Investment institution can take asset allocation strategy to change the risk of insolvency，which is caused by return guarantees，thereby，according to the principle of the consistency of risk and value，the value of return guarantees is changed． Available papers study the value of return guarantees without considering asset allocation strategy． This paper proposes a new approach combined with asset allocation strategy and return guarantee is set to a new form． We calculate the value of multiperiod return guarantees under constantmix， deterministic lifestyle and constant proportion portfolio insurance strategies respectively． The results show that:( 1) The asset allocation strategy and strategy parameters used return guarantee; asset allocation; constant proportion portfolio insurancey investment institutions are important factors affecting the value of return guarantees，and the hedge strategy used by investment institutions will reduce the value of return guarantees; ( 2) The value of multiperiod return guarantees change largely with the periods of multiperiod return guarantees．