<PAGE>
As filed pursuant to Rule 424(b)(3)
under the Securities Act of 1933
Registration No. 333-67689
ANCHOR NATIONAL LIFE INSURANCE COMPANY
VARIABLE ANNUITY ACCOUNT FIVE
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SUPPLEMENT TO THE SEASONS SELECT PROSPECTUS DATED JULY 15, 1999
The date of the prospectus has been changed to December 29, 1999.
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The following change is made to SECTION 5 EXPENSES in the Profile, in the
right-hand column, second paragraph from the bottom is replaced with the
following:
If you transfer among the SELECT PORTFOLIOS, STRATEGIES and/or fixed
investment options more than fifteen times per year, we charge a $25
transfer fee for each subsequent transfer ($10 in Pennsylvania and Texas).
The chart for expenses for age 80 or younger at contract issue in the
profile section located at the end of section 5 titled "Expenses" is replaced
with the following:
<TABLE>
<CAPTION>
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EXAMPLES
Total Annual Total Annual Total Total Total
Insurance Investment Annual Expenses Expenses
Related Related Charges at end of 1 at end of
Charges Charges YEAR 10 YEARS
SELECT PORTFOLIOS
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<S> <C> <C> <C> <C> <C> <C>
Large-Cap Growth 1.49% (1.40% + .09%) 1.10% 2.59% $116 $289
Large-Cap Composite 1.49% (1.40% + .09%) 1.10 2.59 $116 $289
Large-Cap Value 1.49% (1.40% + .09%) 1.10 2.59 $116 $289
Mid-Cap Growth 1.49% (1.40% + .09%) 1.15 2.64 $116 $294
Mid-Cap Value 1.49% (1.40% + .09%) 1.15 2.64 $116 $294
Small-Cap 1.49% (1.40% + .09%) 1.15 2.64 $116 $294
International Equity 1.49% (1.40% + .09%) 1.30 2.79 $118 $308
Diversified Fixed Income 1.49% (1.40% + .09%) 1.00 2.49 $115 $279
Cash Management 1.49% (1.40% + .09%) .85 2.34 $113 $267
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<CAPTION>
EXAMPLES
Total Annual Total Annual Total Total Total
Insurance Investment Annual Expenses Expenses
Related Related Charges at end of 1 at end of
Charges Charges(1) YEAR 10 YEARS
STRATEGY(IES)
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<S> <C> <C> <C> <C> <C> <C>
Growth 1.49% (1.40% + .09%) 1.17% 2.66% $117 $296
Moderate Growth 1.49% (1.40% + .09%) 1.16% 2.65% $116 $295
Balanced Growth 1.49% (1.40% + .09%) 1.15% 2.64% $116 $294
Conservative Growth 1.49% (1.40% + .09%) 1.10% 2.59% $116 $289
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</TABLE>
(1) Investment related charges for each STRATEGY are based upon the allocation
to the underlying investment portfolio after the quarterly rebalancing described
in the prospectus.
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<PAGE>
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The chart for expenses for age 81 or older at contract issue in the
profile section located at the end of section 5 titled "Expenses" is replaced
with the following:
<TABLE>
<CAPTION>
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EXAMPLES
Total Annual Total Annual Total Total Total
Insurance Investment Annual Expenses Expenses
Related Related Charges at end of 1 at end of
Charges Charges YEAR 10 YEARS
SELECT PORTFOLIOS
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<S> <C> <C> <C> <C> <C> <C>
Large-Cap Growth 1.61% (1.52% + .09%) 1.10% 2.71% $117 $300
Large-Cap Composite 1.61% (1.52% + .09%) 1.10 2.71 $117 $300
Large-Cap Value 1.61% (1.52% + .09%) 1.10 2.71 $117 $300
Mid-Cap Growth 1.61% (1.52% + .09%) 1.15 2.76 $118 $305
Mid-Cap Value 1.61% (1.52% + .09%) 1.15 2.76 $118 $305
Small-Cap 1.61% (1.52% + .09%) 1.15 2.76 $118 $305
International Equity 1.61% (1.52% + .09%) 1.30 2.91 $119 $320
Diversified Fixed Income 1.61% (1.52% + .09%) 1.00 2.61 $116 $291
Cash Management 1.61% (1.52% + .09%) .85 2.46 $115 $276
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<CAPTION>
EXAMPLES
Total Annual Total Annual Total Total Total
Insurance Investment Annual Expenses Expenses
Related Related Charges at end of 1 at end of
Charges Charges(1) YEAR 10 YEARS
STRATEGY(IES)
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<S> <C> <C> <C> <C> <C> <C>
Growth 1.61% (1.52% + .09%) 1.17% 2.78% $118 $307
Moderate Growth 1.61% (1.52% + .09%) 1.16% 2.77% $118 $306
Balanced Growth 1.61% (1.52% + .09%) 1.15% 2.76% $118 $305
Conservative Growth 1.61% (1.52% + .09%) 1.10% 2.71% $117 $300
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</TABLE>
(1) Investment related charges for each STRATEGY are based upon the allocation
to the underlying investment portfolio after the quarterly rebalancing described
in the prospectus.
