UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

______________________

SCHEDULE 14A

______________________

Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No.  )

American Funds Insurance Series
(Name of Registrant as Specified In Its Charter)

_____________________________________________________________________
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

Important news about American Funds Insurance Series® shareholder meeting

Proxy statement

​1   The term independent trustee refers to a Trustee who is not an “interested person” of the Series within the meaning of the 1940 Act.

​2   Trustees and officers of the Series serve until their resignation, removal or retirement.

​3   Funds managed by CRMC or its affiliates. The number of portfolios within the fund complex overseen by a Trustee includes the portfolios that a nominee would oversee if elected for the Series and the other American Funds and Capital Group ETFs.

​4   This includes all directorships/trusteeships (other than those in the American Funds, Capital Group ETFs or other funds managed by CRMC or its affiliates) that are held by each Trustee as a director/trustee of a public company or a registered investment company. Unless otherwise noted, all directorships/trusteeships are current.

​5   Ms. Holt plans to retire from the Board (and from the boards of the other American Funds on which she serves) at the end of 2025. She will remain on the Board until her retirement and will not stand for election at the Shareholder Meeting, but her retirement may be delayed if for any reason her successor on the Board is not elected and qualified.

​6   Prof. Janow will remain as a Board member until the end of 2025 (or until her successor is elected and qualified) but will not stand for election to the Boards of these Funds at the Shareholder Meetings.

​7   The term interested trustee refers to a Trustee who is an “interested person” of the Series within the meaning of the 1940 Act, on the basis of his or her affiliation with the Series’ investment adviser, CRMC, or affiliated entities.

​8   Mr. Gitlin will remain on the Boards until the end of 2025 but will not stand for reelection.

​9   Company affiliated with CRMC.

Correspondence intended for Trustees or nominees may be sent to 333 South Hope Street, 55th Floor, Los Angeles, California 90071, Attention: Secretary.

Board leadership structure

The chair of the Series’ Board is currently an independent Trustee who is not an “interested person” of the Series within the meaning of the 1940 Act (an “Independent Trustee”). The Board has determined that an independent chair facilitates oversight and enhances the effectiveness of the Board. The independent chair’s duties include, without limitation, generally presiding at meetings of the Board, approving Board meeting schedules and agendas, leading meetings of the Independent Trustees in executive session, facilitating communication with committee chairs and serving as the principal Independent Trustee contact for Series management and independent counsel to the Trustees and the Series.

Board role in risk oversight

The operations of the Series are supervised by the Board, which meets periodically and performs duties required by applicable state and federal laws. Day-to-day management of the Series, including risk management, is the responsibility of the Series’ contractual service providers, including the Series’ investment adviser, distributor and transfer agent. Each of these entities is responsible for specific portions of the Series’ operations, including the processes and associated risks relating to the investments of the Series’ individual portfolio funds, integrity of cash movements, financial reporting, operations and compliance. The Board oversees the service providers’ discharge of their responsibilities, including the processes they use to manage relevant risks. In that regard, the Board receives reports regarding the operations of the Series’ service providers, including relevant risks. For example, the Board receives reports from investment professionals regarding risks related to the Series portfolio funds’ investments and trading. The Board also receives compliance reports from the chief compliance officers of the Series and CRMC addressing certain areas of risk.

As described below, the Board has three standing committees comprised entirely of Independent Trustees: an audit committee (“AC”), a contracts committee (“KC”) and a nominating and governance committee (“NGC”). Those committees, as well as joint committees of independent Board members of other funds managed by CRMC or its affiliates, also explore risk management procedures in particular areas and report back to the full Board.

Not all risks that may affect the Series can be identified or processes and controls developed to eliminate or mitigate their effect. Moreover, it is necessary to bear certain risks (such as investment-related risks) to achieve the objectives of each portfolio fund of the Series. As a result of the foregoing and other factors, the ability of the Series’ service providers to eliminate or mitigate risks is subject to limitations.

Board committees and membership

During the fiscal year ended December 31, 2024 (“Fiscal Year 2024”), the Series held four Board meetings. As noted above and described below, the Board has standing committees, each of which holds separate committee meetings. During Fiscal Year 2024, all incumbent trustees attended all the meetings of the Board and committees on which he or she served.

The AC is comprised of Francisco G. Cigarroa, Leslie Stone Heisz, Mary Davis Holt and Paul S. Williams. The AC provides oversight regarding the Series’ accounting and financial reporting policies and practices, its internal controls and the internal controls of the Series’ principal service providers and acts as a liaison between the Series’ independent registered public accounting firm and the full Board. The AC held five meetings during the Fiscal Year 2024.

