Putnam Allstate Advisor Plus

Putnam International Value Subaccount

The subaccount seeks capital growth. Current income is a secondary objective.

Putnam International Value Subaccount

Fund description

The subaccount applies Putnam's value-oriented strategy of seeking undervalued stocks outside the United States. By buying mostly dividend paying stocks with relatively low valuations, the fund pursues capital growth and, secondarily, current income. The fund is positioned to benefit from the spread of corporate strategies focusing on shareholder value outside the United States.

Sales story

Benefiting from undervalued international companies experiencing positive change International companies: The fund invests in international large and midsize companies to benefit from business opportunities outside the United States.A value strategy: The fund focuses on companies whose stocks are priced below their long-term potential, and where there may be a catalyst for positive change.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 01/24/20

with optional enhanced death benefits
Unit Value $14.03275 $13.61354
Unit Value Change -0.055172 -0.05358

Lipper ranking ‡ as of 12/31/19

Category: International Large-Cp Val Fds

  Percentile ranking Rank/Funds in category
10 yrs. 59% 7/11
1 yr. 54% 7/12
3 yrs. 62% 8/12
5 yrs. 77% 10/12

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.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

‡ 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 82
Turnover (fiscal year end) 17%
Net Assets $68M
Inception Date 01/02/97

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 8.53% 18.30% 18.30% 5.57% 2.45% 2.62% 3.31%
Standardized 0.53% 10.30% 10.30% 3.12% 1.34% 2.62% 3.31%
With optional enhanced death benefit
Unit Value 8.49% 18.12% 18.12% 5.41% 2.30% 2.46% 3.15%
Standardized 0.49% 10.12% 10.12% 2.96% 1.18% 2.46% 3.15%
Actual performance
Unit Value 8.53% 18.30% 18.30% 5.57% 2.45% 2.62% 1.66%
Standardized 0.53% 10.30% 10.30% 3.12% 1.34% 2.62% 1.66%
With optional enhanced death benefit
Unit Value 8.49% 18.12% 18.12% 5.41% 2.30% 2.46% 1.50%
Standardized 0.49% 10.12% 10.12% 2.96% 1.18% 2.46% 1.50%

Annual Performance at NAV

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
5.41% -15.16% 19.75% 20.26% -10.94% -3.57% -0.51% 22.71% -18.94% 18.30%
With optional enhanced death benefit
5.25% -15.29% 19.57% 20.07% -11.07% -3.72% -0.66% 22.52% -19.06% 18.12%

Restated performance

Monthly as of 12/31/19

Unit Value 3.36%
Standardized -4.64%

YTD as of 01/24/20

Unit Value -0.40%
Standardized -8.36%

With optional enhanced death benefit

Monthly as of 12/31/19

Unit Value 3.35%
Standardized -4.65%

YTD as of 01/24/20

Unit Value -0.41%
Standardized -8.37%

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.

Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

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 (%) 1.19
Beta 0.95
R Squared 0.93
Standard Deviation (3 yrs.) 11.50

Holdings

Novartis Ag 3.72%
Ing Groep Nv 3.35%
Vinci 3.03%
Aia Group 2.52%
Astrazeneca 2.50%
Bp 2.32%
Suncor Energy 2.23%
Sanofi 2.21%
Siemens Ag 2.21%
Mitsubishi Corp 2.19%
Top 10 holdings, total: 26.28%

Top 10 holdings as of 12/31/19
1: Novartis Ag 3.72%
2: Ing Groep Nv 3.35%
3: Vinci 3.03%
4: Aia Group 2.52%
5: Astrazeneca 2.50%
6: Bp 2.32%
7: Suncor Energy 2.23%
8: Sanofi 2.21%
9: Siemens Ag 2.21%
10: Mitsubishi Corp 2.19%
Holdings represent 26.28% of portfolio
Top 10 holdings as of 11/30/19
1: Novartis Ag 3.66%
2: Ing Groep Nv 3.26%
3: Vinci 3.02%
4: Aia Group 2.43%
5: Astrazeneca 2.43%
6: Bp 2.34%
7: Vodafone Group 2.23%
8: Siemens Ag 2.21%
9: Mitsubishi Corp 2.20%
10: Suncor Energy 2.16%
Holdings represent 25.94% of portfolio
Top 10 holdings as of 10/31/19
1: Royal Dutch Shell 3.79%
2: Novartis Ag 3.54%
3: Ing Groep Nv 3.27%
4: Vinci 3.17%
5: Astrazeneca 2.50%
6: Aia Group 2.46%
7: Vodafone Group 2.35%
8: Mitsubishi Corp 2.18%
9: Australia New Zealand Banking Group 2.13%
10: Sanofi 2.10%
Holdings represent 27.49% of portfolio
Top 10 holdings as of 09/30/19
1: Royal Dutch Shell 3.97%
2: Novartis Ag 3.62%
3: Vinci 3.13%
4: Ing Groep Nv 3.12%
5: Aia Group 2.41%
6: Astrazeneca 2.36%
7: Vodafone Group 2.36%
8: Australia New Zealand Banking Group 2.30%
9: Suncor Energy 2.29%
10: Sanofi 2.17%
Holdings represent 27.73% of portfolio

Portfolio Composition as of 12/31/19

Common stock 100.11%
Cash and net other assets -0.11%

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.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

Top Industry Sectors as of 12/31/19

Financials 28.26%
Industrials 18.30%
Health care 9.93%
Consumer staples 7.94%
Energy 7.86%
Communication services 7.83%
Materials 5.12%
Consumer discretionary 4.87%
Information technology 4.66%
 
Other		 5.23%
Utilities 4.23%
Real estate 1.11%
Cash and net other assets -0.11%

Country Allocation as of 12/31/19

Japan 22.05%
United Kingdom 22.03%
France 13.55%
Switzerland 7.71%
Netherlands 5.92%
Australia 4.99%
Canada 4.72%
Germany 4.35%
Ireland 2.90%
 
Other		 11.78%
Hong Kong 2.52%
South Korea 2.00%
Sweden 1.62%
Spain 1.31%
Finland 1.02%
Norway 1.00%
Singapore 0.88%
Italy 0.77%
Taiwan 0.77%
Cash and net other assets -0.11%

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.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

‡ 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%