Form 497VPU ALLIANZ LIFE INSURANCE

April 22, 2026 3:43 PM EDT

Index Advantage NF® Variable ANNUITY CONTRACT
Issued by Allianz Life Insurance Company of North America (Allianz Life, we, us, our)
 
Updating Summary Prospectus 
THE CONTRACT IS NO LONGER OFFERED FOR SALE TO NEW INVESTORS.
We continue to administer the in force Contracts.
This Summary Prospectus summarizes key features of an individual flexible purchase payment index-linked and variable deferred annuity contract (Contract). The Contract is a complex investment and involves risks. You may lose money, including your principal investment and previously credited earnings.
The Statutory Prospectus for the Contract contains more information about the Contract, including its features, benefits, and risks. You can find this Statutory Prospectus and other information about the Contract online at https://www.allianzlife.com/what-we-offer/annuities/prospectuses. You can also obtain this information at no cost by calling (800) 624-0197 or by sending an email request to [email protected].
Each available Index Option offers a certain level of protection against Index losses used in the calculation of Credits. Certain Index Options offer complete protection from Index losses. Other Index Options have a Buffer or Floor feature that provides limited protection from Index losses.
● 
We currently offer Index Options with a 10% Buffer or with a Floor of -10%. If there is poor Index performance, you could lose up to 90% of your investment in an Index Option with a Buffer after taking into account the Buffer protection and up to 10% of your investment in an Index Option with a Floor after taking into account the Floor protection. Cumulative losses over the life of the Contract could be greater.
● 
The current limit on Index loss for an Index Option will not change for the life of that Index Option. However, we reserve the right to add new Index Options, as well as close Index Options to new Purchase Payments and transfers. As such, the limits on Index loss offered under the Contract may change from one Term to the next if we add an Index Option or discontinue accepting new allocations into an Index Option.
● 
If we offer a new Index Option with a Buffer or Floor in the future, the Buffer or Floor will be no lower than 5% or -25%, respectively.
Each available Index Option also has an upside feature, either a DPSC, Precision Rate, or Cap, used in the calculation of Credits.
● 
We may limit the amount you can earn on an Index Option based on the DPSC, Precision Rate, or Cap, as applicable.
● 
The lowest DPSC, Precision Rate, and Cap that we may establish if we add a new Index Option to the Contract are 0.05%, 0.10%, and 0.10%, respectively.
This Contract is not a short-term investment and is not appropriate if you need ready access to cash. Withdrawals could result in withdrawal charges, negative Daily Adjustments, taxes, and tax penalties. The maximum potential loss from a negative Daily Adjustment is either -99% or -35% depending on the Index Option.
All obligations and guarantees under the Contract, including Credits, are the obligations of Allianz Life and are subject to our claims-paying ability and financial strength.
The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. An investment in this Contract is not a deposit of a bank or financial institution and is not federally insured or guaranteed by the Federal Deposit Insurance Corporation or any other federal government agency. An investment in this Contract involves investment risk including the possible loss of principal.
Additional information about certain investment products, including index-linked and variable annuities, has been prepared by the SEC’s staff and is available at https://www.investor.gov.
Dated: May 1, 2026
Index Advantage NF® Variable Annuity Prospectus – May 1, 2026
 1 
Glossary
This prospectus is written in plain English. However, there are some technical words or terms that are capitalized and are used as defined terms throughout the prospectus. For your convenience, we included this glossary to define these terms. 
NOTE: Cross references in this Updating Summary Prospectus are to the sections of the Statutory Prospectus
where you can find more detailed information.
Accumulation Phase – the first phase of your Contract before you request Annuity Payments. The Accumulation Phase begins on the Issue Date.
Annuity Phase – the phase the Contract is in once Annuity Payments begin.
Buffer – for each Index Option with the Index Precision Strategy and Index Performance Strategy, this is the negative Index Return that we absorb over the duration of a Term (which can be either one, or three years) before applying a negative Performance Credit. We do not apply the Buffer annually on a 3-year Term Index Option. The Buffers are 10%. Buffers do not change.
Cap – for any Index Option with the Index Performance Strategy or Index Guard Strategy, this is the upper limit on positive Index performance over the duration of a Term (which can be either one, or three years) and the maximum potential Performance Credit for an Index Option. We do not apply the Cap annually on a 3-year Term Index Option. On each Term Start Date, we set a Cap for each Index Option with the Index Performance Strategy and Index Guard Strategy. The Caps applicable to your Contract are shown on the Index Options Statement.
Charge Base – the Contract Value on the preceding Quarterly Contract Anniversary (or the initial Purchase Payment received on the Issue Date if this is before the first Quarterly Contract Anniversary), increased by the dollar amount of subsequent Purchase Payments, and reduced proportionately for subsequent withdrawals you take or financial adviser fees that you choose to have us pay from this Contract (including any withdrawal charge) and deductions we make for Contract fees and expenses. All withdrawals you take reduce the Charge Base, even Penalty-Free Withdrawals. We use the Charge Base to determine the next rider fee we deduct if you select the Maximum Anniversary Value Death Benefit.
Contract – the individual flexible purchase payment index-linked and variable deferred annuity contract described by this prospectus. The Contract may also be referred to as a registered index-linked annuity, or “RILA”.
