5
|
||
9
|
||
13
|
||
|
13
|
|
|
14
|
|
|
15
|
|
16
|
||
|
16
|
|
|
17
|
|
|
17
|
|
|
17
|
|
18
|
||
|
18
|
|
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19
|
|
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19
|
|
|
20
|
|
|
20
|
|
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21
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21
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|
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22
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24
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|
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24
|
|
|
25
|
|
|
25
|
|
1.
|
25
|
|
|
25
|
|
|
26
|
|
|
27
|
|
2.
|
28
|
|
|
28
|
|
|
28
|
|
|
28
|
|
|
29
|
|
|
29
|
|
|
29
|
|
|
29
|
3.
|
30
|
|
|
30
|
|
|
30
|
|
|
30
|
|
|
32
|
|
|
33
|
|
4.
|
33
|
|
|
34
|
|
|
35
|
|
|
36
|
|
|
37
|
|
|
39
|
|
|
41
|
|
|
42
|
|
|
43
|
|
|
44
|
|
5.
|
44
|
|
|
45
|
|
|
45
|
|
|
46
|
|
|
46
|
|
|
48
|
|
6.
|
48
|
|
|
48
|
|
|
48
|
|
|
49
|
|
|
51
|
|
|
51
|
|
|
51
|
|
|
51
|
|
|
51
|
|
7.
|
52
|
|
|
53
|
|
|
53
|
|
|
54
|
|
|
54
|
|
|
54
|
|
8.
|
54
|
|
|
55
|
|
|
55
|
|
|
56
|
|
9.
|
57
|
10.
|
59
|
|
|
61
|
|
|
61
|
|
|
62
|
|
11.
|
62
|
|
|
62
|
|
|
62
|
|
|
64
|
|
|
64
|
|
|
64
|
|
|
64
|
|
|
65
|
|
|
66
|
|
|
66
|
|
|
66
|
|
|
67
|
|
|
67
|
|
|
67
|
|
|
67
|
|
|
69
|
|
|
69
|
|
|
69
|
|
|
70
|
|
|
70
|
|
|
70
|
|
|
70
|
|
|
70
|
|
12.
|
70
|
|
|
70
|
|
|
71
|
|
|
71
|
|
|
71
|
|
|
73
|
|
|
73
|
|
|
73
|
13.
|
73
|
|
|
73
|
|
|
78
|
|
|
87
|
|
|
87
|
|
|
87
|
|
14.
|
95
|
|
96
|
||
|
96
|
|
|
96
|
|
|
97
|
|
|
97
|
|
99
|
||
101
|
||
|
101
|
|
102
|
||
103
|
||
Back Cover
|
||
|
Back Cover
|
|
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you will be assessed a withdrawal charge of up to 8% of the Purchase Payment withdrawn,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 $8,000.
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
Term End Date, a Daily Adjustment will apply to the Index
Option Value available for
withdrawal. The Daily Adjustment also applies if before the
Term End Date you execute a
Performance Lock, you 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 a loss. In
extreme circumstances, a negative
Daily Adjustment could result in a loss beyond the
protection of the Buffer. The maximum
potential loss from a negative Daily Adjustment is -99%.
|
Fee Tables
4. Valuing Your
Contract
6. Expenses
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
|
||
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.
|
Fee Tables
6. Expenses
Appendix D –
Funds Available
Under the
Contract
|
||
Annual Fee
|
Minimum
|
Maximum
|
||
Base Contract(1)
|
1.26%
|
1.26%
|
||
Investment Options(2)
(Fund fees and expenses)
|
0.68%
|
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 Variable Option’s average net
assets, plus an amount attributable to the estimated
contract maintenance charge based on expected Contract
sales.
|
|
||
|
(2)
As a percentage of a Fund'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 could be subject to a
withdrawal charge, and if taken from the
Index Options could result in substantial
losses due to the application of negative
Daily Adjustments.
|
|
||
|
Lowest Annual Cost:
$1,778
|
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
Contract), withdrawal charges will apply. A withdrawal
charge will reduce your Contract
Value or the amount of money that you actually receive.
Withdrawals may reduce or end
Contract guarantees.
• Withdrawals are subject to income taxes, and may also be subject to a 10% additional
federal tax for amounts withdrawn before age 59 1∕2.
• Amounts invested in an Index Option must be held in the Index Option for the full Term
before they can receive a Performance Credit. We apply a
Daily Adjustment if, before the
Term End Date, you take a full or partial withdrawal
(including financial adviser fees that
you choose to have us pay from this Contract), you execute
a Performance Lock, you
annuitize the Contract, 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.
|
Risk Factors
4. Valuing Your
Contract
10. Death Benefit
Appendix B –
Daily Adjustment
|
||
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 have their own unique risks.
• You should review each Fund’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 www.allianzlife.com/new-york/about/why-allianz, or
contacting us at (800)
624-0197.
|
Risk Factors
|
|
RESTRICTIONS
|
Prospectus
Location
|
||
Investments
|
• 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 do not accept additional Purchase Payments during the Annuity Phase.
• 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,
Purchasing the Contract –
Allocation of Purchase Payments and Contract Value
Transfers.
• You can typically transfer Index Option Value only on Term End Dates. However, you can
transfer assets out of a 3-year or 6-year Term Index
Option before the Term End Date by
executing a Performance Lock as discussed in section 4,
Valuing Your Contract –
Performance Locks.
• We do not allow assets to move into an established Index Option until the Term End Date.
If you request to allocate a Purchase Payment into an
established Index Option on an
Index Anniversary that is not a Term End Date, we will
allocate those assets to the same
Index Option with a new Term Start Date.
• With prior written notice we may make the Index Protection NY Strategy Index Options
and Index Performance Strategy 3-year Term with 20% Buffer
Index Options temporarily
unavailable for a year or more on Term Start Dates
occurring on or after the sixth Index
Anniversary if we are unable to support the minimum Cap on
that Index Option. However,
we cannot make the Index Performance Strategy 1-year Term,
3-year Term with 10%
Buffer, or 6-year Term Index Options temporarily
unavailable. Once we make an Index
Option temporarily unavailable, it may continue to be
unavailable so long as we are
unable to support its minimum Cap due to yield on
investments or the availability or cost
of hedging. However, we cannot permanently eliminate Index
Options after we issue your
Contract, and a temporarily unavailable Index Option will
become available once we can
support its minimum Cap. Although we cannot eliminate an
Index Option from your
Contract, we reserve the right to substitute Indexes
either on a Term Start Date or during
a Term.
• We reserve the right to close or substitute the Fund in which the Variable Option invests.
We can also decline a Purchase Payment if it does not meet
the requirements set out in
section 3, Purchasing the Contract – Purchase
Requirements.
|
Risk Factors
3. Purchasing the
Contract
4. Valuing Your
Contract
5. Information
Related to the
Variable Options'
Underlying Funds
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.
• Generally, earnings under a Non-Qualified Contract are taxed at ordinary income rates
when withdrawn, and may also be subject to a 10%
additional federal tax for amounts
withdrawn before age 59 1∕2.
• Generally, distributions from Qualified Contracts are taxed at ordinary income tax rates
when withdrawn, and may also be subject to a 10%
additional federal tax for amounts
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
|
|
CONFLICTS OF
INTEREST
|
Prospectus
Location
|
||
Exchanges
|
Some Financial Professionals may have a financial incentive
to offer you a new contract in
place of one you already own. You should only exchange your
contract if you determine,
after comparing the features, fees, and risks of both
contracts, that it is better for you to
purchase the new contract rather than continue to own your
existing contract.
|
12. Other
Information –
Distribution
|
Currently Available
Crediting Methods,
Term Lengths and Buffers
|
Can Be Made
Temporarily
Unavailable
|
Currently
Available Indexes
|
Positive Index Performance
Participation Limit
|
Index Protection NY Strategy
1-year Term with 30% Buffer
|
Yes
|
• S&P 500® Index
• Russell 2000® Index
• Nasdaq-100® Index
• EURO STOXX 50®
|
• 3% minimum Cap
|
Index Performance Strategy
1-year Term with 10% Buffer
|
No
|
• S&P 500® Index
• Russell 2000® Index
• Nasdaq-100® Index
• EURO STOXX 50®
|
• 5% minimum Cap
|
Index Performance Strategy
3-year Term with 10% Buffer
|
No
|
• S&P 500® Index
• Russell 2000® Index
|
• 15% minimum Cap
• Can be “uncapped” (i.e., we do
not declare a Cap for that Term)
• 100% minimum Participation
Rate
|
Index Performance Strategy
3-year Term with 20% Buffer
|
Yes
|
• S&P 500® Index
• Russell 2000® Index
|
• 12% minimum Cap
• Can be uncapped
• 100% minimum Participation
Rate
|
Index Performance Strategy
6-year Term with 10% Buffer
|
No
|
• S&P 500® Index
• Russell 2000® Index
|
• 30% minimum Cap
• Can be uncapped
• 100% minimum Participation
Rate
|
Number of Complete Years
Since Purchase Payment
|
Withdrawal Charge Amount
|
0
|
8%
|
1
|
7%
|
2
|
6%
|
3
|
5%
|
4
|
3%
|
5
|
1%
|
6 years or more
|
0%
|
Transfer Fee(3)
|
$25
|
(for each transfer between Variable Options after twelve in a Contract Year)
|
|
|
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 Term End Date)(4)
|
|
Administrative Expenses (or contract maintenance
charge)(1)
(per year)
|
$50
|
Base Contract Expenses(2)
(as a percentage of the Variable Option’s average net assets)(3)
|
1.25%
|
|
Minimum
|
Maximum
|
(expenses that are deducted from Fund assets, including management fees,
distribution and/or service (12b-1)
fees, and other expenses)
|
0.68%
|
0.88%
|
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Maximum Fund expense
|
$9,355
|
$12,049
|
$14,102
|
$24,516
|
Minimum Fund expense
|
$9,155
|
$11,443
|
$13,084
|
$22,443
|
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Maximum Fund expense
|
N/A*
|
$6,649
|
$11,402
|
$24,516
|
Minimum Fund expense
|
N/A*
|
$6,043
|
$10,384
|
$22,443
|
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Maximum Fund expense
|
$2,155
|
$6,649
|
$11,402
|
$24,516
|
Minimum Fund expense
|
$1,955
|
$6,043
|
$10,384
|
$22,443
|
|
January 1, 2014 through December 31, 2023
|
|||
|
S&P 500® Index
|
Nasdaq-100® Index
|
Russell 2000® Index
|
EURO STOXX 50®
|
Returns without dividends
|
11.02
%
|
19.57
%
|
6.76
%
|
4.60
%
|
Returns with dividends
|
13.09
%
|
20.79
%
|
8.19
%
|
8.10
%
|
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.
|
Financial Adviser Fee
Withdrawal
|
Contract
Value
|
Traditional Death Benefit’s Guaranteed Death Benefit
|
Prior to 1st years withdrawal
|
$ 100,000
|
$ 90,000
|
$5,000 withdrawal (subject to an
|
|
|
8% withdrawal charge)
|
– [($5,000 ÷ (1 – 8%)]
|
|
Amount withdrawn
|
– $5,435
|
– [($5,435 ÷ 100,000) x 90,000]
|
|
|
= - $4,891
|
After 1st years withdrawal
|
$ 94,565
|
$ 85,109
|
|
|
|
Prior to 2nd years withdrawal
|
$ 97,000
|
$ 85,109
|
$5,000 withdrawal (not subject to a
|
|
|
withdrawal charge)
|
– $5,000
|
– [($5,000 ÷ 97,000) x 85,109]
|
|
|
= - $4,387
|
After 2nd years withdrawal
|
$ 92,000
|
$ 80,722
|
|
|
|
Prior to 3rd years withdrawal
|
$ 80,000
|
$ 80,722
|
$5,000 withdrawal (not subject to a
|
|
|
withdrawal charge)
|
– $5,000
|
– [($5,000 ÷ 80,000) x 80,722]
|
|
|
= - $5,045
|
After 3rd years withdrawal
|
$ 75,000
|
$ 75,677
|
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 Inherited IRA
Owner and the Contract Value as of the Business Day we
receive a Valid Claim, until ten years after the Inherited
IRA 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(ies) receives the Contract Value.
