Allianz Life Partners with Empower to Offer First Fixed Index Annuity on its Platform

Business Wire

The addition of Allianz Lifetime Income+^® Annuity to Empower’s suite of retirement income solutions will help increase access to guaranteed lifetime income.

MINNEAPOLIS--(BUSINESS WIRE)--
Allianz Life Insurance Company of North America (Allianz Life) announced today that its in-plan annuity solution will be available through the nation’s second-largest retirement plan provider, Empower. Allianz Lifetime Income+^® will be the first fixed index annuity on Empower’s platform and the agreement will help offer millions of Americans the opportunity to create retirement income streams that are guaranteed for their lifetime.

As the leading provider of fixed index annuities for 20 of the past 24 years¹, Allianz Life has brought its deep knowledge and experience to the Defined Contribution market with the introduction of Allianz Lifetime Income+^® Annuity. Together with Empower, an industry leader and trusted wealth and retirement services provider with over $1.6 trillion in administered assets, Allianz Life could redefine how millions of Americans achieve their retirement income goals.

“This partnership aligns with our shared vision of increasing access to guaranteed lifetime income and it will allow participants to have a wider range of options to build and protect their future income,” says Matt Gray, head of employer markets, Allianz Life.

Allianz Lifetime Income+^® is a modern fixed index annuity designed for defined contribution plans that offers both protection from market downturns and growth potential with multiple ways to earn and accelerate interest.

Additionally, Allianz Lifetime Income+^® provides participants with a high degree of flexibility, allowing them to adjust their income strategy according to their evolving needs. Participants also maintain access to the cash value of their annuity, even after initiating lifetime withdrawals. As the only in-plan annuity on Empower's platform designed as an individual contract, Allianz Lifetime Income+^® ensures seamless portability options without any changes to fees, features, or benefits.

Allianz Lifetime Income+^® will soon be available to the more than 80,000 retirement plans and more than 18 million customers that use Empower for retirement plans, advice, wealth management and investments in the United States.

“Americans are living longer than ever before, therefore it is imperative to provide a diverse range of options to help them create a sustainable income stream that aligns with their desired lifestyle,” said Tina Wilson, chief product officer for Empower. “The expansion of our product suite to include Allianz Lifetime Income+^® emphasizes the importance of choice for both employers and participants.”

With a shared commitment to expanding access to guaranteed lifetime income, Empower and Allianz Life both recognize the significance of meeting the unique needs of participants. Allianz Lifetime Income+^® will be accessible to plan participants who enroll in Empower’s Managed Account and Advisor Managed accounts, powered by industry leader, Morningstar Retirement*. Morningstar Retirement provides research- and technology-driven products and services that help individuals reach their retirement goals.

“This collaboration enables individuals to tailor their retirement plans to align with their specific circumstances and goals,” said Brock Johnson, president, Morningstar Retirement. “By combining personalized advice with flexible products, we can help more investors reach for their desired retirement outcomes."

Americans interested in guaranteed lifetime income and want personalized advice

Employer-sponsored retirement plans, such as 401(k)s, have become a primary vehicle for Americans to save for retirement. In fact, a recent Allianz Life study found that 66% of Americans with employer-sponsored plans expect most of their retirement income to come from these plans.

However, the majority (61%) worry about running out of money from their plan during retirement. Adding a guaranteed lifetime income solution into their employer-sponsored plan can help address this fear by providing a dependable stream of income that they can rely on for as long as they live, and surveys show that many are interested.

Three in four (75%) of plan participants said they would consider adding an option for guaranteed lifetime income to their retirement plan, if available. They also express a strong desire for personalized advice and guidance. In fact, 73% of participants who would consider adding an annuity to their plan would also be willing to pay an additional fee for an advice program.

“It is clear that participants are interested in guaranteed lifetime income solutions that safeguard a portion of their savings, as well as personalized support when making retirement savings decisions,” says Gray.

By collaborating with Empower and Morningstar Retirement, Allianz Life is dedicated to ensuring that participants receive a dependable stream of income that aligns with their individual circumstances and objectives and is flexible enough to deal with changing circumstances.

*Allianz Life conducted an online survey, the 2024 Q2 Quarterly Market Perceptions Study in May 2024 with a nationally representative sample of 1,005 Respondents age 18+.

Allianz Life is not affiliated with Empower or Morningstar

Allianz Lifetime Income plus is issued by Allianz Life Insurance Company of North America

Guarantees are backed by the financial strength and claims-paying ability of the issuing company

1 Wink^© Sales and Market Report Sales Data Query, Wink, Inc. Q1 2000 – Q4 2023

C-64712-MVA issued by Allianz Life Insurance Company of North America

About Allianz Life Insurance Company of North America

Allianz Life Insurance Company of North America, one of the Ethisphere World’s Most Ethical Companies^®, has been trusted since 1896 to help millions of Americans prepare for financial uncertainties and retirement with a variety of innovative risk management solutions. In 2023, Allianz Life provided additional value to its policyholders via distributions of more than $13.73 billion. Allianz Life is a leading provider of fixed index annuities, registered index-linked annuities, and fixed index universal life insurance. Allianz Life is part of Allianz SE, a global leader in the financial services industry with approximately 157,000 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.

About Empower

Recognized as the second-largest retirement services provider in the U.S. by total participants, Empower administers approximately $1.8 trillion in assets for 19 million investors through the provision of retirement plans, advice, wealth management and investments. Connect with us on empower.com, Facebook, X, LinkedIn, TikTok and Instagram.

*Empower offers the Managed Account and Advisor Managed Account services powered by Morningstar Retirement. Morningstar Retirement’s advisory services are provided by Morningstar Investment Management LLC, a registered investment adviser and subsidiary of Morningstar, Inc. Empower has retained Morningstar Investment Management LLC as an independent “financial expert” (as defined in the Department of Labor’s Advisory Opinion 2001-09A) to develop, design, and implement the asset allocation services and investment recommendations generated by the services. Morningstar is a registered trademark of Morningstar, Inc. Morningstar Investment Management is not affiliated with Empower, Allianz, or any of their other affiliated companies and/or subsidiaries.