MINNEAPOLIS–(BUSINESS WIRE)–Feb 15, 2019–Allianz Life Insurance Company of North America ( Allianz LifeĀ® ) today announced its 2018 financial results, with assets under management rising to $138 billion and total premium reaching $12.7 billion, 16 percent higher than 2017. Allianz Lifeās operating profit topped $1 billion for the third year in a row, reaching slightly more than $1 billion. However, given volatile market conditions in 2018, this was a slight drop following a record $1.18 billion in 2017, but was still in line with expectations. In 2018, the company paid $2.8 billion in benefits to its policyholders and contract holders via life insurance and annuity payments, up 7 percent from 2017.
Life insurance premium hit a record high in 2018, rising 7 percent to $101 million. Fixed index annuity (FIA) sales continued to experience strong growth, reaching $9.2 billion, a 23 percent increase over the previous year. Allianz Life continues to be a top seller of FIAs in the United States. Index variable annuities (IVA) premium declined slightly from 2017 but came in strong at $2.11 billion.
āDespite volatile market conditions, we produced very solid overall results in 2018,ā said Bill Gaumond, chief financial officer, Allianz Life. āWe saw very strong sales, with life insurance reaching an all-time high. Meanwhile, the strong FIA sales number indicates growing consumer demand for retirement income products that provide protection while still offering upside potential. We remain optimistic that this trend will continue well into the future as more Americans enter retirement and seek solutions that provide an income they cannot outlive.ā
Allianz Life continued to play a significant role in the success of its parent company, Allianz SE, in 2018.Ā More than 7 percent of Allianz SE global operating profit in 2018 was generated by Allianz Life (and more than 20 percent of Allianz SE global operating profit in the life/health sector).
Ongoing Ratings Strength
Allianz Life retained all of its ratings in 2018. Current ratings include:
Standard & Poorās: AA (Very Strong), the third highest of 21 possible ratings. Moodyās 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 2018, with its charitable giving programs providing more than $2 million to Minnesota nonprofits. Allianz Life employees also volunteered 13,000 hours to local nonprofits in 2018. In the year ahead, Allianz Field, the eighth stadium to hold the Allianz name worldwide, will open in the Midway area of St. Paul. The first Minnesota United game is scheduled for April 13.
Allianz Life received several accolades in the past year, including recently being named to the prestigious Fortune magazineās ā100 Best Places to Work Forā list for the eight consecutive year. Other honors throughout the year include the following:
Named a top workplace by the Star Tribune (Minneapolis) for the ninth consecutive year. Ranked as one of Working Mother magazineās 100 Best Companies for the fifth consecutive year. Ranked in Training magazineās Training Top 125 for the sixth year in a row.
About Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America, one of the FORTUNE 100 Best Companies to Work ForĀ® in 2019, 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 2018, Allianz Life provided $2.8 billion in benefit payments that helped policyholdersā achieve their financial goals. 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 142,000 employees in more than 80 countries. Allianz Life is a proud sponsor of Allianz Field in St. Paul, Minnesota, home of Major League Soccerās Minnesota United.
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CONTACT: Brett J. Weinberg
KEYWORD: UNITED STATES NORTH AMERICA MINNESOTA
INDUSTRY KEYWORD: PHILANTHROPY PROFESSIONAL SERVICES BANKING FINANCE INSURANCE FOUNDATION FUND RAISING
SOURCE: Allianz Life Insurance Company of North America
Copyright Business Wire 2019.
PUB: 02/15/2019 10:19 AM/DISC: 02/15/2019 10:19 AM