• If the deceased Owner was not a Determining Life, the
Traditional Death Benefit is not available and the
Beneficiary(ies) 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 may be a taxable event. In addition, there are other
restrictions on changing the ownership of a
Qualified Contract and Qualified Contracts generally cannot be
assigned absolutely or on a limited basis. You should
consult with your tax
adviser before assigning this Contract.
|
• 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.
|
On your application if you select…
|
Your Index Effective Date will be either…
|
the earliest Index Effective Date
|
• your Issue Date, or
• the first Business Day of the next month if the Issue Date is the 29th, 30th, or 31st of a
month
|
the deferred Index Effective Date
|
• your first Quarterly Contract Anniversary, or
• the next Business Day if the first Quarterly Contract Anniversary occurs on a non-Business
Day, or the first Business Day of the next month if the first
Quarterly Contract Anniversary
is the 29th, 30th, or 31st of a month
|
• 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 Options are subject to Contract fees and expenses (e.g. M&E charge, contract maintenance charge) and
market risk. Assets you allocate to them may lose value, including any Purchase Payments we
hold in the AZL
Government Money Market
subaccount before transferring them to your selected Index Options.
|
For Owners of Qualified Contracts, AIP is not available if you
have an Inherited IRA Contract, an Inherited Roth IRA
Contract, or if your Contract is funding a plan that is tax
qualified under Section 401 of the Code.
|
Variable Account Value increases when….
|
Variable Account Value decreases when….
|
• you add assets to a Variable Option by Purchase Payment or
Contract Value transfer,
• we hold assets in the AZL Government Money Market Fund
subaccount on an interim basis due to Purchase Payments
destined for the Index Option(s), a Contract Value increase
associated with the death of a Determining Life, or an Index
Option becoming temporarily unavailable, or
• there is positive Fund performance
|
• you take assets out of a Variable Option by
withdrawal (including any financial adviser fees that you
choose to have us pay from this Contract) or Contract Value
transfer,
• we transfer assets held in the AZL Government Money Market
Fund subaccount on an interim basis that are destined for the
Index Option(s) according to Purchase Payment default
instructions,
• there is negative Variable Option performance, or
• we deduct Contract fees and expenses
|
Contract fees and expenses we deduct from the Variable
Options include the M&E charge, 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
subaccount 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,
• we transfer assets held in the AZL Government Money Market
Fund subaccount on an interim basis to your selected Index
Option according to Purchase Payment default instructions, or
• you receive a positive Performance Credit or Daily Adjustment
|
• you take assets out of an Index Option by
withdrawal (including any financial adviser fees that you
choose to have us pay from this Contract) or Contract Value
transfer,
• we transfer assets out of an Index Option on a Term Start
Date because the Index Option became temporarily
unavailable,
• you receive a negative Performance Credit or Daily
Adjustment, or
• we deduct Contract fees and expenses
|
Contract fees and expenses
we deduct from the Index Options include the contract maintenance charge, and withdrawal
charge 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.
|
• 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, -80% with a 20% 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 Term.
|
• If a 3-year or 6-year Term Index Option is “uncapped” for one Term (i.e., we do not declare a Cap for that
Term) it does not mean that we will not
declare a Cap for it on future Term Start Dates. On the next Term Start
Date we can declare a Cap for the next Term, or declare it to
be uncapped.
|
|
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% or 20% of loss, but you receive a
negative Performance Credit for losses greater than the
10% or 20% Buffer.
• Potential for large losses in any Term.
• More sensitive to large negative market movements
because small negative market movements are absorbed
by the 10% or 20% Buffer. In a period of extreme
negative market performance, the risk of loss is greater
with the Index Performance Strategy.
• In extended periods of moderate to large negative market
performance, 3-year and 6-year Terms may provide less
protection than the 1-year Terms because, in part, the
Buffer is applied over a longer period of time.
|
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 and/or
Participation Rates. If we do not declare a Cap for a
3-year or 6-year Term
Index Option there is no
maximum limit on the
positive Index Return for that
Index Option. In addition,
you can receive more than
the positive Index Return
if the Participation Rate
applies and is greater
than its 100%
minimum. However, the
Participation Rate cannot
boost Index Returns beyond
a declared Cap.
• May perform best in a strong market.
|
What can
change
within a
Crediting
Method?
|
• Renewal Caps for existing Contracts can change on
each Term Start Date subject to the guaranteed
minimum.
– 1-year Term with 30% Buffer has a 3% minimum Cap.
• With prior written notice we may make all of these
Index Options temporarily unavailable for a year or
more on Term Start Dates occurring on or after the
sixth Index Anniversary if we are unable to support
the minimum Cap.
• 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 and/or Participation Rates for existing
Contracts can change on each Term Start Date subject to
the guaranteed minimums.
– 1-year Term with 10% Buffer has a 5% minimum Cap.
– 3-year Term with 10% Buffer has a 15% minimum Cap
and 100% minimum Participation Rate.
– 3-year Term with 20% Buffer has a 12% minimum Cap
and 100% minimum Participation Rate.
– 6-year Term with 10% Buffer has a 30% minimum Cap
and 100% minimum Participation Rate.
• With prior written notice we may make Index
Performance Strategy 3-year Term with 20% Buffer Index
Options temporarily unavailable for a year or more on
Term Start Dates occurring on or after the sixth Index
Anniversary if we are unable to support the minimum
Cap.
• The 10% and 20% 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 and Participation Rates 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 and Participation Rates will be reduced to
their respective minimums
of 3%, 5%, 12%, 15%, 30%, or 100% as stated in the table above.
|
• If your Contract is within its free look period you may be able to take advantage of any increase in initial Caps and/or
Participation Rates by cancelling your Contract and
purchasing a new Contract.
|
• If the initial Caps and/or Participation Rates available on the Index Effective Date are not acceptable you have the
following options.
|
– Cancel your Contract if you are still within the free look period. If you took a withdrawal that was subject to a
withdrawal charge (including financial adviser fees that you
choose to have us pay from this Contract) we will refund
any previously deducted withdrawal charge upon a free look
cancellation.
|
– Request to extend your Index Effective Date if you have not reached your first Quarterly Contract Anniversary.
|
– If the free look period has expired, request a full withdrawal and receive the Contract
Value less withdrawal charge
and contract maintenance charge. This withdrawal is subject to
income taxes, and may also be subject to a 10%
additional federal tax for amounts withdrawn before age 59 1∕2. If this occurs on or before the Index Effective
Date, the
Daily Adjustment does not apply.
If this occurs after the Index Effective Date, you are subject to the Daily
Adjustment.
|
• Caps and Participation Rates 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, 2023 we set Caps for the Index
Performance Strategy 1-year Term with 10% Buffer using the
S&P 500® Index as follows:
|
– 13% initial rate for new Contracts issued in 2023,
|
– 14% renewal rate for existing Contracts issued in 2022, and
|
– 12% renewal rate for existing Contracts issued in 2021.
|
|
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 Term 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 Term End Date. However, the remaining amount
in the Index Options is eligible for a Performance Credit on
the Term End Date.
|
• 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
and Term Length
|
If Index Value is less than it was on
the
Term Start Date
(i.e., Index Return is negative):
|
If Index Value is equal to or greater than
it was
on the Term Start Date
(i.e., Index Return is zero or positive):
|
Index Protection NY
Strategy 1-year Term
|
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 Term Start Date.
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 1-year Term
|
Performance Credit is equal to the negative Index
Return in excess of the 10% Buffer.
If the Index Return for the year 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 Term Start Date.
Assume the Cap for the 1-year Term is 8%. If the
Index Return for the year is…
• 0%, the Performance Credit is zero.
• 6%, the Performance Credit is 6%.
• 12%, the Performance Credit is 8%.
|
Index Performance
Strategy 3-year Term
|
Performance Credit is equal to the negative Index
Return in excess of the 10% or 20% Buffer.
Assume you select a 3-year Term Index Option with
10% Buffer. If the Index Return for the Term is…
• -19%, the Performance Credit is -9%.
• -24%, the Performance Credit is -14%.
Instead assume you
select a 3-year Term Index
Option with 20% Buffer, and the Index Return for
the Term is…
• -19%, the Performance Credit is 0%.
• -24%, the Performance Credit is -4%.
|
Performance Credit is equal to the Index Return
multiplied by the Participation Rate, up to any Cap
set on the Term Start Date.
Assume the Participation Rate is 100% and the Cap
is 80%. If the Index Return for the Term is…
• 0%, the Performance Credit is zero.
• 65%, the Performance Credit is 65%.
• 90%, the Performance Credit is 80%.
If instead, the
Participation Rate is 110% and the
3-year Term is uncapped, and the Index Return for
the Term is…
• 0%, the Performance Credit is zero.
• 65%, the Performance Credit is 71.5%.
• 90%, the Performance Credit is 99%.
|
Crediting Method
and Term Length
|
If Index Value is less than it was on
the
Term Start Date
(i.e., Index Return is negative):
|
If Index Value is equal to or greater than
it was
on the Term Start Date
(i.e., Index Return is zero or positive):
|
Index Performance
Strategy 6-year Term
|
Performance Credit is equal to the negative Index
Return in excess of the 10% Buffer.
If the Index Return for the Term is…
• -19%, the Performance Credit is -9%.
• -24%, the Performance Credit is -14%.
|
Performance Credit is equal to the Index Return
multiplied by the Participation Rate, up to any Cap
set on the Term Start Date.
Assume the Participation Rate is 100% and the Cap
is 85%. If the Index Return for the Term is…
• 0%, the Performance Credit is zero.
• 65%, the Performance Credit is 65%.
• 90%, the Performance Credit is 85%.
If instead, the
Participation Rate is 110% and the
6-year Term is uncapped, and the Index Return for
the Term is…
• 0%, the Performance Credit is zero.
