|[February 17, 2017]
Allianz Life Reports Strong 2016 Financial Results
Allianz Life Insurance Company of North America (Allianz
Life®) today announced its 2016 financial results,
reporting an operating profit of $1.06 billion, up 14 percent from 2015.
In surpassing the $1 billion mark for the first time in the company's
history, the Minneapolis-based financial services firm marked its fifth
consecutive year of growth. Allianz Life's assets under management also
rose to $125.3 billion, up seven percent from the previous year. Net
income was up 15 percent in 2016 over the previous year, reaching $757
"Our strong results in 2016 were driven by our growing block of in-force
business and increased demand for our retirement products," said
President and Chief Executive Officer Walter White. "Allianz Life
products continue to play a key role in helping to ensure that Americans
meet their financial and retirement goals."
Allianz Life's total premium reached $13.1 billion in 2016, up 13
percent from $11.6 billion in 2015. Results were driven by strong fixed
index annuity (FIA) sales, which grew 16 percent to $10.2 billion in
2016. Variable annuity (VA) sales experienced slight growth, but indexed
variable annuity (IVA) sales rose dramatically by 118 percent in 2016
over 2015, hitting $1.45 billion. 2016 life insurance premium was $72.8
million while recurring life insurance premium was up nine percent over
2015 at $627.5 million. Allianz Life paid $2.6 billion in benefits to
its policyholders and contract owners via life insurance and annuity
payments in 2016, up eight percent fom the previous year.
Allianz Life continued to receive strong financial and credit ratings in
2016. A.M. Best reaffirmed the company's financial strength rating of A+
(Superior), the second-highest of its 16 possible ratings. Standard and
Poor's also reaffirmed Allianz Life's rating, AA (Very Strong), the
third-highest of its 21 possible ratings.
In addition to solid financial results in 2016, Allianz Life received
the following distinctions throughout the year:
Named #1 fixed index annuity (FIA) leader for 29 consecutive quarters
(based on sales), according to Wink's Indexed Sales & Market
Report, 3Q 2016.
Named to Fortune magazine's "100 Best Places to Work For" list
for the fifth year in a row.
Named as a Top Workplace by the Star Tribune (Minneapolis) for
the seventh consecutive year.
Ranked as one of Working Mother magazine's 100 Best Companies
for the third consecutive year.
Ranked in Training magazine's Training Top 125 for the third
year in a row.
Designated as a Best Place to Work for LGBT Equality according to the
Human Rights Campaign (HRC) Foundation.
Recognized for community leadership for providing $1.9 million to
Minneapolis-area nonprofits as well as for Allianz Life employees
volunteering 15,500 hours at local nonprofits.
Note: Allianz Life's parent company, Allianz SE, has also released its 2016
financial results. Of note, 10 percent of its overall operating
profit was generated by Allianz Life in the United States in 2016.
About Allianz Life Insurance Company of North
Life Insurance Company of North America, one of FORTUNE's 100 Best
Companies to Work For in 2016, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170217005049/en/
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