Contract Value – the current value of the Purchase Payments you invest. On any Business Day, your Contract Value is the sum of your Index Option Value(s) and Variable Account Value. Variable Account Value fluctuates each Business Day that money is held in the Variable Options. Index Option Value is increased or decreased on each Term End Date to reflect Credits, which can be negative with the Index Precision Strategy, Index Guard Strategy, and Index Performance Strategy. A negative Credit means that you can lose principal and previous earnings. The Index Option Values  for each Index Option with the Index Precision Strategy, Index Guard Strategy, and Index Performance Strategy also reflect the Daily Adjustment on every Business Day other than the Term Start Date or Term End Date. All withdrawals you take reduce Contract Value dollar for dollar, even Penalty-Free Withdrawals, and financial adviser fees that you choose to have us pay from this Contract. Contract Value is also reduced dollar for dollar for deductions we make for Contract fees and expenses. However, Contract Value does not reflect future fees and expenses we would apply on surrender. The cash surrender value reflects all Contract fees and expenses we would apply on surrender (including any withdrawal charge), as well as any applicable Daily Adjustment.
Contract Year – any period of twelve months beginning on the Issue Date or a subsequent Contract Anniversary.
Credit – the return you receive on the Term End Date when you allocate Purchase Payments or transfer Contract Value to an Index Option. Credits may be positive, zero, or, in some instances, negative if you select the Index Precision Strategy, Index Guard Strategy, or Index Performance Strategy. A negative Credit means that you can lose principal and previous earnings.
Daily Adjustment – how we calculate Index Option Values on days other than the Term Start Date or Term End Date for each Index Option with the Index Precision Strategy, Index Guard Strategy, and Index Performance Strategy as discussed in section 7, Expenses and Adjustments – Daily Adjustment for the Index Precision Strategy, Index Guard Strategy, and Index Performance Strategy; and Appendix C. The Daily Adjustment approximates the Index Option Value that will be available on the Term End Date. It is the estimated present value of the future Performance Credit that we will apply on the Term End Date.
Index Advantage NF® Variable Annuity Prospectus – May 1, 2026
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Declared Protection Strategy Credit (DPSC) – the positive Credit you receive on a Term End Date for any Index Option with the Index Protection Strategy if Index performance is zero or positive. You receive a Credit equal to the DPSC on the Term End Date if the current Index Value is equal to or greater than the Index Value on the Term Start Date. You will not receive a negative Credit if the Index Value decreases from the Term Start Date to the Term End Date. We set the DPSCs on each Term Start Date. This method of calculation is also referred to as “step-up”. The DPSCs applicable to your Contract are shown on the Index Options Statement. On our website and in other materials you may receive, “Trigger Rate” may be used to describe the DPSC that can change on each Term Start Date, and “Performance Credit” may be used to describe the DPSC you receive on a Term End Date.
Financial Professional – the person who advises you regarding the Contract.
Floor – for any Index Option with the Index Guard Strategy, this is the maximum amount of negative Index Return you absorb as a negative Performance Credit. The Floors are -10% and do not change.
Fund(s) –the underlying fund in which a Variable Option invests.
Guaranteed Death Benefit Value – the guaranteed value that is available to your Beneficiary(ies) on the first death of any Determining Life during the Accumulation Phase. The Guaranteed Death Benefit Value is either total Purchase Payments reduced proportionately for withdrawals you take (including any withdrawal charge) if you select the Traditional Death Benefit, or the Maximum Anniversary Value if you select the Maximum Anniversary Value Death Benefit. All withdrawals you take reduce the Guaranteed Death Benefit Value, even Penalty-Free Withdrawals, and any financial adviser fees that you choose to have us pay from this Contract. However, we do not reduce the Guaranteed Death Benefit Value for deductions we make for Contract fees and expenses. These deductions will, however, reduce the Contract Value we use to calculate the Maximum Anniversary Value.
Index (Indexes) – one (or more) of the nationally recognized third-party broad based equity securities price return Indexes or exchange-traded fund available to you under your Contract as described in Appendix B.
Index Anniversary – a twelve-month anniversary of the Index Effective Date or any subsequent Index Anniversary.
Index Effective Date – the first day we allocate assets to an Index Option. The Index Effective Date is stated on the Index Options Statement and starts the first Index Year. You selected the Index Effective Date when you purchased the Contract.
Index Guard Strategy – one of the Crediting Methods described in section 4, Index Options. The Index Guard Strategy calculates Performance Credits based on Index Returns subject to a Cap and -10% Floor. You can receive negative Performance Credits under this Crediting Method, which means you can lose principal and previous earnings.
Index Option(s) – the index-linked investments available to you under the Contract. Each Index Option is the combination of an Index, a Crediting Method, a Term length, and any applicable Buffer or Floor amount.
Index Option Base – an amount we use to calculate Credits and the Daily Adjustment. The Index Option Base is initially equal to the amounts you allocate to an Index Option. We reduce the Index Option Base proportionately for withdrawals you take and any financial adviser fees that you choose to have us pay from this Contract (including any withdrawal charge), and deductions we make for Contract fees and expenses. We increase/decrease it by the dollar amount of additional Purchase Payments allocated to the Index Option, transfers into or out of the Index Option, and any Credits.
Index Option Value – on any Business Day, it is equal to the portion of your Contract Value in a particular Index Option. We establish an Index Option Value for each Index Option you select. Each Index Option Value includes any Credits from previous Term End Dates and reflects proportional reductions for previous partial withdrawals you take and any financial adviser fees that you choose to have us pay from this Contract (including any withdrawal charge), and previous deductions we made for Contract fees and expenses. On each Business Day, other than the Term Start Date or Term End Date, the Index Option Values for each Index Option with the Index Precision Strategy, Index Guard Strategy, and Index Performance Strategy also include an increase/decrease from the Daily Adjustment.
