Allianz 222 Annuity Review (2026): 52% PIV Bonus and 150% Interest Rate Roll-Up

What Is the Allianz 222 Annuity?

The Allianz 222 is a fixed indexed annuity from Allianz Life Insurance Company of North America with a Protected Income Value (PIV) rider built specifically for buyers who want guaranteed lifetime income with meaningful upside potential. The product is currently sold as the Allianz 222+ (the 2025 enhancement of the original 222 contract), and the data and illustration values throughout this review come from a live 222+ illustration we ran on May 23, 2026. The two-year point-to-point crediting structure that made the original 222 the best-selling FIA in America carries through, with refinements to the PIV mechanics, the index lineup, and the addition of Index Lock and Income Flex Benefit features.

The contract sits in a different competitive position than most income-rider FIAs we place. Athene’s Ascent Pro 10 Bonus guarantees roughly twice the contractual income on a matched age-60, 10-year-deferral, $100,000 illustration ($16,500 vs the 222+’s $8,360). What the 222+ offers in exchange is a performance-driven roll-up structure (150% of any interest credited to the contract) that can produce materially higher income than Athene over the deferral period if the indices cooperate. It is a different buyer.

Allianz 222 at a Glance

Is Allianz a Good Annuity Company?

Allianz Life Insurance Company of North America is the U.S. subsidiary of Allianz SE, the German global insurance group with more than $1 trillion in worldwide assets under management. The U.S. company is operationally and financially distinct from its European parent. When you buy an Allianz Life annuity, your contract is with the Minneapolis-based U.S. subsidiary, and its claims-paying obligations are backed by U.S.-domiciled reserves.

Allianz Life was the #1 selling fixed indexed annuity carrier in the United States every year from 2015 through 2019 and remains a top-five carrier in 2025 at $11.7 billion in annual FIA sales. The carrier pioneered most of the product innovation that defines the modern FIA category, including volatility-controlled custom indices, the two-year point-to-point crediting structure used in the 222 line, and Index Lock. For 11 years of LIMRA carrier ranking data and the broader story of how the FIA category evolved, see our FIA industry sales history.

Financial strength ratings as of May 2026 sit at AM Best A+ (Superior), Standard & Poor’s AA, and a Comdex composite score of 93. Among FIA carriers, only a small handful of mutual insurers score higher on Comdex. For full context on the carrier’s history, product lineup, and parent-company structure, see our Allianz Life Annuity Review.

How the Protected Income Value Rider Works

The defining feature of the 222+ is the Protected Income Value rider, included with the contract at no additional fee. The PIV is a separate calculation from the contract’s accumulation value and exists specifically to determine guaranteed lifetime income at the end of the 10-year wait period.

The 52% Premium Bonus

Any premium paid into the contract during the first 18 months receives a 52% bonus to the PIV at issue. On a $100,000 premium that translates to a starting PIV of $152,000 before any interest credits. This is one of the largest premium bonuses to a benefit base in the FIA category. The bonus is credited to the PIV only, not the accumulation value (which starts at $100,000), so the bonus does not have a vesting schedule and cannot be lost to early surrender of the bonus itself.

The Interest Bonus: 150% of Credited Rate

This is the mechanic that makes the 222+ different from most income-rider FIAs. In any contract year where the underlying indices credit positive interest, the PIV receives a 150% multiplier on that interest rate. If the contract earns 5% in indexed interest, the PIV grows by 7.5% that year. If the contract earns 10%, the PIV grows by 15%. The compounding effect over 10 years can be substantial.

The trade-off is that the PIV roll-up is performance-driven, not guaranteed. In any year where the indices credit zero (as is the assumed scenario in the contract’s guaranteed values illustration), the PIV does not grow. That is the structural difference from competing products like the Athene Ascent Pro 10 Bonus, which credits the income base at a guaranteed 10% simple interest every year regardless of index performance.

The 10-Year Wait Period

Lifetime withdrawals from the PIV cannot begin until contract year 11 (after the 10-year wait period). After year 10, the PIV can be activated as either single or joint lifetime income.

