |||||||||||||||||
| Net realized gains (losses), net of taxes and IMR | $ | 22,638 | (59,957) | (41,220) | ||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Interest: | ||||||||||||||||||||
| Bonds | 20,464 | 19,345 | 20,529 | |||||||||||||||||
| Policy loans | 8 | 7 | 9 | |||||||||||||||||
| Cash, cash equivalents, and short-term investments | 553 | 2 | 245 | |||||||||||||||||
| Derivatives | — | (1) | (11) | |||||||||||||||||
| Other | 72 | 119 | 59 | |||||||||||||||||
| Gross investment income | 21,097 | 19,472 | 20,831 | |||||||||||||||||
| Investment expenses | (971) | (1,579) | (1,239) | |||||||||||||||||
| Net investment income before amortization of IMR | 20,126 | 17,893 | 19,592 | |||||||||||||||||
| Amortization of IMR | (2,026) | (1,716) | (1,564) | |||||||||||||||||
| Net investment income | $ | 18,100 | 16,177 | 18,028 | ||||||||||||||||
| 2022 | 2021 | |||||||||||||||||||||||||||||||||||||
| Gross Fair Value | Gross Fair Value | |||||||||||||||||||||||||||||||||||||
|
Notional (1)
|
Assets | Liabilities |
Notional (1)
|
Assets | Liabilities | |||||||||||||||||||||||||||||||||
| OTC options | $ | — | — | — | 2,006 | 700 | — | |||||||||||||||||||||||||||||||
| Futures | 302,305 | — | — | 200,470 | — | — | ||||||||||||||||||||||||||||||||
| TRS | — | — | — | 2,000 | — | — | ||||||||||||||||||||||||||||||||
| Total derivative instruments | $ | — | — | 700 | — | |||||||||||||||||||||||||||||||||
|
(1) Notional amounts are presented on an absolute basis.
|
||||||||||||||||||||||||||||||||||||||
| Gross Restricted | Percentage | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total general account | Total separate account | Total current year | Total prior year | Increase (decrease) | Total current year admitted restricted | Gross restricted to total assets | Admitted restricted to total admitted assets | |||||||||||||||||||||||||||||||||||||||||||
| On deposit with states | $ | 1,651 | — | 1,651 | 1,656 | (5) | 1,651 | — | % | — | % | |||||||||||||||||||||||||||||||||||||||
| Derivative collateral | 29,549 | 19,345 | 48,894 | 29,429 | 19,465 | 48,894 | 1.0 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||
| Total restricted assets | $ | 31,200 | 19,345 | 50,545 | 31,085 | 19,460 | 50,545 | 1.0 | % | 1.0 | % | |||||||||||||||||||||||||||||||||||||||
| 2022 | ||||||||||||||||||||||||||
| Level 1 |
Level 2 (a)
|
Level 3 | Total | |||||||||||||||||||||||
| Assets at fair value | ||||||||||||||||||||||||||
| Separate account assets | $ | 1,958,660 | 113,012 | — | 2,071,672 | |||||||||||||||||||||
| Total assets reported at fair value | 1,958,660 | 113,012 | — | 2,071,672 | ||||||||||||||||||||||
| Liabilities at fair value | ||||||||||||||||||||||||||
| Separate account derivative liabilities | — | 122,296 | — | 122,296 | ||||||||||||||||||||||
| Total liabilities reported at fair value | $ | — | 122,296 | — | 122,296 | |||||||||||||||||||||
|
(a) The Company does not have any assets or liabilities measured at net asset value (NAV) that are included in Level 2
within this table.
|
||||||||||||||||||||||||||
| 2021 | ||||||||||||||||||||||||||
| Level 1 |
Level 2 (a)
|
Level 3 | Total | |||||||||||||||||||||||
| Assets at fair value | ||||||||||||||||||||||||||
| Derivative assets | $ | — | 700 | — | 700 | |||||||||||||||||||||
| Separate account assets | 2,330,868 | 244,061 | — | 2,574,929 | ||||||||||||||||||||||
| Total assets reported at fair value | 2,330,868 | 244,761 | — | 2,575,629 | ||||||||||||||||||||||
| Liabilities at fair value | ||||||||||||||||||||||||||
| Separate account derivative liabilities | — | 36,644 | 108,584 | — | 108,584 | |||||||||||||||||||||
| Total liabilities reported at fair value | $ | — | 108,584 | — | 108,584 | |||||||||||||||||||||
|
(a) The Company does not have any assets or liabilities measured at NAV that are included in Level 2 within this table.