Index Performance Strategy – one of the Crediting Methods described in section 4, Index Options. This Crediting Method offers 1-year and 3-year Terms. The Index Performance Strategy calculates Performance Credits based on Index Returns subject to a Cap and a 10% Buffer. You can receive negative Performance Credits under this Crediting Method, which means you can lose principal and previous earnings.
Index Advantage NF® Variable Annuity Prospectus – May 1, 2026
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Index Precision Strategy – one of the Crediting Methods described in section 4, Index Options. The Index Precision Strategy calculates Performance Credits based on Index Values and Index Returns subject to the Precision Rate and 10% Buffer. You can receive negative Performance Credits under this Crediting Method, which means you can lose principal and previous earnings.
Index Protection Strategy – one of the Crediting Methods described in section 4, Index Options. The Index Protection Strategy provides Credits equal to the DPSC on the Term End Date if the current Index Value is equal to or greater than the Index Value on the Term Start Date. The Index Protection Strategy does not allow negative Credits. On our website and in other materials you may receive, "Index Protection Strategy with Trigger" may be used to describe the Index Protection Strategy.
Index Return – the percentage change in Index Value from the Term Start Date to the Term End Date, which we use to determine the Credits. The Index Return is the Index Value on the Term End Date, minus the Index Value on the Term Start Date, divided by the Index Value on the Term Start Date. This method of calculation is also referred to as “point-to-point”.
Index Value – an Index’s closing market price at the end of the Business Day on the Term Start Date and Term End Date as provided by Bloomberg or another market source if Bloomberg is not available.
Investment Options – the Index Options and Variable Options available under the Contract. In your Contract, Investment Options are called "Allocation Options".
Issue Date – the date we issued the Contract. The Issue Date is stated in your Contract and starts your first Contract Year. Contract Anniversaries and Contract Years are measured from the Issue Date.
Maximum Anniversary Value Death Benefit – an optional benefit described in section 11 that has an additional rider fee and is intended to potentially provide a death benefit greater than the Traditional Death Benefit.
Non-Qualified Contract – a Contract that is not a Qualified Contract.
Owner – “you,” “your” and “yours.” The person(s) or entity designated at Contract issue and named in the Contract who may exercise all rights granted by the Contract.
Performance Credit – the Credit you receive on a Term End Date from the Index Precision Strategy, Index Guard Strategy, and Index Performance Strategy Index Options. We base Performance Credits on Index Values and Index Returns up to the Cap, any Precision Rate, or any Buffer or Floor. Performance Credits can be negative. If Performance Credits are negative, you can lose principal and previous earnings.
Performance Lock – a feature that allows you to capture the current Index Option Value during the Term for each Index Option with the Index Precision Strategy, Index Guard Strategy, and Index Performance Strategy. A Performance Lock applies to the total Index Option Value in an Index Option, and not just a portion of that Index Option Value. After the Lock Date, Daily Adjustments do not apply to a locked Index Option for the remainder of the Term and the locked Index Option Value will not receive a Performance Credit on the Term End Date.
Precision Rate – the positive Performance Credit you receive for any Index Option with the Index Precision Strategy if Index performance is zero or positive. You receive a Performance Credit equal to the Precision Rate on the Term End Date if the current Index Value is equal to or greater than the Index Value on the Term Start Date. We set a Precision Rate for each Index Precision Strategy Index Option on each Term Start Date. This method of calculation is also referred to as “step-up”. The Precision Rates applicable to your Contract are shown on the Index Options Statement. On our website and in other materials you may receive, "Trigger Rate" may be used to describe the Precision Rate.
Purchase Payment – the money you put into the Contract.
Qualified Contract – a Contract that qualifies for special tax treatment under sections of the Internal Revenue Code (Code).
Term – the period of time, from the Term Start Date to the Term End Date, in which we measure Index Return to determine Credits.
Term End Date – the day on which a Term ends and we apply Credits. A Term End Date may only occur on an Index Anniversary. If a Term End Date does not occur on a Business Day, we consider it to occur on the next Business Day.
Index Advantage NF® Variable Annuity Prospectus – May 1, 2026
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Term Start Date – the day on which a Term begins, and we set the DPSCs, Precision Rates, and Caps for an Index Option. A Term Start Date may only occur on the Index Effective Date or an Index Anniversary. If a Term Start Date does not occur on a Business Day, we consider it to occur on the next Business Day.
Traditional Death Benefit – the guaranteed death benefit automatically provided by the Contract for no additional fee described in section 11.
Variable Option(s) – the subaccounts of the Separate Account and the variable investment options available under the Contract. Each Variable Option invests exclusively in the shares of its corresponding underlying Fund.
Index Advantage NF® Variable Annuity Prospectus – May 1, 2026
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Updated Information About Your Contract
The information in this Updating Summary Prospectus is a summary of certain Contract features that have changed since the Statutory Prospectus dated May 1, 2025. This may not reflect all of the changes that have occurred since you entered into your Contract.
There have been no material changes to your Contract’s features since the date of your most recent Statutory Prospectus.
Index Advantage NF® Variable Annuity Prospectus – May 1, 2026
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Important Information You Should Consider About the Contract 
 
