Form 497VPU ALLIANZ LIFE VARIABLE

April 27, 2026 4:06 PM EDT
ALLIANZ RewardsTM VARIABLE ANNUITY CONTRACT
Issued by Allianz Life Variable Account B and 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. We only accept additional Purchase Payments if your Contract
was issued in Connecticut, Florida, or New Jersey. However, for Contracts issued in Connecticut, we no longer
accept additional Purchase Payments if you are age 81 or older. We also do not accept additional Purchase
Payments (regardless of state of issue) if you have a 403(b) Contract.
This Summary Prospectus summarizes key features of an individual flexible purchase payment 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].
This prospectus describes three different versions of the Contract. The “Original Contract” first became available on May 1, 2000 and was replaced in most states by the “May 2003 Contract” beginning on May 5, 2003. The May 2003 Contract was subsequently replaced by the “May 2006 Contract,” which first became available on May 1, 2006. We stopped offering all versions of the Contract on May 1, 2010. These Contract versions were offered with different optional benefits, have different fees and expenses (including annual charges) and may have different features.
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, taxes, and tax penalties.
All obligations and guarantees under the Contract are the obligations of Allianz Life and are subject to our claims-paying ability and financial strength.
The Securities & 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 variable annuities, has been prepared by the SEC’s staff and is available at https://www.investor.gov.
Dated: May 1, 2026
Allianz RewardsTM 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.
The following is a list of common abbreviations used in this prospectus. 
AIA = Annual Increase Amount
GMDB = Guaranteed Minimum Death Benefit
GMIB = Guaranteed Minimum Income Benefit
GPWB = Guaranteed Partial Withdrawal Benefit
MAV = Maximum Anniversary Value
PRIME = Protected Retirement Income Made Easy
Accumulation Phase – the initial phase of your Contract before you apply your total Contract Value to Annuity Payments. The Accumulation Phase begins on the Issue Date and may occur at the same time as the Annuity Phase if you take Partial Annuitizations.
AIA (Annual Increase Amount) – a calculation used in determining the guaranteed value for the Enhanced GMIB on Original Contracts; the PB Value under Enhanced PRIME Benefit and PRIME Plus Benefit; and in determining the guaranteed death benefit value under the Enhanced GMDB version 2 and version 3.
Annuity Options – the annuity income options available to you under the Contract.
Contract – the bonus individual flexible purchase payment variable deferred annuity contract described by this prospectus.
Contract Value – on any Business Day, the sum of the values in your selected Investment Choices, less any unvested bonus amounts. The Contract Value reflects the deduction of any contract maintenance charge, transfer fee, and M&E charge, but does not reflect the deduction of any withdrawal charge. It does not include amounts applied to a Partial Annuitization.
Contract Year – any period of twelve months beginning on the Issue Date or a subsequent Contract Anniversary.
Financial Professional – the person who advises you regarding the Contract.
Fixed Account – a Fixed Option available with Original Contracts in most states.
Fixed Options – the general account Investment Choices available under the Contract. Original Contracts offer the Fixed Account. May 2003 Contracts and May 2006 Contracts offer the DCA Fixed Option. Money held in these Fixed Options receive fixed interest guaranteed by us.
Full Annuitization – the application of the total Contract Value to Annuity Payments.
Fund(s) – the underlying fund in which an Investment Option invests.
GMDB (Guaranteed Minimum Death Benefit) – you were asked to select one of two GMDBs at Contract issue that may provide different guaranteed death benefit values.
GMIB (Guaranteed Minimum Income Benefit) – a benefit that provides a guaranteed minimum fixed income in the form of Annuity Payments (GMIB Payments). The Original Contract offered the Enhanced GMIB for an additional charge. The Traditional PRIME Benefit and the Enhanced PRIME Benefit both have a GMIB and were available under the Original Contract and May 2003 Contract. The May 2006 Contract has a GMIB included in the PRIME Plus Benefit.
GMIB Payments – fixed Annuity Payments we make under a GMIB based on the guaranteed value for Original Contracts with the Enhanced GMIB; or the PB Value for Original Contracts, May 2003 Contracts and May 2006 Contracts with a PRIME Benefit.
GPWB (Guaranteed Partial Withdrawal Benefit) – a benefit that provides a guaranteed minimum amount of income in the form of partial withdrawals based on the PB Value. The Original Contract and May 2003 Contract both have a GPWB included in the Traditional PRIME Benefit and the Enhanced PRIME Benefit. The May 2006 Contract has a GPWB included in the PRIME Plus Benefit.
GPWB Maximum – under PRIME Plus Benefit, this is the annual limit on GPWB Payments available to you under GPWB.
Allianz RewardsTM Variable Annuity Prospectus – May 1, 2026
 3 
GPWB Payments – withdrawal payments we make to the Owner based on the PB Value.
Income Date – the date we begin making Annuity Payments to the Payee from the Contract. Because the Contract allows for Partial Annuitizations, there may be multiple Income Dates. The earliest available Income Date is three years after the Issue Date, and the latest possible Income Date can occur as late as age 100.
Investment Choices – the Investment Options and any Fixed Options available under the Contract for Purchase Payments or transfers.
Investment Options – the subaccounts of the Separate Account and the variable investment options available under the Contract. Each Investment Option invests exclusively in the shares of its corresponding underlying Fund.
MAV (Maximum Anniversary Value) – a calculation used in determining the guaranteed value for the Enhanced GMIB on Original Contracts; the PB Value under Enhanced PRIME Benefit and PRIME Plus Benefit; and in determining the guaranteed death benefit value under the Enhanced GMDB version 2 and version 3.
May 2003 Contract – this Contract first became available on May 5, 2003 and was replaced by the May 2006 Contract.
May 2006 Contract – the Contract described in the body of this prospectus that first became available on May 1, 2006.
Non-Qualified Contract – a Contract that is not a Qualified Contract.
Original Contract – this Contract first became available on May 1, 2000 and was replaced in most states by the May 2003 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.
PRIME (Protected Retirement Income Made Easy) Benefits – a benefit package that includes a GMIB and GPWB and carries an additional M&E charge. The Traditional PRIME Benefit and the Enhanced PRIME Benefit were available to Original Contracts and May 2003 Contracts. The May 2006 Contracts offered the PRIME Plus Benefit.
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).
Traditional Annuity Payments – Annuity Payments we make to the Payee based on the Contract Value.
Allianz RewardsTM Variable Annuity Prospectus – May 1, 2026
 4 
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.
Allianz RewardsTM Variable Annuity Prospectus – May 1, 2026
 5 
Important Information You Should Consider About the Contract 
 
