For Class 1, Class 1A, Class 2 and Class 4 shares prospectuses each dated May 1, 2018 (each as supplemented to date): Bond Fund

Transcription

1 American Funds Insurance Series Prospectus Supplement February 22, 2019 For Class 1, Class 1A, Class 2 Class 4 shares prospectuses each dated May 1, 2018 (each as supplemented to date): Global Growth Fund International Growth Income Fund Global Small Capitalization Fund Capital Income Builder Growth Fund Asset Allocation Fund International Fund Global Balanced Fund New World Fund Bond Fund Blue Chip Income Growth Fund Global Bond Fund Global Growth Income Fund High-Income Bond Fund Growth-Income Fund The following paragraph is being added above the sentence that reads The following are principal risks associated with the fund s strategies in the Investment objectives, strategies risks section of the prospectus for each of the funds listed above: The fund s daily cash balance may be invested in one or more money market or similar funds managed by the adviser or its affiliates ( Central Funds ). Shares of Central Funds are not offered to the public are only purchased by the fund s adviser its affiliates other funds, vehicles accounts managed by the fund s adviser its affiliates. When investing in Central Funds, the fund bears its proportionate share of the expenses of the Central Funds in which it invests but does not bear additional management fees through its in such Central Funds. The results of the portions of the fund s s invested in the Central Funds will be based upon the results of the Central Funds. Keep this supplement with your prospectus. Lit. No. INA8BS O CGD/8024-S70359

2 American Funds Insurance Series Prospectus Supplement July 2, 2018 (for Class 1, Class 1A, Class 2, Class 3 Class 4 shares prospectuses each dated May 1, 2018) 1. With respect to the Class 1, Class 1A, Class 2 Class 4 shares prospectuses only, the information under the heading Portfolio managers in the Management section of the Global Small Capitalization Fund summary portion of the prospectus is amended in its entirety to read as follows: Portfolio managers The individuals primarily responsible for the portfolio management of the fund are: Portfolio manager/ Series title (if applicable) Portfolio manager experience in this fund Primary title with adviser J. Blair Frank 15 years Bradford F. Freer Less than 1 year Claudia P. Huntington 5 years Harold H. La 10 years Aidan O Connell 4 years Gregory W. Wendt 6 years 2. With respect to the Class 1, Class 1A, Class 2 Class 4 shares prospectuses only, the information under the heading Portfolio managers in the Management section of the New World Fund summary portion of the prospectus is amended in its entirety to read as follows: Portfolio managers The individuals primarily responsible for the portfolio management of the fund are: Portfolio manager/ Series title (if applicable) Portfolio manager experience in this fund Primary title with adviser Carl M. Kawaja Vice President 19 years Bradford F. Freer 1 year Nicholas J. Grace 6 years Robert H. Neithart 6 years Tomonori Tani Less than 1 year 3. With respect to the Class 1, Class 1A, Class 2 Class 4 shares prospectuses only, the information under the heading Portfolio managers in the Management section of the Blue Chip Income Growth Fund summary portion of the prospectus is amended in its entirety to read as follows: Portfolio managers The individuals primarily responsible for the portfolio management of the fund are: Portfolio manager/ Series title (if applicable) Portfolio manager experience in this fund Primary title with adviser Christopher D. Buchbinder 11 years James B. Lovelace 11 years Lawrence R. Solomon Less than 1 year James Terrile 6 years