FEES, EXPENSES, AND ADJUSTMENTS
Prospectus
Location
Are There
Charges or
Adjustments
for Early
Withdrawals?
Yes, your Contract is subject to charges for early withdrawals. If you withdraw money from
the Contract within six years of your last Purchase Payment, you will be assessed a
withdrawal charge of up to 8.5% of the Purchase Payment withdrawn, declining to 0% over
that time period. For example, if you invest $100,000 in the Contract and make an early
withdrawal, you could pay a withdrawal charge of up to $8,500. This loss will be greater if
there is a negative Daily Adjustment, income taxes, or tax penalties.
 
In addition, if you take a full or partial withdrawal (including financial adviser fees that you
choose to have us pay from this Contract) from an Index Precision Strategy, Index Guard
Strategy, or Index Performance Strategy Index Option on a date other than the Term End
Date, a Daily Adjustment will apply to the Index Option Value available for withdrawal. The
Daily Adjustment also applies if before the Term End Date you execute a Performance
Lock, you annuitize the Contract, we pay a death benefit, or we deduct Contract fees and
expenses. The Daily Adjustment may be positive, negative, or equal to zero. A negative
Daily Adjustment will result in a loss, and could result in a loss beyond the protection of the
10% Buffer or -10% Floor, as applicable. The maximum potential loss from a negative Daily
Adjustment is: -99% for the Index Precision Strategy and Index Performance Strategy; and
-35% for the Index Guard Strategy. For example, if you allocate $100,000 to a 1-year Term
Index Performance Strategy Index Option with 10% Buffer and later withdraw the entire
amount before the Term has ended, you could lose up to $99,000 of your investment. This
loss will be greater if you also have to pay a withdrawal charge, income taxes, and tax
penalties.
 
The Index Protection Strategy is not subject to the Daily Adjustment.
Fee Tables
 
7. Expenses and
Adjustments
 
Appendix C –
Daily
Adjustment
Are There
Transaction
Charges?
Yes. In addition to withdrawal charges, and Daily Adjustments that may apply to
withdrawals and other transactions from the Index Precision Strategy, Index Guard
Strategy, and Index Performance Strategy Index Options, we will also charge you a fee of
$25 per transfer after you exceed 12 transfers between Variable Options in a Contract Year.
Fee Tables
 
7. Expenses and
Adjustments
Are There
Ongoing Fees
and
Expenses?
Yes, there are ongoing fees and expenses. The table below describes the fees and
expenses that you may pay each year, depending on the options you choose. Please refer
to your Contract specifications page for information about the specific fees you will pay
each year based on the options you have elected. These ongoing fees and expenses do
not reflect any financial adviser fees paid to a Financial Professional from your Contract
Value or other assets of the Owner. If such charges were reflected, these ongoing fees and
expenses would be higher.
 
There is an implicit ongoing fee on Index Options to the extent that your participation
in Index gains is limited by us through a DPSC, Precision Rate, or Cap. This means
that your returns may be lower than the Index’s returns. In return for accepting this limit on
Index gains, you will receive some protection from Index losses. This implicit ongoing fee is
not reflected in the tables below.
 
