Updating Summary Prospectus (Form 497VPU)

ALLIANZ AlterityTM VARIABLE ANNUITY CONTRACT

Issued by Allianz Life Variable Account B and Allianz Life Insurance Company of North America (Allianz Life, we, us, our)

 

Updating Summary Prospectus 

THE CONTRACT IS NO LONGER OFFERED FOR SALE TO NEW INVESTORS. We continue to administer the in force Contracts. We only accept additional Purchase Payments if your Contract was issued in Connecticut, Florida, or New Jersey. However, we do not accept additional Purchase Payments (regardless of state of issue) if you have an Inherited IRA or 403(b) Contract.

This Summary Prospectus summarizes key features of an individual flexible purchase payment variable deferred annuity contract (Contract). The Contract is a complex investment and involves risks. You may lose money, including your principal investment and previously credited earnings.

The Statutory Prospectus for the Contract contains more information about the Contract, including its features, benefits, and risks. You can find this Statutory Prospectus and other information about the Contract online at https://www.allianzlife.com/what-we-offer/annuities/prospectuses. You can also obtain this information at no cost by calling (800) 624-0197 or by sending an email request to [email protected].

This prospectus describes three different versions of the Contract. The "Original Contract" first became available on February 1, 2000 and was replaced in most states by the "May 2003 Contract" beginning on May 5, 2003. The May 2003 Contract was subsequently replaced by the "May 2006 Contract," which first became available on May 1, 2006. We stopped offering all versions of the Contract on June 30, 2010. These Contract versions were offered with different optional benefits, have different fees and expenses (including withdrawal charges and annual charges) and may have different features.

This Contract is not a short-term investment and is not appropriate if you need ready access to cash. Withdrawals could result in withdrawal charges, taxes, and tax penalties.

All obligations and guarantees under the Contract are the obligations of Allianz Life and are subject to our claims-paying ability and financial strength.

The Securities & Exchange Commission (SEC) has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. An investment in this Contract is not a deposit of a bank or financial institution and is not federally insured or guaranteed by the Federal Deposit Insurance Corporation or any other federal government agency. An investment in this Contract involves investment risk including the possible loss of principal.

Additional information about certain investment products, including variable annuities, has been prepared by the SEC's staff and is available at https://www.investor.gov.

Dated: May 1, 2026

 

Glossary		3
Updated Information About Your Contract		5
Important Information You Should Consider About the Contract		6

Glossary

This prospectus is written in plain English. However, there are some technical words or terms that are capitalized and are used as defined terms throughout the prospectus. For your convenience, we included this glossary to define these terms. 

NOTE: Cross references in this Updating Summary Prospectus are to the sections of the Statutory Prospectus where you can find more detailed information.

The following is a list of common abbreviations used in this prospectus. 

AIA = Annual Increase Amount CV Plus = Contract Value Plus GMDB = Guaranteed Minimum Death Benefit GMIB = Guaranteed Minimum Income Benefit

GPWB = Guaranteed Partial Withdrawal Benefit MAV = Maximum Anniversary Value PRIME = Protected Retirement Income Made Easy

Accumulation Phase - the initial phase of your Contract before you apply your total Contract Value to Annuity Payments. The Accumulation Phase begins on the Issue Date and may occur at the same time as the Annuity Phase if you take Partial Annuitizations.

AIA (Annual Increase Amount) - a calculation used in determining the guaranteed value for the Enhanced GMIB on Original Contracts; the PB Value under Enhanced PRIME Benefit and PRIME Plus Benefit; and in determining the guaranteed death benefit value under the Enhanced GMDB version 1 and version 2.

Annuity Options - the annuity income options available to you under the Contract.

Annuity Phase - the phase the Contract is in once Annuity Payments begin. This may occur at the same time as the Accumulation Phase if you apply part of your Contract Value to a Partial Annuitization.

Contract - the individual flexible purchase payment variable deferred annuity contract described by this prospectus.

