MINNEAPOLIS – July 21, 2021 – Allianz Life Insurance Company of North America (Allianz Life) announced today that it is entering the defined contribution market with the launch of its Allianz Lifetime Income+ Annuity. The product will be available for adoption in employer-sponsored plans and will give plan participants an innovative guaranteed income option.
As a supplemental source of guaranteed retirement income along with Social Security, the Allianz Lifetime Income+ Annuity offers plan participants a stream of guaranteed lifetime income that is flexible and portable. The innovative design features growth potential, protection from market loss and guaranteed lifetime income that has the potential to increase annually for life to help address the effects of inflation.
“Participants face many risks in retirement including: longevity, inflation, market volatility and the need for growth and flexibility to adapt to changing circumstances,” said Matt Gray, Head of Employer Markets, Allianz Life. “Allianz Lifetime Income+ can help them effectively manage these risks and play a key part in their comprehensive financial retirement strategy. Having this ongoing source of guaranteed income will help plan participants fund a retirement that could last 20 or 30 years or even longer.”
Mike De Feo joins Allianz Life to lead defined contribution distribution
Allianz Life also announced it has hired Mike De Feo to lead its newly formed Defined Contribution Distribution team. De Feo will be responsible for the distribution strategy, business development and distributor relationships of the company’s defined contribution business. De Feo most recently led the retirement and defined contribution investment only business at VOYA Investment Management. Prior to VOYA, he was a managing director, head of defined contribution investment only business of Nuveen Investments.
“Allianz Life has a reputation for developing innovative products that help people address the many risks in retirement,” said De Feo. “This experience gives us the ability to provide a new choice in retirement solutions for employer-sponsored plan participants so that they are able to attain their financial goals regardless of how long their retirement lasts.”
New research data indicates continued strong demand
Allianz Life has also released new data indicating the majority of employer-sponsored plan participants are interested in annuities as an option as part of their plan. As part of a recent survey1 of plan participants, key findings included:
- 73% of employer-sponsored participants would consider an option that offers guaranteed income for life in their plan if available.
- 64% of employer-sponsored plan participants stated that market volatility caused by COVID-19 has increased their interest in adding an option that offers guaranteed lifetime income into their plan.
- 59% of employer-sponsored plan participants would consider adding an annuity to their plan if available.
Employers need to also take note as:
- 77% said providing an option for lifetime income within their plan would demonstrate their employer has a vested interest in their retirement readiness and wellbeing, and 65% also said this option would increase their loyalty to their employer.
“The timing was right for Allianz Life to enter the defined contribution arena as part of our expansion into new retirement markets,” added Gray. “Plan sponsors as well as plan participants have taken note of the importance of having a guaranteed income option within their plans. As one of the strongest carriers in the market, Allianz Life will be able to meet these needs for the years to come.”
Allianz Life is already an established industry leader in providing millions of Americans with retirement solutions. With consistently strong ratings, the company is part of Allianz SE, one of the largest financial services companies in the world.
For more information, go to: http://www.allianzlife.com/dcplan. For business inquiries contact: email@example.com.
1 – Data from Allianz Quarterly Market Perceptions Study (Q2, July, 2021).