• 65%, the Performance Credit is 71.5%.
• 90%, the Performance Credit is 99%.
|
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.
|
You cannot participate in
the Optional Reallocation Program if you select a 3-year or 6-year Term Index Option. If
you are participating in this program and select a 3-year
or 6-year Term Index Option, on the Term Start Date your
participation in this program ends and we will not reallocate
your 1-year Term Index Option Values.
|
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.
|
|
Base Contract Expenses
(as a percentage of each Variable Option’s average net assets)
|
Mortality and Expense Risk (M&E) Charge(1)
|
1.25%
|
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
Contract Year, your Contract Value is $110,000 and you
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%
withdrawal charge, and you receive $18,800. We determine
this amount as follows:
(amount withdrawn) x (1 – withdrawal charge) = the
amount you receive, or:
$20,000 x 0.94 = $18,800
The total amount we withdraw from the second Purchase
Payment is $24,946, which is subject to a 7% withdrawal
charge, and you receive $23,200. We determine this amount
as follows:
(amount withdrawn) x (1 – withdrawal charge) = the
amount you receive, or:
$24,946 x 0.93 = $23,200
|
Calculating a Withdrawal Charge
|
Example
|
|||
Number of Complete
Years Since
Purchase Payment
|
Withdrawal Charge
Amount
|
|
||
0
1
2
3
4
5
6 years or more
|
8%
7%
6%
5%
3%
1%
0%
|
|
||
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 $54,946 from your
Contract, of
which you received $52,000 and paid a
withdrawal
charge of $2,946. We also reduced the 1st
Purchase
Payment from $30,000 to $0, and your 2nd
Purchase
Payment from $70,000 to $45,054 ($70,000
– $24,946).
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 may also be subject
to a 10% additional federal tax for amounts withdrawn before
age 59 1∕2. The amount of Contract Value available for withdrawal is also affected by the Daily Adjustment
(which can be negative)
unless taken on a Term End Date. If you have Index Options with different Term End
Dates, there may be no time
you can take a withdrawal without application of at least one Daily Adjustment.
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, and 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 Term End Date)
|
|
• Withdrawals are subject to a withdrawal charge, income taxes, and may also be subject to a 10% additional federal
tax for amounts withdrawn before age 59 1∕2. The amount of Contract Value available for
withdrawal may also 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 and we tax
report to 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 may 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 Variable Option until the Fund is liquidated.
|
The free withdrawal privilege is not
available upon a full withdrawal.
|
• During the withdrawal charge period, systematic withdrawals in excess of the free withdrawal privilege are
subject to a withdrawal charge, ordinary
income taxes, and may also be subject to a 10% additional federal
tax for amounts withdrawn before 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 may be 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,
and may also be subject to a 10% additional
federal tax for amounts withdrawn 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 for the
1-year Term Index
Options
|
Provides for automatic transfers among the 1-year
Term Index Options to help you maintain your
selected allocation percentages among these Index
Options.
|
• Only available during the Accumulation Phase.
• Not available if you select a 3-year or 6-year Term
Index Option.
• We reserve the right to discontinue or modify the
program.
|
Systematic
Withdrawal
Program
|
Allows you to take automatic withdrawals from your
Contract.
|
• 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, and may also be
subject to a 10% additional federal tax for amounts
withdrawn before age 59 1∕2.
• We reserve the right to discontinue or modify the
program.
|
Standard Benefits (No Additional Charge)
|
||
Name of Benefit
|
Purpose
|
Brief Description of
Restrictions/Limitations
|
Minimum
Distribution
Program
|
Allows you to automatically take withdrawals to
satisfy the minimum distribution requirements
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.
|
Financial
Adviser
Fees
|
If you have a financial adviser and want to pay their
financial adviser fees from this Contract, you can
instruct us to withdraw the fee from your Contract
and pay it to your Financial Professional or Financial
Professional’s firm as instructed.
|
• 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, income taxes, and may also be subject to
a 10% additional federal tax for amounts
withdrawn 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 skilled nursing facility or hospital.
|
• Only available during the Accumulation Phase.
• Confinement must begin after the first Contract
Year, be for at least 90 consecutive days, and
requires proof of stay.
• Requires physician certification.
• Not available if any Owner was confined to a
skilled nursing facility or hospital 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, and may
also be subject to a 10% additional federal tax for
amounts withdrawn before age 59 1∕2.
|
Standard Benefits (No Additional Charge)
|
||
Name of Benefit
|
Purpose
|
Brief Description of
Restrictions/Limitations
|
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.
|
Performance Lock
|
Allows you to capture the current Index Option Value
during the Term 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.
• Performance Locks must be executed before the
Term End Date.
• 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 Term, and will not receive a
Performance Credit on the Term End Date.
• You will not know your locked Index Option Value
in advance.
• The locked Index Option Value will reflect a Daily
Adjustment.
• If a Performance Lock is executed when Daily
Adjustment has declined, it will lock in any loss.
• A Performance Lock can be executed only once
each Term for each Index Option.
• Cannot execute a Performance Lock 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 that occurs on or
immediately after the Lock Date.
• 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(ies).
|
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.
We may determine which types of qualified retirement plans are eligible to
purchase this
Contract.
|
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.
|
|
2023
|
Commission paid
|
$ 49,656,889.16
|
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)(1)
|
Non-Equity
Incentive Plan Compensation
(g)
|
All Other
Compensation
(i)(2)
|
Total
(j)
|
Jasmine M. Jirele
Chair and Chief Executive
Officer
|
2023
|
5.00%
|
$40,000
|
$0
|
$82,012
|
$54,674
|
$2,274
|
$178,960
|
2022
|
5.00%
|
$37,500
|
$10,000
|
$67,444
|
$44,963
|
$1,191
|
$161,097
|
|
2021
|
2.50%
|
$14,049
|
$9,750
|
$26,708
|
$17,805
|
$563
|
$68,874
|
|
William E. Gaumond
Chief Financial Officer and
Treasurer
|
2023
|
5.00%
|
$26,631
|
$10,000
|
$34,491
|
$22,994
|
$2,275
|
$96,391
|
2022
|
5.00%
|
$25,261
|
$0
|
$47,125
|
$21,417
|
$1,242
|
$95,045
|
|
2021
|
5.00%
|
$23,795
|
$15,000
|
$38,548
|
$25,699
|
$1,122
|
$104,163
|
Name
|
Year
|
Milestone/
Anniversary/
Recognition(3)
|
Life
Insurance
Premiums
|
Employer
Match to
401(k) Plan
|
ASAAP
Contribution(4)
|
Other
Compensation(5)
|
Total
|
Jasmine M. Jirele
|
2023
|
--
|
$36
|
$1,125
|
$113
|
$1,000
|
$2,274
|
2022
|
$13
|
$34
|
$1,025
|
$119
|
--
|
$1,191
|
|
2021
|
$9
|
$10
|
$488
|
$56
|
--
|
$563
|
|
William E. Gaumond
|
2023
|
--
|
$38
|
$1,238
|
--
|
$1,000
|
$2,275
|
2022
|
$64
|
$35
|
$1,025
|
$119
|
--
|
$1,242
|
|
2021
|
--
|
$34
|
$975
|
$113
|
--
|
$1,122
|
Name
(a)
|
Grant Date
(b)
|
Estimated Future Payouts Under
Non-Equity
Incentive Plan Awards(1)
|
Estimated Future Payouts Under Equity
Incentive
Plan Awards(2,3)
|
||||
Threshold ($)
(c)
|
Target ($)
(d)
|
Maximum ($)
(e)
|
Threshold ($)
(f)
|
Target ($)
(g)
|
Maximum ($)
(h)
|
||
Jasmine M. Jirele
|
3/8/2024
|
|
|
|
|
|
|
RSUs (under AEI)
|
|
|
|
|
$0
|
$66,000
|
$297,000
|
AIP Award
|
|
$0
|
$44,000
|
$66,000
|
|
|
|
William E. Gaumond
|
3/8/2024
|
|
|
|
|
|
|
RSUs (under AEI)
|
|
|
|
|
$0
|
$28,766
|
$129,447
|
AIP Award
|
|
$0
|
$19,177
|
$28,766
|
|
|
|
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
|
|
|
|
94.300
|
$25,254
|
|
120.350
|
$32,231
|
|
309.750
|
$82,954
|
|
368.550
|
$98,701
|
William E. Gaumond
|
|
|
|
97.400
|
$26,085
|
|
123.150
|
$32,981
|
|
223.550
|
$59,869
|
|
257.500
|
$68,961
|
Name
|
Stock Awards
|
|
Number of
Shares
Acquired
on Vesting (#)
|
Value Realized
on Vesting ($)(1)
|
|
Jasmine M. Jirele
|
73.350
|
17,067
|
William E. Gaumond
|
76.900
|
17,894
|
NEOs
|
Lump Sum Payment
|
Jasmine M. Jirele
|
$60,000
|
William E. Gaumond
|
$40,388
|
Name
(a)
|
Fees Earned or
Paid in Cash
($)(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
|
Jesse J. Kling(2,3)
Vice President, Appointed
Actuary
|
N/A
|
N/A
|
Lorraine Lods(2)
Non-Independent Director
|
N/A
|
N/A
|
Ronald M. Clark(3)
Independent Director
|
$35,000
|
$35,000
|
Martha Clark Goss(3)
Independent Director
|
$50,000
|
$50,000
|
Gary A. Smith(3)
Non-Independent Director
|
$35,000
|
$35,000
|
Kevin E. Walker
Independent Director
|
$35,000
|
$35,000
|
Investment Objectives
|
Fund and
Adviser/Subadviser
|
Current
Expenses
|
Average Annual Total Returns
(as of December 31, 2023)
|
||
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%
|
4.28%
|
1.32%
|
0.77%
|
Long-term capital appreciation with
preservation of capital as an
important consideration
|
AZL® MVP
Balanced Index
Strategy Fund(2)
Adviser: Allianz Investment
Management LLC
|
0.70%
|