The KC is comprised of all the Board’s Independent Trustees. The KC’s principal function is to request, review and consider the information deemed necessary to evaluate the terms of certain agreements between the Series and/or the Series’ portfolio funds and their investment adviser or the investment adviser’s affiliates, such as the Investment Advisory and Service Agreement and the Plan of Distribution adopted pursuant to Rule 12b-1 under the 1940 Act, that the Series and/or funds may enter into, renew or continue, and to make its recommendations to the Series’ full Board on these matters. The KC held one meeting during the Fiscal Year 2024.

The NGC is comprised of Nariman Farvardin, Jennifer C. Feikin, Merit E. Janow, Margaret Spellings and Alexandra Trower. The NGC operates under a written charter set forth in Exhibit A. The NGC periodically reviews such issues as the Board’s composition, responsibilities, committees, compensation and other relevant matters, and recommends any appropriate changes to the full Board. The NGC also coordinates annual self-assessments of the Board and evaluates, selects and nominates Independent Trustee candidates to the full Board. While the NGC normally is able to identify from its own and other resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the Board. Such suggestions must be sent in writing to the NGC of the Series, addressed

to the Series’ secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the NGC (see also the section of this Proxy Statement titled “Shareholder Proposals”). The NGC held three meetings during the Fiscal Year 2024.

Trustee compensation and Series ownership

Compensation paid to each Independent Trustee for his or her service as a member of the Series’ Board during Fiscal Year 2024 is set forth in the table on the following page. The value of Series shares owned by each Trustee or nominee as of June 30, 2025 is also set forth in the table on the following page. No compensation is paid by the Series to any Trustee who is affiliated with the Series’ investment adviser.

No pension or retirement benefits are accrued as part of the Series’ expenses. Independent Trustees may elect, on a voluntary basis, to defer all or a portion of their fees through a deferred compensation plan in effect for the Series.

Trustee compensation and fund ownership

The following tables set forth for each nominee or continuing trustee the total compensation paid to him or her by the Series and by all funds managed by CRMC or its affiliates that he or she oversees as a director or trustee during the most recent fiscal year, as well as the value of his or her holdings in the Series and in all of the funds he or she oversees (or would oversee, if elected) as a director or trustee as of June 30, 2025. As of June 30, 2025, the nominees, continuing directors or trustees and officers of each Fund owned, in aggregate, less than 1% of each Fund’s outstanding shares.

​1   An independent trustee refers to a Trustee who is not an “interested person” of the Series within the meaning of the 1940 Act.

​2   Amounts may be deferred by eligible Trustees under a nonqualified deferred compensation plan adopted by the Series. Deferred amounts accumulate at an earnings rate determined by the total return of one or more funds as designated by the Trustees. Compensation shown in this table for the most recent fiscal year does not include earnings on amounts deferred in previous fiscal years. Total compensation from all funds managed by CRMC or its affiliates.

​3   Dollar range of Series shares owned is made using the following ranges: None; $1 - $10,000; $10,001 - $50,000; $50,001 - $100,000 and Over $100,000. The amounts listed for independent trustees include shares owned by their Immediate Family Members (as defined in Item 22 of Schedule 14A). The amounts listed for interested Trustees include shares owned through The Capital Group Companies, Inc. retirement plan and 401(k)

​4   Nominee who was not an independent Trustee of the Series at the close of the most recent fiscal year end period; therefore, the nominee did not receive any compensation from the Series during its most recent fiscal year.

​5   An interested trustee refers to a Trustee who is an “interested person” of the Series within the meaning of the 1940 Act on the basis of their affiliation with CRMC or affiliated entities.

​6   No compensation is paid by the Series or any other American Funds to any Trustee who is affiliated with CRMC.

​7   Nominee who is not currently a Trustee of the Series.

​8   Trustee who plans to resign from the Board(s) on which he or she serves at the end of 2025 and, accordingly, will not stand for election at the Shareholder Meeting.

​9   Shares of the funds in the Series may only be owned by purchasing variable annuity and variable life insurance contracts. Each nominee’s need for variable annuity or variable life insurance contracts and the role those contracts would play in his or her comprehensive investment portfolio will vary and depend on a number of factors, including tax, estate planning, life insurance, alternative retirement plans or other considerations.

​10   The funds in the Series are not available for investment in the independent trustees deferred compensation plan.