|
||||||||||||||||||||||||||
| January 1, 2022 | Transfers into Level 3 |
Transfers out of Level 3 |
Total gains and (losses) included in Net Income |
Total gains and (losses) included in Surplus |
Purchases, issuances, sales and settlements | December 31, 2022 | |||||||||||||||||
| TRS asset | $ | — | — | — | — | — | — | — | |||||||||||||||
| Total Level 3 assets | — | — | — | — | — | — | — | ||||||||||||||||
| TRS liability | — | — | — | (758) | — | 758 | — | ||||||||||||||||
| Total Level 3 liabilities | $ | — | — | — | (758) | — | 758 | — | |||||||||||||||
| January 1, 2021 | Transfers into Level 3 |
Transfers out of Level 3 |
Total gains and (losses) included in Net Income |
Total gains and (losses) included in Surplus |
Purchases, issuances, sales and settlements | December 31, 2021 | |||||||||||||||||
| TRS asset | $ | — | — | — | 555 | — | (555) | — | |||||||||||||||
| Total Level 3 assets | — | — | — | 555 | — | (555) | — | ||||||||||||||||
| TRS liability | — | — | — | (1,222) | — | 1,222 | — | ||||||||||||||||
| Total Level 3 liabilities | $ | — | — | — | (1,222) | — | 1,222 | — | |||||||||||||||
| 2022 | ||||||||||||||||||||||||||||||||
| Fair Value | ||||||||||||||||||||||||||||||||
| Aggregate Fair Value | Admitted Assets/ Carrying Value |
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
| Financial Assets | ||||||||||||||||||||||||||||||||
| Bonds | $ | 588,527 | 647,422 | 180,732 | 407,795 | — | ||||||||||||||||||||||||||
| Cash equivalents | 26,558 | 26,558 | 26,558 | — | — | |||||||||||||||||||||||||||
| Separate account assets | 4,027,744 | 4,347,526 | 1,982,157 | 2,045,587 | — | |||||||||||||||||||||||||||
| Financial Liabilities | ||||||||||||||||||||||||||||||||
| Deposit-type contracts | $ | 6,815 | 6,735 | — | — | 6,815 | ||||||||||||||||||||||||||
| Other investment contracts | 384,701 | 434,151 | — | — | 384,701 | |||||||||||||||||||||||||||
| Separate account liabilities | 4,027,744 | 4,347,526 | 1,982,157 | 2,045,587 | — | |||||||||||||||||||||||||||
|
(b) The Company does not have any assets or liabilities measured at NAV that are included in Level 2 in this table. In
addition, the Company has no assets or liabilities for which it is not practicable to measure at fair value.
|
||||||||||||||||||||||||||||||||
| 2021 | ||||||||||||||||||||||||||||||||
| Fair Value | ||||||||||||||||||||||||||||||||
| Aggregate Fair Value | Admitted Assets/ Carrying Value |
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
| Financial Assets | ||||||||||||||||||||||||||||||||
| Bonds | $ | 616,482 | 580,114 | 78,459 | 538,023 | — | ||||||||||||||||||||||||||
| Cash equivalents | 30,073 | 30,073 | 30,073 | — | — | |||||||||||||||||||||||||||
| Derivative assets | 700 | 700 | — | 700 | — | |||||||||||||||||||||||||||
| Separate account assets | 4,473,968 | 4,447,304 | 2,382,546 | 2,091,422 | — | |||||||||||||||||||||||||||
| Financial Liabilities | ||||||||||||||||||||||||||||||||
| Deposit-type contracts | $ | 7,249 | 6,122 | — | — | 7,249 | ||||||||||||||||||||||||||
| Other investment contracts | 465,528 | 364,115 | — | — | 465,528 | |||||||||||||||||||||||||||
| Separate account liabilities | 4,473,968 | 4,447,304 | 2,382,546 | 2,091,422 | — | |||||||||||||||||||||||||||
|
(b) The Company does not have any assets or liabilities measured at NAV that are included in Level 2 in this table. In
addition, the Company has no assets or liabilities for which it is not practicable to measure at fair value.
|
||||||||||||||||||||||||||||||||
| December 31, 2022 | |||||||||||||||||
| Ordinary | Capital | Total | |||||||||||||||
|
Total gross deferred tax assets
|
$ | 27,191 | 814 | 28,005 | |||||||||||||
|
Statutory valuation allowance adjustments
|
— | — | — | ||||||||||||||
|
Adjusted gross deferred tax assets
|
27,191 | 814 | 28,005 | ||||||||||||||
|
Deferred tax assets nonadmitted
|
(17,639) | — | (17,639) | ||||||||||||||
|
Subtotal net admitted deferred tax assets
|
9,552 | 814 | 10,366 | ||||||||||||||
|
Deferred tax liabilities
|
(1,927) | — | (1,927) | ||||||||||||||
|
Net admitted deferred tax assets
|
$ | 7,625 | 814 | 8,439 | |||||||||||||
| December 31, 2021 | |||||||||||||||||
| Ordinary | Capital | Total | |||||||||||||||
|
Total gross deferred tax assets
|
$ | 19,392 | 680 | 20,072 | |||||||||||||
|
Statutory valuation allowance adjustments
|
— | — | — | ||||||||||||||
|
Adjusted gross deferred tax assets
|
19,392 | 680 | 20,072 | ||||||||||||||
|
Deferred tax assets nonadmitted
|
(11,747) | — | (11,747) | ||||||||||||||
|
Subtotal net admitted deferred tax assets
|
7,645 | 680 | 8,325 | ||||||||||||||
|
Deferred tax liabilities
|
(1,553) | — | (1,553) | ||||||||||||||
|
Net admitted deferred tax assets
|
$ | 6,092 | 680 | 6,772 | |||||||||||||
| Change | |||||||||||||||||
| Ordinary | Capital | Total | |||||||||||||||
|
Total gross deferred tax assets
|
$ | 7,799 | 134 | 7,933 | |||||||||||||
|
Statutory valuation allowance adjustments
|
— | — | — | ||||||||||||||
|
Adjusted gross deferred tax assets
|
7,799 | 134 | 7,933 | ||||||||||||||
|
Deferred tax assets nonadmitted
|
(5,892) | — | (5,892) | ||||||||||||||
|
Subtotal net admitted deferred tax assets
|
1,907 | 134 | 2,041 | ||||||||||||||
|
Deferred tax liabilities
|
(374) | — | (374) | ||||||||||||||
|
Net admitted deferred tax assets
|
$ | 1,533 | 134 | 1,667 | |||||||||||||
| December 31, 2022 | |||||||||||||||||
| Ordinary | Capital | Total | |||||||||||||||
| Federal income taxes paid in prior years recoverable through loss carrybacks (11.a) | $ | — | 718 | 718 | |||||||||||||
|
Adjusted gross DTAs expected to be realized after application of the
threshold limitations
|
|||||||||||||||||
|
Lesser of 11.b.i or 11.b.ii:
|
|||||||||||||||||
|
Adjusted gross DTAs expected to be realized following the balance sheet
date (11.b.i.)
