Allianz Life Reports Solid Operating Profits and Premium for 2009
February 26 2010 - 11:20AM
Business Wire
Minneapolis-based Allianz Life Insurance Company of North
America (Allianz Life) today posted the highest operating profit in
the company’s 110-year history at nearly $800MM for its 2009
financial year. The results can be attributed to strong operational
performance coupled with rebounding economic conditions, including
rising interest rates and narrowing credit spreads, which may not
continue or be as impactful in 2010.
In February, A.M. Best reaffirmed the company's rating of A with
a stable outlook based on the strong liquidity, unlevered balance
sheet, improved operating profile and well-developed enterprise
risk management practices. Additionally Allianz Life benefits from
the strong support of its parent company, Allianz SE, one of the
world's largest insurance and financial services companies.
"We have worked hard during the last several years to ensure
that we are true to our most important obligation: the ability to
keep our promises," said Allianz Life President & CEO Gary C.
Bhojwani. "The strong performance in 2009 is the best demonstration
of our commitment to this simple concept. These results are
possible because of the full engagement of our employees, the
support of our parent company and the collaboration of our business
partners."
In addition, Allianz Life reported premium of $9.0B for 2009 up
2% versus prior year. The company achieved these results despite a
pro-active, long-term risk management move resulting in the
suspension of one-third of its business for five months. In March
2009, Allianz Life suspended the sale of the living benefit rider
on its variable annuity offerings, relaunching in August 2009. The
company benefited from turbulence in the competitive landscape, as
well as solid distribution relationships and strong product
offerings.
"While we are extremely pleased with the current performance, we
are focused on continuing to build and improve upon
industry-leading products and services that fulfill one of the
greatest needs for retiring Americans: guaranteed income for life,"
Bhojwani added.
About Allianz Life
Founded in 1896, Allianz Life provides an array of annuities and
life insurance products in the U.S. through a nationwide network of
independent distribution. The company is part of Allianz SE, a
global financial services organization that is the 20th largest
company in the world based on revenue (Fortune Global 500, August
2009), employing nearly 155,000 people worldwide.
All guarantees are backed by the financial strength and
claims-paying ability of Allianz Life Insurance Company of North
America.
Allianz Life Insurance Company of North America offers insurance
and annuities in all states except New York. In NY, products are
issued by Allianz Life Insurance Company of New York, New York.
NY
The AM Best® rating of A (Strong) is the 3rd highest out of 16x
possible ratings, and was affirmed February 2010.
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