Putnam Allstate Advisor Plus

Putnam International Equity Subaccount

The subaccount seeks capital appreciation.

Fund description

Formerly Putnam International Growth Subaccount. The name change does not reflect a shift in subaccount objective or strategy.The subaccount invests in large and midsize international stocks, targeting companies with established earnings growth that are priced below their fundamental worth. The fund has no bias toward growth or value. It offers access to a broad range of investment opportunities in many markets of the world.

Sales story

Pursuing the growth potential of overseas marketsEstablished companies: The fund invests in established large and midsize companies mainly in developed markets to benefit from opportunities unfolding outside the United States.A flexible strategy: Pursuing Putnam's blend strategy, the fund can own growth- or value-style stocks to participate when either style leads international 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 04/18/19

with optional enhanced death benefits
Unit Value $10.469517 $10.168536
Unit Value Change -- --

Lipper ranking ‡ as of 03/31/19

Category: International Multi-Cap Core

  Percentile ranking Rank/Funds in category
10 yrs. 68% 31/45
1 yr. 99% 83/83
3 yrs. 94% 73/77
5 yrs. 78% 57/73

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 03/31/19

Fiscal Year End December
Asset Class Putnam Allstate Advisor Plus
Subaccount Status Open to new investors
Number of issues 68
Turnover (fiscal year end) 68%
Net Assets $219M
Inception Date 01/02/97

Performance

Performance as of 03/31/19

Annualized Performance Last Quarter Year
to Date
1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value 9.53% 9.53% -12.39% 2.90% -1.00% 6.33% 3.50%
Standardized 1.53% 1.53% -19.40% 0.32% -2.21% 6.33% 3.50%
With optional enhanced death benefit
Unit Value 9.49% 9.49% -12.52% 2.75% -1.15% 6.17% 3.35%
Standardized 1.49% 1.49% -19.52% 0.15% -2.36% 6.17% 3.35%
Actual performance
Unit Value 9.53% 9.53% -12.39% 2.90% -1.00% 6.33% -0.14%
Standardized 1.53% 1.53% -19.40% 0.32% -2.21% 6.33% -0.14%
With optional enhanced death benefit
Unit Value 9.49% 9.49% -12.52% 2.75% -1.15% 6.17% -0.29%
Standardized 1.49% 1.49% -19.52% 0.15% -2.36% 6.17% -0.29%

Annual Performance at NAV

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
22.64% 8.27% -18.26% 19.96% 26.02% -8.27% -1.46% -4.01% 24.56% -20.42%
With optional enhanced death benefit
22.45% 8.10% -18.39% 19.78% 25.83% -8.41% -1.61% -4.16% 24.37% -20.54%

Restated performance

Monthly as of 03/31/19

Unit Value 0.19%
Standardized -7.81%

YTD as of 04/18/19

Unit Value 13.09%
Standardized 5.09%

With optional enhanced death benefit

Monthly as of 03/31/19

Unit Value 0.17%
Standardized -7.83%

YTD as of 04/18/19

Unit Value 13.04%
Standardized 5.04%

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 03/31/19

Alpha (%) -3.19
Beta 1.08
R Squared 0.93
Standard Deviation (3 yrs.) 11.57

Holdings

Top 10 holdings as of 03/31/19

Aia Group 2.85%
Bp 2.81%
Novartis Ag 2.77%
Prudential 2.77%
Sumitomo Mitsui Financial Group 2.61%
Total 2.59%
Rio Tinto 2.51%
Koninklijke Ahold Delhaize Nv 2.21%
Unilever Nv 2.20%
Airbus 2.18%
Top 10 holdings, total: 25.50%