Guaranteed Lifetime Income by Activation Age

On a live illustration we ran on May 23, 2026 for a male annuitant age 60 with $100,000 premium in New Hampshire, the guaranteed scenario (assuming zero index credits in all years) produces the following lifetime income values at each activation age starting in year 10:

These are the guaranteed numbers, assuming the indices never credit positive interest over the entire deferral period. In any real-world environment, the indices will earn positive interest in some years, and the PIV will grow by 1.5 times that interest rate each time. Allianz’s marketing positioning is that the realistic projected income lands materially above the $8,360 floor.

Hypothetical Lifetime Income at Current Crediting Rates

Using current rates against the most recent 10-year index performance (the carrier illustration’s hypothetical scenario), the same $100,000 premium produces these projected results at activation age 70 in year 11:

• PIV at year 10 (hypothetical): roughly $246,000 after 10 years of 150%-multiplied interest credits.
• Withdrawal rate at age 70: 5.5%, increasing each year by any earned interest under the Income Flex Benefit.
• Projected first-year lifetime income at age 70 (hypothetical): approximately $15,000.

The hypothetical is illustrative only and is based on past index performance. Future index returns are not guaranteed, and the carrier reserves the right to adjust caps and participation rates on each contract anniversary subject to product minimums.

Index Crediting Strategies

The 222+ offers multiple index crediting strategies. The illustration we ran allocated 100% to the S&P 500 1-year point-to-point cap at the current 4.5% cap rate. Other strategies typically available on the 222+ include:

• S&P 500 1-year point-to-point cap. Current cap: 4.5%. Conservative, straight S&P 500 with a cap on annual upside.
• Blended Futures Index 1-year and multi-year point-to-point. A custom volatility-controlled index built from four sub-indexes: S&P 500 Futures, Bloomberg International Equity Custom Futures, Bloomberg US 10-yr Note Custom Futures, and Bloomberg US Small Cap Custom Futures. The Blended Futures Index targets lower volatility than the S&P 500, which allows Allianz to offer participation rates above 100% rather than a cap.
• MY (Multi-Year) Point-to-Point. Allows 2-year or 5-year crediting periods with guaranteed participation rates for the entire crediting period.
• Fixed Account. Declared annual rate, guaranteed for the first contract year.

Index Lock

One of Allianz’s category-defining features. Index Lock allows the policyholder to lock in a positive index value at any point during a crediting period (rather than only at the end). If the index is up 8% halfway through a contract year and the policyholder is worried about a pullback, they can lock the 8% credit and have it credited to the contract at the end of the period regardless of where the index lands.

Index Lock can only be exercised once per crediting period, and exercising it may result in a credit higher or lower than what would have been credited if the lock had not been used. Allianz does not provide advice on when to use Index Lock; the policyholder makes the decision.

Income Flex Benefit and Increasing Income

The Income Flex Benefit allows the policyholder, after lifetime withdrawals begin, to waive the income increase in any crediting period where positive interest is credited and instead set aside an additional withdrawal amount called the Income Flex Benefit Amount. The policyholder can take a withdrawal from that amount at any point in the year, which provides flexibility for unexpected expenses.

Combined with the standard increasing-income feature (lifetime income grows each year by 150% of any positive credited rate, similar to the PIV roll-up mechanism), the 222+ is built for buyers who expect to take income for 20 to 30 years and want the income payment to keep pace with index performance over that window.

Allianz Income Multiplier (AIM) Benefit for Care Events

The 222+ includes the Allianz Income Multiplier benefit, which doubles the annual maximum lifetime income withdrawal for as long as the annuitant is confined to a qualifying nursing home, hospital, or assisted living facility for at least 90 days in a consecutive 120-day period, or if the annuitant is unable to perform at least 2 of 6 activities of daily living. Confinement must occur after the first contract year. The benefit is built into the rider with no separate fee.

This is comparable to the Athene Ascent Pro 10 Bonus Enhanced Income Benefit and similar care-event multipliers offered by other top FIA carriers. It is meaningful but is not a substitute for a standalone long-term care policy.

Death Benefit

The 222+ death benefit gives beneficiaries two choices. They can take the Protected Income Value as annuity payments over at least five years, or they can receive the accumulation value (or the greater of accumulation value, guaranteed minimum value, or cumulative withdrawal amount) in a lump sum. The PIV-as-annuity option allows the beneficiary to receive the larger PIV figure rather than the smaller accumulation value, but only if they are willing to take it as a 5-year stream rather than a lump sum.

