Allianz Life Insurance of North America has added the Pimco US advantage bond index to the recently launched Allianz Pro V1 Annuity.

According to the company, Allianz Pro V1 Annuity, a fixed index annuity that provides protection, guarantees, and a bond index allocation option with the power of annual reset, now provides clients with the choice of indices created by Pimco and Barclays Capital.

In addition to the new Pimco US advantage bond index, contract holders can also allocate to the Barclays Capital US. Aggregate bond index and a fixed interest allocation.

Eric Thomes, senior vice president of sales for Allianz Life, said: “Allianz Life is constantly looking for ways to improve our products and offer clients unique advantages for trusting us with their retirement savings. By leveraging the expertise of our sister company Pimco with this new allocation option, we’re delivering on that promise.”

Curtis Mewbourne, managing director and portfolio manager for Pimco, said: We are very pleased that Allianz Life has chosen the Pimco US Advantage Index for its new fixed index annuity product. The Pimco US Advantage Index offers an alternative to traditional market capitalization weighted fixed income indices, and Allianz Life has created a product that allows clients to harness this innovative approach.