|
7,625 | 96 | 7,721 | ||||||||||||||
|
Adjusted gross DTAs allowed per limitation threshold (11.b.ii)
|
N/A | N/A | 24,469 | ||||||||||||||
|
Lesser of 11.b.i or 11.b.ii
|
7,625 | 96 | 7,721 | ||||||||||||||
|
Adjusted gross DTAs offset by gross DTLs (11.c)
|
1,927 | — | 1,927 | ||||||||||||||
|
Deferred tax assets admitted
|
$ | 9,552 | 814 | 10,366 | |||||||||||||
| December 31, 2021 | |||||||||||||||||
| Ordinary | Capital | Total | |||||||||||||||
| Federal income taxes paid in prior years recoverable through loss carrybacks (11.a) | $ | — | 680 | 680 | |||||||||||||
|
Adjusted gross DTAs expected to be realized after application of the
threshold limitations
|
|||||||||||||||||
|
Lesser of 11.b.i or 11.b.ii:
|
|||||||||||||||||
|
Adjusted gross DTAs expected to be realized following the balance sheet
date (11.b.i.)
|
6,092 | — | 6,092 | ||||||||||||||
|
Adjusted gross DTAs allowed per limitation threshold (11.b.ii)
|
N/A | N/A | 23,436 | ||||||||||||||
|
Lesser of 11.b.i or 11.b.ii
|
6,092 | — | 6,092 | ||||||||||||||
|
Adjusted gross DTAs offset by gross DTLs (11.c)
|
1,553 | — | 1,553 | ||||||||||||||
|
Deferred tax assets admitted
|
$ | 7,645 | 680 | 8,325 | |||||||||||||
| Change | |||||||||||||||||
| Ordinary | Capital | Total | |||||||||||||||
| Federal income taxes paid in prior years recoverable through loss carrybacks (11.a) | $ | — | 38 | 38 | |||||||||||||
|
Adjusted gross DTAs expected to be realized after application of the
threshold limitations
|
|||||||||||||||||
|
Lesser of 11.b.i or 11.b.ii:
|
|||||||||||||||||
|
Adjusted gross DTAs expected to be realized following the balance sheet
date (11.b.i.)
|
1,533 | 96 | 1,629 | ||||||||||||||
|
Adjusted gross DTAs allowed per limitation threshold (11.b.ii)
|
N/A | N/A | 1,033 | ||||||||||||||
|
Lesser of 11.b.i or 11.b.ii
|
1,533 | 96 | 1,629 | ||||||||||||||
|
Adjusted gross DTAs offset by gross DTLs (11.c)
|
374 | — | 374 | ||||||||||||||
|
Deferred tax assets admitted
|
$ | 1,907 | 134 | 2,041 | |||||||||||||
| December 31 | |||||||||||||||||
| 2022 | 2021 | Change | |||||||||||||||
| Ratio percentage used to determine recovery period and threshold limitation amount | 589 | % | 711 | % | (122) | % | |||||||||||
| Amount of adjusted capital and surplus used to determine recovery period threshold limitation | $ | 163,125 | $ | 156,195 | $ | 6,930 | |||||||||||
| December 31, 2022 | |||||||||||||||||
| Ordinary | Capital | Total | |||||||||||||||
|
Net admitted adjusted gross DTAs - (percentage of total net admitted
adjusted gross DTAs)
|
— | % | 11.8 | % | 11.8 | % | |||||||||||
| December 31, 2021 | |||||||||||||||||
| Ordinary | Capital | Total | |||||||||||||||
|
Net admitted adjusted gross DTAs - (percentage of total net admitted
adjusted gross DTAs)
|
— | % | — | % | — | % | |||||||||||
| Change | |||||||||||||||||
| Ordinary | Capital | Total | |||||||||||||||
|
Net admitted adjusted gross DTAs - (percentage of total net admitted
adjusted gross DTAs)
|
— | % | 11.8 | % | 11.8 | % | |||||||||||
| December 31 | |||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2022-2021 Change | 2021-2010 Change | |||||||||||||||||||||||||
| Current year federal tax expense (benefit) - ordinary income | $ | 3,586 | 6,319 | 1,280 | (2,733) | 5,039 | |||||||||||||||||||||||
| Current year foreign tax expense (benefit) - ordinary income | — | — | — | — | — | ||||||||||||||||||||||||
| Subtotal | 3,586 | 6,319 | 1,280 | (2,733) | 5,039 | ||||||||||||||||||||||||
| Current year tax expense (benefit) - net realized capital gains (losses) | (38) | 19 | 652 | (57) | (633) | ||||||||||||||||||||||||
| Federal and foreign income taxes incurred | $ | 3,548 | 6,338 | 1,932 | (2,790) | 4,406 | |||||||||||||||||||||||
| December 31 | ||||||||||||||||||||
| Deferred tax assets | 2022 | 2021 | Change | |||||||||||||||||
| Ordinary: | ||||||||||||||||||||
| Deferred acquisition costs | $ | 4,241 | 3,678 | 563 | ||||||||||||||||
| Policyholder reserves | 22,937 | 15,029 | 7,908 | |||||||||||||||||
| Expense accruals | 7 | 1 | 6 | |||||||||||||||||
| Investments | — | 671 | (671) | |||||||||||||||||
| Nonadmitted assets | 6 | 13 | (7) | |||||||||||||||||
| Subtotal | 27,191 | 19,392 | 7,799 | |||||||||||||||||