Contract Value - on any Business Day, the sum of the values in your selected Investment Choices. The Contract Value reflects the deduction of any contract maintenance charge, transfer fee, and M&E charge, but does not reflect the deduction of any withdrawal charge. It does not include amounts applied to a Partial Annuitization.

CV Plus (Contract Value Plus) - a calculation used in determining the guaranteed death benefit value for the Original and Second Earnings Protection GMDBs.

Contract Year - any period of twelve months beginning on the Issue Date or a subsequent Contract Anniversary.

Financial Professional - the person who advises you regarding the Contract.

Fixed Account - a Fixed Option available with Original Contracts in most states.

Fixed Options - the general account Investment Choices available under the Contract. Original Contracts offer the Fixed Account. May 2003 Contracts and May 2006 Contracts offer the DCA Fixed Option. Money held in these Fixed Options receive fixed interest guaranteed by us.

Full Annuitization - the application of the total Contract Value to Annuity Payments.

Fund(s) - the underlying fund in which an Investment Option invests.

GMDB (Guaranteed Minimum Death Benefit) - you were asked to select one of three GMDBs at Contract issue that may provide different guaranteed death benefit values.

GMIB (Guaranteed Minimum Income Benefit) - a benefit that provides a guaranteed minimum fixed income in the form of Annuity Payments (GMIB Payments). The Original Contract automatically included the Traditional GMIB for no additional charge, or you could instead select the Enhanced GMIB for an additional M&E charge. The May 2003 Contract has a GMIB included in the Traditional PRIME Benefit and the Enhanced PRIME Benefit. The May 2006 Contract has a GMIB included in the PRIME Plus Benefit.

GMIB Payments - fixed Annuity Payments we make under a GMIB based on the guaranteed value for Original Contracts, or the PB Value for May 2003 Contracts and May 2006 Contracts with a PRIME Benefit.

GPWB (Guaranteed Partial Withdrawal Benefit) - a benefit that provides a guaranteed minimum amount of income in the form of partial withdrawals based on the PB Value. The May 2003 Contract has a GPWB included in the Traditional PRIME Benefit and the Enhanced PRIME Benefit. The May 2006 Contract has a GPWB included in the PRIME Plus Benefit.

GPWB Maximum - under PRIME Plus Benefit, this is the annual limit on GPWB Payments available to you under GPWB.

GPWB Payments - withdrawal payments we make to the Owner based on the PB Value.

Income Date - the date we begin making Annuity Payments to the Payee from the Contract. Because the Contract allows for Partial Annuitizations, there may be multiple Income Dates. The earliest available Income Date is two years after the Issue Date, and the latest possible Income Date can occur as late as age 100.

Investment Choices - the Investment Options and any Fixed Options available under the Contract for Purchase Payments or transfers.

Investment Options - the subaccounts of the Separate Account and the variable investment options available under the Contract. Each Investment Option invests exclusively in the shares of its corresponding underlying Fund.

MAV (Maximum Anniversary Value) - a calculation used in determining the guaranteed value for the Enhanced GMIB on Original Contracts; the PB Value under Enhanced PRIME Benefit and PRIME Plus Benefit; and in determining the guaranteed death benefit value under the Enhanced GMDB version 1 and version 2.

May 2003 Contract - this Contract first became available on May 5, 2003 and was replaced by the May 2006 Contract.

May 2006 Contract - the Contract described in the body of this prospectus that first became available on May 1, 2006.

Non-Qualified Contract - a Contract that is not a Qualified Contract.

Original Contract - this Contract first became available on February 1, 2000 and was replaced in most states by the May 2003 Contract.

Owner - "you," "your" and "yours." The person(s) or entity designated at Contract issue and named in the Contract who may exercise all rights granted by the Contract.

PRIME (Protected Retirement Income Made Easy) Benefits - a benefit package that includes a GMIB and GPWB and carries an additional M&E charge. The May 2003 Contracts offered a choice of the Traditional PRIME Benefit or the Enhanced PRIME Benefit. The May 2006 Contracts offered the PRIME Plus Benefit.