3 4. With respect to the Class 1, Class 1A, Class 2 Class 4 shares prospectuses only, the information under the heading Portfolio managers in the Management section of the Global Growth Income Fund summary portion of the prospectus is amended in its entirety to read as follows: Portfolio managers The individuals primarily responsible for the portfolio management of the fund are: Portfolio manager/ Series title (if applicable) Portfolio manager experience in this fund Primary title with adviser Michael Cohen Less than 1 year Bradford F. Freer 4 years Nicholas J. Grace 2 years Andrew B. Suzman 9 years 5. The information under the heading Portfolio managers in the Management section of the Growth-Income Fund summary portion of the prospectus is amended in its entirety to read as follow: Portfolio managers The individuals primarily responsible for the portfolio management of the fund are: Portfolio manager/ Series title (if applicable) Portfolio manager experience in this fund Primary title with adviser Donald D. O Neal Vice Chairman of the Board 13 years Partner Capital International Investors Dylan Yolles Vice President 13 years Partner Capital International Investors J. Blair Frank 12 years Claudia P. Huntington 24 years S. Keiko McKibben 4 years William L. Robbins 6 years Partner Capital International Investors 6. The information under the heading Portfolio managers in the Management section of the Asset Allocation Fund summary portion of the prospectus is amended in its entirety to read as follow: Portfolio managers The individuals primarily responsible for the portfolio management of the fund are: Portfolio manager/ Series title (if applicable) Portfolio manager experience in this fund Primary title with adviser Alan N. Berro President 18 years David A. Daigle 9 years Peter Eliot 2 years Partner Capital International Investors Jeffrey T. Lager 11 years Partner Capital International Investors Jin Lee Less than 1 year James R. Mulally 12 years John R. Queen 2 years 7. The table under the heading The Capital System SM in the Management organization section of the prospectus is amended in its entirety to read as follows: Portfolio manager for the Series/Title (if applicable) Donald D. O Neal Vice Chairman of the Board Alan N. Berro President Carl M. Kawaja Vice President Primary title with adviser (or affiliate) experience Partner Capital International Investors Investment professional for 33 years, all with Capital Research Management Company or affiliate Investment professional for 32 years in total; 27 years with Capital Research Investment professional for 31 years in total; 27 years with Capital Research Portfolio manager s role in management of, experience in, the fund(s) Growth-Income Fund 13 years Asset Allocation Fund 18 years New World Fund 19 years

4 Portfolio manager for the Series/Title (if applicable) Sung Lee Vice President Dylan Yolles Vice President Hilda L. Applbaum Pramod Atluri Primary title with adviser (or affiliate) experience Investment professional for 24 years, all with Capital Research Management Company or affiliate Partner Capital International Investors Investment professional for 21 years in total; 18 years with Capital Research Investment professional for 31 years in total; 23 years with Capital Research Vice President Capital Fixed Income Investors Investment professional for 20 years in total; 2 years with Capital Research L. Alfonso Barroso Investment professional for 24 years, all with Capital Research Management Company or affiliate David J. Betanzos Mark A. Brett Christopher D. Buchbinder Mark L. Casey Thomas H. Chow Michael Cohen Patrice Collette David A. Daigle Gerald Du Manoir Investment professional for 18 years in total; 16 years with Capital Research Investment professional for 39 years in total; 25 years with Capital Research Investment professional for 23 years, all with Capital Research Management Company or affiliate Partner Capital International Investors Investment professional for 18 years, all with Capital Research Management Company or affiliate Vice President Capital Fixed Income Investors Investment professional for 29 years in total; 3 years with Capital Research Investment professional for 28 years in total; 18 years with Capital Research Investment professional for 24 years in total, 18 years with Capital Research Investment professional for 24 years, all with Capital Research Management Company or affiliate Partner Capital International Investors Investment professional for 28 years, all with Capital Research Management Company or affiliate Portfolio manager s role in management of, experience in, the fund(s) International Fund 12 years International Growth Income Fund 10 years Growth-Income Fund 13 years (plus 5 years of prior experience as an analyst for the fund) Serves as an equity/fixed- portfolio manager for: Global Balanced Fund 7 years Serves as a fixed- portfolio manager for: Bond Fund 2 years International Fund 9 years Serves as a fixed- portfolio manager for: Capital Income Builder 4 years Mortgage Fund 4 years U.S. Government/AAA-Rated Securities Fund 3 years Serves as a fixed- portfolio manager for: Global Balanced Fund 7 years Global Bond Fund 3 years Blue Chip Income Growth Fund 11 years Growth Fund 1 year (plus 11 years of prior experience as an analyst for the fund) Serves as a fixed- portfolio manager for: High-Income Bond Fund 3 years Global Growth Income Fund Less than 1 year Global Growth Fund 3 years (plus 14 years of prior experience as an analyst for the fund) Serves as a fixed- portfolio manager for: Asset Allocation Fund 9 years Global Bond Fund 3 years High-Income Bond Fund 9 years (plus 9 years of prior experience as an analyst for the fund) Capital Income Builder 1 year