FEES, EXPENSES, AND ADJUSTMENTS
Prospectus
Location
Are There
Charges or
Adjustments
for Early
Withdrawals?
Yes, if you withdraw money from the Contract within 10 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. The potential for loss on an early withdrawal
could be greater due to taxes or tax penalties.
Fee Tables
 
6. Expenses –
Withdrawal
Charge
Are There
Transaction
Charges?
Yes, in addition to withdrawal charges, you may also be charged for other Contract
transactions.
• We will charge you a fee of $25 per transfer after you exceed 12 transfers between
Investment Options (the variable investments available to you) in a Contract Year.
• For Original Contracts and May 2003 Contracts issued before April 29, 2005, if you take
variable Traditional Annuity Payments under Annuity Options 2, 4, or 6 and then take a
withdrawal (“liquidation”), you may be assessed a commutation fee of up to 7% of the
amount liquidated. For example, if you requested a liquidation of $1,000, you could pay a
commutation fee of up to $70 and would receive $930.
Fee Tables
 
6. Expenses
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 adviser fees paid to an investment adviser from your Contract Value or other
assets of the Owner. If such charges were reflected, these ongoing fees and expenses
would be higher.
 
Fee Tables
 
6. Expenses
 
Appendix A –
Investment
Choices Available
Under the
Contract
Annual Fee
Minimum
Maximum
Base Contract(1)
(varies by Contract version)
1.67%
1.72%
Investment Options(2)
(Fund fees and expenses)
0.25%
1.13%
 
Optional Benefits Available for an Additional
Charge
(for a single optional benefit, if elected)
0.20%(3)
0.70%(4)
 
 
(1)
As a percentage of each Investment 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.
 
 
(3)
As a percentage of each Investment Option’s average net assets. This is the lowest current charge for an
optional benefit (the Enhanced GMDB version 1 or Traditional PRIME Benefit).
 

(4)
As a percentage of each Investment Option’s average net assets. This is the highest current charge for an
optional benefit (Enhanced PRIME Benefit or PRIME Plus Benefit).

Allianz RewardsTM Variable Annuity Prospectus – May 1, 2026
 6 
 
FEES, EXPENSES, AND ADJUSTMENTS
Prospectus
Location
 
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 withdrawal
charges that substantially increase costs.
 