12.85%
|
5.55%
|
4.64%
|
Long-term capital appreciation
|
AZL® MVP
Growth Index
Strategy Fund(2)
Adviser: Allianz Investment
Management LLC
|
0.68%
|
16.81%
|
7.82%
|
5.95%
|
Part I |
Year ended December 31, | ||||||||||||||||||||||||||||||||
Selected income data | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Premium and annuity considerations* | $ | 972,773 | 658,839 | 689,602 | 431,944 | 376,919 | ||||||||||||||||||||||||||
Net investment income | 20,031 | 18,100 | 16,177 | 18,028 | 19,866 | |||||||||||||||||||||||||||
Ceded reinsurance reserve and expense adjustments | 1,791 | 1,146 | 578 | 291 | 181 | |||||||||||||||||||||||||||
Fees from separate accounts | 54,306 | 58,894 | 66,792 | 66,045 | 68,960 | |||||||||||||||||||||||||||
Total income | 1,048,901 | 736,979 | 773,149 | 516,308 | 465,926 | |||||||||||||||||||||||||||
Policyholder benefits and surrenders | 549,361 | 274,066 | 281,533 | 244,532 | 255,885 | |||||||||||||||||||||||||||
Change in aggregate reserves | (32,581) | 76,056 | (17,165) | 1,842 | 2,503 | |||||||||||||||||||||||||||
General and administrative and commission | 108,020 | 82,936 | 78,354 | 56,875 | 52,630 | |||||||||||||||||||||||||||
Net transfers to separate accounts | 396,569 | 351,286 | 358,538 | 186,015 | 134,980 | |||||||||||||||||||||||||||
Total benefits and other expenses | 1,021,369 | 784,344 | 701,260 | 489,264 | 445,998 | |||||||||||||||||||||||||||
Income tax expense (benefit) | (1,665) | 3,586 | 6,319 | 1,280 | (7,343) | |||||||||||||||||||||||||||
Net realized capital (loss) gain | (41,157) | 22,638 | (59,957) | (41,220) | (70,095) | |||||||||||||||||||||||||||
Net (loss) income | (11,960) | (28,313) | 5,613 | (15,456) | (42,824) | |||||||||||||||||||||||||||
Capital and Surplus: | ||||||||||||||||||||||||||||||||
Change in unrealized capital (loss) gain | (7,720) | 4,843 | 1,534 | (1,845) | (8,937) | |||||||||||||||||||||||||||
Other change in capital & surplus | 3,316 | 2,024 | (106) | 1,934 | (649) | |||||||||||||||||||||||||||
Capital contribution from parent | 30,000 | 30,000 | — | — | — | |||||||||||||||||||||||||||
Net change in capital & surplus | $ | 13,636 | 8,554 | 7,041 | (15,367) | (52,410) | ||||||||||||||||||||||||||
*Includes premiums and annuity and supplementary contract considerations. |
As of December 31, | ||||||||||||||||||||||||||||||||
Selected balance sheet data | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Total cash and invested assets | $ | 650,763 | 671,072 | 610,691 | 590,406 | 596,501 | ||||||||||||||||||||||||||
Investment income due and accrued | 5,071 | 4,719 | 4,480 | 4,744 | 4,921 | |||||||||||||||||||||||||||
Other admitted assets | 24,431 | 8,914 | 9,085 | 8,604 | 12,922 | |||||||||||||||||||||||||||
Separate account assets | 5,399,495 | 4,347,526 | 4,447,304 | 3,773,866 | 3,232,062 | |||||||||||||||||||||||||||
Total admitted assets | 6,079,760 | 5,032,231 | 5,071,560 | 4,377,620 | 3,846,406 | |||||||||||||||||||||||||||
Total policyholder liabilities | 530,368 | 550,065 | 473,598 | 490,011 | 487,107 | |||||||||||||||||||||||||||
Other liabilities | (35,303) | (40,924) | (12,352) | (42,226) | (44,099) | |||||||||||||||||||||||||||
Separate account liabilities | 5,399,495 | 4,347,526 | 4,447,304 | 3,773,866 | 3,232,062 | |||||||||||||||||||||||||||
Total liabilities | 5,894,560 | 4,856,667 | 4,908,550 | 4,221,651 | 3,675,070 | |||||||||||||||||||||||||||
Total capital and surplus | $ | 185,200 | 171,564 | 163,010 | 155,969 | 171,336 |
Year ended December 31, | Increase (decrease) and % change | Increase (decrease) and % change | |||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2023 - 2022 | 2022 - 2021 | |||||||||||||||||||||||||||||||||||||
Income: | |||||||||||||||||||||||||||||||||||||||||
Premium and annuity considerations* | $ | 972,773 | 658,839 | 689,602 | $ | 313,934 | 47.6 | % | $ | (30,763) | (4.5) | % | |||||||||||||||||||||||||||||
Net investment income | 20,031 | 18,100 | 16,177 | 1,931 | 10.7 | 1,923 | 11.9 | ||||||||||||||||||||||||||||||||||
Ceded reinsurance reserve and expense adjustments | 1,791 | 1,146 | 578 | 645 | 56.3 | 568 | 98.3 | ||||||||||||||||||||||||||||||||||
Fees from separate accounts | 54,306 | 58,894 | 66,792 | (4,588) | (7.8) | (7,898) | (11.8) | ||||||||||||||||||||||||||||||||||
Total income | 1,048,901 | 736,979 | 773,149 | 311,922 | 42.3 | (36,170) | (4.7) | ||||||||||||||||||||||||||||||||||
Benefits and other expenses:
|
|||||||||||||||||||||||||||||||||||||||||
Policyholder benefits and surrenders | 549,361 | 274,066 | 281,533 | 275,295 | 100.4 | (7,467) | (2.7) | ||||||||||||||||||||||||||||||||||
Change in aggregate reserves | (32,581) | 76,056 | (17,165) | (108,637) | (142.8) | 93,221 | 543.1 | ||||||||||||||||||||||||||||||||||
General and administrative and commission | 108,020 | 82,936 | 78,354 | 25,084 | 30.2 | 4,582 | 5.8 | ||||||||||||||||||||||||||||||||||
Net transfers to separate accounts | 396,569 | 351,286 | 358,538 | 45,283 | 12.9 | (7,252) | (2.0) | ||||||||||||||||||||||||||||||||||
Total benefits and other expenses | 1,021,369 | 784,344 | 701,260 | 237,025 | 30.2 | 83,084 | 11.8 | ||||||||||||||||||||||||||||||||||
Pretax income (loss) | 27,532 | (47,365) | 71,889 | 74,897 | 158.1 | (119,254) | (165.9) | ||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (1,665) | 3,586 | 6,319 | (5,251) | (146.4) | (2,733) | (43.3) | ||||||||||||||||||||||||||||||||||
Net realized capital (loss) gain | (41,157) | 22,638 | (59,957) | (63,795) | (281.8) | 82,595 | 137.8 | ||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (11,960) | (28,313) | 5,613 | $ | 16,353 | 57.8 | % | $ | (33,926) | (604.4) | % | |||||||||||||||||||||||||||||
Capital and Surplus: | |||||||||||||||||||||||||||||||||||||||||
Change in unrealized capital (loss) gain | $ | (7,720) | 4,843 | 1,534 | $ | (12,563) | (259.4) | % | $ | 3,309 | 215.7 | % | |||||||||||||||||||||||||||||
Other change in capital & surplus | 3,316 | 2,024 | (106) | 1,292 | 63.8 | 2,130 | 2,009.4 | ||||||||||||||||||||||||||||||||||
Capital contribution from parent | 30,000 | 30,000 | — | — | — | 30,000 | NM^ | ||||||||||||||||||||||||||||||||||
Net change in capital & surplus | $ | 13,636 | 8,554 | 7,041 | $ | 5,082 | 59.4 | % | $ | 1,513 | 21.5 | % | |||||||||||||||||||||||||||||
*Includes premiums and annuity and supplementary contract considerations. | |||||||||||||||||||||||||||||||||||||||||
^ Not meaningful |
Year ended December 31, | Increase (decrease) and % change | Increase (decrease) and % change | |||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2023 - 2022 | 2022 - 2021 | |||||||||||||||||||||||||||||||||||||
Deposits and gross premiums written: | |||||||||||||||||||||||||||||||||||||||||
Individual Annuities | $ | 967,460 | 653,562 | 685,610 | $ | 313,898 | 48.0 | % | $ | (32,048) | (4.7) | % | |||||||||||||||||||||||||||||
Other | 6,719 | 5,492 | 4,416 | 1,227 | 22.3 | 1,076 | 24.4 | ||||||||||||||||||||||||||||||||||
Total | $ | 974,179 | 659,054 | 690,026 | $ | 315,125 | 47.8 | % | $ | (30,972) | (4.5) | % | |||||||||||||||||||||||||||||
In-force: | |||||||||||||||||||||||||||||||||||||||||
Individual Annuities | $ | 5,642,883 | 4,654,719 | 4,797,886 | $ | 988,164 | 21.2 | % | $ | (143,167) | (3.0) | % | |||||||||||||||||||||||||||||
Other | 2,921,758 | 1,837,298 | 750,332 | 1,084,460 | 59.0 | 1,086,966 | 144.9 | ||||||||||||||||||||||||||||||||||
Total | $ | 8,564,641 | 6,492,017 | 5,548,218 | $ | 2,072,624 | 31.9 | % | $ | 943,799 | 17.0 | % |
Year ended December 31, | % change | ||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2023 - 2022 | 2022 - 2021 | |||||||||||||||||||||||||
Stock Index | |||||||||||||||||||||||||||||
S&P 500 | 24.23% | (19.44)% | 26.89% | 43.67% | (46.33)% | ||||||||||||||||||||||||
NASDAQ 100 | 53.81% | (32.97)% | 26.63% | 86.78% | (59.60)% |
Year ended December 31, | Basis point (bps) change | ||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2023 - 2022 | 2022 - 2021 | |||||||||||||||||||||||||
Interest Rates | |||||||||||||||||||||||||||||
Swap rate - 10 year | 3.48% | 3.84% | 1.58% | (36) bps | 226 bps | ||||||||||||||||||||||||
Swap rate - 20 year | 3.51% | 3.74% | 1.76% | (23) bps | 198 bps |
Year ended December 31, | Increase (decrease) and % change | Increase (decrease) and % change | |||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2023 - 2022 | 2022 - 2021 | |||||||||||||||||||||||||||||||||||||
Income: | |||||||||||||||||||||||||||||||||||||||||
Premium and annuity considerations* | $ | 969,768 | 655,804 | 686,652 | $ | 313,964 | 47.9 | % | $ | (30,848) | (4.5) | % | |||||||||||||||||||||||||||||
Net investment income | 15,527 | 13,899 | 12,181 | 1,628 | 11.7 | 1,718 | 14.1 | ||||||||||||||||||||||||||||||||||
Fees from separate accounts | 54,306 | 58,894 | 66,792 | (4,588) | (7.8) | (7,898) | (11.8) | ||||||||||||||||||||||||||||||||||
Total income | 1,039,601 | 728,597 | 765,625 | 311,004 | 42.7 | (37,028) | (4.8) | ||||||||||||||||||||||||||||||||||
Benefits and other expenses: | |||||||||||||||||||||||||||||||||||||||||
Policyholder benefits and surrenders | 546,381 | 271,102 | 279,788 | 275,279 | 101.5 | (8,686) | (3.1) | ||||||||||||||||||||||||||||||||||
Change in aggregate reserves | $ | (35,645) | 71,289 | (25,127) | $ | (106,934) | (150.0) | % | $ | 96,416 | 383.7 | % | |||||||||||||||||||||||||||||
General and administrative and commission | 104,727 | 79,959 | 76,484 | 24,768 | 31.0 | 3,475 | 4.5 | ||||||||||||||||||||||||||||||||||
Net transfers to separate accounts | 396,569 | 351,286 | 358,538 | 45,283 | 12.9 | (7,252) | (2.0) | ||||||||||||||||||||||||||||||||||
Total benefits and other expenses | 1,012,032 | 773,636 | 689,683 | 238,396 | 30.8 | 83,953 | 12.2 | ||||||||||||||||||||||||||||||||||