5 Portfolio manager for the Series/Title (if applicable) Peter Eliot Paul Flynn Primary title with adviser (or affiliate) experience Partner Capital International Investors Investment professional for 23 years in total; 14 years with Capital Research Investment professional for 22 years in total; 20 years with Capital Research J. Blair Frank Investment professional for 25 years in total; 24 years with Capital Research Bradford F. Freer Nicholas J. Grace David A. Hoag Thomas H. Høgh Claudia P. Huntington Michael T. Kerr Jonathan Knowles Harold H. La Jeffrey T. Lager Jin Lee Steven D. Lotwin Investment professional for 26 years in total; 24 years with Capital Research Investment professional for 28 years in total; 24 years with Capital Research Investment professional for 30 years in total; 27 years with Capital Research Investment professional for 31 years in total; 28 years with Capital Research Investment professional for 45 years in total; 43 years with Capital Research Partner Capital International Investors Investment professional for 35 years in total; 33 years with Capital Research Investment professional for 26 years, all with Capital Research Management Company or affiliate Investment professional for 20 years in total; 19 years with Capital Research Partner Capital International Investors Investment professional for 23 years in total; 22 years with Capital Research Investment professional for 22 years in total; 21 years with Capital Research Investment professional for 17 years, all with Capital Research Management Company or affiliate Portfolio manager s role in management of, experience in, the fund(s) Asset Allocation Fund 2 years Global Growth Fund 1 year Global Balanced Fund 5 years Global Small Capitalization Fund 15 years Growth-Income Fund 12 years New World Fund 1 year (plus 13 years of prior experience as an analyst for the fund) Global Growth Income Fund 4 years (plus 6 years of prior experience as an analyst for the fund) Global Small Capitalization Fund Less than 1 year New World Fund 6 years (plus 8 years of prior experience as an analyst for the fund) Global Growth Income Fund 2 years Serves as a fixed- portfolio manager for: Bond Fund 11 years Serves as a fixed- portfolio manager for: Global Bond Fund 12 years Global Small Capitalization Fund 5 years Growth-Income Fund 24 years (plus 5 years of prior experience as an analyst for the fund) Growth Fund 13 years Global Growth Fund 5 years (plus 10 years of prior experience as an analyst for the fund) Global Small Capitalization Fund 10 years (plus 4 years of prior experience as an analyst for the fund) Asset Allocation Fund 11 years Asset Allocation Fund Less than 1 year Serves as a fixed- portfolio manager for: Ultra-Short Bond Fund Less than 1 year

6 Portfolio manager for the Series/Title (if applicable) James B. Lovelace Jesper Lyckeus Fergus N. MacDonald Primary title with adviser (or affiliate) experience Investment professional for 36 years, all with Capital Research Management Company or affiliate Investment professional for 23 years in total; 22 years with Capital Research Investment professional for 26 years in total; 15 years with Capital Research S. Keiko McKibben Investment professional for 22 years in total; 20 years with Capital Research James R. Mulally Robert H. Neithart Aidan O Connell John R. Queen Andraz Razen David M. Riley William L. Robbins Martin Romo Lawrence R. Solomon Andrew B. Suzman Investment professional for 42 years in total; 38 years with Capital Research Investment professional for 31 years, all with Capital Research Management Company or affiliate Investment professional for 20 years in total; 14 years with Capital Research Investment professional for 27 years in total; 15 years with Capital Research Investment professional for 20 years in total; 14 years with Capital Research Investment professional for 24 years, all with Capital Research Management Company or affiliate Partner Capital International Investors Investment professional for 26 years in total; 23 years with Capital Research Investment professional for 26 years in total; 25 years with Capital Research Investment professional for 34 years in total; 33 years with Capital Research Investment professional for 25 years, all with Capital Research Management Company or affiliate Portfolio manager s role in management of, experience in, the fund(s) Blue Chip Income Growth Fund 11 years International Fund 11 years (plus 8 years of prior experience as an analyst for the fund) International Growth Income Fund 10 years Serves as a fixed- portfolio manager for: Mortgage Fund 7 years U.S. Government/AAA-Rated Securities Fund 8 years Growth-Income Fund 4 years (plus 10 years of prior experience as an analyst for the fund) Serves as a fixed- portfolio manager for: Asset Allocation Fund 12 years Serves as a fixed- portfolio manager for: New World Fund 6 years (plus 2 years of prior experience as an analyst for the fund) Global Balanced Fund 7 years Global Bond Fund 5 years Global Small Capitalization Fund 4 years (plus 9 years of prior experience as an analyst for the fund) Serves as a fixed- portfolio manager for: Asset Allocation Fund 2 years Growth Fund 5 years (plus 3 years of prior experience as an analyst for the fund) International Growth Income Fund 10 years Growth-Income Fund 6 years (plus 12 years of prior experience as an analyst for the fund) Growth Fund 2 years (plus 15 years of prior experience as an analyst for the fund) Blue Chip Income Growth Fund Less than 1 year Global Growth Income Fund 9 years

