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Test report on the Allianz Private Pension Perspective: A financial mathematical analysis

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The Allianz PrivatRente fund policy perspective:
Capital guarantee in focus

The Allianz unit-linked life insurance policy functions essentially like a standard unit-linked life insurance policy, but offers a capital guarantee from the outset. Further details can be found below. Allianz SE, a German insurance company, was founded in 1890 and is now one of the world's largest insurers. With approximately 150 million customers, 100 million contracts, and annual revenue of €140.5 billion, Allianz SE is among the leading players in the industry. The company operates in the areas of insurance, wealth management, and asset management and employs around 147,000 people worldwide.

Allianz SE offers its products and services internationally through a multi-channel distribution system. Its size, financial stability, and long-term orientation have made it a significant player in the global insurance market.

Comparison parameters for the Allianz Private Pension Perspective

Old: 01.01.2000
Monthly fee: €300/month
Product type: Pension insurance with index participation
Pension guarantee period: Minimum value
dynamics: No dynamics
Process management: No
Additional insurance: No

Contract analysis

dynamics: The contract does not include an indexation clause. However, it is advisable to include one to compensate for the impact of inflation on future pension amounts.
Additional insurance: No additional insurance is included in the contract. As a rule, you should avoid combined contracts, as they can make the contract structure more complicated, less transparent, and more expensive. Additional insurance policies often only offer extra coverage for specific risks.
Guarantee and pension guarantee period: For a long-term contract extending to age 67, a guarantee is not strictly necessary. Allianz PrivatRente Perspektive contractually guarantees at least 901,000 of the capital at the end of the term. However, this guarantee can negatively impact returns, as a large portion of the contribution is invested in secure investments, limiting the share of return-oriented investments to a maximum of 501,000. Guarantees in annuity insurance can significantly reduce returns. For our client, we have reduced the guaranteed annuity period to the minimum, as a deferred capitalization is preferred.

Division of the Allianz capital investment structure in the Allianz Private Pension Perspective

Costs of the Allianz Private Pension Perspective

The Allianz Private Pension Perspective contract clearly lists the costs. This transparency is important because it demonstrates why it's advisable not to rely solely on the insurer's projections. Instead, a financial mathematics report should be obtained to accurately assess the costs. Such a report provides a detailed analysis and enables a well-founded evaluation of the contract's actual cost burden.

Development of the capital invested in the Allianz Private Pension Perspective

The good news is that the invested capital does not suffer any loss over the long term. However, there is also a less positive aspect: compared to similar products, the Allianz Private Pension Perspective achieves a lower maturity benefit. The chosen investment system leads to a significantly lower return, which can be a considerable disadvantage, especially over long terms.

Financial mathematics report: Allianz Private Pension Perspective vs. Our recommendation

Conclusion on the unit-linked pension plan Allianz PrivatRente KomfortDynik

The Allianz Private Pension KomfortDynamik shows considerable potential in this scenario, which is not being fully exploited. Our projections, comparing it to a similar product in the same market segment, demonstrate that even better options exist. The comparable product is a so-called net policy, meaning no commission costs are incurred; instead, a fee is paid to the advisor. This allows you, as the investor, to save significant costs while maintaining full transparency and control over expenses.

What you should do next

If you have a private pension plan with Allianz, I invite you to contact us. We will subject the costs of your contract to a detailed financial analysis and examine potential improvements. Because we work without commission, we can offer you the added value mentioned above.