In select states (AK, ID, IL, MD, NC, NH, NJ, OH, PA, TX, UT, WA), the PIV death benefit is capped at the greater of 125% of the cash surrender value or total premium credited at 10% interest per year, not exceeding 250% of total premium less withdrawals.

Pros and Cons

Pros

• 52% PIV bonus on premium. One of the largest income-base bonuses in the FIA category. A $100,000 premium creates a $152,000 starting PIV.
• 150% interest rate roll-up. The PIV grows by 1.5 times any positive interest credited to the contract. Real-world index performance can produce a substantially larger PIV than the guaranteed floor over a 10-year wait.
• No rider fee. The PIV rider is bundled with the contract at no annual charge. Preserves accumulation value over time.
• Index Lock. Allows lock-in of a positive index value at any point during a crediting period. Defends against late-period pullbacks.
• Increasing income. Lifetime income grows each year by 150% of credited interest, allowing income to keep pace with index performance over a 20- to 30-year retirement.
• AIM care-event benefit. Doubles lifetime income for qualifying nursing home, hospital, or ADL events.
• Allianz financial strength. AM Best A+, S&P AA, Comdex 93. One of the highest-rated FIA carriers in the U.S. market.

Cons

• Lower contractually guaranteed income than competing products. The 222+ guarantees $8,360 per year at age 70 on $100,000 / 10-year deferral. Athene’s Ascent Pro 10 Bonus guarantees $16,500 and Nationwide’s Peak 10 guarantees $15,413 on the same illustration parameters. Buyers who want a contractually locked-in income number before signing should look elsewhere.
• Performance-driven roll-up creates uncertainty. If the indices credit zero in most years (as happened during the 2001-2002 and 2008 drawdowns), the PIV does not grow and the guaranteed floor is the income you receive. The 150% multiplier only works when the indices earn positive interest.
• 10-year wait period before income can begin. Buyers who need income before contract year 11 cannot turn on PIV lifetime withdrawals.
• Lower current S&P 500 cap. The 4.5% S&P 500 annual point-to-point cap on the 222+ is below the caps offered by Athene (5.5%), Nationwide Peak 10 (6.25%), and Corebridge Power Select Builder (9%). Allianz competes through volatility-controlled indices like the Blended Futures Index rather than straight S&P 500 caps.
• 10-year surrender period. Long commitment. Liquidity beyond the 10% annual free withdrawal is expensive during the surrender window.
• Not available in New York or Oregon. The 222+ contract is not approved in those states. New York residents should consider an alternative.

Who the Allianz 222 Is Best For

The 222+ is the right contract for buyers who are willing to bet on long-term index performance to drive their income value rather than lock in a guaranteed number on day one. The typical buyer is age 55 to 65, has 10 or more years before they need income to begin, has other sources of guaranteed income (Social Security, a pension, an existing income annuity) covering basic expenses, and is treating the 222+ as a tax-deferred growth bucket with optional rising lifetime income as the secondary feature.

It is also the right fit for buyers who specifically want Allianz’s product innovation, particularly Index Lock and the volatility-controlled custom indices, and who weight the AM Best A+ rating and Comdex 93 financial strength score above current cap rates.

It is not the right contract for buyers who want the highest contractually guaranteed lifetime income (Athene wins decisively), who want the simplest possible product structure (the PIV and accumulation value tracking adds complexity), who live in New York or Oregon, or who need income before year 11.

How It Compares to Top Income-Focused FIAs

The 222+ sits in the same competitive set as the Athene Ascent Pro 10 Bonus, Nationwide Peak 10, F&G SecureIncome 7, and North American Income Pay Pro 10. For head-to-head analyses with matched live illustrations on a $100,000 / age 60 / 10-year deferral profile:

• Athene vs Allianz Annuities: 2026 Comparison with the full income comparison table (Athene $16,500 / Allianz 222 $8,360 / Nationwide Peak 10 $15,413)
• Athene Ascent Pro 10 Bonus Review
• Nationwide Peak 10 Review
• F&G SecureIncome 7 Review
• North American Income Pay Pro 10 Review

How to Buy the Allianz 222

My Annuity Store places the Allianz 222 through Allianz’s independent distribution channel. We are licensed in 47 states and have placed more than $1 billion in annuity premium since 2020. To request a personalized illustration showing your age, premium, state, and projected PIV values at activation, use our free annuity quote request form or call us directly at 855-583-1104.

