NORTHBROOK, Ill., May 10 /PRNewswire/ -- Allstate Life, a subsidiary of the Allstate Insurance Company, and Putnam Investments, a leading investment management company, have introduced the first of several variable contracts to be offered by the Putnam Allstate joint venture, which was announced on March 3. The new retirement product, named the Putnam Allstate Advisor, currently includes 22 variable subaccounts, managed by Putnam, along with enhanced withdrawal features, retirement income guarantees and beneficiary protection features. It will be available in most states on May 10. "We're extremely pleased with the product this partnership has developed," said Richard A. Monaghan, managing director and chief of Putnam Mutual Funds. "The Putnam Allstate Advisor brings together the best features of Putnam's underlying mutual fund subaccounts, and insurance protection from Allstate Life. We believe it is one of the most flexible variable annuities ever brought to market." "We're confident that the flexibility and security features of the Putnam Allstate Advisor, along with the value of the Allstate Life and Putnam brands, will make it one of the top performing variable annuity products," said Louis G. Lower II, chairman and chief executive officer, Allstate Life Insurance Company. "It's an ideal product for individuals seeking a new retirement tool with unique life insurance benefits for added peace of mind." Putnam Allstate Advisor is available through Putnam's distribution network of financial institutions, financial advisors and broker-dealers. Putnam has more than $33 billion in assets under management in its variable annuity and variable life products. Allstate has more than $10 billion in variable annuity assets available through its Lincoln Benefit Life, Northbrook Life and Glenbrook Life subsidiaries. Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. Putnam manages $310 billion for more than 10 million individual shareholder accounts and 1,000 institutional clients. Putnam has offices in Boston, London and Tokyo. Allstate Life is a wholly owned subsidiary of Allstate Insurance Company, the nation's largest publicly held personal lines insurance company. Allstate Life is one of the life insurance companies in the United States, Allstate Life and its subsidiaries offer a broad range of insurance products. Contracts are issued by Allstate Life Insurance Company and underwritten by Allstate Life Financial Services, Inc., both of Northbrook, Ill. The contract has limitations and is sold by prospectus only. The prospectus contains complete details on the variable annuity, the subaccounts, contract features, fees, expenses and other pertinent information. Read the prospectus carefully before you invest or send money. The contract is not available in all states. Please consult with your broker as to availability of the contract in your state. Putnam Mutual Funds Corp. Member, NASD, Inc.
SOURCE Allstate Insurance Company