7 Portfolio manager for the Series/Title (if applicable) Tomonori Tani James Terrile Christopher Thomsen Ritchie Tuazon Shannon Ward Steven T. Watson Gregory W. Wendt Alan J. Wilson Philip Winston Primary title with adviser (or affiliate) experience Investment professional for 17 years in total; 14 years with Capital Research Investment professional for 23 years in total; 22 years with Capital Research Investment professional for 21 years, all with Capital Research Management Company or affiliate Vice President Capital Fixed Income Investors Investment professional for 18 years in total; 7 years with Capital Research Vice President Capital Fixed Income Investors Investment professional for 26 years in total; 1 year with Capital Research Partner Capital International Investors Investment professional for 31 years in total; 28 years with Capital Research Investment professional for 31 years, all with Capital Research Management Company or affiliate Investment professional for 33 years in total; 27 years with Capital Research Partner Capital International Investors Investment professional for 33 years in total; 21 years with Capital Research Portfolio manager s role in management of, experience in, the fund(s) New World Fund Less than 1 year Global Balanced Fund 1 year Blue Chip Income Growth Fund 6 years International Fund 12 years Serves as a fixed- portfolio manager for: U.S. Government/AAA-Rated Securities Fund 3 years Serves as a fixed- portfolio manager for: High-Income Bond Fund 1 year Capital Income Builder Less than 1 year Global Small Capitalization Fund 6 years (plus 14 years of prior experience as an analyst for the fund) Growth Fund 4 years Capital Income Builder 4 years Keep this supplement with your prospectus. Lit. No. INA8BS O CGD/8024-S68780

8 American Funds Insurance Series Prospectus Class 2 shares May 1, 2018 Global Growth Income Fund Table of contents Global Growth Income Fund 1 Investment objectives, strategies risks 4 Management organization 6 Purchases redemptions of shares 10 Plan of distribution 12 Fund expenses 12 Investment results 12 Distributions taxes 12 Financial highlights 13 The U.S. Securities Exchange Commission has not approved or disapproved of these securities. Further, it has not determined that this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

9 Global Growth Income Fund Investment objective The fund s objective is to provide long-term growth of capital while providing current. Fees expenses of the fund This table describes the fees expenses that you may pay if you buy hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees expenses. If insurance contract fees expenses were reflected, expenses shown would be higher. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your ) Class 2 Management fee 0.59% Distribution /or service (12b-1) fees 0.25 Other expenses 0.04 annual fund operating expenses 0.88 Example This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time s indicated then redeem all of your shares at the those s. The example also assumes that your has a 5% return each year that the fund s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 year 3 years 5 years 10 years Class 2 $90 $281 $488 $1,084 Portfolio turnover The fund pays transaction costs, such as commissions, when it buys sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund s results. During the most recent fiscal year, the fund s portfolio turnover rate was 41% of the average value of its portfolio. Principal strategies The fund invests primarily in common stocks of well-established companies around the world, which the adviser believes have the potential for growth /or to pay dividends. As a fund that seeks to invest globally, the fund will allocate its s among securities of companies domiciled in various countries, including the United States countries with emerging markets (but in no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers domiciled outside the United States (i.e., at least 40% of its net s, unless market conditions are not deemed favorable by the fund s adviser, in which case the fund would invest at least 30% of its net s in issuers outside the United States). The fund is designed for investors seeking both capital appreciation. In pursuing its objective, the fund tends to invest in stocks that the adviser believes to be relatively resilient to market declines. The adviser uses a system of multiple portfolio managers in managing the fund s s. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested. The fund relies on the professional judgment of its adviser to make decisions about the fund s portfolio s. The basic philosophy of the adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term opportunities. The adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives employees, suppliers, customers competitors. Securities may be sold when the adviser believes that they no longer represent relatively attractive opportunities. 1 American Funds Insurance Series / Prospectus

