Allianz Life Reports Financial Results for 2011

MINNEAPOLIS--(BUSINESS WIRE)--Minneapolis-based Allianz Life Insurance Company of North America (Allianz Life) today reported solid financial results for 2011 despite a challenging economic and interest rate environment during the year.

“Allianz Life has emerged as a top company by meeting promises and delivering results. We are profitable, growing and continue to give back to the community, all because of our engaged, dedicated employees”

Overall sales remained strong as consumers continued to seek protection from market risk through guaranteed income products, including fixed index and variable annuities with income riders. Allianz Life reported total premium (new sales and recurring premiums) of $10.8 billion for 2011, which was unchanged from the prior year. Fixed annuity sales declined 8% to $6.5 billion in 2011 compared to $7.1 billion of premium in 2010. Variable sales increased 19% to $3.8 billion of premium. As a result, assets under management increased 9% to $95.3 billion at year end.

The company also posted operating profit of $428 million for its 2011 financial year, a decline of 9% from $472 million in 2010. In addition, Allianz Life also improved its capital position, reporting regulatory risked-based capital ratio growth from 294 percent to 361 percent, an increase of 67 percentage points from 2010.

“Allianz Life strengthened our financial and competitive position, while protecting and growing Americans’ retirement savings. We posted solid results in 2011 in terms of sales, operating profit and capital strength despite a challenging market environment,” said Allianz Life President & CEO Walter White. “We saw strong demand for our core products in the fourth quarter, as Americans continue to look to us as a source to help build more financial security.”

In January 2012, Standard & Poor’s affirmed Allianz Life’s rating as AA (very strong); this is the third highest out of 21 possible ratings. Standard & Poor’s affirmed the financial strength rating of Allianz SE of “AA” and added a “negative outlook” which applies to Allianz SE and other entities, including Allianz Life Insurance Company of North America. Allianz SE remains one of the highest rated insurance companies in the world.

In addition to the solid financial results, Allianz Life achieved the following in 2011:

Named the top seller of fixed index annuities for 9 of the past 10 quarters according to AnnuitySpecs.com, Indexed Sales & Market Report, 3Q 2011,
Named to FORTUNE magazine’s “100 Best Companies to Work For” list for the first time in 2012, ranking 51st and earning the top position among Minnesota companies,
Awarded 2011 excellence in sales support and 2011 financial intermediary service awards by DALBAR, the nation’s leading financial services market research and consulting firm,
Received “Best Place to Work” accolades from the Minneapolis Star Tribune on June 23, 2011 and the Minneapolis/St. Paul Business Journal on July 8, 2011,
Received the Community Partner Award in April 2011 by the Corporate Volunteerism Council – Twin Cities for Allianz Life’s partnership with Junior Achievement and BestPrep promoting financial literacy,
Earned the prestigious Energy Star designation for its corporate headquarters campus in 2010 and 2011 and received a StormReady® Supporter Award from the National Weather Service,
Donated $1.6 million to local organizations primarily focused on senior services and financial literacy programs, and
Continued thought leadership in baby boomer retirement insights through a 2011 update to Reclaiming the Future study.

“Allianz Life has emerged as a top company by meeting promises and delivering results. We are profitable, growing and continue to give back to the community, all because of our engaged, dedicated employees,” said White. “As retirement planning takes on increased urgency and people search for sources of lifetime income, Allianz Life’s products and people will be ready to help provide more certainty in an uncertain world.”

About Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America, one of FORTUNE’s 100 Best Companies to Work For in 2012, has been keeping its promises since 1896. Today, it carries on that tradition, helping Americans achieve their retirement income and protection goals with a variety of annuities and life insurance products. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with 150,000 employees worldwide. More than 75 million private and corporate customers rely on Allianz knowledge, global reach, and capital strength to help them make the most of financial opportunities.

All guarantees are backed solely by the financial strength and claims-paying ability of the issuing company.

Life insurance and annuities are issued by Allianz Life Insurance Company of North America, and in New York, by Allianz Life Insurance Company of New York, New York City.