Pretax income (loss) | 27,569 | (45,039) | 75,942 | 72,608 | 161.2 | (120,981) | (159.3) | ||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (1,668) | 3,409 | 6,675 | (5,077) | (148.9) | % | (3,266) | (48.9) | % | ||||||||||||||||||||||||||||||||
Net realized capital (loss) gain | (41,149) | 22,688 | (59,965) | (63,837) | (281.4) | 82,653 | 137.8 | ||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (11,912) | (25,760) | 9,302 | $ | 13,848 | 53.8 | % | $ | (35,062) | (376.9) | % | |||||||||||||||||||||||||||||
Capital and Surplus: | |||||||||||||||||||||||||||||||||||||||||
Change in unrealized capital (loss) gain | $ | (7,946) | 4,997 | 1,627 | $ | (12,943) | (259.0) | % | $ | 3,370 | 207.1 | % | |||||||||||||||||||||||||||||
Other change in capital & surplus | 2,870 | 1,756 | (88) | 1,114 | 63.4 | 1,844 | 2,095.5 | ||||||||||||||||||||||||||||||||||
Net change in capital & surplus | $ | (16,988) | $ | (19,007) | $ | 10,841 | $ | 2,019 | 10.6 | % | $ | (29,848) | (275.3) | % | |||||||||||||||||||||||||||
*Includes premiums and annuity and supplementary contract considerations. | |||||||||||||||||||||||||||||||||||||||||
^Not meaningful |
Year ended December 31, | Increase (decrease) and % change | Increase (decrease) and % change | |||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2023 - 2022 | 2022 - 2021 | |||||||||||||||||||||||||||||||||||||
Income: | |||||||||||||||||||||||||||||||||||||||||
Premium and annuity considerations | $ | 3,005 | 3,035 | 2,950 | $ | (30) | (1.0) | % | $ | 85 | 2.9 | % | |||||||||||||||||||||||||||||
Net investment income | 4,504 | 4,201 | 3,996 | 303 | 7.2 | 205 | 5.1 | ||||||||||||||||||||||||||||||||||
Ceded reinsurance reserve and expense adjustments | 1,791 | 1,146 | 578 | 645 | 56.3 | 568 | 98.3 | ||||||||||||||||||||||||||||||||||
Total income | 9,300 | 8,382 | 7,524 | 918 | 11.0 | 858 | 11.4 | ||||||||||||||||||||||||||||||||||
Benefits and other expenses: | |||||||||||||||||||||||||||||||||||||||||
Policyholder benefits and surrenders | 2,980 | 2,964 | 1,745 | 16 | 0.5 | 1,219 | 69.9 | ||||||||||||||||||||||||||||||||||
Change in aggregate reserves | 3,064 | 4,767 | 7,962 | (1,703) | (35.7) | (3,195) | (40.1) | ||||||||||||||||||||||||||||||||||
General and administrative and commission | 3,293 | 2,977 | 1,870 | 316 | 10.6 | 1,107 | 59.2 | ||||||||||||||||||||||||||||||||||
Total benefits and other expenses | 9,337 | 10,708 | 11,577 | (1,371) | (12.8) | (869) | (7.5) | ||||||||||||||||||||||||||||||||||
Pretax (loss) income
|
(37) | (2,326) | (4,053) | 2,289 | 98.4 | 1,727 | 42.6 | ||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 2 | 176 | (356) | (174) | (98.9) | 532 | 149.4 | ||||||||||||||||||||||||||||||||||
Net realized capital (loss) gain | (8) | (50) | 8 | 42 | 84.0 | (58) | (725.0) | ||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (47) | (2,552) | (3,689) | $ | 2,505 | 98.2 | % | $ | 1,137 | 30.8 | % | |||||||||||||||||||||||||||||
Capital and Surplus: | |||||||||||||||||||||||||||||||||||||||||
Change in unrealized capital gain (loss) | $ | 226 | (154) | (93) | $ | 380 | 246.8 | % | $ | (61) | (65.6) | % | |||||||||||||||||||||||||||||
Other change in capital & surplus | 446 | 268 | (18) | 178 | 66.4 | % | 286 | 1,588.9 | |||||||||||||||||||||||||||||||||
Net change in capital & surplus | $ | 625 | (2,438) | (3,800) | $ | 3,063 | 125.6 | $ | 1,362 | 35.8 | |||||||||||||||||||||||||||||||
Year ended December 31, | Increase (decrease) and % change | ||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2023 - 2022 | 2022 - 2021 | |||||||||||||||||||||||||||||||||||||
Capital and Surplus: | |||||||||||||||||||||||||||||||||||||||||
Capital Contribution from parent | $ | 30,000 | 30,000 | — | $ | — | — | % | $ | 30,000 | NM* | ||||||||||||||||||||||||||||||
*Not meaningful |
2023 | 2022 | ||||||||||||||||||||||
Carrying Value | % of total | Carrying Value | % of total | ||||||||||||||||||||
Bonds | $ | 618,672 | 95.1 | % | $ | 647,422 | 96.5 | % | |||||||||||||||
Cash and cash equivalents | 31,012 | 4.8 | 22,009 | 3.3 | |||||||||||||||||||
Policy loans | 193 | — | 185 | — | |||||||||||||||||||
Derivative assets | 26 | — | — | — | |||||||||||||||||||
Receivables for securities | 860 | 0.1 | 1,456 | 0.2 | |||||||||||||||||||
Total cash and invested assets | $ | 650,763 | 100.0 | % | $ | 671,072 | 100.0 | % |
2023 | |||||||||||||||||||||||
NAIC Classes | Fair Value | % of Total | Amortized Cost | % of Total | |||||||||||||||||||
1 | $ | 390,284 | 67.2 | % | $ | 419,486 | 67.8 | % | |||||||||||||||
2 | 184,922 | 31.9 | 194,060 | 31.4 | |||||||||||||||||||
Investment grade | 575,206 | 99.1 | 613,546 | 99.2 | |||||||||||||||||||
3 | 5,082 | 0.9 | 5,126 | 0.8 | |||||||||||||||||||
4 | — | — | — | — | |||||||||||||||||||
5 | — | — | — | — | |||||||||||||||||||
6 | — | — | — | — | |||||||||||||||||||
Below investment grade | 5,082 | 0.9 | 5,126 | 0.8 | |||||||||||||||||||
Total | $ | 580,288 | 100.0 | % | $ | 618,672 | 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 | % |
2023 | ||||||||||||||||||||||||||
NAIC Classes | Amortized Cost | % of Total | Vintage | Amortized Cost | % of Total | |||||||||||||||||||||
1 | $ | 72,012 | 100.0 | % | 2023 | $ | 1,543 | 2.1 | % | |||||||||||||||||
2 | — | — | 2022 | 1,709 | 2.4 | |||||||||||||||||||||
3 | — | — | 1 | 2021 | — | — | ||||||||||||||||||||
4 | — | — | 2020 | 2,450 | 3.4 | |||||||||||||||||||||
5 | — | — | 2019 and prior | 66,310 | 92.1 | |||||||||||||||||||||
6 | — | — | $ | 72,012 | 100.0 | % | ||||||||||||||||||||
$ | 72,012 | 100.0 | % |
2022 | ||||||||||||||||||||||||||
NAIC Classes | Amortized Cost | % of Total | Vintage | Amortized Cost | % of Total | |||||||||||||||||||||
1 | $ | 74,182 | 100.0 | % | 2022 | $ | — | — | % | |||||||||||||||||
2 | — | — | 2021 | — | — | |||||||||||||||||||||
3 | — | — | 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 | % |
2023 | ||||||||||||||||||||||||||
NAIC Classes | Amortized Cost | % of Total | Vintage | Amortized Cost | % of Total | |||||||||||||||||||||
1 | $ | 2,800 | 100.0 | % | 2023 | $ | — | — | % | |||||||||||||||||
2 | — | — | 2022 | — | — | |||||||||||||||||||||
3 | — | — | 2021 | 2,800 | 100.0 | |||||||||||||||||||||
4 | — | — | 2020 | — | — | |||||||||||||||||||||
5 | — | — | 2019 and prior | — | — | |||||||||||||||||||||
6 | — | — | $ | 2,800 | 100.0 | % | ||||||||||||||||||||
$ | 2,800 | 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 | % |
2023 | |||||||||||||||||||||||
Investment Grade | % of Total | Below Investment Grade | % of Total | ||||||||||||||||||||
Twelve months or less below fair value | $ | 419 | 0.9 | % | $ | — | — | % | |||||||||||||||
More than twelve months below fair value | 44,253 | 98.6 | 203 | 0.5 | |||||||||||||||||||
Total | $ | 44,672 | 99.5 | % | $ | 203 | 0.5 | % |
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 | % |
2023 | 2022 | ||||||||||||||||||||||
Impairment | No. of Securities | Impairment | No. of Securities | ||||||||||||||||||||
Corporate securities | $ | 256 | 1 | $ | 539 | 3 |
Year ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (7,640) | 949 | 79,047 | ||||||||||||||||
Net cash used in investing activities | (23,713) | (39,612) | (67,319) | |||||||||||||||||
Net cash provided by financing and miscellaneous activities | 40,355 | 31,625 | 682 | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 9,002 | (7,038) | 12,410 |
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Admitted Assets | 2023 | 2022 | ||||||||||||
Cash and invested assets: | ||||||||||||||
Bonds | $ | 618,672 | 647,422 | |||||||||||
Cash and cash equivalents | 31,012 | 22,009 | ||||||||||||
Policy loans | 193 | 185 | ||||||||||||
Derivative assets | 26 | — | ||||||||||||
Receivables for securities | 860 | 1,456 | ||||||||||||
Total cash and invested assets | 650,763 | 671,072 | ||||||||||||
Investment income due and accrued | 5,071 | 4,719 | ||||||||||||
Deferred tax asset, net | 10,221 | 8,439 | ||||||||||||
Current federal and foreign income tax recoverable | 2,157 | — | ||||||||||||
Admitted disallowed interest maintenance reserve | 11,618 | — | ||||||||||||
Other assets | 435 | 475 | ||||||||||||
Admitted assets, exclusive of separate account assets | 680,265 | 684,705 | ||||||||||||
Separate account assets | 5,399,495 | 4,347,526 | ||||||||||||
Total admitted assets | $ | 6,079,760 | 5,032,231 |
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Liabilities and Capital and Surplus | 2023 | 2022 | ||||||||||||
Policyholder liabilities: | ||||||||||||||
Life policies and annuity contracts | $ | 423,911 | 459,725 | |||||||||||
Accident and health policies | 86,028 | 83,151 | ||||||||||||
Deposit-type contracts | 6,478 | 6,735 | ||||||||||||
Life policy and contract claims | 14 | 21 | ||||||||||||
Accident and health policy and contract claims | 369 | 433 | ||||||||||||
Other policyholder funds | 13,568 | 4,000 | ||||||||||||
Total policyholder liabilities | 530,368 | 554,065 | ||||||||||||
General expenses due and accrued | 2,610 | 1,108 | ||||||||||||
Due from separate accounts | (65,902) | (64,853) | ||||||||||||
Payable to parent and affiliates | 7,052 | 5,176 | ||||||||||||
Current income taxes | — | 3,548 | ||||||||||||
Asset valuation reserve | 19,896 | 12,862 | ||||||||||||
Other liabilities | 1,041 | 1,235 | ||||||||||||
Liabilities, exclusive of separate account liabilities | 495,065 | 513,141 | ||||||||||||
Separate account liabilities | 5,399,495 | 4,347,526 | ||||||||||||
Total liabilities | 5,894,560 | 4,860,667 | ||||||||||||
Capital and surplus: | ||||||||||||||
Common stock, $10 par value. Authorized, issued, and outstanding 200,000 shares at December 31, 2023 and 2022 | 2,000 | 2,000 | ||||||||||||
Additional paid-in capital | 132,500 | 102,500 | ||||||||||||