​11   Ms. Holt plans to retire from the Boards of AFIS at the end of 2025. She will remain on the Boards until her retirement, or, if later, until her successors are elected and qualified, and will not stand for election at the upcoming Shareholder Meeting, but her retirement may be delayed if for any reason her successor on the Board is not elected and qualified.

Executive officers

Following are the executive officers of the Series as of the date of this Proxy Statement. Each officer listed was appointed and each will hold office until his or her resignation, removal or retirement, or until a successor is duly elected and qualified.

PART II

ADDITIONAL INFORMATION ABOUT THE SERIES

THE INVESTMENT ADVISER. CRMC, an experienced investment management organization founded in 1931, serves as investment adviser to the Series and to each of its portfolio funds. CRMC is a wholly owned subsidiary of The Capital Group Companies, Inc. The address of CRMC and The Capital Group Companies, Inc. is 333 South Hope Street, Los Angeles, California 90071. CRMC manages the investment portfolios and business affairs of the Series and its portfolio funds pursuant to an Investment Advisory and Service Agreement with the Series.

THE UNDERWRITER. Capital Client Group, Inc., a wholly owned subsidiary of CRMC, is the principal underwriter of the Series’ shares. Capital Client Group, Inc. is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA 92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; 12811 N. Meridian Street, Carmel, IN 46032; 399 Park Avenue, 34th Floor, New York, NY 10022; and 444 W. Lake Street, Suite 4600, Chicago, IL 60606.

THE TRANSFER AGENT. American Funds Service Company, a wholly owned subsidiary of CRMC, maintains the records of Separate Accounts invested in the Series, processes purchases and redemptions of the Series’ shares, acts as dividend and capital gain distribution disbursing agent, and performs other related shareholder service functions. The principal office of American Funds Service Company is located at 6455 Irvine Center Drive, Irvine, California 92618.

THE CUSTODIAN. State Street Bank and Trust Company, One Lincoln Street, Boston, Massachusetts 02111, is the custodian for the cash and securities of the Series.

OTHER MATTERS. The Series’ last audited financial statements and most recent annual and semi-annual reports are available free of charge. Copies of these documents can be obtained by writing to the secretary of the Series at 333 South Hope Street, Los Angeles, California 90071 or by calling American Funds Service Company, toll free, at (800) 421-4225.

PRINCIPAL SHAREHOLDERS. As of June 30, 2025, there were 6,506,863,831 shares of the Series outstanding.

Each Fund’s shareholders who are known by the Fund to have been the beneficial owners of more than 5% of any class of the Fund’s shares as of June 30, 2025 are set forth in the Appendix.

As of June 30, 2025, the officers and Trustees of the Series, as a group, owned of record and beneficially less than 1% of the outstanding voting securities of the Series.

AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES. The AC has adopted pre-approval policies and procedures that require all audit, audit-related, tax and other services provided by PwC be pre-approved by the AC. The AC has further delegated the authority to review and pre-approve such fees for services not to exceed an aggregate amount of $5,000 to the AC Chair, provided the AC Chair reports such matters to the full AC at its next meeting.

FURTHER INFORMATION ABOUT VOTING AND THE SHAREHOLDER MEETING

SOLICITATION OF PROXIES AND VOTING INSTRUCTION FORMS. The vote of shareholders of the Series is being solicited by, and on behalf of, the Trustees of the Series. The Participating Insurance Companies have agreed to solicit the vote of contract holders whose Variable Contracts have an interest in the Series. The cost of soliciting proxies and voting instruction forms, including the fees of a proxy soliciting agent, will be borne by the Series. The Series expects that the solicitation will be primarily by mail, but may also include telephone, electronic or other means of communication. If the Series does not receive your proxy or voting instruction form by a certain time you may receive a telephone call from the proxy soliciting agent asking you to vote. At this time we do not anticipate that solicitation of contract holders’ votes by telephone will be conducted, but, even if such solicitation becomes necessary, we estimate the total costs associated with obtaining shareholder approval of the Proposal, including printing and mailing of this Proxy Statement and solicitation of contract holders’ votes, will average across the Series approximately $1.00 per contract holder account. Authorization to permit the proxy soliciting agent to execute proxies may be obtained by telephonic or other means of instructions from shareholders of the Series. The Series does not reimburse Trustees and officers of the Series or regular employees and agents of CRMC involved in any solicitation. The Series will pay all costs associated with the solicitation and the Shareholder Meeting. Such costs will be allocated among the portfolio funds of the Series.

