Allianz Life Announces Entry into Defined Contribution Market with Launch of Allianz Lifetime Income+ Annuity
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 solutons 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:
Employers need to also take note as:
"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.
1 - Data from Allianz Quarterly Market Perceptions Study (Q2, July, 2021).
About Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America, one of the FORTUNE 100 Best Companies to Work For® and one of the Ethisphere World's Most Ethical Companies®, has been keeping its promises since 1896 by helping Americans achieve their retirement income and protection goals with a variety of annuity and life insurance products. In 2020, Allianz Life provided additional value to its policyholders via distributions of more than $10.1 billion. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with approximately 150,000 employees in more than 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer's Minnesota United.