Purchase Payment - the money you put into the Contract.

Qualified Contract - a Contract that qualifies for special tax treatment under sections of the Internal Revenue Code (Code).

Traditional Annuity Payments - Annuity Payments we make to the Payee based on the Contract Value.

Withdrawal Charge Basis - the total amount under your Contract that is subject to a withdrawal charge.

Updated Information About Your Contract

The information in this Updating Summary Prospectus is a summary of certain Contract features that have changed since the Statutory Prospectus dated May 1, 2025. This may not reflect all of the changes that have occurred since you entered into your Contract.

There have been no material changes to your Contract's features since the date of your most recent Statutory Prospectus.

Important Information You Should Consider About the Contract 

	FEES, EXPENSES, AND ADJUSTMENTS			Prospectus Location
Are There Charges or Adjustments for Early Withdrawals?	Yes, your Contract is subject to withdrawal charges that differ depending on the Contract version you have (Original Contract, May 2003 Contract, or May 2006 Contract).   • Original Contract. If you withdraw money from the Contract within 5 Contract Years of your last Purchase Payment, you will be assessed a withdrawal charge of up to 7% of the Purchase Payment withdrawn, declining to 0% over that time period. • May 2003 Contract, or May 2006 Contract. If you withdraw money from the Contract within 6 Contract Years of your last Purchase Payment, you will be assessed a withdrawal charge of up to 7% of the Purchase Payment withdrawn, declining to 0% over that time period.   For example, if you invest $100,000 in the Contract and make an early withdrawal, you could pay a withdrawal charge of up to $7,000. The potential for loss on an early withdrawal could be greater due to taxes or tax penalties.			Fee Tables   6. Expenses - Withdrawal Charge
Are There Transaction Charges?	Yes, in addition to withdrawal charges you may also be charged for other Contract transactions.   • We will charge you a fee of $25 per transfer after you exceed 12 transfers between Investment Options (the variable investments available to you) in a Contract Year. • For Original Contracts and May 2003 Contracts issued before April 29, 2005, if you take variable Traditional Annuity Payments under Annuity Options 2 or 4, and then take a withdrawal ("liquidation"), you may be assessed a commutation fee of up to 5% of the amount liquidated. For example, if you requested a liquidation of $1,000, you could pay a commutation fee of up to $50 and would receive $950. • For Original Contracts and May 2003 Contracts issued before April 29, 2005, if you take variable Traditional Annuity Payments under Annuity Option 6 and then take a liquidation within 6 years of your last Purchase Payment, you may be assessed a commutation fee of up to 7% of the amount liquidated. For example, if you requested a liquidation of $1,000, you could pay a commutation fee of up to $70 and would receive $930.			Fee Tables   6. Expenses - Transfer Fee, and Commutation Fee and Withdrawal Charge for Liquidations During the Annuity Phase
Are There Ongoing Fees and Expenses?	Yes, there are ongoing fees and expenses. The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected. These ongoing fees and expenses do not reflect any adviser fees paid to an investment adviser from your Contract Value or other assets of the Owner. If such charges were reflected, these ongoing fees and expenses would be higher.			Fee Tables   6. Expenses   Appendix A - Investment Choices Available Under the Contract
	Annual Fee	Minimum	Maximum
	Base Contract(1) (varies by Contract version)	1.42%	1.52%
	Investment Options(2) (Fund fees and expenses)	0.25%	1.13%
	Optional Benefits Available for an Additional Charge (for a single optional benefit, if elected)	0.30%(3)	0.70%(4)
	(1) As a percentage of each Investment Option's average net assets, plus an amount attributable to the contract maintenance charge.
	(2) As a percentage of a Fund's average daily net assets.
	(3) As a percentage of each Investment Option's average net assets. This is the lowest current charge for an optional benefit (the Earnings Protection GMDB version 1 or Traditional PRIME Benefit).
	(4) As a percentage of each Investment Option's average net assets. This is the highest current charge for an optional benefit (Enhanced PRIME Benefit or PRIME Plus Benefit).