 
Lowest Annual Cost
$1,843
Highest Annual Cost
$3,523
 
 
Assumes:
●Investment of $100,000
●5% annual appreciation
●Least expensive combination of Contract
versions and Fund fees and expenses
●No optional benefits
●No bonuses
●No additional Purchase Payments,
transfers, or withdrawals
●No adviser fees
Assumes:
●Investment of $100,000
●5% annual appreciation
●Most expensive combination of Contract
versions, optional benefits, and Fund
fees and expenses
●No bonuses
●No additional Purchase Payments,
transfers, or withdrawals
●No adviser fees
 
 
RISKS
 
Is There a Risk
of Loss from
Poor
Performance?
Yes, you can lose money by investing in the Contract, including loss of principal.
Principal Risks of
Investing In the
Contract
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.
• If within ten years after we receive a Purchase Payment you take a full or partial
withdrawal, withdrawal charges will apply. A withdrawal charge will reduce your Contract
Value or the amount of money that you actually receive. Withdrawals under any Contract
may reduce or end Contract guarantees.
• 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.
• Considering the benefits of tax deferral, long-term income, and living benefit guarantees
the Contract is generally more beneficial to investors with a long investment time horizon.
Principal Risks of
Investing In the
Contract
 
5. Valuing Your
Contract
 
6. Expenses
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 Investment Options available under the
Contract.
• Each Investment Option has its own unique risks.
• You should review each Fund’s prospectus and disclosures, including risk factors, before
making an investment decision.
Principal Risks of
Investing In the
Contract
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 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
Allianz RewardsTM Variable Annuity Prospectus – May 1, 2026
 7 
 
RESTRICTIONS
Prospectus
Location
Are There
Restrictions on
the Investment
Options?
Yes, there are limits on the Investment Options.
• We currently allow you to invest in no more than 15 Investment Options at any one time.
We may change this maximum in the future, but it will not be less than 5 Investment
Options.
• Original Contracts offer the Fixed Account as an Investment Choice in most states. May
2003 Contracts and May 2006 Contacts offer the DCA Fixed Option as an Investment
Choice. Money held in these Fixed Options receive fixed interest guaranteed by us. The
Fixed Account interest rate may change annually.
• The first 12 transfers between Investment Options every Contract Year are free. After
that, we deduct a $25 transfer fee for each additional transfer. Your transfers between the
Investment Options are also subject to policies designed to deter excessively frequent
transfers and market timing. These transfer restrictions do not apply to the Contract's
automatic transfer programs.
• We reserve the right to remove or substitute the Fund in which an Investment Option
invests.
• We no longer accept additional Purchase Payments during the Accumulation Phase
before GPWB Payments begin unless the Contract was issued in Connecticut, Florida, or
New Jersey. However, for Contracts issued in Connecticut, Florida, or New Jersey, we do
not accept additional Purchase Payments if you have a 403(b) Contract.
• We also do not accept additional Purchase Payments (regardless of state of issue) on or
after the Income Date if you take a Full Annuitization.
Overview of the
Contract
 
Principal Risks of
Investing In the
Contract
 
3. Purchase
Payments –
Purchase
Payment
Requirements
 
4. The Investment
Options’
Underlying Funds
 
5. Valuing Your
Contract
 
Appendix A –
Investment
Choices Available
Under the
Contract
Are There any
Restrictions on
Contract
Benefits?
Yes, there are restrictions on Contract benefits.
• Optional benefits may be modified or terminated under certain circumstances.
• Withdrawals that exceed limits specified by the terms of an optional benefit may affect the
availability of the benefit by reducing the benefit by an amount greater than the value
withdrawn and could end the benefit. Withdrawals that reduce both the Contract Value
and the guaranteed value (either the total Purchase Payments adjusted for withdrawals if
you have the Traditional GMDB; or the 3% AIA, 5% AIA or MAV if you have an Enhanced
GMDB) to zero will end your selected death benefit.
• Unvested bonuses are not included in Contract Value or in the calculation of the standard
death benefit (Traditional GMDB) or any optional benefit. Vested bonuses are included in
Contract Value and in the calculation of death and living benefits, except that bonus
amounts (vested or unvested) are not considered part of Purchase Payments when
calculating benefits.
• 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 are subject to withdrawal charges, will
reduce the Contract Value on a dollar for dollar basis, and may reduce guaranteed values
by more than the amount withdrawn. These reductions could be significant.
9. 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, 403(b), 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
Allianz RewardsTM Variable Annuity Prospectus – May 1, 2026
 8 
 
CONFLICTS OF INTEREST
Prospectus
Location
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.
6. Expenses –
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,
risks, and fees 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
Allianz RewardsTM Variable Annuity Prospectus – May 1, 2026
 9 
Appendix A – Investment Choices Available Under the Contract
Investment 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]. Depending on the optional benefits you chose, you may not be able to invest in certain Investment Options.
The current expenses and performance information below reflects fees and expenses of the Funds, but does 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. Each Fund’s 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
Long-term capital appreciation with
preservation of capital as an
important consideration
AZL® Balanced Index
Strategy Fund
 
Adviser: Allianz Investment
Management LLC
0.71%
13.34%
5.37%
6.88%
Long-term capital appreciation
AZL® DFA Multi-Strategy
Fund
 