| Nonadmitted ordinary deferred tax assets | (17,639) | (11,747) | (5,892) | |||||||||||||||||
| Admitted ordinary tax assets | 9,552 | 7,645 | 1,907 | |||||||||||||||||
| — | ||||||||||||||||||||
| Capital: | — | |||||||||||||||||||
| Impaired assets | 814 | 680 | 134 | |||||||||||||||||
| Subtotal | 814 | 680 | 134 | |||||||||||||||||
| Admitted capital deferred tax assets | 814 | 680 | 134 | |||||||||||||||||
| Admitted deferred tax assets | $ | 10,366 | 8,325 | 2,041 | ||||||||||||||||
| December 31 | ||||||||||||||||||||
| Deferred tax liabilities | 2022 | 2021 | Change | |||||||||||||||||
| Ordinary: | ||||||||||||||||||||
| Investments | $ | (989) | (305) | (684) | ||||||||||||||||
| Policyholder reserves | (931) | (1,242) | 311 | |||||||||||||||||
| Deferred and uncollected premiums | (7) | (6) | (1) | |||||||||||||||||
| Subtotal | (1,927) | (1,553) | (374) | |||||||||||||||||
| Capital: | ||||||||||||||||||||
| Other | — | — | — | |||||||||||||||||
| Subtotal | — | — | — | |||||||||||||||||
| Deferred tax liabilities | (1,927) | (1,553) | (374) | |||||||||||||||||
| Net deferred tax asset | $ | 8,439 | 6,772 | 1,667 | ||||||||||||||||
| December 31 | |||||||||||||||||
| 2022 | 2021 | Change | |||||||||||||||
|
Net deferred tax assets
|
$ | 26,078 | 18,519 | 7,559 | |||||||||||||
|
Statutory valuation allowance adjustment
|
— | — | — | ||||||||||||||
|
Net deferred tax assets after statutory valuation allowance
|
26,078 | 18,519 | 7,559 | ||||||||||||||
|
Tax effect of unrealized gains/(losses)
|
626 | (671) | 1,297 | ||||||||||||||
|
Change in net deferred income tax
|
$ | 8,856 | |||||||||||||||
| December 31, 2022 | December 31, 2021 | December 31, 2020 | |||||||||||||||
| Federal income tax rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
| Amortization of IMR | (0.9) | 0.5 | 1.2 | ||||||||||||||
| Dividends received deduction | 1.0 | (0.8) | (3.7) | ||||||||||||||
| Tax hedges | — | (0.2) | — | ||||||||||||||
| Tax hedge reclassification | (10.3) | (17.5) | (31.5) | ||||||||||||||
| Change in deferred tax on non-admitted assets | — | — | 0.2 | ||||||||||||||
| Prior period adjustments | — | 0.5 | — | ||||||||||||||
| Change in deferred tax impairments | 0.3 | — | (2.5) | ||||||||||||||
| Realized capital gains tax | 0.1 | — | 2.4 | ||||||||||||||
| Effective tax rate | 11.2 | % | 3.5 | % | (12.9) | % | |||||||||||
| Federal and foreign income taxes incurred | (7.6) | % | 8.8 | % | 4.7 | % | |||||||||||
| Realized capital gains tax | 0.1 | — | 2.4 | ||||||||||||||
| Change in net deferred income taxes | 18.7 | (5.3) | (20) | ||||||||||||||
| Effective tax rate | 11.2 | % | 3.5 | % | (12.9) | % | |||||||||||
| Members of Consolidated Tax Group | |||||
| Allianz Life Insurance Company of New York | Allianz Life Insurance Company of Missouri | ||||
| Allianz Life Insurance Company of North America | Allianz Underwriters Insurance Company | ||||
| AZOA Services Corporation | AGCS Marine Insurance Company | ||||
| Allianz Global Risks US Insurance Company | William H. McGee & Co., Inc. | ||||
| Allianz Reinsurance of America, Inc. | Allianz Reinsurance Management Services, Inc. | ||||
| Allianz Technology of America, Inc. | Fireman’s Fund Insurance Company | ||||
| Allianz Renewable Energy Partners of America LLC | Fireman’s Fund Indemnity Corporation | ||||
| Allianz Renewable Energy Partners of America 2 LLC | National Surety Corporation | ||||
| PFP Holdings, LLC. | Chicago Insurance Company | ||||
| AZL PF Investments, Inc. | Interstate Fire & Casualty Company | ||||
| Dresdner Kleinwort Pfandbriefe Investments II, Inc. | American Automobile Insurance Company | ||||
| Allianz Fund Investments, Inc. | The American Insurance Company | ||||
| Yorktown Financial Companies, Inc. | Allianz Risk Transfer, Inc. | ||||
| Questar Capital Corporation | Allianz Risk Transfer (Bermuda), Ltd. | ||||
| Questar Agency, Inc. | |||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Balance at January 1, net of reinsurance recoverables of $1,137, $1,079, and $1,214, respectively | $ | 8,074 | 7,834 | 7,302 | ||||||||||||||||
| Incurred related to: | ||||||||||||||||||||
| Current year | 5,182 | 2,613 | 3,428 | |||||||||||||||||