Special surplus funds - admitted disallowed interest maintenance reserve | 11,618 | — | ||||||||||||
Unassigned surplus | 39,082 | 67,064 | ||||||||||||
Total capital and surplus | 185,200 | 171,564 | ||||||||||||
Total liabilities and capital and surplus | $ | 6,079,760 | 5,032,231 | |||||||||||
See accompanying notes to statutory financial statements. |
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2023 | 2022 | 2021 | ||||||||||||||||||
Income: | ||||||||||||||||||||
Premiums and annuity considerations | $ | 970,465 | 656,597 | 688,560 | ||||||||||||||||
Consideration for supplementary contracts | 2,308 | 2,242 | 1,042 | |||||||||||||||||
Net investment income | 20,031 | 18,100 | 16,177 | |||||||||||||||||
Commissions and expense allowances on reinsurance ceded | 1,791 | 1,146 | 578 | |||||||||||||||||
Fees from separate accounts | 54,306 | 58,894 | 66,792 | |||||||||||||||||
Total income | 1,048,901 | 736,979 | 773,149 | |||||||||||||||||
Benefits and other expenses: | ||||||||||||||||||||
Policyholder benefits | 57,890 | 43,865 | 40,707 | |||||||||||||||||
Surrenders | 491,471 | 230,201 | 240,826 | |||||||||||||||||
Change in aggregate reserves and deposit funds | (32,581) | 76,056 | (17,165) | |||||||||||||||||
Commissions and other agent compensation | 62,988 | 46,104 | 47,602 | |||||||||||||||||
General and administrative expenses | 45,032 | 36,832 | 30,752 | |||||||||||||||||
Net transfers to separate accounts | 396,569 | 351,286 | 358,538 | |||||||||||||||||
Total benefits and other expenses | 1,021,369 | 784,344 | 701,260 | |||||||||||||||||
Income from operations before income taxes and net realized capital gain | 27,532 | (47,365) | 71,889 | |||||||||||||||||
Income tax (benefit) expense | (1,665) | 3,586 | 6,319 | |||||||||||||||||
Net income (loss) from operations before net realized capital gain | 29,197 | (50,951) | 65,570 | |||||||||||||||||
Net realized capital (loss) gain, net of taxes and interest maintenance reserve | (41,157) | 22,638 | (59,957) | |||||||||||||||||
Net (loss) income | $ | (11,960) | (28,313) | 5,613 | ||||||||||||||||
See accompanying notes to statutory financial statements. |
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2023 | 2022 | 2021 | ||||||||||||||||||
Capital and surplus at beginning of year | $ | 171,564 | 163,010 | 155,969 | ||||||||||||||||
Correction of errors, net of tax (Note 3) | (2,198) | — | — | |||||||||||||||||
Adjusted balance at beginning of year | 169,366 | 163,010 | 155,969 | |||||||||||||||||
Net (loss) income | (11,960) | (28,313) | 5,613 | |||||||||||||||||
Change in unrealized capital gain (loss) | (7,720) | 4,843 | 1,534 | |||||||||||||||||
Change in net deferred income tax | 880 | 8,856 | 3,807 | |||||||||||||||||
Change in nonadmitted assets | (42) | (4,124) | (1,308) | |||||||||||||||||
Capital contribution from parent | 30,000 | 30,000 | — | |||||||||||||||||
Other changes in capital and surplus | (6,942) | (2,708) | (2,605) | |||||||||||||||||
Change in admitted disallowed IMR | 11,618 | — | — | |||||||||||||||||
Capital and surplus at end of year | $ | 185,200 | 171,564 | 163,010 | ||||||||||||||||
See accompanying notes to statutory financial statements. |
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2023 | 2022 | 2021 | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Premiums and annuity considerations, net | $ | 801,076 | 658,838 | 689,603 | ||||||||||||||||
Net investment income | 22,280 | 20,141 | 19,340 | |||||||||||||||||
Other income | 56,100 | 60,035 | 67,367 | |||||||||||||||||
Total cash provided by operating activities | 879,456 | 739,014 | 776,310 | |||||||||||||||||
Benefits and expenses paid: | ||||||||||||||||||||
Benefit and loss-related payments | 377,129 | 272,409 | 279,458 | |||||||||||||||||
Commissions, expenses paid, and aggregate write-ins for deductions | 106,560 | 82,323 | 78,441 | |||||||||||||||||
Net transfers to separate accounts | 399,816 | 377,329 | 337,054 | |||||||||||||||||
Income tax paid, net | 3,590 | 6,004 | 2,310 | |||||||||||||||||
Total cash used in operating activities | 887,095 | 738,065 | 697,263 | |||||||||||||||||
Net cash (used in) provided by operating activities | (7,639) | 949 | 79,047 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Proceeds from investments sold, matured, or repaid: | ||||||||||||||||||||
Bonds | 89,218 | 97,922 | 82,882 | |||||||||||||||||
Derivatives | — | 29,969 | — | |||||||||||||||||
Miscellaneous proceeds | 596 | — | 36 | |||||||||||||||||
Total cash provided by investing activities | 89,814 | 127,891 | 82,918 | |||||||||||||||||
Cost of investments acquired: | ||||||||||||||||||||
Bonds | 62,148 | 166,219 | 91,367 | |||||||||||||||||
Derivatives | 51,189 | — | 58,296 | |||||||||||||||||
Miscellaneous applications | 190 | 1,284 | 574 | |||||||||||||||||
Total cash used in investing activities | 113,527 | 167,503 | 150,237 | |||||||||||||||||
Net cash used in investing activities | (23,713) | (39,612) | (67,319) | |||||||||||||||||
Cash flows from financing and miscellaneous activities: | ||||||||||||||||||||
Capital Contribution | 30,000 | 30,000 | — | |||||||||||||||||
Change in payable to parent and affiliates | 1,876 | 383 | 891 | |||||||||||||||||
Other | 8,479 | 1,242 | (209) | |||||||||||||||||
Net cash provided by financing and miscellaneous activities | 40,355 | 31,625 | 682 | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 9,003 | (7,038) | 12,410 | |||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||
Beginning of year | 22,009 | 29,047 | 16,637 | |||||||||||||||||
End of year | $ | 31,012 | 22,009 | 29,047 | ||||||||||||||||
See accompanying notes to statutory financial statements. |
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2023 | ||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||||||
Bonds: | ||||||||||||||||||||||||||
U.S. government | $ | 142,582 | — | 8,161 | 134,421 | |||||||||||||||||||||
States and political subdivisions | 8,623 | 38 | 677 | 7,984 | ||||||||||||||||||||||
Corporate securities | 364,970 | 6,390 | 27,399 | 343,961 | ||||||||||||||||||||||
Mortgage-backed securities | 102,497 | 63 | 8,638 | 93,922 | ||||||||||||||||||||||
Total | $ | 618,672 | 6,491 | 44,875 | 580,288 |
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 |
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Amortized cost | Fair value | |||||||||||||
Due in 1 year or less | $ | 13,653 | 13,445 | |||||||||||
Due after 1 year through 5 years | 174,094 | 168,850 | ||||||||||||
Due after 5 years through 10 years | 71,238 | 70,607 | ||||||||||||
Due after 10 years through 20 years | 202,492 | 180,523 | ||||||||||||
Due after 20 years | 54,698 | 52,941 | ||||||||||||
Loan-backed and other structured securities | 102,497 | 93,922 | ||||||||||||
Total bonds and other assets receiving bond treatment | $ | 618,672 | 580,288 |
2023 | 2022 | 2021 | ||||||||||||||||||
Proceeds from sales | $ | 89,218 | 97,922 | 82,882 | ||||||||||||||||
Gross gains | 181 | 152 | 82 | |||||||||||||||||
Gross losses | 1,837 | 335 | 80 |
2023 | |||||||||||||||||||||||||||||||||||
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 | $ | — | — | 134,421 | 8,161 | 134,421 | 8,161 | ||||||||||||||||||||||||||||
States and political subdivisions | 1,881 | 54 | 5,220 | 623 | 7,101 | 677 | |||||||||||||||||||||||||||||
Corporate securities | 15,227 | 360 | 213,090 | 27,040 | 228,317 | 27,400 | |||||||||||||||||||||||||||||
Mortgage-backed securities | 606 | 5 | 89,360 | 8,632 | 89,966 | 8,637 | |||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 17,714 | 419 | 442,091 | 44,456 | 459,805 | 44,875 |
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|
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 |
2023 | 2022 | 2021 | ||||||||||||||||||
Bonds | $ | (1,912) | (722) | 2 | ||||||||||||||||
Derivatives | (41,041) | 23,057 | (60,008) | |||||||||||||||||
Other | 5 | (25) | 64 | |||||||||||||||||
Total realized capital (losses) gains | (42,948) | 22,310 | (59,942) | |||||||||||||||||
Income tax benefit (expense) on net realized gains (losses) | 450 | 38 | (20) | |||||||||||||||||
Total realized capital (losses) gains, net of taxes | (42,498) | 22,348 | (59,962) | |||||||||||||||||
Net (losses) gains transferred to IMR, net of taxes | (1,341) | (290) | (5) | |||||||||||||||||
Net realized (losses) gains, net of taxes and IMR | $ | (41,157) | 22,638 | (59,957) |
2023 | 2022 | 2021 | ||||||||||||||||||
Interest: | ||||||||||||||||||||
Bonds | 21,130 | 20,464 | 19,345 | |||||||||||||||||
Policy loans | 11 | 8 | 7 | |||||||||||||||||
Cash, cash equivalents, and short-term investments | 3,085 | 553 | 2 | |||||||||||||||||
Derivatives | — | — | (1) | |||||||||||||||||
Other | 96 | 72 | 119 | |||||||||||||||||
Gross investment income | 24,322 | 21,097 | 19,472 | |||||||||||||||||
Investment expenses | (1,532) | (971) | (1,579) | |||||||||||||||||
Net investment income before amortization of IMR | 22,790 | 20,126 | 17,893 | |||||||||||||||||
Amortization of IMR | (2,759) | (2,026) | (1,716) | |||||||||||||||||
Net investment income | $ | 20,031 | 18,100 | 16,177 |
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|
2023 | 2022 | ||||||||||
Gross | $ | 5,071 | 4,719 | ||||||||
Nonadmitted | — | — | |||||||||
Admitted | $ | 5,071 | 4,719 |
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Gross Fair Value | Gross Fair Value | |||||||||||||||||||||||||||||||||||||
Notional (1)
|
Assets | Liabilities |
Notional (1)
|
Assets | Liabilities | |||||||||||||||||||||||||||||||||
OTC options | $ | 111 | 26 | — | — | — | — | |||||||||||||||||||||||||||||||
Futures | 336,455 | — | — | 302,305 | — | — | ||||||||||||||||||||||||||||||||
Total derivative instruments | $ | 26 | — | — | — | |||||||||||||||||||||||||||||||||
(1) Notional amounts are presented on an absolute basis.
