MINNEAPOLIS–(BUSINESS WIRE)–

Minneapolis-based Allianz Life Insurance Company of North America (Allianz Life) today reported operating profit of $646 million for its 2013 financial year, an increase of 10% from $586 million in 2012. Growth in operating profit was driven by a growing asset base, improved margins, and disciplined expense management. Operating profit is reported on the International Financial Reporting Standards basis and includes earnings from recurring business operations.

Allianz Life reported total premium (new sales and recurring premiums) of $9.7 billion for 2013, up 4% from the prior year total of $9.4 billion. Fixed annuity and fixed index annuity (FIA) sales increased 11% to $6.1 billion in 2013 compared to $5.5 billion of premium in 2012. Consistent with a planned shift in product mix, variable annuity sales decreased 9% to $3 billion in premium in 2013 compared to $3.3 billion in 2012. Life insurance sales increased 12% from $65 million in 2012 to $73 million in 2013. Sales results reflect the success of an effective distribution strategy along with superior product innovation and rigorous pricing discipline. In 2013, Allianz Life provided a total of $2.4 billion in benefit payments supporting policyholders’ retirement income and other financial objectives. At the close of 2013, Allianz Life’s assets under management increased 4% to $107 billion, compared with $103 billion at the end of 2012.

“Demand for our products increased in 2013 as Americans continue to seek ways to grow their retirement savings and generate income in retirement,” said Allianz Life President & CEO Walter White. “With several well-received new products and product enhancements in 2013, our team continued to innovate to meet customer needs while remaining focused on financial discipline. This focus has helped ensure that we are able to maintain strong ratings and keep the long-term promises embedded in our products.”

U.S. rating agencies recognized Allianz Life’s commitment to strengthening its capital base. The agencies affirmed the company’s high financial strength ratings throughout 2013, which have remained unchanged after the 2008-2009 financial crisis. On Feb. 3, 2014, Standard & Poor’s affirmed Allianz Life’s rating as AA (very strong); this is the third highest out of 21 possible ratings. On Nov. 4, 2013, Standard & Poor’s affirmed the financial strength rating of Allianz SE of “AA” with a “stable 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 2013 financial results, the company earned the following distinctions:

• #1 Fixed Index Annuity (FIA) Leader – Allianz Life was named the top seller of FIAs for 17 consecutive quarters (based on sales), according to Wink’s Indexed Sales & Market Report, 3Q 2013;
• FORTUNE Magazine Best Places to Work For – Named to FORTUNE magazine’s “100 Best Companies to Work For” list, ranking 47^th and earning the distinction as the top Minnesota company on the list;
• Superior Service – Awarded 2013 Excellence in Sales Support by DALBAR, the nation’s leading financial services market research and consulting firm ;
• Top Workplace –Received the Minneapolis Star Tribune Top Workplace award (June 2013) and the Minneapolis/St. Paul Business Journal Healthiest Employer award (June 2013);
• Focus on Senior Services – Received the Key Community Partner Award from Senior Community Services for outstanding effort and positive impact on the lives of seniors in the community (September 2013);
• Community Giving – Provided $1.9 million to local organizations in 2013 primarily focused on senior services and financial literacy programs through corporate and employee giving; and
• Market and Consumer Insights – Helped define the discussion about women’s attitudes and outlook toward money and personal financial management in 2013 through the Allianz Life Women, Money & Power Study.

About Allianz Life

Allianz Life Insurance Company of North America, one of FORTUNE’s 100 Best Companies to Work For in 2014, 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 142,000 employees worldwide. More than 78 million private and corporate customers rely on Allianz knowledge, global reach, and capital strength to help them make the most of financial opportunities. Follow Allianz Life Insurance Company of North America on Twitter @AllianzLifeNews.

Allianz Life Insurance Company of North America offers insurance and annuities in all states except New York. In New York, products are issued by Allianz Life Insurance Company of New York.

“Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.”

*For a full description of how Standard & Poor’s® Insurer Financial Strength Rating categories are assigned and to obtain current ratings refer to www.standardandpoors.com.

A Standard & Poor’s Insurer Financial Strength Rating is a current opinion of the financial security characteristics of an insurance organization with respect to its ability to pay under its insurance policies and contracts in accordance with their terms. Insurer Financial Strength Ratings are based on information furnished by rated organizations (or obtained by Standard & Poor’s from other sources it considers reliable). Insurers rated AA have Very Strong financial security characteristics.

• Finance
• Investment & Company Information
• Allianz Life