| Prior years | (113) | (433) | (1,093) | |||||||||||||||||
| Total incurred | 5,069 | 2,180 | 2,335 | |||||||||||||||||
| Paid related to: | ||||||||||||||||||||
| Current year | 361 | 154 | 153 | |||||||||||||||||
| Prior years | 2,124 | 1,786 | 1,650 | |||||||||||||||||
| Total paid | 2,485 | 1,940 | 1,803 | |||||||||||||||||
| Balance at December 31, net of reinsurance recoverables of $1,416, $1,137, and $1,079, respectively | $ | 10,658 | 8,074 | 7,834 | ||||||||||||||||
| For the years ended December 31, | ||||||||||||||
| Reduction in: | 2022 | 2021 | ||||||||||||
| Aggregate reserves | $ | 11,183 | 7,602 | |||||||||||
| Policy and contract claims | 181 | 160 | ||||||||||||
| Year ended | Direct amount | Ceded to other companies | Net amount | |||||||||||||||||
| December 31, 2022 | ||||||||||||||||||||
| Life insurance in force | $ | 1,837,298 | 1,651,432 | 185,866 | ||||||||||||||||
| Premiums: | ||||||||||||||||||||
| Life | 2,286 | 2,046 | 240 | |||||||||||||||||
| Annuities | 653,562 | — | 653,562 | |||||||||||||||||
| Accident and health | 3,207 | 412 | 2,795 | |||||||||||||||||
| Total premiums | $ | 659,055 | 2,458 | 656,597 | ||||||||||||||||
| December 31, 2021 | ||||||||||||||||||||
| Life insurance in force | $ | 750,332 | 673,079 | 77,253 | ||||||||||||||||
| Premiums: | ||||||||||||||||||||
| Life | 1,171 | 1,035 | 136 | |||||||||||||||||
| Annuities | 685,610 | — | 685,610 | |||||||||||||||||
| Accident and health | 3,245 | 431 | 2,814 | |||||||||||||||||
| Total premiums | $ | 690,026 | 1,466 | 688,560 | ||||||||||||||||
| December 31, 2020 | ||||||||||||||||||||
| Life insurance in force | $ | 328,472 | 293,458 | 35,014 | ||||||||||||||||
| Premiums: | ||||||||||||||||||||
| Life | 884 | 734 | 150 | |||||||||||||||||
| Annuities | 425,561 | — | 425,561 | |||||||||||||||||
| Accident and health | 3,224 | 436 | 2,788 | |||||||||||||||||
| Total premiums | $ | 429,669 | 1,170 | 428,499 | ||||||||||||||||
| 2022 | Percentage of total | 2021 | Percentage of total | |||||||||||||||||||||||
| Subject to discretionary withdrawal: | ||||||||||||||||||||||||||
| With market value adjustment | $ | 82,552 | 2 | % | $ | 102,531 | 2 | % | ||||||||||||||||||
| At book value less current surrender charges of 5% or more | 1,897,657 | 41 | 1,687,975 | 36 | ||||||||||||||||||||||
| At market value | 1,599,527 | 35 | 2,077,042 | 44 | ||||||||||||||||||||||
| Total with adjustment or at market value | 3,579,736 | 78 | 3,867,548 | 82 | ||||||||||||||||||||||
| At book value without adjustment (minimal or no charge or adjustment) | 873,856 | 19 | 742,702 | 16 | ||||||||||||||||||||||
| Not subject to discretionary withdrawal | 114,825 | 3 | 59,964 | 2 | ||||||||||||||||||||||
| Total gross | 4,568,417 | 100 | % | 4,670,214 | 100 | % | ||||||||||||||||||||
| Reinsurance ceded | — | — | ||||||||||||||||||||||||
| Total net | $ | 4,568,417 | $ | 4,670,214 | ||||||||||||||||||||||
| Amount included in At book value less current charges of 5% or more that will move to At book value without adjustment in the year after the statement date: | $ | 317,896 | $ | 271,907 | ||||||||||||||||||||||
| Reconciliation of total annuity actuarial reserves and deposit fund liabilities: | 2022 | 2021 | ||||||||||||
| Life, Accident and Health Annual Statement: | ||||||||||||||
| Annuities, net (excluding supplementary contracts with life contingencies) | $ | 377,151 | 342,115 | |||||||||||
| Supplemental contracts with life contingencies, net | 21,956 | 21,030 | ||||||||||||
| Deposit-type contracts | 6,735 | 6,122 | ||||||||||||
| Subtotal | 405,842 | 369,267 | ||||||||||||
| Separate Accounts Annual Statement: | ||||||||||||||
| Annuities, net (excluding supplementary contracts with life contingencies) | 4,162,122 | 4,300,405 | ||||||||||||
| Supplemental contracts with life contingencies, net | 453 | 542 | ||||||||||||
| Subtotal | 4,162,575 | 4,300,947 | ||||||||||||
| Total annuity actuarial reserves and deposit fund liabilities | $ | 4,568,417 | 4,670,214 | |||||||||||
| 2022 | |||||||||||
| General Account | Account value | Cash value | Reserve | ||||||||
| Subject to discretionary withdrawal, surrender values, or policy loans: | |||||||||||
| Universal life | $ | 7 | 2 | 608 | |||||||