PROXY SOLICITOR. Computershare Fund Services (“Computershare”) is a company hired by the Series to help with the Shareholder Meeting and collect votes. Computershare is not affiliated with the Series or CRMC. If you have not voted before the Shareholder Meeting, you may get a call from Computershare asking for your vote so the meeting can go ahead as planned.

QUORUM. Holders of a majority of the outstanding shares of the Series, present in person or represented by proxy, constitute a quorum at the Shareholder Meeting for purposes of acting upon the Proposal. Proxies returned with respect to shares whose proxy instructions reflect an abstention on the Proposal will be counted as shares present and entitled to vote for purposes of determining whether the required quorum of shares exists.

Shares for which no voting instructions are given by a contract holder will generally be voted by the Participating Insurance Company, if required, in proportion to the voting instructions for those shares for which timely

instructions are received. The effect of this proportional voting is that the required quorum of shares for purposes of acting upon the Proposal will likely be reached even if most contract holders fail to provide voting instructions. Certain Participating Insurance Companies may require a certain threshold of response from contract holders to be met before employing this proportional voting.

METHOD OF TABULATION. Approval of the Proposal requires the affirmative vote of a majority of the votes cast in person or by proxy at the Shareholder Meeting. Abstentions will be treated as votes present at the Shareholder Meeting but will not be treated as votes cast. Abstentions, therefore, will have no effect on the Proposal. Voting instruction forms and proxy cards that are signed and dated, but not completed, will be voted “FOR” each of the nominees.

ADJOURNMENT. Whether or not a quorum is present, the Shareholder Meeting may be adjourned by a majority of the votes properly cast upon the question of adjourning the Shareholder Meeting to another date, time and place. The Shareholder Meeting may also be adjourned to another date, time or place by the Chairman of the meeting. Such authority to adjourn the Shareholder Meeting may be exercised if a quorum is not present at the Shareholder Meeting, or, if a quorum is present but sufficient votes have not been received to approve the Proposal or for any other reason consistent with applicable law and the Series’ charter, by-laws or other governing documents, including to allow for the further solicitation of proxies. Any adjournment may be made with respect to any business which might have been transacted at such Shareholder Meeting, and any adjournment will not delay or otherwise affect the effectiveness and validity of any business transacted at the Shareholder Meeting prior to adjournment. Unless otherwise instructed by a shareholder granting a proxy, the persons designated as proxies may use their discretionary authority to vote as instructed by management of the Series on questions of adjournment and on any other proposals raised at the Shareholder Meeting to the extent permitted by federal proxy rules, including proposals for which management of the Series did not have timely notice.

SHAREHOLDER PROPOSALS. The Series is not required and does not intend to hold regular annual meetings of shareholders. A shareholder who wishes to submit a proposal for consideration for inclusion in the Series’ proxy statement for its next meeting of shareholders should send a written proposal to the Series’ office at 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary, so that it is received within a reasonable time in advance of such meeting in order to be included in the Series’ proxy statement relating to that meeting and presented at the meeting. A shareholder proposal may be presented at a shareholder meeting only if such proposal concerns a matter that may be properly brought before the meeting under applicable federal proxy rules, state law, and other governing instruments. Submission of a proposal by a shareholder does not guarantee that the proposal will be included in the Series’ proxy statement or presented at the meeting.

REVOKING YOUR VOTING INSTRUCTIONS OR PROXIES. If you are a contract holder, you may revoke your voting instructions and provide updated voting instructions online, by phone or by submitting a later-dated vote by mail. If you are a contract holder, you may revoke your voting instructions entirely by contacting the applicable Participating Insurance Company, provided that such contact is made with sufficient time prior to the Shareholder Meeting. If you are a direct owner of Series shares, you may revoke your proxies at any time before they are voted by forwarding a written revocation or a later-dated proxy to the Series, provided that it is received by the Series at or prior to the Shareholder Meeting, or by attending the Shareholder Meeting and voting in person.

EXPENSES RELATED TO SHAREHOLDER MEETING. The Board of the Series has determined that the expenses associated with obtaining shareholder approval of the Proposal, including printing and mailing of this Proxy Statement and solicitation of contract holders’ votes, are appropriate expenses for the Series to incur. Accordingly, the Series will bear these costs. We estimate that these costs will average approximately $1.00 per contract holder account across the Series. We do not anticipate that telephone solicitations will be conducted to obtain voting instructions from contract holders; however, if such solicitations become necessary the costs per contract holder may increase.

OTHER BUSINESS. No business other than the matter described above is expected to come before the Shareholder Meeting, but should any other matter requiring a vote of any of the Series’ shareholders arise, including any questions as to an adjournment or postponement of the Shareholder Meeting, the persons designated as proxies will vote on such matters in accordance with the views of management.