Fee Tables
 
1. The Contract –
Financial Adviser
Fees
 
7. Expenses and
Adjustments
 
Appendix A –
Investment
Options Available
Under the
Contract
Annual Fee
Minimum
Maximum
Base Contract(1)
1.26%
1.26%
Investment Options(2)
(Fund fees and expenses)
0.66%
0.73%
 
Optional benefits available for an additional
charge(3)
(for a single optional benefit, if elected)
0.20%
0.20%
 
 
(1)
As a percentage of each Variable Option’s average net assets, plus an amount attributable to the contract
maintenance charge.
 
 
(2)
As a percentage of a Fund's average daily net assets.
 
Index Advantage NF® Variable Annuity Prospectus – May 1, 2026
 8 
 
FEES, EXPENSES, AND ADJUSTMENTS
Prospectus
Location
 
(3)
As a percentage of the Charge Base. This is the current charge for the Maximum Anniversary Value Death
Benefit.
 
 
Because your Contract is customizable, the choices you make affect how much you will
pay. To help you understand the cost of owning your Contract, the following table shows the
lowest and highest cost you could pay each year, based on current charges. This estimate
assumes that you do not take withdrawals from the Contract, which could add a
withdrawal charge, and a negative Daily Adjustment if taken from the Index Precision
Strategy, Index Guard Strategy, or Index Performance Strategy Index Options that
substantially increase costs.
 
 
Lowest Annual Cost:
$1,762
Highest Annual Cost:
$1,985
 
 
Assumes:
●Investment of $100,000
●Least expensive Variable Option fees and
expenses
●5% annual appreciation
●Traditional Death Benefit
●No additional Purchase Payments,
transfers, or withdrawals
●No financial adviser fees
●No Daily Adjustment
Assumes:
●Investment of $100,000
●Most expensive Variable Option fees and
expenses
●5% annual appreciation
●Maximum Anniversary Value Death
Benefit with a 0.20% rider fee
●No additional Purchase Payments,
transfers, or withdrawals
●No financial adviser fees
●No Daily Adjustment
 
 
RISKS
 
Is There a Risk
of Loss from
Poor
Performance?
Yes, you can lose money by investing in the Contract, including loss of principal and
previous earnings.
 
The maximum amount of loss that you could experience from negative Index Return,
after taking into account the current limits on Index loss provided under the
Contract, is: -90% with the 10% Buffer; -10% with the Floor; and 0% with the Index
Protection Strategy.
 
The limits on Index loss offered under the Contract may change from one Term to the
next if we add an Index Option.
Principal Risks of
Investing In the
Contract
 
4. Index Options
 
6. Valuing Your
Contract –
Calculating
Performance
Credits
Index Advantage NF® Variable Annuity Prospectus – May 1, 2026
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RISKS
Prospectus
Location
Is This a
Short-Term
Investment?
• No, this Contract is not a short-term investment and is not appropriate if you need ready
access to cash.
• Considering the benefits of tax deferral and long-term income, the Contract is generally
more beneficial to investors with a long investment time horizon.
• Withdrawals are subject to income taxes, and may also be subject to a 10% additional
federal tax for amounts withdrawn before age 59  1∕2.
• If, within six years after we receive a Purchase Payment, you take a full or partial
withdrawal (including financial adviser fees that you choose to have us pay from this
Contract), withdrawal charges will apply. A withdrawal charge will reduce your Contract
Value or the amount of money that you actually receive. Withdrawals may reduce or end
Contract guarantees.
• Amounts invested in an Index Option must be held in the Index Option for the full Term
before they can receive a Credit. For Index Precision Strategy, Index Guard Strategy, and
Index Performance Strategy Index Options, we apply a Daily Adjustment if before the
Term End Date you take a full or partial withdrawal (including financial adviser fees that
you choose to have us pay from this Contract), you execute a Performance Lock, you
annuitize the Contract, we pay a death benefit, or we deduct Contract fees and expenses.
• The Daily Adjustment may be negative. You will lose money if the Daily Adjustment is
negative.
• Withdrawals and other deductions from an Index Option prior to a Term End Date will
result in a proportionate reduction to your Index Option Base. The proportionate reduction
could be greater than the amount withdrawn or deducted. Reductions to your Index
Option Base will result in lower Index Option Values for the remainder of the Term and
lower gains (if any) on the Term End Date.
• On the Term End Date, you can transfer assets invested in an Index Option by submitting
transfer instructions. If you do not submit transfer instructions, you will continue to be
invested in the same Index Option with a new Term Start Date. The new Term will be
subject to the applicable renewal DPSC, Precision Rate, and Cap.
Principal Risks of
Investing In the
Contract
 