Appendix A - Investment Choices Available Under the Contract

Investment Options

The following includes information about the Funds available under the Contract. More information about the Funds is available in the Funds' prospectuses, which may be amended from time to time and can be found online at https://www.allianzlife.com/variableoptions. You can also request this information at no cost by calling (800) 624-0197, or by sending an email request to [email protected]. Depending on the optional benefits you chose, you may not be able to invest in certain Investment Options.

The current expenses and performance information below reflects fees and expenses of the Funds, but does not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Fund's past performance is not necessarily an indication of future performance. 

Investment Objectives	Fund and Adviser/Subadviser	Current Expenses	Average Annual Total Returns (as of December 31, 2025)
			1 Year	5 Years	10 Years
Long-term capital appreciation with preservation of capital as an important consideration	AZL® Balanced Index Strategy Fund   Adviser: Allianz Investment Management LLC	0.71%	13.34%	5.37%	6.88%
Long-term capital appreciation	AZL® DFA Multi-Strategy Fund   Adviser: Allianz Investment Management LLC	0.87%	15.03%	7.44%	7.91%
Exceed total return of the Bloomberg Capital U.S. Aggregate Bond Index	AZL® Enhanced Bond Index Fund   Adviser: Allianz Investment Management LLC Subadviser: BlackRock Financial Management, Inc.	0.66%	6.86%	-0.72%	1.65%
High level of current income while maintaining prospects for capital appreciation	AZL® Fidelity Institutional Asset Management® Multi-Strategy Fund - Class 2(1)   Adviser: Allianz Investment Management LLC Subadviser: FIAM® LLC	0.71%	11.22%	6.11%	7.58%
High level of current income	AZL® Fidelity Institutional Asset Management® Total Bond Fund - Class 2   Adviser: Allianz Investment Management LLC Subadviser: FIAM® LLC	0.91%	7.64%	0.31%	2.85%
Current income consistent with stability of principal	AZL® Government Money Market Fund(1)   Adviser: Allianz Investment Management LLC Subadviser: BlackRock Advisors, LLC	0.65%	3.70%	2.62%	1.57%

Allianz AlterityTM Variable Annuity Prospectus - May 1, 2026

Allianz AlterityTM Variable Annuity Prospectus - May 1, 2026

Allianz AlterityTM Variable Annuity Prospectus - May 1, 2026

Investment Objectives	Fund and Adviser/Subadviser	Current Expenses	Average Annual Total Returns (as of December 31, 2025)
			1 Year	5 Years	10 Years
Total return which exceeds that of its benchmark	PIMCO Global Core Bond (Hedged) Portfolio - Admin. Class   Adviser: Pacific Investment Management Company LLC	1.13%	6.73%	0.78%	3.16%
Maximum total return, consistent with preservation of capital and prudent investment management	PIMCO Total Return Portfolio - Admin. Class   Adviser: Pacific Investment Management Company LLC	0.73%	8.90%	0.02%	2.36%

(1) This Fund's annual expenses reflect temporary fee reductions. Please see the Fund's prospectus for information regarding the expense reimbursement or fee waiver arrangement.

(2) This Fund is managed in a way that is intended to minimize volatility of returns (referred to as a "managed volatility strategy"). For more information see Principal Risks of Investing in the Contract - Managed Volatility Investment Option Risk, or refer to the Fund's prospectus.

Fixed Options

The following is a list of Fixed Options. Original Contracts offer the Fixed Account in most states as described in Appendix F. May 2003 Contracts and May 2006 Contracts offer the DCA Fixed Option as described in section 13, Other Information - Additional Services. We may offer new Fixed Options in the future. We will provide you with written notice before doing so. 

Name	Term	Minimum Guaranteed Interest Rate
Fixed Account	1 Contract Year	3%
DCA Fixed Option	6-months or 12-months	3%

EDGAR Contract ID No.: C000007179

ALT-020PP-USP

Allianz AlterityTM Variable Annuity Prospectus - May 1, 2026