| Indexed life | 1,816 | 1,721 | 1,794 | ||||||||
| Other permanent cash value life insurance | 244 | 244 | 244 | ||||||||
| Miscellaneous reserves | — | — | 22,000 | ||||||||
| Not subject to discretionary withdrawal or no cash values: | |||||||||||
| Term policies without cash value | XXX | XXX | 2,253 | ||||||||
| Miscellaneous reserves | XXX | XXX | 38,185 | ||||||||
| Total gross | 2,067 | 1,967 | 65,084 | ||||||||
| Reinsurance ceded | — | — | 4,466 | ||||||||
|
Total net (1)
|
$ | 2,067 | 1,967 | 60,618 | |||||||
|
(1) Balances reflected within this disclosure reside in the Company's general account; the Company's separate accounts do
not contain Life business.
|
|||||||||||
| 2021 | |||||||||||
| General Account | Account value | Cash value | Reserve | ||||||||
| Subject to discretionary withdrawal, surrender values, or policy loans: | |||||||||||
| Universal life | $ | 23 | 16 | 594 | |||||||
| Indexed life | 1,825 | 1,710 | 1,780 | ||||||||
| Other permanent cash value life insurance | 303 | 303 | 303 | ||||||||
| Miscellaneous reserves | — | — | 7,000 | ||||||||
| Not subject to discretionary withdrawal or no cash values: | |||||||||||
| Term policies without cash value | XXX | XXX | 806 | ||||||||
| Miscellaneous reserves | XXX | XXX | 16,282 | ||||||||
| Total gross | 2,151 | 2,029 | 26,765 | ||||||||
| Reinsurance ceded | — | — | 1,441 | ||||||||
|
Total net (1)
|
$ | 2,151 | 2,029 | 25,324 | |||||||
|
(1) Balances reflected within this disclosure reside in the Company's general account; the Company's separate accounts do
not contain Life business.
|
|||||||||||
| Reconciliation of total life actuarial reserves: | 2022 | 2021 | ||||||
| Life, Accident, and Health Annual Statement: | ||||||||
| Life insurance, net | $ | 3,112 | $ | 2,997 | ||||
| Miscellaneous reserves, net | 57,506 | 22,327 | ||||||
| Total life actuarial reserves | $ | 60,618 | $ | 25,324 | ||||
| 2022 | 2021 | ||||||||||
| Premiums, considerations, or deposits | $ | 597,807 | 643,502 | ||||||||
| Reserves: | |||||||||||
| Reserves for accounts with assets at fair value | 1,915,239 | 2,427,721 | |||||||||
| Reserves for account, with assets at amortized cost | 2,247,336 | 1,873,227 | |||||||||
| Total reserves | 4,162,575 | 4,300,948 | |||||||||
| By withdrawal characteristics: | |||||||||||
| At fair value | 1,581,648 | 1,337,089 | |||||||||
| At book value without MV adjustment and with current surrender charge of 5% or more | 1,914,787 | 2,427,179 | |||||||||
| At book value without MV adjustment and with current surrender charge of less than 5% | 665,687 | 536,138 | |||||||||
| Subtotal | 4,162,122 | 4,300,406 | |||||||||
| Not subject to discretionary withdrawal | 453 | 542 | |||||||||
| Total | $ | 4,162,575 | 4,300,948 | ||||||||
| 2022 | 2021 | |||||||||||||||||||||||||
| Product/transaction | Legally insulated | Not legally insulated | Legally insulated | Not legally insulated | ||||||||||||||||||||||
| Variable Annuities | $ | 1,621,829 | — | 2,108,248 | — | |||||||||||||||||||||
| Variable Annuities (Non-Unitized Non-Insulated) | — | 2,725,697 | — | 2,339,056 | ||||||||||||||||||||||
| Total | $ | 1,621,829 | 2,725,697 | 2,108,248 | 2,339,056 | |||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Transfers as reported in the Summary of Operations of the Separate Accounts Annual Statement: | ||||||||||||||||||||
| Transfers to separate accounts | $ | 597,807 | 643,502 | 401,472 | ||||||||||||||||
| Transfers from separate accounts | (246,810) | (285,061) | (215,753) | |||||||||||||||||
| Net transfers to separate accounts | 350,997 | 358,441 | 185,719 | |||||||||||||||||
| Reconciling adjustments: | ||||||||||||||||||||
| Other adjustments | 289 | 97 | 296 | |||||||||||||||||
| Transfers as reported in the Statutory Statements of Operations | $ | 351,286 | 358,538 | 186,015 | ||||||||||||||||
|
To send a check for an additional Purchase Payment,
or for general customer service, please mail to the appropriate address as follows:
|
|
REGULAR MAIL
|
|
|
|
OVERNIGHT, CERTIFIED, OR REGISTERED MAIL
|
|
Checks sent to the wrong address for additional
Purchase Payments are forwarded to the 5701 Golden Hills Drive
address listed above, which may delay processing.