Full Portfolio Holdings as of 12/31/18

TOTAL SA 2.70%
NOVARTIS AG-REG 2.63%
BP PLC 2.61%
RIO TINTO PLC 2.51%
KONINKLIJKE AHOLD DELHAIZE N 2.32%
ASTRAZENECA PLC 2.25%
UNILEVER NV-CVA 2.19%
ORIX CORP 2.06%
SEVEN & I HOLDINGS CO LTD 2.03%
SONY CORP 2.00%
PRUDENTIAL PLC 1.96%
HOYA CORP 1.92%
SUMITOMO MITSUI FINANCIAL GR 1.91%
COMPASS GROUP PLC 1.88%
VEOLIA ENVIRONNEMENT 1.85%
ADIDAS AG 1.78%
AIRBUS SE 1.72%
TOYOTA MOTOR CORP 1.69%
SHISEIDO CO LTD 1.64%
BAYER AG-REG 1.61%
ASAHI GROUP HOLDINGS LTD 1.60%
DBS GROUP HOLDINGS LTD 1.50%
TOSHIBA CORP 1.41%
ASHTEAD GROUP PLC 1.39%
CRH PLC 1.39%
HEINEKEN NV 1.39%
KERING 1.37%
RHEINMETALL AG 1.37%
ASSOCIATED BRITISH FOODS PLC 1.34%
NATIXIS 1.32%
SOCIETE GENERALE SA 1.31%
CHUGAI PHARMACEUTICAL CO LTD 1.27%
ASSA ABLOY AB-B 1.26%
FERGUSON PLC 1.24%
SAMSUNG ELECTRONICS-PREF 1.24%
KOMATSU LTD 1.22%
MITSUBISHI CORP 1.22%
FORTUM OYJ 1.20%
ARKEMA 1.19%
CAIXABANK SA 1.19%
KERRY GROUP PLC-A 1.18%
EURAZEO SE 1.16%
VINCI SA 1.13%
HDFC BANK LTD-ADR 1.10%
KYUDENKO CORP 1.10%
PIRELLI & C SPA 1.09%
QBE INSURANCE GROUP LTD 1.09%
ING GROEP NV-CVA 1.08%
KNORR-BREMSE AG 1.08%
CHALLENGER LTD 1.05%
CENOVUS ENERGY INC 1.02%
NXP SEMICONDUCTORS NV 1.01%
MICROSOFT CORP 1.00%
ORION ENGINEERED CARBONS SA 0.99%
TENCENT HOLDINGS LTD 0.99%
KKR & CO INC -A 0.97%
KYOCERA CORP 0.97%
SIG COMBIBLOC GROUP 0.92%
BANK OF IRELAND GROUP PLC 0.91%
CONSTELLATION SOFTWARE INC 0.88%
DAIKIN INDUSTRIES LTD 0.88%
LONZA GROUP AG-REG 0.88%
NOMAD FOODS LTD 0.85%
QUILTER PLC 0.84%
AMAZON.COM INC 0.74%
CELLNEX TELECOM SA 0.74%
MAGNA INTERNATIONAL INC 0.72%
SINO-AMERICAN SILICON PRODUC 0.70%
WANT WANT CHINA HOLDINGS LTD 0.70%
CYBG PLC 0.65%
CAIRN ENERGY PLC 0.58%
UNIPER SE 0.44%
CHF/USD 03/20/2019 JPMCB 0.04%
GLOBAL FASHION GRP P/P 0.04%
CHF/USD 03/20/2019 BCAP-FX 0.03%
DKK/USD 03/20/2019 CITI 0.03%
GLOBAL FASHION GRP 0.03%
SEK/USD 03/20/2019 JPMCB 0.03%
AUD/USD 01/16/2019 CITI 0.01%
NOK/USD 03/20/2019 JPMCB 0.01%
AUD/USD 01/16/2019 BANKAM 0.00%
AUD/USD 01/16/2019 JPMCB 0.00%
AUD/USD 01/16/2019 SSBT 0.00%
CAD/USD 01/16/2019 GSFX 0.00%
CAD/USD 01/16/2019 JPMCB 0.00%
CAD/USD 01/16/2019 SSBT 0.00%
CNH/USD 02/20/2019 GSFX 0.00%
HC BRILLANT SERVICES GMBH P/P 0.00%
HKD/USD 02/20/2019 BANKAM 0.00%
HKD/USD 02/20/2019 BCAP-FX 0.00%
ILS/USD 01/16/2019 SSBT 0.00%
JPY/USD 02/20/2019 BANKAM 0.00%
JPY/USD 02/20/2019 JPMCB 0.00%
JPY/USD 02/20/2019 SSBT 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
NZD/USD 01/16/2019 CITI 0.00%
SGD/USD 02/20/2019 JPMCB 0.00%
TWD/USD 02/20/2019 GSFX 0.00%
EUR/USD 03/20/2019 HSBCB -0.01%
GBP/USD 03/20/2019 GSFX -0.01%
KRW/USD 02/20/2019 JPMCB -0.01%
EUR/USD 03/20/2019 SSBT -0.02%
GBP/USD 03/20/2019 BCAP-FX -0.02%