10 Principal risks This section describes the principal risks associated with the fund s principal strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter of time. Investors in the fund should have a long-term perspective be able to tolerate potentially sharp declines in value. Market conditions The prices of, the generated by, the common stocks other securities held by the fund may decline sometimes rapidly or unpredictably due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; currency exchange rate, interest rate commodity price fluctuations. Issuer risks The prices of, the generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced dem for an issuer s goods or services, poor management performance strategic initiatives such as mergers, acquisitions or dispositions the market response to any such initiatives. Investing outside the United States Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar /or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as the imposition of price controls or punitive taxes, that could adversely impact the value of these securities. Securities markets in certain countries may be more volatile /or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices different regulatory, legal reporting stards practices, may be more difficult to than those in the United States. In addition, the value of s outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the United States may be heightened in connection with s in emerging markets. Investing in emerging markets Investing in emerging markets may involve risks in addition to greater than those generally associated with investing in the securities markets of developed countries. For instance, developing countries may have less developed legal accounting systems than those in developed countries. The governments of these countries may be less stable more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership on withdrawing sale proceeds of securities from the country, /or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local global changes. Securities markets in these countries can also be relatively small have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile less liquid, may be more difficult to than securities issued in countries with more developed economies /or markets. Less certainty with respect to security valuations may lead to additional challenges risks in calculating the fund s net value. Additionally, there may be increased settlement risks for transactions in local securities. Investing in growth-oriented stocks Growth-oriented common stocks other equity-type securities (such as preferred stocks, convertible preferred stocks convertible bonds) may involve larger price swings greater potential for loss than other types of s. Investing in -oriented stocks Income provided by the fund may be reduced by changes in the dividend policies of, the capital resources available for dividend payments at, the companies in which the fund invests. Management The adviser to the fund actively manages the fund s s. Consequently, the fund is subject to the risk that the methods analyses employed by the adviser in this process may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. Your in the fund is not a bank deposit is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall program. American Funds Insurance Series / Prospectus 2

11 Investment results The following bar chart shows how the results of the Class 2 shares of the fund have varied from year to year, the following table shows how the fund s average annual total returns for various s compare with a broad measure of securities market results other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Funds Index includes mutual funds that disclose objectives /or strategies reasonably comparable to those of the fund. Past results (before after taxes) are not predictive of future results. Figures shown reflect fees expenses associated with an in the fund, but do not reflect insurance contract fees expenses. If insurance contract fees expenses were included, results would have been lower. Updated information on the fund s results can be obtained by visiting americanfunds.com/afis. Calendar year total returns (%) Highest/Lowest quarterly results during this were: Highest 19.48% (quarter ended September 30, 2009) Lowest 20.43% (quarter ended December 31, 2008) Average annual total returns For the s ended December 31, 2017: 1 year 5 years 10 years Lifetime Fund (inception date 5/1/06) 26.06% 11.56% 5.91% 7.02% MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal taxes) Lipper Global Funds Index (reflects no deduction for sales charges, account fees or U.S. federal taxes) Management Investment adviser Capital Research Management Company SM Portfolio managers The individuals primarily responsible for the portfolio management of the fund are: Portfolio manager/ Series title (if applicable) Portfolio manager experience in this fund Primary title with adviser Bradford F. Freer 4 years Nicholas J. Grace 2 years Martin Romo 9 years Andrew B. Suzman 9 years Tax information See your variable insurance contract prospectus for information regarding the federal tax treatment of your variable insurance contract related distributions. Payments to broker-dealers other financial intermediaries If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as an insurance company), the fund the fund s distributor or its affiliates may pay the intermediary for the sale of fund shares related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary your individual financial advisor to recommend the fund over another. Ask your individual financial advisor or visit your financial intermediary s website for more information. The fund is not sold directly to the general public but instead is offered as an underlying option for variable insurance contracts. In addition to payments described above, the fund its related companies may make payments to the sponsoring insurance company (or its affiliates) for distribution /or other services. These payments may be a factor that the insurance company considers in including the fund as an underlying option in the variable insurance contract. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments. 3 American Funds Insurance Series / Prospectus

