MINNEAPOLIS--(BUSINESS WIRE)--Allianz Life Insurance Company of North America (Allianz Life®) announced that A.M. Best upgraded the company’s financial strength rating to an A+ from the A rating it has had for the past ten years, and upgraded its issuer credit ratings from a+ to aa-.
At the same time, the financial credit rating company affirmed the financial strength rating of Allianz Life’s parent company, Allianz SE, at A+ (Superior) and its issuer credit rating of aa-. It said the outlook for all the Allianz ratings was stable. A.M. Best said the assessment reflects “Allianz's excellent risk-adjusted capitalization, strong operating performance, diversified business profile and robust risk management framework.”
The rating firm cited Allianz Life’s “core position” within its parent company, its leading U.S. market position in the fixed index annuity (FIA) market, “solid risk-based capital position, favorable premium and IFRS operating trends and its overall contribution to Allianz.” In addition, the rating recognized Allianz Life’s “innovation in product design, well-developed enterprise risk management framework and its modest operating leverage.”
“We are very pleased to earn this important recognition from A.M. Best. It’s a welcome confirmation of our financial strength, consistent operating performance, strong risk management discipline combined with the ability to bring innovation to the marketplace,” said Allianz Life Chief Financial Officer Giulio Terzariol. “Consumers and business partners can feel confident that we are stable for the long-term as we provide strong financial and retirement income solutions.”
In assessing Allianz SE, A.M. Best identified the company’s improved risk-adjusted capitalization, substantial retained earnings, and controlled business growth. It also cited a 21% increase in the group’s capital and surplus, and said the capitalization is expected to remain at a strong level for the foreseeable future.
Allianz Life has maintained strong financial and credit ratings for several years, including through the financial downturn in 2008-2009. The company has had an A (Excellent) rating from A.M. Best for many years before this upgrade to A+ (Superior), the second highest of 16 possible rankings. A.M. Best released the updated rating on August 6.
Allianz Life Insurance Company of North America, one of FORTUNE’s 100 Best Companies to Work For in 2015, 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 147,000 employees worldwide. More than 85 million private and corporate customers rely on Allianz knowledge, global reach, and capital strength to help them make the most of financial opportunities.