1 Withdrawals will reduce the contract value and the value of any protection benefits. Withdrawals taken within the contract withdrawal charge schedule will be subject to a withdrawal charge. All withdrawals are subject to ordinary income tax and, if taken prior to age 59½, may be subject to a 10% federal additional tax.

2 The Index Protection NY Strategy and the EURO STOXX 50® are not available to contracts issued prior to August 24, 2015.

Although an external securities index or indexes will effect your Index Option Values, the Allianz Index Advantage New York Variable Annuity index options do not directly participate in any stock or equity investments. An allocation to the index options is not a purchase of shares of any stock or index fund, or a direct investment in an index. The external market index value does not include the dividends paid on the stocks underlying a stock index.

You can lose money you allocate to the Index Performance Strategy and Index Protection NY Strategy as a result of index fluctuations, and that loss could be substantial. If the annual index return is 0%, you could lose money as a result of the deduction of any applicable contract fees and charges.

Deduction of the withdrawal charge, product fee, and contract maintenance charge may result in loss of principal and performance credits, which is the annual return you may receive when you allocate money to an index option.