12 Investment objectives, strategies risks Global Growth Income Fund The fund s objective is to provide long-term growth of capital while providing current. While it has no present intention to do so, the fund s board may change the fund s objective without shareholder approval upon 60 days written notice to shareholders. The fund invests primarily in common stocks of well established companies around the world, which the adviser believes have the potential for growth /or to pay dividends. The fund may also invest in securities of foreign issuers in the form of depositary receipts or other instruments by which the fund may obtain exposure to equity s in local markets. As a fund that seeks to invest globally, the fund will allocate its s among securities of companies domiciled in various countries, including the United States countries with emerging markets (but in no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers domiciled outside the United States (i.e., at least 40% of its net s, unless market conditions are not deemed favorable by the fund s adviser, in which case the fund would invest at least 30% of its net s in issuers outside the United States). Although the fund focuses on s in medium to larger capitalization companies, the fund s s are not limited to a particular capitalization size. Investors in the fund should have a long-term perspective be able to tolerate potentially sharp declines in value. The fund may also hold cash or money market instruments, including commercial paper short-term securities issued by the U.S. government, its agencies instrumentalities. The percentage of the fund invested in such holdings varies depends on various factors, including market conditions purchases redemptions of fund shares. The adviser may determine that it is appropriate to invest a substantial portion of the fund s s in such instruments in response to certain circumstances, such as s of market turmoil. In addition, for temporary defensive purposes, the fund may invest without limitation in such instruments. A larger amount of such holdings could moderate a fund s results in a of rising market prices. Alternatively, a larger percentage of such holdings could reduce the magnitude of a fund s loss in a of falling market prices provide liquidity to make additional s or to meet redemptions. The following are principal risks associated with the fund s strategies. Market conditions The prices of, the generated by, the common stocks other securities held by the fund may decline sometimes rapidly or unpredictably due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; currency exchange rate, interest rate commodity price fluctuations. Issuer risks The prices of, the generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced dem for an issuer s goods or services, poor management performance strategic initiatives such as mergers, acquisitions or dispositions the market response to any such initiatives. Investing outside the United States Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar /or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as the imposition of price controls or punitive taxes, that could adversely impact the value of these securities. Securities markets in certain countries may be more volatile /or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices different regulatory, legal reporting stards practices, may be more difficult to than those in the United States. In addition, the value of s outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the United States may be heightened in connection with s in emerging markets. Investing in emerging markets Investing in emerging markets may involve risks in addition to greater than those generally associated with investing in the securities markets of developed countries. For instance, developing countries may have less developed legal accounting systems than those in developed countries. The governments of these countries may be less stable more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership on withdrawing sale proceeds of securities from the country, /or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local global changes. Securities markets in these countries can also be relatively small have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile less liquid, may be more difficult to than securities issued in countries with more developed economies /or markets. Less certainty with respect to security valuations may lead to additional challenges risks in calculating the fund s net value. Additionally, there may be increased settlement risks for transactions in local securities. Investing in growth-oriented stocks Growth-oriented common stocks other equity-type securities (such as preferred stocks, convertible preferred stocks convertible bonds) may involve larger price swings greater potential for loss than other types of s. Investing in -oriented stocks Income provided by the fund may be reduced by changes in the dividend policies of, the capital resources available for dividend payments at, the companies in which the fund invests. American Funds Insurance Series / Prospectus 4

13 Management The adviser to the fund actively manages the fund s s. Consequently, the fund is subject to the risk that the methods analyses employed by the adviser in this process may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. The following are certain additional risks associated with the fund s strategies. Investing in small companies Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets /or financial resources, may be dependent on one or a few key persons for management, can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies. Exposure to country, region, industry or sector Subject to the fund s limitations, the fund may have significant exposure to a particular country, region, industry or sector. Such exposure may cause the fund to be more impacted by risks relating to the country, region, industry or sector than a fund without such levels of exposure. For example, if the fund has significant exposure in a particular country, then social, economic, regulatory or other issues that negatively affect that country may have a greater impact on the fund than on a fund that is more geographically diversified. Liquidity risk Certain fund holdings may be deemed to be less liquid or illiquid because they cannot be readily sold without significantly impacting the value of the holdings. Liquidity risk may result from the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) additional costs the fund may be unable to sell such holdings when necessary to meet its liquidity needs. In addition to the principal strategies described above, the fund has other practices that are described in the statement of additional information, which includes a description of other risks related to the fund s principal strategies other practices. The fund s results will depend on the ability of the fund s adviser to navigate the risks discussed above as well as those described in the statement of additional information. Fund comparative indexes The MSCI All Country World Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed emerging markets, consisting of more than 40 developed emerging market country indexes. Results reflect dividends gross of withholding taxes through December 31, 2000, dividends net of withholding taxes thereafter. This index is unmanaged, its results include reinvested dividends /or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal taxes. The Lipper Global Funds Index is an equally weighted index of funds that invest at least 25% of their portfolios in securities traded outside the United States may own U.S. securities as well. The results of the underlying funds in the index include the re of dividends capital gain distributions, as well as brokerage commissions paid by the funds for portfolio transactions other fund expenses, but do not reflect the effect of sales charges, account fees or U.S. federal taxes. 5 American Funds Insurance Series / Prospectus