The illustration referenced throughout this review (male, age 60, $100,000 premium, New Hampshire, 100% S&P 500 cap allocation, 10-year deferral) was run May 23, 2026. The current 4.5% S&P 500 cap and other crediting rates are subject to change. Your specific PIV growth and projected lifetime income will depend on premium, age, state of issue, allocation choices, and the carrier’s rate sheet at purchase.

Frequently Asked Questions

What is the guaranteed lifetime income on the Allianz 222 at age 70 on $100,000?

On a single-life male illustration with a 10-year deferral, the Allianz 222 guarantees $8,360 per year for life starting at age 70. The PIV begins at $152,000 (premium plus 52% bonus) and the lifetime withdrawal rate at age 70 is 5.5%. This is the guaranteed floor; real-world index performance over the 10-year wait can produce a substantially larger PIV and higher lifetime income through the 150%-of-interest-rate roll-up.

What is the difference between the original Allianz 222 and the 222+?

The Allianz 222+ is the 2025 enhancement of the original Allianz 222 and is the version currently sold by Allianz Life. It carries forward the two-year point-to-point crediting structure and PIV rider that defined the original product. Updates include refined PIV mechanics, an expanded index lineup with the Blended Futures Index, the addition of Index Lock as a built-in feature, and the Income Flex Benefit. Buyers shopping the Allianz 222 today are buying the 222+; the contract details in this review reflect the current 222+ rate sheet and feature set.

Does the Allianz 222 guarantee less income than Athene or Nationwide?

On contractually guaranteed numbers (assuming zero index credits in all years), yes. The 222+ guarantees $8,360 per year at age 70, compared to $16,500 for the Athene Ascent Pro 10 Bonus and $15,413 for Nationwide Peak 10 on a matched illustration. The 222+’s value proposition is that its performance-driven 150% interest rate roll-up can produce materially higher income than the competing carriers’ guaranteed numbers if the indices credit positive interest during the 10-year deferral. It is a different buyer than the guaranteed-floor buyer.

What is the rider fee on the 222+?

There is no separate annual rider fee. The PIV rider is bundled with the contract at no extra charge, which preserves more accumulation value over the surrender period than competing products that charge 1.00% or more annually for a similar rider.

What is Index Lock and how does it work?

Index Lock is an Allianz feature that allows the policyholder to lock in a positive index value at any point during a crediting period rather than waiting until the end of the period. If the index is up 8% partway through a contract year and the policyholder is concerned about a pullback, they can exercise Index Lock and have the 8% credit applied to the contract at the end of the period regardless of where the index lands. Index Lock can only be exercised once per crediting period. Allianz does not provide advice on when to use it.

Can I buy the Allianz 222 in New York?

No. The Allianz 222 contract is not approved for sale in New York, Oregon, Guam, Puerto Rico, or the U.S. Virgin Islands. New York residents who want a comparable FIA with a strong income rider should consider Nationwide Peak 10 or another contract with broader state approval.

Final Take

The Allianz 222 is the right pick for buyers who want a long-deferral income product with meaningful upside potential and who are comfortable trusting Allianz’s product design and index performance over a 10-year wait. The 52% PIV bonus is one of the largest in the FIA category, the 150% interest rate roll-up can compound substantially in a normal market, and the AM Best A+ / Comdex 93 financial strength rating is among the highest in the industry.

It is not the right pick for buyers who want the highest contractually guaranteed lifetime income on the day they sign the application. On guaranteed numbers, the Athene Ascent Pro 10 Bonus and Nationwide Peak 10 both pay roughly twice what the 222+ pays. The 222+ wins when you trust the indices and the carrier to do work over a decade; it loses when you want everything locked in before you sign.

For a side-by-side head-to-head with Athene and Nationwide on a matched live illustration, see our Athene vs Allianz comparison. To request a personalized 222+ illustration, use our free annuity quote request or call 855-583-1104.