|
|
Firm Name
|
|
LPL Financial
|
|
Wells Fargo Advisors LLC – Wealth (ISG)
|
|
Royal Alliance
|
|
Wells Fargo Advisors LLC (PCG)
|
|
Park Avenue Securities
|
|
UPON THE DEATH OF A SOLE OWNER
|
|
|
Action if the Contract is in the Accumulation Phase
|
Action if the Contract is in the Annuity Phase
|
|
• If this is an Inherited IRA Contract the Beneficiary can either:
– continue
to receive RMD payments based on the
remaining life expectancy of the deceased Owner and the
Contract Value as of the Business Day we receive a Valid
Claim, until ten years after the Owner’s death at which
time we make a lump sum payment, or
– receive
a lump sum payment of the Contract Value as of
the Business Day we receive a Valid Claim.
• We pay a death benefit to the Beneficiary unless the
Beneficiary is the surviving spouse and continues the
Contract. For a description of the death benefit and payout
options, see prospectus section 10, Death Benefit - Death
Benefit Payment Options During the Accumulation Phase.
• If the deceased Owner was a Determining Life and the
surviving spouse Beneficiary continues the Contract:
– we
increase the Contract Value to equal the Guaranteed
Death Benefit Value if greater and the Traditional Death
Benefit ends,
– the
surviving spouse becomes the new Owner,
– the
Accumulation Phase continues, and
– upon
the surviving spouse’s death, his or her
Beneficiary(s) receives the Contract Value.
• If the deceased Owner was not the Determining Life the
Traditional Death Benefit ends and the Beneficiary(s) receive
the Contract Value.
|
• The
Beneficiary becomes the Payee. If we are still required to
make Annuity Payments under the selected Annuity Option,
the Beneficiary also becomes the new Owner.
• If
the deceased was not an Annuitant, Annuity Payments to
the Payee continue. No death benefit is payable.
• If
the deceased was the only surviving Annuitant, Annuity
Payments end or continue as follows.
– Annuity
Option 1 or 3, payments end.
– Annuity
Option 2 or 4, payments end when the
guaranteed period ends.
– Annuity
Option 5, payments end and the Payee may
receive a lump sum refund.
• If
the deceased was an Annuitant and there is a surviving
joint Annuitant, Annuity Payments to the Payee continue
during the lifetime of the surviving joint Annuitant. No death
benefit is payable.
• For
a Qualified Contract, the Annuity Payments must end ten
years after the Owner’s death.
|
|
UPON THE DEATH OF A JOINT OWNER
|
|
|
Action if the Contract is in the Accumulation Phase
|
Action if the Contract is in the Annuity Phase
|
|
• The surviving Joint Owner is the sole primary Beneficiary. If
the Joint Owners were spouses there may also be contingent
Beneficiaries.
• If the deceased Owner was a Determining Life and the
surviving spouse Beneficiary continues the Contract:
– We
pay a death benefit to the surviving Joint Owner
unless he or she is the surviving spouse and continues
the Contract. For a description of the death benefit and
payout options, see prospectus section 10, Death Benefit
- Death
Benefit Payment Options During the Accumulation Phase.
• If the deceased Joint Owner was a Determining Life and the
surviving spouse/Joint Owner continues the Contract:
– we
increase the Contract Value to equal the Guaranteed
Death Benefit Value if greater and the Traditional Death
Benefit ends,
– the
surviving spouse/Joint Owner becomes the new
Owner,
– the
Accumulation Phase continues, and
– upon
the surviving spouse/Joint Owner’s death, his or her
Beneficiary(s) receives the Contract Value.
• If the deceased Joint Owner was not a Determining Life the
Traditional Death Benefit ends and the Beneficiary(s) receive
the Contract Value.
|
• If
we are still required to make Annuity Payments under the
selected Annuity Option, the surviving Joint Owner becomes
the sole Owner
• If
the deceased was not an Annuitant, Annuity Payments to
the Payee continue. No death benefit is payable.
• If
the deceased was the only surviving Annuitant, Annuity
Payments end or continue as follows.
– Annuity
Option 1 or 3, payments end.
– Annuity
Option 2 or 4, payments end when the
guaranteed period ends.
– Annuity
Option 5, payments end and the Payee may
receive a lump sum refund.
• If
the deceased was an Annuitant and there is a surviving
joint Annuitant, Annuity Payments to the Payee continue
during the lifetime of the surviving joint Annuitant. No death
benefit is payable.
|
|
UPON THE DEATH OF AN ANNUITANT AND THERE IS NO SURVIVING JOINT ANNUITANT
|
|
|
Action if the Contract is in the Accumulation Phase
|
Action if the Contract is in the Annuity Phase
|
|
• If the deceased Annuitant was not an Owner, and the
Contract is owned only by an individual(s), we do not pay a
death benefit. The Owner can name a new Annuitant subject
to our approval.