14 Management organization Investment adviser Capital Research Management Company, an experienced management organization founded in 1931, serves as the adviser to the Series other mutual funds, including the American Funds. Capital Research Management Company is a wholly owned subsidiary of The Capital Group Companies, Inc. is located at 333 South Hope Street, Los Angeles, California Capital Research Management Company manages the portfolios business affairs of the Series. The total management fee paid by each fund to its adviser for the most recent fiscal year, in each case expressed as a percentage of average net s of that fund, appears in the Annual Fund Operating Expenses table for each fund. Please see the statement of additional information for further details. A discussion regarding the basis for the approval of the Series Investment Advisory Service Agreement by the Series board of trustees is contained in the Series annual report to shareholders for the fiscal year ended December 31, Capital Research Management Company manages equity s through three equity divisions fixed- s through its fixed- division, Capital Fixed Income Investors. The three equity divisions Capital World Investors, Capital Research Global Investors Capital International Investors make decisions independently of one another. The equity divisions may, in the future, be incorporated as wholly owned subsidiaries of Capital Research Management Company. In that event, Capital Research Management Company would continue to be the adviser, day-to-day management of equity s would continue to be carried out through one or more of these subsidiaries. Although not currently contemplated, Capital Research Management Company could incorporate its fixed- division in the future engage it to provide day-to-day management of fixed- s. Capital Research Management Company each of the funds it advises have received an exemptive order from the U.S. Securities Exchange Commission that allows Capital Research Management Company to use, upon approval of the funds boards, its management subsidiaries affiliates to provide day-to-day management services to the funds, including making changes to the management subsidiaries affiliates providing such services. The Series shareholders approved this arrangement; however, there is no assurance that Capital Research Management Company will incorporate its divisions or exercise any authority granted to it under the exemptive order. In addition, shareholders of the Series have approved a proposal to reorganize the Series into a Delaware statutory trust. However, the Series reserved the right to delay implementing the reorganization has elected to do so. Portfolio holdings A description of the funds policies procedures regarding disclosure of information about their portfolio holdings is available in the statement of additional information. The Capital System SM Capital Research Management Company uses a system of multiple portfolio managers in managing mutual fund s. Under this approach, the portfolio of a fund is divided into segments managed by individual managers who decide how their respective segments will be invested. In addition to the portfolio managers below, Capital Research Management Company s analysts may make decisions with respect to a portion of a fund s portfolio. Investment decisions are subject to a fund s objective(s), policies restrictions the oversight of the appropriate -related committees of Capital Research Management Company its divisions. Certain senior members of Capital Fixed Income Investors, the adviser s fixed division, serve on the Portfolio Strategy Group. The group utilizes a research-driven process with input from the adviser s analysts, portfolio managers economists to define themes on a range of macroeconomic factors, including duration, yield curve sector allocation. Where applicable, the decisions made by a fund s fixed portfolio managers are informed by the themes discussed by the group. American Funds Insurance Series / Prospectus 6

15 The primary individual portfolio managers for each of the funds are: Portfolio manager for the Series/Title (if applicable) Donald D. O Neal Vice Chairman of the Board Alan N. Berro President Carl M. Kawaja Vice President Sung Lee Vice President Primary title with adviser (or affiliate) experience Investment professional for 33 years, all with Capital Research Investment professional for 32 years in total; 27 years with Capital Research Investment professional for 31 years in total; 27 years with Capital Research Investment professional for 24 years, all with Capital Research Dylan Yolles Vice President Partner Capital International Investors Investment professional for 21 years in total; 18 years with Capital Research Hilda L. Applbaum Investment professional for 31 years in total; 23 years with Capital Research Pramod Atluri Vice President Capital Fixed Income Investors Investment professional for 20 years in total; 2 years with Capital Research L. Alfonso Barroso Investment professional for 24 years, all with Capital Research David J. Betanzos Investment professional for 18 years in total; 16 years with Capital Research Mark A. Brett Christopher D. Buchbinder Mark L. Casey Thomas H. Chow Patrice Collette David A. Daigle Investment professional for 39 years in total; 25 years with Capital Research Investment professional for 23 years, all with Capital Research Investment professional for 18 years, all with Capital Research Vice President Capital Fixed Income Investors Investment professional for 29 years in total; 3 years with Capital Research Investment professional for 24 years in total, 18 years with Capital Research Investment professional for 24 years, all with Capital Research Gerald Du Manoir Partner Capital International Investors Investment professional for 28 years, all with Capital Research Paul Flynn Investment professional for 22 years in total; 20 years with Capital Research J. Blair Frank Investment professional for 25 years in total; 24 years with Capital Research Portfolio manager s role in management of, experience in, the fund(s) Growth-Income Fund 13 years Asset Allocation Fund 18 years New World Fund 19 years International Fund 12 years International Growth Income Fund 10 years Growth-Income Fund 13 years (plus 5 years of prior experience as an analyst for the fund) Serves as an equity/fixed- portfolio manager for: Global Balanced Fund 7 years Serves as a fixed- portfolio manager for: Bond Fund 2 years International Fund 9 years Serves as a fixed- portfolio manager for: Capital Income Builder 4 years Mortgage Fund 4 years U.S. Government/AAA-Rated Securities Fund 3 years Serves as a fixed- portfolio manager for: Global Balanced Fund 7 years Global Bond Fund 3 years Blue Chip Income Growth Fund 11 years Growth Fund 1 year (plus 11 years of prior experience as an analyst for the fund) Serves as a fixed- portfolio manager for: High-Income Bond Fund 3 years Global Growth Fund 3 years (plus 14 years of prior experience as an analyst for the fund) Serves as a fixed- portfolio manager for: Asset Allocation Fund 9 years Global Bond Fund 3 years High-Income Bond Fund 9 years (plus 9 years of prior experience as an analyst for the fund) Capital Income Builder 1 year Global Growth Fund 1 year Global Balanced Fund 5 years Global Small Capitalization Fund 15 years Growth-Income Fund 12 years 7 American Funds Insurance Series / Prospectus

