Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

Money Manager Investment Option
AGI Allianz NFJ Dividend Value VIT Portfolio
BlackRock AZL Russell 1000 Value Index Fund CL 2
BlackRock Equity Dividend V.I. Fund
Franklin Templeton Franklin Mutual Shares VIP Fund CL 1
Franklin Mutual Shares VIP Fund CL 2
T Rowe Price T. Rowe Price Equity Income Portfolio

The Allianz Investment Management LLC, Allianz Global Investors, NFJ Investment Group LLC, RCM Capital Management LLC, and PIMCO investment options are managed by an affiliate of Allianz Life Insurance Company of North America, Allianz Life Insurance Company of New York, and Allianz Life Financial Services, LLC. All are affiliated companies.

Guarantees are backed by the financial strength and claims-paying ability of the issuing company. Variable annuity guarantees do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions.

• Not FDIC insured • May lose value • No bank or credit union guarantee • Not a deposit • Not insured by any federal government agency or NCUA/NCUSIF

Products are issued by Allianz Life Insurance Company of North America, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. In New York, products are issued by Allianz Life Insurance Company of New York, 28 Liberty Street, 38th Floor, New York, NY 10005-1422. Variable products are distributed by their affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297.

In the state of New York, only Allianz Life Insurance Company of New York is authorized to offer annuities and life insurance. www.allianzlife.com/new-york

Product and feature availability may vary by state and broker/dealer.

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