Adviser: Allianz Investment
Management LLC
0.87%
15.03%
7.44%
7.91%
High level of current income while
maintaining prospects for capital
appreciation
AZL® Fidelity Institutional
Asset Management®
Multi-Strategy Fund – Class
2(1)
 
Adviser: Allianz Investment
Management LLC
Subadviser: FIAM® LLC
0.71%
11.22%
6.11%
7.58%
High level of current income
AZL® Fidelity Institutional
Asset Management® Total
Bond Fund – Class 2
 
Adviser: Allianz Investment
Management LLC
Subadviser: FIAM® LLC
0.91%
7.64%
0.31%
2.85%
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%
Seeks to match the performance of
the MSCI EAFE® Index as closely
as possible
AZL® International Index
Fund – Class 1
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.45%
31.04%
8.58%
8.65%
Allianz RewardsTM Variable Annuity Prospectus – May 1, 2026
Appendix A
 10 
Investment Objectives
Fund
and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of December 31, 2025)
1 Year
5 Years
10 Years
Seeks to match the performance of
the MSCI EAFE® Index as closely
as possible
AZL® International Index
Fund – Class 2
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.70%
30.72%
8.32%
7.67%
Seeks to match the performance of
the Standard & Poor’s MidCap 400®
Index as closely as possible
AZL® Mid Cap Index Fund –
Class 1
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.35%
7.19%
8.76%
10.30%
Seeks to match the performance of
the Standard & Poor’s MidCap 400®
Index as closely as possible
AZL® Mid Cap Index Fund –
Class 2
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.60%
6.90%
8.48%
10.22%
Long-term capital appreciation
AZL® Moderate Index
Strategy Fund(1)
 
Adviser: Allianz Investment
Management LLC
0.68%
14.69%
6.55%
8.02%
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%
Seeks to match the total return of
the Russell 1000® Growth Index
AZL® Russell 1000 Growth
Index Fund – Class 1
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.44%
18.07%
15.02%
18.94%
Seeks to match the total return of
the Russell 1000® Growth Index
AZL® Russell 1000 Growth
Index Fund – Class 2
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.69%
17.79%
14.74%
17.47%
Allianz RewardsTM Variable Annuity Prospectus – May 1, 2026
Appendix A
 11 
Investment Objectives
Fund
and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of December 31, 2025)
1 Year
5 Years
10 Years
Seeks to match the total return of
the Russell 1000® Value Index
AZL® Russell 1000 Value
Index Fund – Class 1
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.44%
15.41%
11.00%
10.13%
Seeks to match the total return of
the Russell 1000® Value Index
AZL® Russell 1000 Value
Index Fund – Class 2
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.69%
15.11%
10.73%
9.86%
Seeks to match total return of the
S&P 500®
AZL® S&P 500 Index Fund –
Class 1
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.25%
17.60%
14.15%
14.54%
Seeks to match total return of the
S&P 500®
AZL® S&P 500 Index Fund –
Class 2
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.50%
17.33%
13.87%
14.25%
Seeks to match performance of the
S&P SmallCap 600 Index®
AZL® Small Cap Stock Index
Fund – Class 1
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.36%
5.71%
6.93%
9.10%
Seeks to match performance of the
S&P SmallCap 600 Index®
AZL® Small Cap Stock Index
Fund – Class 2
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.61%
5.46%
6.66%
9.20%
Total return which exceeds that of its
benchmark
PIMCO Global Core Bond
(Hedged) Portfolio – Admin.
Class
 
Adviser: Pacific Investment
Management Company LLC
1.13%
6.73%
0.78%
3.16%
Allianz RewardsTM Variable Annuity Prospectus – May 1, 2026
Appendix A
 12 
Investment Objectives
Fund
and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of December 31, 2025)
1 Year
5 Years
10 Years
Maximum total return, consistent
with preservation of capital and
prudent investment management
PIMCO Total Return Portfolio
– Admin. Class
 
Adviser: Pacific Investment
Management Company LLC
0.73%
8.90%
0.02%
2.36%
(1)
This Fund’s annual expenses reflect temporary fee reductions. Please see the 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 Risks of Investing in the Contract – Managed Volatility Investment Option Risk, or refer to the Fund’s prospectus.
Fixed Options
The following is a list of Fixed Options. Original Contracts offer the Fixed Account in most states as described in Appendix F. May 2003 Contracts and May 2006 Contracts offer the DCA Fixed Option as described in section 13, Other Information – Additional Services. We may offer new Fixed Options in the future. We will provide you with written notice before doing so. 
Name
Term
Minimum Guaranteed Interest Rate
Fixed Account
1 Contract Year
3%
DCA Fixed Option
6-months or
12-months
3%
EDGAR Contract ID No.: C000007180
REW-013PP-USP
Allianz RewardsTM Variable Annuity Prospectus – May 1, 2026
Appendix A
 13 

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