4. Index Options
 
6. Valuing Your
Contract
 
7. Expenses and
Adjustments
 
Appendix C –
Daily Adjustment
What are the
Risks
Associated
with the
Investment
Options?
• An investment in the Contract is subject to the risk of poor investment performance and
can vary depending on the performance of the Variable Options and the Index Options
available under the Contract.
• Each Variable Option and Index Option have their own unique risks.
• You should review each Fund’s prospectus and disclosures, including risk factors, before
making an investment decision.
• DPSCs, Precision Rates, and Caps will limit positive Credits (e.g., limited upside). This
may result in earning less than the Index Return.
– For example, if at the end of a 1-year Term, the Index Return is 25% and the Cap is
15%, we apply a Performance Credit of 15%, meaning your Contract Value allocated
to that Index Option will increase by 15% since the Term Start Date. If at the end of the
Term, the Index Return is 6% and the Precision Rate is 3%, we apply a Performance
Credit of 3%, meaning your Contract Value allocated to that Index Option will increase
by 3% since the Term Start Date.
• The Buffer or Floor will limit negative Performance Credits (e.g., limited protection in the
case of Index decline). However, you bear the risk for all Index losses that exceed
the Buffer. You also bear the risk for Index losses down to the Floor.
– For example, if at the end of a Term, the Index Return is -25% and the Buffer is 10%,
we apply a Performance Credit of -15%, meaning your Contract Value allocated to that
Index Option will decrease by 15% since the Term Start Date. If the Index Return is
-25% and the Floor is -10%, we apply a Performance Credit of -10%, meaning your
Contract Value allocated to that Index Option will decrease by 10% since the Term
Start Date.
• The Indexes are price return indexes, not total return indexes. This means that the Index
Options do not receive any dividends payable on these securities. The Index Options also
do not directly participate in the returns of the Indexes or the Indexes’ component
securities. This will reduce the Index Return and may cause the Index to underperform a
direct investment in the securities composing the Index.
Principal Risks of
Investing In the
Contract
Index Advantage NF® Variable Annuity Prospectus – May 1, 2026
 10 
 
RISKS
Prospectus
Location
What are the
Risks Related
to the
Insurance
Company?
An investment in the Contract is subject to the risks related to us. All obligations,
guarantees or benefits of the Contract, including those relating to the Index Options, are the
obligations of Allianz Life and are subject to our claims-paying ability and financial strength.
More information about Allianz Life, including our financial strength ratings, is available
upon request by visiting https://www.allianzlife.com/about/financial-ratings, or contacting us
at (800) 624-0197.
Principal Risks of
Investing In the
Contract
 
RESTRICTIONS
 
Are There
Restrictions on
the Investment
Options?
• Yes, there are limits on the Investment Options.
• We can add new Index Options to your Contract in the future.
• The first 12 transfers between Variable Options every Contract Year are free. After that,
we deduct a $25 transfer fee for each additional transfer. Your transfers between the
Variable Options are also subject to policies designed to deter excessively frequent
transfers and market timing.
• We do not accept additional Purchase Payments during the Annuity Phase.
• We only allow assets to move into the Index Options on the Index Effective Date and on
subsequent Index Anniversaries as discussed in section 3, Purchase Payments –
Allocation of Purchase Payments and Contract Value Transfers.
• You can typically transfer Index Option Value only on Term End Dates. However, you can
transfer assets out of a 3-year Term Index Option before the Term End Date by executing
a Performance Lock as discussed in section 6, Valuing Your Contract – Performance
Locks.
• We do not allow assets to move into an established Index Option until the Term End Date.
If you request to allocate a Purchase Payment into an established Index Option on an
Index Anniversary that is not a Term End Date, we will allocate those assets to the same
Index Option with a new Term Start Date.
• We reserve the right to close or substitute the Fund in which the Variable Option invests.
We also reserve the right to substitute Indexes either on a Term Start Date or during a
Term.
• We may terminate your ability to make additional Purchase Payments during the
Accumulation Phase because we reserve the right to decline any or all Purchase
Payments at any time on a nondiscriminatory basis.
• DPSCs, Precision Rates, and Caps will change from one Term to the next subject to their
contractual minimum guarantees.
• The 10% Buffers and -10% Floors for the currently available Index Options do not
change. However, if we add a new Index Option to your Contract after the Issue Date, we
establish the Buffer or Floor for it on the date we add the Index Option to your Contract.
For a new Index Option, the minimum Buffer is 5% and the minimum Floor is -25%.
Overview of the
Contract
 
Principal Risks of
Investing In the
Contract
 
3. Purchase
Payments –
Allocation of
Purchase
Payments and
Contract Value
Transfers
 
4. Index Options
 
5. The Variable
Options'
Underlying Funds
 
6. Valuing Your
Contract
 
Appendix A –
Investment
Options Available
Under the
Contract
Index Advantage NF® Variable Annuity Prospectus – May 1, 2026
 11 
 
