Posted on 25 Feb 2011
Minneapolis-based Allianz Life Insurance Company of North America (Allianz Life) today posted operating profit of $472 million for its 2010 financial year.
In addition, strong sales momentum carried into the fourth quarter as consumers continued to seek protection from market risk through guaranteed income products, such as fixed index annuities. Allianz Life reported premium of $10.8 billion for 2010 up 20% versus prior year of $9.0 billion. Fixed index annuity sales increased 19% to $7.1 billion of premium for the year. Variable sales increased 27% to $3.2 billion of premium. As a result, assets under management increased 14% to $87.4 billion at year end.
“We made significant financial strides in terms of sales, operating profit and building capital strength in 2010, while keeping expenses in line,” said Allianz
Life President & CEO Gary C. Bhojwani. “The fourth quarter finished strong with continued sales growth and solid profit margins on new sales and our in- force annuity business as Americans continue to look to our products as a source of financial security."
Last week, A.M. Best affirmed the company's financial strength rating of A (excellent) with a stable outlook. This is based on Allianz Life’s leading US position within the fixed index annuity market, strong liquidity, an unlevered balance sheet, and well developed risk management practices.