• If the deceased Annuitant was a sole Owner, we pay a death
benefit as discussed in the “Upon the Death of a Sole Owner”
table. If the Contract is continued by a surviving spouse, the
new surviving spouse Owner can name a new Annuitant
subject to our approval.
• If the deceased Annuitant was a Joint Owner, we pay a death
benefit as discussed in the “Upon the Death of a Joint Owner”
table. If the Contract is continued by a surviving Joint Owner
who is also a surviving spouse, the surviving spouse Joint
Owner can name a new Annuitant subject to our approval.
• If the Contract is owned by a non-individual, we treat the
death of the Annuitant as the death of a sole Owner, and we
pay a death benefit as discussed in the “Upon the Death of a
Sole Owner” table. NOTE: For non-individually owned
Contracts, spousal continuation is only available if the
Contract is Qualified, owned by a qualified plan or a
custodian, and the surviving spouse is named as the
sole primary beneficiary under the qualified plan or
custodial account.
|
• No
death benefit is payable.
• If
the deceased was the only surviving Annuitant, Annuity
Payments end or continue as follows.
– Annuity
Option 1 or 3, payments end.
– Annuity
Option 2 or 4, payments end when the
guaranteed period ends.
– Annuity
Option 5, payments end and the Payee may
receive a lump sum refund.
• If
we are still required to make Annuity Payments under the
selected Annuity Option and the deceased was a sole Owner,
the Beneficiary becomes the new sole Owner.
• If
we are still required to make Annuity Payments under the
selected Annuity Option and the deceased was a Joint
Owner, the surviving Joint Owner becomes the sole Owner.
|
|
UPON THE DEATH OF THE ANNUITANT DURING THE ANNUITY PHASE AND THERE IS A SURVIVING JOINT ANNUITANT
|
|
|
• Only Annuity Options 3 and 4 allow joint Annuitants. Under
Annuity Options 3 and 4, Annuity Payments to the Payee
continue during the lifetime of the surviving joint Annuitant
and, for Annuity Option 4, during any remaining guaranteed
period of time.
|
• No
death benefit is payable.
• If
we are still required to make Annuity Payments under the
selected Annuity Option and the deceased was a sole Owner,
the Beneficiary becomes the new Owner.
– If
we are still required to make Annuity Payments under
the selected Annuity Option and the deceased was a
Joint Owner, the surviving Joint Owner becomes the sole
Owner.
|
| This ‘497’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 12/31/32 | ||||
| 5/1/24 | ||||
| 1/1/24 | ||||
| 12/31/23 | ||||
| Filed on / Effective on: | 5/4/23 | |||
| 5/1/23 | 485BPOS, 497 | |||
| 4/7/23 | N-VPFS | |||
| 1/2/23 | ||||
| 1/1/23 | ||||
| 12/31/22 | 24F-2NT, N-CEN, N-VPFS | |||
| 12/30/22 | ||||
| 8/16/22 | ||||
| 8/1/22 | N-4/A | |||
| 6/29/22 | ||||
| 5/16/22 | ||||
| 5/10/22 | ||||
| 5/3/22 | ||||
| 3/11/22 | ||||
| 2/15/22 | ||||
| 1/1/22 | ||||
| 12/31/21 | 24F-2NT, N-CEN, N-VPFS | |||
| 11/15/21 | ||||
| 3/31/21 | 24F-2NT | |||
| 1/4/21 | ||||
| 1/1/21 | ||||
| 12/31/20 | 24F-2NT, N-CEN | |||
| 12/30/20 | ||||
| 11/12/20 | ||||
| 9/30/20 | ||||
| 8/24/20 | 497 | |||
| 6/30/20 | ||||
| 5/20/20 | ||||
| 3/31/20 | 24F-2NT | |||
| 3/27/20 | ||||
| 3/13/20 | ||||
| 3/12/20 | N-CEN | |||
| 3/1/20 | ||||
| 2/1/20 | ||||
| 1/4/20 | ||||
| 1/1/20 | ||||
| 12/31/19 | 24F-2NT, N-CEN | |||
| 12/20/19 | ||||
| 8/24/19 | ||||
| 8/1/19 | ||||
| 4/1/19 | ||||
| 1/4/19 | ||||
| 10/1/18 | ||||
| 8/24/18 | ||||
| 1/4/18 | ||||
| 12/31/17 | 24F-2NT, NSAR-U | |||
| 8/24/17 | ||||
| 1/4/17 | ||||
| 1/3/17 | ||||
| 8/24/16 | ||||
| 1/4/16 | ||||
| 1/1/16 | ||||
| 8/24/15 | ||||
| 7/1/14 | ||||
| 4/8/14 | ||||
| 3/31/13 | ||||
| 2/17/12 | ||||
| 1/1/12 | ||||
| 10/15/05 | ||||
| 5/10/05 | N-4 | |||
| 1/1/03 | ||||
| 9/11/01 | ||||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/10/23 Allianz Life of NY Var Account C N-VPFS 12/31/22 1:5.9M |