16 Portfolio manager for the Series/Title (if applicable) Bradford F. Freer Nicholas J. Grace David A. Hoag Thomas H. Høgh Claudia P. Huntington Michael T. Kerr Jonathan Knowles Lawrence Kymisis Harold H. La Jeffrey T. Lager Steven D. Lotwin James B. Lovelace Jesper Lyckeus Fergus N. MacDonald James R. Mulally Robert H. Neithart Aidan O Connell John R. Queen Primary title with adviser (or affiliate) experience Investment professional for 26 years in total; 24 years with Capital Research Investment professional for 28 years in total; 24 years with Capital Research Investment professional for 30 years in total; 27 years with Capital Research Investment professional for 31 years in total; 28 years with Capital Research Investment professional for 45 years in total; 43 years with Capital Research Investment professional for 35 years in total; 33 years with Capital Research Investment professional for 26 years, all with Capital Research Investment professional for 23 years in total; 15 years with Capital Research Investment professional for 20 years in total; 19 years with Capital Research Investment professional for 23 years in total; 22 years with Capital Research Investment professional for 17 years, all with Capital Research Investment professional for 36 years, all with Capital Research Investment professional for 23 years in total; 22 years with Capital Research Investment professional for 26 years in total; 15 years with Capital Research Investment professional for 42 years in total; 38 years with Capital Research Investment professional for 31 years, all with Capital Research Investment professional for 20 years in total; 14 years with Capital Research Investment professional for 27 years in total; 15 years with Capital Research Portfolio manager s role in management of, experience in, the fund(s) New World Fund 1 year (plus 13 years of prior experience as an analyst for the fund) Global Growth Income Fund 4 years (plus 6 years of prior experience as an analyst for the fund) New World Fund 6 years (plus 8 years of prior experience as an analyst for the fund) Global Growth Income Fund 2 years Serves as a fixed- portfolio manager for: Bond Fund 11 years Serves as a fixed- portfolio manager for: Global Bond Fund 12 years Global Small Capitalization Fund 5 years Growth-Income Fund 24 years (plus 5 years of prior experience as an analyst for the fund) Growth Fund 13 years Global Growth Fund 5 years (plus 10 years of prior experience as an analyst for the fund) Global Small Capitalization Fund 6 years Global Small Capitalization Fund 10 years (plus 4 years of prior experience as an analyst for the fund) Asset Allocation Fund 11 years Serves as a fixed- portfolio manager for: Ultra-Short Bond Fund Less than 1 year Blue Chip Income Growth Fund 11 years International Fund 11 years (plus 8 years of prior experience as an analyst for the fund) International Growth Income Fund 10 years Serves as a fixed- portfolio manager for: Mortgage Fund 7 years U.S. Government/AAA-Rated Securities Fund 8 years Serves as a fixed- portfolio manager for: Asset Allocation Fund 12 years Serves as a fixed- portfolio manager for: New World Fund 6 years (plus 2 years of prior experience as an analyst for the fund) Global Balanced Fund 7 years Global Bond Fund 5 years Global Small Capitalization Fund 4 years (plus 9 years of prior experience as an analyst for the fund) Serves as a fixed- portfolio manager for: Asset Allocation Fund 2 years American Funds Insurance Series / Prospectus 8