MINNEAPOLIS--(BUSINESS WIRE)--Allianz Life Insurance Company of North America (Allianz Life®) today announced its 2019 financial results, with assets under management rising to $151 billion, up nine percent over 2018. Total premium grew 7.7 percent to $13.73 billion over the same period. In addition, Allianz Life provided additional value to its policyholders in 2019 via distributions of more than $10.4 billion, up 9 percent from $9.5 billion in 2018.
Life insurance premiums climbed to $121 million in 2019, up almost 20 percent over 2018, as a result of expanded distribution and competitive products that were well received by the marketplace. Index variable annuity (IVA) premium jumped to $3.8 billion, up 80 percent over 2018. Fixed index annuity (FIA) sales dropped slightly to $8.5 billion due to the continued low interest rate environment, but Allianz Life continues to be the top seller of FIAs in the United States.
“2019 was a strong year for Allianz Life and we saw increased demand for products that help Americans manage risk both before and within retirement,” said Walter White, Allianz Life president and CEO. “Our teams work hard to deliver innovative life insurance and annuity products to meet those needs, offering both guarantees and accumulation potential to help ensure our customers’ financial security.”
In 2019, Allianz Life continued to play a key role in the overall success of its parent company, Allianz SE. Nearly 10 percent of Allianz SE global operating profit was generated by Allianz Life (and more than 24 percent of Allianz SE global operating profit in the life/health sector).
Ratings Strength
Allianz Life is recognized for its strength and stability by the major rating agencies. In 2019, the company retained all of its ratings. Current ratings include:
- Standard & Poor’s: AA (Very Strong), the third highest of 21 possible ratings.
- Moody’s Investors Service: A1, the fifth highest of 21 possible ratings.
- A.M. Best: A+ (Superior), the second highest of 16 possible ratings.
Allianz Life in the Community
Allianz Life increased its level of commitment to the Twin Cities community in 2019, with its charitable giving programs providing more than $2.3 million to Minnesota nonprofits. Allianz Life employees also volunteered 13,000 hours to local nonprofits during the year. In addition, the much-anticipated Allianz Field opened its doors in the Midway area of St. Paul in 2019, becoming the eighth stadium worldwide, and the first in North America to hold the Allianz name.
Workplace Awards
Allianz Life received several accolades, including recently being named to the FORTUNE 100 Best Companies to Work list for the ninth consecutive year. Other honors throughout the year include:
- Named a top workplace by the Star Tribune (Minneapolis) for the tenth consecutive year.
- Ranked as one of Working Mother magazine’s 100 Best Companies for the sixth consecutive year.
- Ranked in Training magazine’s Training Top 125 for the sixth year in a row.
- Named to Best Places to Work for LGBTQ Equality for the fourth consecutive year as a result of earning a perfect score on the Human Rights Campaign Foundation’s Corporate Equality Index (CEI).
About Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America, one of the FORTUNE 100 Best Companies to Work For® in 2020, has been keeping its promises since 1896 by helping Americans achieve their retirement income and protection goals with a variety of annuity and life insurance products. In 2019, Allianz Life provided additional value to its policyholders via distributions of more than $10.4 billion. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with over 147,000 employees in more than 70 countries. Allianz Life is a proud sponsor of Allianz Field in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.
