<PAGE>
ANCHOR NATIONAL LIFE INSURANCE COMPANY
VARIABLE ANNUITY ACCOUNT FIVE
- --------------------------------------------------------------------------------
SUPPLEMENT TO THE PROSPECTUS DATED FEBRUARY 2, 1998
An additional source account for Dollar Cost Averaging ("DCA") is now
available under your Seasons variable annuity. You may choose to set up Dollar
Cost Averaging using the 6-month DCA fixed account when you make an initial or
subsequent purchase payment. You cannot transfer money from the Strategies or
any other fixed investment option into the 6-month DCA fixed account.
If you allocate Purchase Payments to the 6-month DCA fixed account, your
money will be transferred over a maximum of 6 monthly transfers. The
minimum amount that may be allocated to the 6-month DCA fixed account is
$500. The minimum amount that may be transferred in any month is $100. The
actual number of transfers from the 6-month DCA fixed account will be based
on the amount of Purchase Payments allocated to the account. For example, if
you allocate $500 to the 6-month DCA fixed account, your money will be
transferred over a period of five months.
The interest rate offered for the 6-month DCA fixed account may be
different from the interest rate offered to contract owners utilizing the DCA
option from the one year fixed investment option or the one year DCA fixed
account. If you terminate the 6-month DCA fixed account, any money remaining
in the 6-month DCA fixed account will be automatically transferred to the
one year fixed investment option, unless you specify another fixed investment
option or Strategy into which your funds should be transferred, and earn the
interest rate then in effect.
Transfers made pursuant to the 6-month DCA fixed account program will not
count towards the four free transfers allowed under your Seasons contract. In
addition, any transfer of funds out of the 6-month DCA fixed account, due to
your termination of the program, will not count towards the four free transfers
allowed under your contract.
For additional information regarding the Fixed Investment Options or the
Dollar Cost Averaging program available in your Seasons contract, generally,
please refer to pages 12 and 13 respectively, of your Seasons prospectus.
The 6-month DCA fixed account may not currently be available in all states.
Please contact your financial representative or Anchor National Life Insurance
Company at 1-800-445-SUN2 for additional information regarding availability of
the 6-month DCA fixed account in your state.
Date: April 1, 1998
PLEASE KEEP THIS SUPPLEMENT WITH YOUR PROSPECTUS.