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The following change is made to the FEE TABLE at page 5, left-hand column:
Transfer Fee ............ No charge for first 15 transfers each year,
thereafter, the fee is $25 per transfer ($10
in Pennsylvania and Texas)
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<PAGE>
The chart on page 7-8 of the prospectus titled "Examples" is being replaced by
the following (please note the text following the chart of page 8 remains the
same):
<TABLE>
<CAPTION>
TIME PERIODS
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SELECT PORTFOLIO 1 YEAR 3 YEARS 5 YEARS 10 YEARS
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<S> <C> <C> <C> <C>
Large Cap Growth (a) $116 (a) $150 (a) $196 (a) $289
(b) $117 (b) $153 (b) $202 (b) $300
(c) $ 26 (c) $ 80 (c) $136 (c) $289
(d) $ 27 (d) $ 83 (d) $142 (d) $300
Large Cap Composite (a) $116 (a) $150 (a) $196 (a) $289
(b) $117 (b) $153 (b) $202 (b) $300
(c) $ 26 (c) $ 80 (c) $136 (c) $289
(d) $ 27 (d) $ 83 (d) $142 (d) $300
Large Cap Value (a) $116 (a) $150 (a) $196 (a) $289
(b) $117 (b) $153 (b) $202 (b) $300
(c) $ 26 (c) $ 80 (c) $136 (c) $289
(d) $ 27 (d) $ 83 (d) $142 (d) $300
Mid Cap Growth (a) $116 (a) $151 (a) $198 (a) $294
(b) $118 (b) $155 (b) $204 (b) $305
(c) $ 26 (c) $ 81 (c) $138 (c) $294
(d) $ 28 (d) $ 85 (d) $144 (d) $305
Mid Cap Value (a) $116 (a) $151 (a) $198 (a) $294
(b) $118 (b) $155 (b) $204 (b) $305
(c) $ 26 (c) $ 81 (c) $138 (c) $294
(d) $ 28 (d) $ 85 (d) $144 (d) $305
Small Company (a) $116 (a) $151 (a) $198 (a) $294
(b) $118 (b) $155 (b) $204 (b) $305
(c) $ 26 (c) $ 81 (c) $138 (c) $294
(d) $ 28 (d) $ 85 (d) $144 (d) $305
International Equity (a) $118 (a) $155 (a) $206 (a) $308
(b) $119 (b) $159 (b) $212 (b) $320
(c) $ 28 (c) $ 85 (c) $146 (c) $308
(d) $ 29 (d) $ 89 (d) $152 (d) $320
Diversified Fixed Income (a) $115 (a) $147 (a) $191 (a) $279
(b) $116 (b) $150 (b) $197 (b) $291
(c) $ 25 (c) $ 77 (c) $131 (c) $279
(d) $ 26 (d) $ 80 (d) $137 (d) $291
Cash Management (a) $113 (a) $145 (a) $186 (a) $267
(b) $115 (b) $146 (b) $189 (b) $276
(c) $ 23 (c) $ 75 (c) $126 (c) $267
(d) $ 25 (d) $ 76 (d) $129 (d) $276
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</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TIME PERIODS
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STRATEGY 1 YEAR 3 YEARS 5 YEARS 10 YEARS
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<S> <C> <C> <C> <C>
Growth (a) $117 (a) $152 (a) $199 (a) $296
(b) $118 (b) $155 (b) $205 (b) $307
(c) $ 27 (c) $ 82 (c) $139 (c) $296
(d) $ 28 (d) $ 85 (d) $145 (d) $307
Moderate Growth (a) $116 (a) $151 (a) $199 (a) $295
(b) $118 (b) $155 (b) $205 (b) $306
(c) $ 26 (c) $ 81 (c) $139 (c) $295
(d) $ 28 (d) $ 85 (d) $145 (d) $306
Balanced Growth (a) $116 (a) $151 (a) $198 (a) $294
(b) $118 (b) $155 (b) $204 (b) $305
(c) $ 26 (c) $ 81 (c) $138 (c) $294
(d) $ 28 (d) $ 85 (d) $144 (d) $305
Conservative Growth (a) $116 (a) $150 (a) $196 (a) $289
(b) $117 (b) $153 (b) $202 (b) $300
(c) $ 26 (c) $ 80 (c) $136 (c) $289
(d) $ 27 (d) $ 83 (d) $142 (d) $300
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</TABLE>
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The following change is made to page 17 of the Prospectus under TRANSFERS DURING
THE ACCUMULATION PHASE, the first full paragraph is replaced with the following:
Except as provided in the next sentence with respect to the DCA fixed
accounts, you can transfer money among the SELECT PORTFOLIO(S),
STRATEGY(IES) and the fixed investment options by written request or
by telephone. Although you may transfer money out of the DCA fixed
accounts, you may not transfer money into the DCA fixed account from
any SELECT PORTFOLIO(S), STRATEGY(IES) and the fixed investment
options. You may make fifteen (15) transfers every year without
incurring a transfer charge. We measure a year from the anniversary
of the date we issued your contract. If you make more than fifteen (15)
transfers in a year, there is a $25 fee per transfer ($10 in
Pennsylvania and Texas).
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The following change applies to page 27 of the prospectus under the heading
TRANSFERS DURING THE INCOME PHASE. The last full paragraph is replaced with the
following:
During the Income Phase, one transfer per month is permitted between
the SELECT PORTFOLIOS and STRATEGIES. No other transfers are allowed
during the income phase.
Date: December 29, 1999
PLEASE KEEP THIS SUPPLEMENT WITH YOUR PROSPECTUS