RESTRICTIONS
Prospectus
Location
Are There Any
Restrictions on
Contract
Benefits?
• Yes, there are restrictions on Contract Benefits.
• We do not allow Performance Locks to occur on Term End Dates.
• We reserve the right to discontinue or modify the Minimum Distribution Program and
Financial Adviser Fees program.
• The deduction of financial adviser fees is in addition to this Contract's fees and expenses,
and the deduction is treated the same as any other withdrawal under the Contract. As
such, withdrawals to pay financial adviser fees may be subject to a Daily Adjustment (that
could be negative), are subject to withdrawal charges, will reduce the Contract Value
dollar for dollar and Guaranteed Death Benefit Value proportionately (perhaps
significantly and by more than the amount withdrawn).
• The death benefits are only available during the Accumulation Phase. Upon annuitization,
these benefits will end.
• The Traditional Death Benefit may not be modified, but it will terminate if you take
withdrawals that reduce both the Contract Value and Guaranteed Death Benefit Value to
zero. Withdrawals may reduce the Traditional Death Benefit’s Guaranteed Death Benefit
Value by more than the value withdrawn and could end the Traditional Death Benefit.
• The optional Maximum Anniversary Value Death Benefit may not be modified.
Withdrawals may reduce the Maximum Anniversary Value Death Benefit’s Guaranteed
Death Benefit Value by more than the value withdrawn and will end the Maximum
Anniversary Value Death Benefit if the withdrawals reduce both the Contract Value and
Guaranteed Death Benefit Value to zero.
6. Valuing Your
Contract –
Performance
Locks
 
10. Benefits
Available Under
the Contract
 
11. Death Benefit
 
TAXES
 
What are the
Contract’s Tax
Implications?
• Consult with a tax professional to determine the tax implications of an investment in and
withdrawals from or payments received under the Contract.
• If you purchased the Contract through a tax-qualified plan, as an individual retirement
annuity, or through a custodial individual retirement account, you do not get any additional
tax benefit under the Contract.
• Generally, earnings under a Non-Qualified Contract are taxed at ordinary income rates
when withdrawn, and may also be subject to a 10% additional federal tax for amounts
withdrawn before age 59 1∕2.
• Generally, distributions from Qualified Contracts are taxed at ordinary income tax rates
when withdrawn, and may also be subject to a 10% additional federal tax for amounts
withdrawn before age 59 1∕2.
12. Taxes
 
CONFLICTS OF INTEREST
 
How are
Investment
Professionals
Compensated?
Your Financial Professional may receive compensation for selling this Contract to you, in
the form of commissions, additional cash benefits (e.g., cash bonuses), and non-cash
compensation. We and/or our wholly owned subsidiary distributor may also make marketing
support payments to certain selling firms for marketing services and costs associated with
Contract sales. This conflict of interest may influence your Financial Professional to
recommend this Contract over another investment for which the Financial Professional is
not compensated or compensated less.
7. Expenses and
Adjustments –
Commissions
Paid to Dealers
Should I
Exchange my
Contract?
Whether to exchange your existing Contract for a new contract is a decision that each
investor should make based on their personal circumstances and financial objectives.
However, in making this decision you should be aware that some Financial Professionals
may have a financial incentive to offer you a new contract in place of one you already own.
You should only exchange your Contract if you determine, after comparing the features,
fees, and risks of both contracts, including any fees or penalties to terminate your existing
Contract, that it is better for you to purchase the new contract rather than continue to own
your existing Contract.
13. Other
Information –
Distribution
Index Advantage NF® Variable Annuity Prospectus – May 1, 2026
 12 
Appendix A – Investment Options Available Under the Contract
Variable Options
The following includes information about the Funds available under the Contract. More information about the Funds is available in the Funds’ prospectuses, which may be amended from time to time and can be found online at https://www.allianzlife.com/variableoptions. You can also request this information at no cost by calling (800) 624-0197, or by sending an email request to [email protected].
The current expenses and performance information below reflects fees and expenses of the Funds, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. The Funds’ past performance is not necessarily an indication of future performance. 
Investment Objectives
Fund and
Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of December 31, 2025)
1 Year
5 Years
10 Years
Current income consistent with
stability of principal
AZL® Government Money
Market Fund(1)
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Advisors, LLC
0.65%
3.70%
2.62%
1.57%
Long-term capital appreciation with
preservation of capital as an
important consideration
AZL® MVP Balanced Index
Strategy Fund(2)
 
Adviser: Allianz Investment
Management LLC
0.73%
10.70%
4.85%
5.95%
Long-term capital appreciation
AZL® MVP Growth Index
Strategy Fund(2)
 