|
23 of 42
|
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 | $ | 1,662 | — | 1,662 | 1,651 | 11 | 1,662 | — | % | — | % | |||||||||||||||||||||||||||||||||||||||
Derivative collateral | 50,136 | — | 50,136 | 48,894 | 1,242 | 50,136 | 0.8 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||
Total restricted assets | 51,798 | — | 51,798 | 50,545 | 1,253 | 51,798 | 0.8 | % | 0.8 | % |
2023 | |||||||||||
General Account | Insulated Separate Account | Non-Insulated Separate Account | |||||||||
Net Negative IMR | $ | (11,618) | — | (4,669) | |||||||
Admitted Negative IMR | 11,618 | — | 4,290 | ||||||||
Calculated Adjusted Capital and Surplus | 159,072 | ||||||||||
Percentage of Admitted Negative IMR to Adjusted Capital | 7.3 | % | — | % | 2.7 | % |
2023 | |||||||||||
General Account | Insulated Separate Account | Non-Insulated Separate Account | |||||||||
Unamortized gains | $ | 32,780 | — | — | |||||||
Unamortized losses | (19,718) | — | — |
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|
2023 | ||||||||||||||||||||||||||
Level 1 |
Level 2 (a)
|
Level 3 | Total | |||||||||||||||||||||||
Assets at fair value | ||||||||||||||||||||||||||
Derivative assets | $ | — | 26 | — | 26 | |||||||||||||||||||||
Separate account assets | $ | 1,945,422 | 459,996 | — | 2,405,418 | |||||||||||||||||||||
Total assets reported at fair value | 1,945,422 | 460,022 | — | 2,405,444 | ||||||||||||||||||||||
Liabilities at fair value | ||||||||||||||||||||||||||
Separate account derivative liabilities | — | 174,717 | — | 174,717 | ||||||||||||||||||||||
Total liabilities reported at fair value | $ | — | 174,717 | — | 174,717 | |||||||||||||||||||||
(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.
|
25 of 42
|
2022 | ||||||||||||||||||||||||||
Level 1 |
Level 2 (a)
|
Level 3 | Total | |||||||||||||||||||||||
Assets at fair value | ||||||||||||||||||||||||||
Derivative assets | $ | — | — | — | — | |||||||||||||||||||||
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 NAV that are included in Level 2 within this table.
|
26 of 42
|
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 | — |
2023 | ||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||
Aggregate Fair Value | Admitted Assets/ Carrying Value |
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||
Bonds | $ | 580,288 | 618,672 | 134,421 | 443,089 | 2,778 | ||||||||||||||||||||||||||
Cash equivalents | 47,759 | 47,759 | 47,759 | — | — | |||||||||||||||||||||||||||
Derivative assets | 26 | 26 | — | 26 | — | |||||||||||||||||||||||||||
Separate account assets | 5,199,897 | 5,399,495 | 2,014,610 | 3,171,611 | 13,676 | |||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||
Deposit-type contracts | $ | 6,651 | 6,478 | — | — | 6,651 | ||||||||||||||||||||||||||
Other investment contracts | 247,134 | 397,007 | — | — | 247,134 | |||||||||||||||||||||||||||
Separate account liabilities | 5,199,897 | 5,399,495 | 2,014,610 | 3,171,611 | 13,676 | |||||||||||||||||||||||||||
(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.
|
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|
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.
|
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|
December 31, 2023 | |||||||||||||||||
Ordinary | Capital | Total | |||||||||||||||
Total gross deferred tax assets
|
$ | 29,751 | 756 | 30,507 | |||||||||||||
Statutory valuation allowance adjustments
|
— | — | — | ||||||||||||||
Adjusted gross deferred tax assets
|
29,751 | 756 | 30,507 | ||||||||||||||
Deferred tax assets nonadmitted
|
(19,096) | (19,096) | |||||||||||||||
Subtotal net admitted deferred tax assets
|
10,655 | 756 | 11,411 | ||||||||||||||
Deferred tax liabilities
|
(1,190) | — | (1,190) | ||||||||||||||
Net admitted deferred tax assets
|
$ | 9,465 | 756 | 10,221 |
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 |
Change | |||||||||||||||||
Ordinary | Capital | Total | |||||||||||||||
Total gross deferred tax assets
|
$ | 2,560 | (58) | 2,502 | |||||||||||||
Statutory valuation allowance adjustments
|
— | — | — | ||||||||||||||
Adjusted gross deferred tax assets
|
2,560 | (58) | 2,502 | ||||||||||||||
Deferred tax assets nonadmitted
|
(1,457) | — | (1,457) | ||||||||||||||
Subtotal net admitted deferred tax assets
|
1,103 | (58) | 1,045 | ||||||||||||||
Deferred tax liabilities
|
737 | — | 737 | ||||||||||||||
Net admitted deferred tax assets
|
$ | 1,840 | (58) | 1,782 |
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|
December 31, 2023 | |||||||||||||||||
Ordinary | Capital | Total | |||||||||||||||
Federal income taxes paid in prior years recoverable through loss carrybacks (11.a) | $ | — | — | — | |||||||||||||
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.)
|
9,465 | 756 | 10,221 | ||||||||||||||
Adjusted gross DTAs allowed per limitation threshold (11.b.ii)
|
N/A | N/A | 24,504 | ||||||||||||||
Lesser of 11.b.i or 11.b.ii
|
9,465 | 756 | 10,221 | ||||||||||||||
Adjusted gross DTAs offset by gross DTLs (11.c)
|
1,190 | — | 1,190 | ||||||||||||||
Deferred tax assets admitted
|
$ | 10,655 | 756 | 11,411 |
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 |
Change | |||||||||||||||||
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.)
|
1,840 | 660 | 2,500 | ||||||||||||||
Adjusted gross DTAs allowed per limitation threshold (11.b.ii)
|
N/A | N/A | 35 | ||||||||||||||
Lesser of 11.b.i or 11.b.ii
|
1,840 | 660 | 2,500 | ||||||||||||||
Adjusted gross DTAs offset by gross DTLs (11.c)
|
(737) | — | (737) | ||||||||||||||
Deferred tax assets admitted
|
$ | 1,103 | (58) | 1,045 |
December 31 | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
Ratio percentage used to determine recovery period and threshold limitation amount | 552 | % | 589 | % | (37) | % | |||||||||||
Amount of adjusted capital and surplus used to determine recovery period threshold limitation | $ | 163,362 | $ | 163,125 | $ | 237 |
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|
December 31, 2023 | |||||||||||||||||
Ordinary | Capital | Total | |||||||||||||||
Net admitted adjusted gross DTAs - (percentage of total net admitted adjusted
gross DTAs)
|
— | % | 100.0 | % | 100.0 | % |
December 31, 2022 | |||||||||||||||||
Ordinary | Capital | Total | |||||||||||||||
Net admitted adjusted gross DTAs - (percentage of total net admitted adjusted
gross DTAs)
|
— | % | 11.8 | % | 11.8 | % |
Change | |||||||||||||||||
Ordinary | Capital | Total | |||||||||||||||
Net admitted adjusted gross DTAs - (percentage of total net admitted adjusted
gross DTAs)
|
— | % | 88.2 | % | 88.2 | % |
December 31 | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2023-2022 Change | 2022-2021 Change | |||||||||||||||||||||||||
Current year federal tax expense (benefit) - ordinary income | $ | (1,665) | 3,586 | 6,319 | (5,251) | (2,733) | |||||||||||||||||||||||
Current year foreign tax expense (benefit) - ordinary income | — | — | — | — | — | ||||||||||||||||||||||||
Subtotal | (1,665) | 3,586 | 6,319 | (5,251) | (2,733) | ||||||||||||||||||||||||
Current year tax expense (benefit) - net realized capital gains (losses) | (450) | (38) | 19 | (412) | (57) | ||||||||||||||||||||||||
Federal and foreign income taxes incurred | $ | (2,115) | 3,548 | 6,338 | (5,663) | (2,790) |
December 31 | ||||||||||||||||||||
Deferred tax assets | 2023 | 2022 | Change | |||||||||||||||||
Ordinary: | ||||||||||||||||||||
Deferred acquisition costs | $ | 5,054 | 4,241 | 813 | ||||||||||||||||
Policyholder reserves | 22,957 | 22,937 | 20 | |||||||||||||||||
Expense accruals | 1 | 7 | (6) | |||||||||||||||||
Investments | 1,732 | — | 1,732 | |||||||||||||||||
Nonadmitted assets | 7 | 6 | 1 | |||||||||||||||||
Subtotal | 29,751 | 27,191 | 2,560 | |||||||||||||||||
Nonadmitted ordinary deferred tax assets | (19,096) | (17,639) | (1,457) | |||||||||||||||||
Admitted ordinary tax assets | 10,655 | 9,552 | 1,103 | |||||||||||||||||
— | ||||||||||||||||||||
Capital: | — | |||||||||||||||||||
Impaired assets | 756 | 814 | (58) | |||||||||||||||||
Subtotal | 756 | 814 | (58) | |||||||||||||||||
Admitted capital deferred tax assets | 756 | 814 | (58) | |||||||||||||||||
Admitted deferred tax assets | $ | 11,411 | 10,366 | 1,045 |
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|
December 31 | ||||||||||||||||||||
Deferred tax liabilities | 2023 | 2022 | Change | |||||||||||||||||
Ordinary: | ||||||||||||||||||||
Investments | $ | (563) | (989) | 426 | ||||||||||||||||
Policyholder reserves | (621) | (931) | 310 | |||||||||||||||||
Deferred and uncollected premiums | (6) | (7) | 1 | |||||||||||||||||
Subtotal | (1,190) | (1,927) | 737 | |||||||||||||||||
Capital: | ||||||||||||||||||||
Other | — | — | — | |||||||||||||||||
Subtotal | — | — | — | |||||||||||||||||
Deferred tax liabilities | (1,190) | (1,927) | 737 | |||||||||||||||||
Net deferred tax asset | $ | 10,221 | 8,439 | 1,782 |
December 31 | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
Net deferred tax assets
|
$ | 29,316 | 26,078 | 3,238 | |||||||||||||
Statutory valuation allowance adjustment
|
— | — | — | ||||||||||||||
Net deferred tax assets after statutory valuation allowance
|
29,316 | 26,078 | 3,238 | ||||||||||||||
Tax effect of unrealized gains/(losses)
|
(1,732) | 626 | (2,358) | ||||||||||||||
Change in net deferred income tax
