Putnam Investments, Allstate Life Joint Venture Introduces First Variable Annuity Product

May 10, 1999, 01:00 ET from Allstate Insurance Company

    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