Adviser: Allianz Investment
Management LLC
0.69%
11.80%
7.67%
7.78%
(1)
The AZL® Government Money Market Fund’s annual expenses reflect a temporary fee reduction. Please see the AZL® Government Money Market Fund’s prospectus for information regarding the expense reimbursement or fee waiver arrangement.
(2)
This Fund is managed in a way that is intended to minimize volatility of returns (referred to as a “managed volatility strategy”). For more information see Principal Risk of Investing in the Contract – Managed Volatility Variable Option Risk, or refer to the Fund’s prospectus.
Index Options
The following is a list of Index Options currently available under the Contract. We may change certain features of the Index Options listed below (including the Index and the current limits on Index gains) and offer new Index Options. We will provide you with written notice before making any changes other than changes to current limits on Index gains. Information about current limits on Index gains is available at https://www.allianzlife.com/indexratesnf.
Note: If amounts are removed from an Index Precision Strategy, Index Guard Strategy, or Index Performance Strategy Index Option before the Term End Date, we will apply a Daily Adjustment. This may result in a significant reduction in your Contract Value that could exceed any protection from Index loss that would be in place if such amounts were not removed from the Index Option until the Term End Date. The Daily Adjustment does not apply to the Index Protection Strategy Index Options.
Index Advantage NF® Variable Annuity Prospectus – May 1, 2026
Appendix A
 13 
For more information about the Index Options’ features, see section 4, Index Options, and section 6, Valuing Your Contract. For more information about Daily Adjustment, see section 7, Expenses and Adjustments – Daily Adjustment. 
Index
Index Type
Crediting
Period
(Term
Length)
Index
Crediting
Methodology
Current Limit on
Index Loss
(if held until
Term End Date)
Minimum Limit on Index Gain
(for the life of the Index
Option)
Index Protection Strategy
S&P 500® Index(1)
U.S. large-cap equities
1-year Term
Point-to-point
with step-up
100% downside
protection
0.10% minimum DPSC
Russell 2000® Index(1)
U.S. small-cap equities
Nasdaq-100® Index(1)
U.S. & international
non-financial large-cap
equities
EURO STOXX 50®(1)
Eurozone large-cap equities
iShares® MSCI Emerging
Markets ETF(2)
International emerging
markets equities
Index Precision Strategy
S&P 500® Index(1)
U.S. large-cap equities
1-year Term
Point-to-point
with step-up
10% Buffer
0.10% minimum Precision Rate
Russell 2000® Index(1)
U.S. small-cap equities
Nasdaq-100® Index(1)
U.S. & international
non-financial large-cap
equities
EURO STOXX 50®(1)
Eurozone large-cap equities
iShares® MSCI Emerging
Markets ETF(2)
International emerging
markets equities
Index Guard Strategy
S&P 500® Index(1)
U.S. large-cap equities
1-year Term
Point-to-point
with Cap
-10% Floor
0.10% minimum Cap
Russell 2000® Index(1)
U.S. small-cap equities
Nasdaq-100® Index(1)
U.S. & international
non-financial large-cap
equities
EURO STOXX 50®(1)
Eurozone large-cap equities
iShares® MSCI Emerging
Markets ETF(2)
International emerging
markets equities
Index Performance Strategy
S&P 500® Index(1)
U.S. large-cap equities
1-year Term
Point-to-point
with Cap
• 10% Buffer
0.10% minimum Cap
Russell 2000® Index(1)
U.S. small-cap equities
Nasdaq-100® Index(1)
U.S. & international
non-financial large-cap
equities
EURO STOXX 50®(1)
Eurozone large-cap equities
iShares® MSCI Emerging
Markets ETF(2)
International emerging
markets equities
Index Advantage NF® Variable Annuity Prospectus – May 1, 2026
Appendix A
 14 
Index
Index Type
Crediting
Period
(Term
Length)
Index
Crediting
Methodology
Current Limit on
Index Loss
(if held until
Term End Date)
Minimum Limit on Index Gain
(for the life of the Index
Option)
S&P 500® Index(1)
U.S. large-cap equities
3-year Term
Point-to-point
with Cap
• 10% Buffer
• 2% minimum Cap(3)
Russell 2000® Index(1)
U.S. small-cap equities
(1)
This Index is a “price return index,” not a “total return index,” and therefore does not reflect the dividends paid on the securities composing the Index, which will reduce the Index Return and may cause the Index to underperform a direct investment in the securities composing the Index. For the EURO STOXX 50®, this Index is a euro “price return index” and Index Returns are determined without any exchange rate adjustment.
(2)
This Index is an ETF. Index Values are based on the ETF’s closing share price. Index performance is calculated on a “price return” basis, not a “total return” basis, and therefore does not reflect the dividends paid on the securities in which the ETF invests. In addition, an ETF deducts fees and costs, which reduce Index performance. These factors will reduce the Index Return and may cause the Index to underperform a direct investment in the ETF or the securities in which the ETF invests.
(3)
May be uncapped for a Term.
The current limit on Index loss for an Index Option will not change for the life of that Index Option. However, we reserve the right to add new Index Options. As such, the limits on Index loss offered under the Contract may change from one Term to the next if we add an Index Option.
If we offer a new Index Option with a Buffer or Floor in the future, the Buffer or Floor will be no lower than 5% or -25%, respectively. The lowest DPSC, Precision Rate, or Cap that we may establish if we add a new Index Option to the Contract are 0.05%, 0.10%, and 0.10%, respectively.
EDGAR Contract ID No.: C000178978/C000261685
IXA-003-NF-USP
Index Advantage NF® Variable Annuity Prospectus – May 1, 2026
Appendix A
 15 

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