|
$ | 880 |
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|
December 31, 2023 | December 31, 2022 | December 31, 2021 | |||||||||||||||
Federal income tax rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
Amortization of IMR | 2.1 | (0.9) | 0.5 | ||||||||||||||
Dividends received deduction | (1.6) | 1.0 | (0.8) | ||||||||||||||
Tax hedges | 0.9 | — | (0.2) | ||||||||||||||
Tax hedge reclassification | (31.3) | (10.3) | (17.5) | ||||||||||||||
Non-deductible expenses | 0.8 | — | — | ||||||||||||||
Prior period adjustments | 0.4 | — | 0.5 | ||||||||||||||
Change in deferred tax impairments | 0.2 | 0.3 | — | ||||||||||||||
Realized capital gains tax | (1.6) | 0.1 | — | ||||||||||||||
Correction of error surplus | (1.7) | — | — | ||||||||||||||
Effective tax rate | (10.8) | % | 11.2 | % | 3.5 | % | |||||||||||
Federal and foreign income taxes incurred | (6.0) | % | (7.6) | % | 8.8 | % | |||||||||||
Realized capital gains tax | (1.6) | 0.1 | — | ||||||||||||||
Change in net deferred income taxes | (3.2) | 18.7 | (5.3) | ||||||||||||||
Effective tax rate | (10.8) | % | 11.2 | % | 3.5 | % |
33 of 42
|
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 | Allianz Reinsurance Management Services, Inc. | ||||
Allianz Reinsurance of America, Inc. | Fireman’s Fund Insurance Company | ||||
Allianz Technology of America, Inc. | Fireman’s Fund Indemnity Corporation | ||||
Allianz Renewable Energy Partners of America LLC | National Surety Corporation | ||||
Allianz Renewable Energy Partners of America 2 LLC | Chicago Insurance Company | ||||
PFP Holdings, LLC. | Interstate Fire & Casualty Company | ||||
AZL PF Investments, Inc. | American Automobile Insurance Company | ||||
Dresdner Kleinwort Pfandbriefe Investments II, Inc. | The American Insurance Company | ||||
Allianz Fund Investments, Inc. | Allianz Risk Transfer, Inc. | ||||
Yorktown Financial Companies, Inc. | Allianz Risk Transfer (Bermuda), Ltd. | ||||
Questar Capital Corporation | Questar Agency, Inc. |
34 of 42
|
2023 | 2022 | 2021 | ||||||||||||||||||
Balance at January 1, net of reinsurance recoverables of $1,416, $1,137, and $1,079, respectively | $ | 10,658 | 8,074 | 7,834 | ||||||||||||||||
Incurred related to: | ||||||||||||||||||||
Current year | 3,845 | 5,182 | 2,613 | |||||||||||||||||
Prior years | 16 | (113) | (433) | |||||||||||||||||
Total incurred | 3,861 | 5,069 | 2,180 | |||||||||||||||||
Paid related to: | ||||||||||||||||||||
Current year | 272 | 361 | 154 | |||||||||||||||||
Prior years | 2,844 | 2,124 | 1,786 | |||||||||||||||||
Total paid | 3,116 | 2,485 | 1,940 | |||||||||||||||||
Balance at December 31, net of reinsurance recoverables of $1,512, $1,416, and $1,137, respectively | $ | 11,403 | 10,658 | 8,074 |
For the years ended December 31, | ||||||||||||||
Reduction in: | 2023 | 2022 | ||||||||||||
Aggregate reserves | $ | 15,137 | 11,183 | |||||||||||
Policy and contract claims | 147 | 181 |
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|
Year ended | Direct amount | Ceded to other companies | Net amount | |||||||||||||||||
December 31, 2023 | ||||||||||||||||||||
Life insurance in force | $ | 2,921,758 | 2,627,567 | 294,191 | ||||||||||||||||
Premiums: | ||||||||||||||||||||
Life | 3,661 | 3,321 | 340 | |||||||||||||||||
Annuities | 967,460 | — | 967,460 | |||||||||||||||||
Accident and health | 3,058 | 393 | 2,665 | |||||||||||||||||
Total premiums | $ | 974,179 | 3,714 | 970,465 | ||||||||||||||||
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 |
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2023 | Percentage of total | 2022 | Percentage of total | |||||||||||||||||||||||
Subject to discretionary withdrawal: | ||||||||||||||||||||||||||
With market value adjustment | $ | 79,917 | 1 | % | $ | 82,552 | 2 | % | ||||||||||||||||||
At book value less current surrender charges of 5% or more | 2,704,747 | 49 | 1,897,657 | 41 | ||||||||||||||||||||||
At market value | 1,574,991 | 29 | 1,599,527 | 35 | ||||||||||||||||||||||
Total with adjustment or at market value | 4,359,655 | 79 | 3,579,736 | 78 | ||||||||||||||||||||||
At book value without adjustment (minimal or no charge or adjustment) | 1,044,473 | 19 | 873,856 | 19 | ||||||||||||||||||||||
Not subject to discretionary withdrawal | 121,446 | 2 | 114,825 | 3 | ||||||||||||||||||||||
Total gross | 5,525,574 | 100 | % | 4,568,417 | 100 | % | ||||||||||||||||||||
Reinsurance ceded | — | — | ||||||||||||||||||||||||
Total net | $ | 5,525,574 | $ | 4,568,417 | ||||||||||||||||||||||
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: | $ | 447,649 | $ | 271,907 |
Reconciliation of total annuity actuarial reserves and deposit fund liabilities: | 2023 | 2022 | ||||||||||||
Life, Accident and Health Annual Statement: | ||||||||||||||
Annuities, net (excluding supplementary contracts with life contingencies) | $ | 340,007 | 377,151 | |||||||||||
Supplemental contracts with life contingencies, net | 23,099 | 21,956 | ||||||||||||
Deposit-type contracts | 6,478 | 6,735 | ||||||||||||
Subtotal | 369,584 | 405,842 | ||||||||||||
Separate Accounts Annual Statement: | ||||||||||||||
Annuities, net (excluding supplementary contracts with life contingencies) | 5,155,534 | 4,162,122 | ||||||||||||
Supplemental contracts with life contingencies, net | 456 | 453 | ||||||||||||
Subtotal | 5,155,990 | 4,162,575 | ||||||||||||
Total annuity actuarial reserves and deposit fund liabilities | $ | 5,525,574 | 4,568,417 |
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2023 | |||||||||||
General Account | Account value | Cash value | Reserve | ||||||||
Subject to discretionary withdrawal, surrender values, or policy loans: | |||||||||||
Universal life | $ | — | — | 488 | |||||||
Indexed life | 1,709 | 1,649 | 1,707 | ||||||||
Other permanent cash value life insurance | 250 | 250 | 250 | ||||||||
Miscellaneous reserves | — | — | 22,000 | ||||||||
Not subject to discretionary withdrawal or no cash values: | |||||||||||
Term policies without cash value | XXX | XXX | 3,344 | ||||||||
Miscellaneous reserves | XXX | XXX | 41,114 | ||||||||
Total gross | 1,959 | 1,899 | 68,903 | ||||||||
Reinsurance ceded | — | — | 8,099 | ||||||||
Total net (1)
|
$ | 1,959 | 1,899 | 60,804 | |||||||
(1) Balances reflected within this disclosure reside in the Company's general account; the Company's separate accounts do not
contain Life business.
|
|||||||||||
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.
|
Reconciliation of total life actuarial reserves: | 2023 | 2022 | ||||||
Life, Accident, and Health Annual Statement: | ||||||||
Life insurance, net | $ | 3,016 | $ | 3,112 | ||||
Miscellaneous reserves, net | 57,788 | 57,506 | ||||||
Total life actuarial reserves | $ | 60,804 | $ | 60,618 | ||||
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2023 | 2022 | ||||||||||
Premiums, considerations, or deposits | $ | 884,944 | 597,807 | ||||||||
Reserves: | |||||||||||
Reserves for accounts with assets at fair value | 2,149,845 | 1,915,239 | |||||||||
Reserves for account, with assets at amortized cost | 3,006,145 | 2,247,336 | |||||||||
Total reserves | 5,155,990 | 4,162,575 | |||||||||
By withdrawal characteristics: | |||||||||||
At fair value | 2,149,388 | 1,581,648 | |||||||||
At book value without MV adjustment and with current surrender charge of 5% or more | 2,129,600 | 1,914,787 | |||||||||
At book value without MV adjustment and with current surrender charge of less than 5% | 876,546 | 665,687 | |||||||||
Subtotal | 5,155,534 | 4,162,122 | |||||||||
Not subject to discretionary withdrawal | 456 | 453 | |||||||||
Total | $ | 5,155,990 | 4,162,575 |
2023 | 2022 | |||||||||||||||||||||||||
Product/transaction | Legally insulated | Not legally insulated | Legally insulated | Not legally insulated | ||||||||||||||||||||||
Variable Annuities | $ | 1,591,701 | — | 1,621,829 | — | |||||||||||||||||||||
Variable Annuities (Non-Unitized Non-Insulated) | — | 3,807,794 | — | 2,725,697 | ||||||||||||||||||||||
Total | $ | 1,591,701 | 3,807,794 | 1,621,829 | 2,725,697 |
2023 | 2022 | 2021 | ||||||||||||||||||
Transfers as reported in the Summary of Operations of the Separate Accounts Annual Statement: | ||||||||||||||||||||
Transfers to separate accounts | $ | 884,944 | 597,807 | 643,502 | ||||||||||||||||
Transfers from separate accounts | (487,002) | (246,810) | (285,061) | |||||||||||||||||
Net transfers to separate accounts | 397,942 | 350,997 | 358,441 | |||||||||||||||||
Reconciling adjustments: | ||||||||||||||||||||
Other adjustments | (1,373) | 289 | 97 | |||||||||||||||||
Transfers as reported in the Statutory Statements of Operations | $ | 396,569 | 351,286 | 358,538 |
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To send applications, and/or a check for an additional Purchase Payment,
or for general customer service, please mail to the appropriate address as follows:
|
REGULAR MAIL
|
Allianz Life Insurance Company of New York
P.O. Box 59060
Minneapolis MN 55459-0060
|
|
OVERNIGHT, CERTIFIED, OR REGISTERED MAIL
|
Allianz Life Insurance Company of New York
5701 Golden Hills Drive
Minneapolis MN 55416-1297
|
Checks sent to the wrong address for
applications or additional Purchase Payments are forwarded to the 5701
Golden Hills Drive address listed above,
which may delay processing.
|