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Allianz Life Adds Bonus To High Five Annuity

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NU Online News Service, June 10, 2004, 12:34 p.m. EDT – Allianz Life Insurance Company of North America, Minneapolis, has introduced the USAllianz High Five Bonus variable annuity.[@@]

Allianz Life will be selling the annuity through independent advisors to retirement savers who have a moderate level of tolerance for investment risk.

Allianz Life, a unit of Allianz A.G., Munich, developed the new annuity by adding an up-front bonus to a contract that resembles the contract for the company’s USAllianz High Five variable annuity.

The bonus can range from 4% to 7%, and the size of the bonus depends on the customer’s net purchase payments, Allianz Life says.

The total base mortality and expense charge is 1.7%.

Allianz Life will protect assets invested in the High Five Bonus annuity with a Guaranteed Account Value feature. The feature will lock in any contract value gains on each contract anniversary.