Putnam Allstate Advisor Plus

Putnam Global Equity Subaccount

The subaccount seeks capital appreciation.

Putnam Global Equity Subaccount

Fund description

The subaccount targets midsize and large industry leaders with consistent earnings growth improvement and the likelihood of positive earnings surprises. The fund managers seek companies in the U.S. and abroad with high rates of growth and dominant market share.

Sales story

Selecting companies around the world that are attractive for investorsEstablished companies: The fund invests in large and midsize companies in the United States and developed international markets to benefit from global opportunities.A flexible strategy: Pursuing Putnam's blend strategy, the fund can own growth- or value-style stocks to participate when either style leads global markets.Building competitive portfolios: The portfolio manager uses fundamental research as the cornerstone of the investment process. This research is supported by quantitative tools and macroeconomic analysis.

Management team

Daily pricing as of 01/17/20

with optional enhanced death benefits
Unit Value $10.495396 $10.182083
Unit Value Change 0.046889 0.045448

Lipper ranking ‡ as of 12/31/19

Category: Global Multi-Cap Growth Fds

  Percentile ranking Rank/Funds in category
10 yrs. 65% 11/16
1 yr. 93% 24/25
3 yrs. 84% 20/23
5 yrs. 86% 18/20

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Variable annuities are long-term investments designed for retirement purposes.Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

‡ Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

Quick facts as of 12/31/19

Fiscal Year End December
Asset Class Putnam Allstate Advisor Plus
Subaccount Status Open to new investors
Number of issues 81
Turnover (fiscal year end) 53%
Net Assets $216M
Inception Date 05/01/90

Performance

Performance as of 12/31/19

Annualized Performance Last Quarter Year
to Date		 1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value 6.97% 24.57% 24.57% 10.68% 5.46% 7.29% 4.73%
Standardized -1.03% 16.57% 16.57% 8.46% 4.47% 7.29% 4.73%
With optional enhanced death benefit
Unit Value 6.93% 24.38% 24.38% 10.51% 5.30% 7.13% 4.71%
Standardized -1.07% 16.38% 16.38% 8.29% 4.30% 7.13% 4.71%
Actual performance
Unit Value 6.97% 24.57% 24.57% 10.68% 5.46% 7.29% -0.15%
Standardized -1.03% 16.57% 16.57% 8.46% 4.47% 7.29% -0.15%
With optional enhanced death benefit
Unit Value 6.93% 24.38% 24.38% 10.51% 5.30% 7.13% -0.31%
Standardized -1.07% 16.38% 16.38% 8.29% 4.30% 7.13% -0.31%

Annual Performance at NAV

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
8.08% -6.47% 18.25% 29.87% -0.15% -3.28% -0.54% 26.33% -13.84% 24.57%
With optional enhanced death benefit
7.91% -6.61% 18.07% 29.67% -0.31% -3.43% -0.69% 26.14% -13.97% 24.38%

Restated performance

Monthly as of 12/31/19

Unit Value 2.74%
Standardized -5.26%

YTD as of 01/17/20

Unit Value 1.76%
Standardized -6.24%

With optional enhanced death benefit

Monthly as of 12/31/19

Unit Value 2.73%
Standardized -5.27%

YTD as of 01/17/20

Unit Value 1.75%
Standardized -6.25%

Unit values and performance information shown apply to the specific annuity product listed, not the underlying Putnam Variable Trust fund. This information should not be used by investors who hold an interest in Putnam Variable Trust funds through a different annuity or other variable product. The unit values and performance of other variable products that offer Putnam Variable Trust funds may be higher or lower due to product charges and expenses or other factors.

Data is historical. Past performance is no guarantee of future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your units.

Returns shown for the subaccounts for periods before their inception are derived from the historical performance of the underlying fund, adjusted to reflect the mortality, expense risk, and surrender charges applicable to this product and do not factor in the annual $30 contract maintenance fee. Additional riders and options for insurance-related charges will increase expenses and lower returns. Please see the prospectus for details. For a portion of the period, subaccounts may have limited expenses, without which returns would have been lower.

Variable annuities are long-term investments designed for retirement purposes. Putnam Capital Manager products are flexible-premium variable annuities held by Talcott Resolution Life, Inc., Simsbury, CT.

Putnam Allstate variable annuities are flexible-premium deferred variable annuities issued by Allstate Life Insurance Company (Allstate Life); underwritten by Allstate Distributors, L.L.C., both of Northbrook, IL; and sold through registered representatives or bank employees who are licensed insurance agents. Please check for availability in your specific state.

