MINNEAPOLIS--(BUSINESS WIRE)--Allianz Life Insurance Company of North America (Allianz Life) announced today that Moody’s Investors Service has upgraded the company’s financial strength rating from A2 to A1 with a stable outlook. A1 is the fifth highest of 21 possible ratings.
The rating reflects Allianz Life's leading market position in the fixed index annuity (FIA) market as well as its large block of inforce annuity business in the US. In addition, Moody’s cited Allianz Life’s overall product innovation as well as growth in its life insurance business. The rating agency also highlighted Allianz Life’s strategic focus on risk management as a key contributor to the company’s strong profitability over the past several years. Of note, nearly 10 percent of parent company Allianz SE’s overall operating profit was generated by Allianz Life in 2016.
“Our careful planning, disciplined investing, and risk management expertise have all contributed to this rating upgrade,” said Allianz Life Chief Financial Officer Bill Gaumond. “Allianz Life continues to remain strong, stable and well-capitalized, which will allow us to fulfill our promises and financial obligations to our customers for generations to come.”
Allianz Life has maintained strong financial and credit ratings for several years, including through the financial downturn in 2008-2009. Allianz Life also holds an A+ (Superior) rating from A.M. Best, the second highest of 16 possible ratings, and a rating of AA (Very Strong) from Standard & Poor’s, the third highest of 21 possible ratings.
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 2017, 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. In 2016, Allianz Life provided a total of $2.6 billion in benefit payments that supported policyholders’ financial objectives. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with 142,000 employees in more than 70 countries 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.