EXHIBIT A

FORM OF
NOMINATING AND GOVERNANCE COMMITTEE CHARTER

I.     COMMITTEE ORGANIZATION

The Nominating and Governance Committee (the “Committee”), a committee established by the Board of Directors/Trustees (the “Board”) of the Fund/Trust, will be comprised solely of members of the Board who are not considered “interested persons” of the Fund/Trust under the Investment Company Act of 1940, and who are otherwise independent. To be considered independent a member may not, other than in his or her capacity as a member of the Board, the Committee or any other committee of the Board, accept any consulting, advisory or other compensatory fee from the Fund/Trust, or be a former officer or director of Capital Research and Management Company (“CRMC”) or any of its affiliates.

The Board will appoint the members of the Committee. If the Board has not designated a Chair of the Committee, the Committee members may designate a Chair by majority vote of all members. The Committee will be comprised of at least three independent board members. The Fund’s/Trust’s Secretary will serve as Secretary of the Committee.

The Committee will meet with the frequency, and at the times, determined by the Committee Chair or a majority of Committee members. Under normal circumstances, the Committee is expected to meet at least annually. The Chair will cause notice of each meeting, together with the agenda and any related material, to be sent to each member, normally at least one week before the meeting. The Chair will cause minutes of each Committee meeting to be prepared and distributed to Committee members promptly. The Committee may ask independent legal counsel, officers of the Fund/Trust, representatives of CRMC, or others to attend Committee meetings and provide pertinent information as necessary or desirable. The Committee may also meet in executive session.

II.    DUTIES AND RESPONSIBILITIES

The Committee will:

(a)   Evaluate the size and composition of the Board, and formulate policies and objectives concerning the desired mix of independent board member skills and characteristics. In doing so, the Committee will take into account all factors it considers relevant, including experience, demonstrated capabilities, independence, commitment, reputation, background, understanding of the investment business and understanding of business and financial matters generally. Where feasible and appropriate, the Committee will seek to enhance the diversity of Board membership. The Committee will also consider Board member succession matters.

(b)   Identify and recommend to the full Board for approval board member nominations.

(c)   Review independent board member compensation at least every two years, and expense-reimbursement policies as appropriate. The Committee will make recommendations on these matters to the full Board.

(d)   Review material, including information drawn from independent board member questionnaires, relating to positions, transactions and relationships that could reasonably bear on the independence of board members or raise concerns regarding potential conflicts of interest.

(e)   Make recommendations to the full Board concerning the appointment of the Chair and any Vice Chair of the Board and the appointment of independent board members to the Board’s committees and as Board committee chairs. The Committee will review terms of the Board Chair and committee chairs in accordance with the Board’s current policy, consider exceptions as needed, and make recommendations to the full Board.1

(f)   Periodically consider the responsibilities of Board committees, the continuing need for each committee, the possible need for additional committees, and the desirability of combining or reorganizing committees, and make recommendations to the full Board with respect to such matters.

(g)   Participate in discussions regarding the annual assessment of the Board’s performance and review, discuss and make recommendations to the Board relating to those issues arising from such assessment.

(h)   Consider governance-related matters and recommend to the Board any actions related to such matters as the Committee may deem necessary or advisable from time to time.

III.   AUTHORITY AND RESOURCES

The Committee will have the resources and authority appropriate to discharge its responsibilities, including, among other things, the authority to retain a search firm to assist the Committee in identifying, screening and attracting independent board members.

Independent legal counsel to the independent board members will serve as independent legal counsel to the Committee.

IV.   POLICIES AND PROCEDURES

The Committee’s policies and procedures may change from time to time to reflect new or evolving business conditions or nominating committee practices. In meeting its responsibilities, the Committee is expected to:

(a)   Provide oversight and help facilitate the orientation of new independent board members. The Committee Chair may designate an experienced independent board member to assist, and be available to, a new independent board member during his or her first year of service on the Board.

(b)   Consider, at such times as the Committee may deem appropriate, whether the composition of the Board, its committees reflect an appropriate blend of skills, backgrounds and experience, in relation to the goal of maximizing their effectiveness. The Committee may also consider the effectiveness of meetings, including their frequency, scheduling and duration, adequacy and focus of agendas, and material and presentations, and, as appropriate, Board member attendance.

(c)   Periodically review and reassess the adequacy of this Charter and recommend to the full Board any changes deemed advisable.

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