These policies have limitations and are sold by prospectus only. The prospectus contains details on the variable annuity, the subaccounts, contract features, fees, expenses, and other pertinent information.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus containing this and other information for any variable annuity or variable life product that invests in Putnam Variable Trust funds, contact your financial advisor for a contract prospectus and prospectus for the underlying funds. You may also call Talcott Resolution at 1-800-521-0538 or Allstate at 1-800-390-1277. Read the prospectuses carefully before investing.

For the most recent month-end performance, please call Talcott Resolution at 1-800-521-0538 or Allstate at 1-800-390-1277.

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Variable annuities are long-term investments designed for retirement purposes.Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

Risk Characteristics as of 12/31/19

Alpha (%) -0.23
Beta 1.01
R Squared 0.93
Standard Deviation (3 yrs.) 11.69

Holdings

Nrg Energy 4.08%
Assured Guaranty 3.09%
Amazon.Com 2.98%
Microsoft Corp 2.87%
Nomad Foods 2.80%
Cenovus Energy 2.54%
Asahi Group Holdings 2.00%
Enterprise Products Partn 1.95%
Bank Of America Corp 1.78%
Union Pacific Corp 1.74%
Top 10 holdings, total: 25.83%

Top 10 holdings as of 12/31/19
1: Nrg Energy 4.08%
2: Assured Guaranty 3.09%
3: Amazon.Com 2.98%
4: Microsoft Corp 2.87%
5: Nomad Foods 2.80%
6: Cenovus Energy 2.54%
7: Asahi Group Holdings 2.00%
8: Enterprise Products Partn 1.95%
9: Bank Of America Corp 1.78%
10: Union Pacific Corp 1.74%
Holdings represent 25.83% of portfolio
Top 10 holdings as of 11/30/19
1: Nrg Energy 4.17%
2: Assured Guaranty 3.24%
3: Amazon.Com 2.96%
4: Microsoft Corp 2.85%
5: Nomad Foods 2.72%
6: Unilever Nv 2.44%
7: Asahi Group Holdings 2.18%
8: Cenovus Energy 2.08%
9: Enterprise Products Partn 1.88%
10: Fiserv 1.77%
Holdings represent 26.29% of portfolio
Top 10 holdings as of 10/31/19
1: Nrg Energy 4.28%
2: Assured Guaranty 3.11%
3: Amazon.Com 2.97%
4: Nomad Foods 2.57%
5: Unilever Nv 2.47%
6: Asahi Group Holdings 2.27%
7: Microsoft Corp 2.11%
8: Advance Auto Parts 1.99%
9: Cenovus Energy 1.95%
10: Compass Group 1.89%
Holdings represent 25.61% of portfolio
Top 10 holdings as of 09/30/19
1: Nrg Energy 4.25%
2: Assured Guaranty 2.96%
3: Amazon.Com 2.92%
4: Nomad Foods 2.72%
5: Unilever Nv 2.53%
6: Asahi Group Holdings 2.25%
7: Cenovus Energy 2.15%
8: Microsoft Corp 2.06%
9: Advance Auto Parts 2.03%
10: Compass Group 1.84%
Holdings represent 25.71% of portfolio

Portfolio Composition as of 12/31/19

Common stock 99.03%
Cash and net other assets 0.97%

Portfolio allocations will vary over time. The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Variable annuities are long-term investments designed for retirement purposes.Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

Top Industry Sectors as of 12/31/19

Information technology 16.94%
Financials 14.68%
Consumer discretionary 12.75%
Consumer staples 10.40%
Industrials 9.81%
Health care 8.45%
Energy 8.14%
Materials 6.42%
Communication services 6.25%
 
Other		 6.16%
Utilities 4.08%
Real estate 1.11%
Cash and net other assets 0.97%

Country Allocation as of 12/31/19

United States 67.37%
United Kingdom 8.99%
Japan 7.89%
Canada 3.48%
Switzerland 2.47%
France 2.22%
Australia 1.41%
Ireland 1.34%
Netherlands 1.09%
 
Other		 3.74%
South Korea 1.01%
Cash and net other assets 0.97%
Taiwan 0.97%
Brazil 0.78%
Luxembourg 0.01%

Expenses

Sales Charges/Fees

Breakpoint Sales Charge Dealer Allowance CDSC Liab
$0 - $0 0.00% 0.00% N

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Variable annuities are long-term investments designed for retirement purposes.Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

‡ Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

CDSC

Year Percent
1 8.00%
2 8.00%
3 8.00%
4 7.00%
5 6.00%
6 5.00%
7 4.00%
8 3.00%
9+ 0.00%