Prior top 10 holdings

Top 10 holdings as of 03/31/19
1: Aia Group 2.85%
2: Bp 2.81%
3: Novartis Ag 2.77%
4: Prudential 2.77%
5: Sumitomo Mitsui Financial Group 2.61%
6: Total 2.59%
7: Rio Tinto 2.51%
8: Koninklijke Ahold Delhaize Nv 2.21%
9: Unilever Nv 2.20%
10: Airbus 2.18%
Holdings represent 25.50% of portfolio
Top 10 holdings as of 02/28/19
1: Prudential 2.91%
2: Bp 2.71%
3: Total 2.69%
4: Sumitomo Mitsui Financial Group 2.61%
5: Novartis Ag 2.60%
6: Rio Tinto 2.50%
7: Airbus 2.15%
8: Koninklijke Ahold Delhaize Nv 2.12%
9: Astrazeneca 2.06%
10: Unilever Nv 2.02%
Holdings represent 24.37% of portfolio
Top 10 holdings as of 01/31/19
1: Bp 2.66%
2: Total 2.65%
3: Rio Tinto 2.57%
4: Novartis Ag 2.53%
5: Koninklijke Ahold Delhaize Nv 2.21%
6: Sumitomo Mitsui Financial Group 2.04%
7: Unilever Nv 2.03%
8: Prudential 2.02%
9: Orix Corp 2.02%
10: Sony Corp 1.98%
Holdings represent 22.71% of portfolio
Top 10 holdings as of 12/31/18
1: Total 2.70%
2: Novartis Ag 2.63%
3: Bp 2.61%
4: Rio Tinto 2.51%
5: Koninklijke Ahold Delhaize Nv 2.32%
6: Astrazeneca 2.25%
7: Unilever Nv 2.19%
8: Orix Corp 2.06%
9: Seven I Holdings 2.03%
10: Sony Corp 2.00%
Holdings represent 23.30% of portfolio

Portfolio Composition as of 03/31/19

Common stock 92.10%
Cash and net other assets 6.51%
Preferred stock 1.36%
Convertible preferred stock 0.03%

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 03/31/19

Financials 18.74%
Consumer staples 14.58%
Industrials 14.07%
Consumer discretionary 12.21%
Health care 8.97%
Cash and net other assets 6.51%
Energy 6.15%
Materials 5.98%
Information technology 5.56%
 
Other
7.23%
Utilities 4.07%
Communication services 3.16%

Country Allocation as of 03/31/19

Japan 20.22%
United Kingdom 17.54%
France 12.74%
Netherlands 8.67%
Cash and net other assets 6.51%
Switzerland 6.13%
Germany 6.08%
Ireland 3.80%
Hong Kong 2.85%
 
Other
15.46%
United States 2.13%
India 1.67%
China 1.55%
Sweden 1.52%
Canada 1.47%
South Korea 1.36%
Australia 1.26%
Finland 1.16%
Spain 1.14%
Italy 1.02%
Taiwan 0.73%
Luxembourg 0.45%

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%