Allianz Life Reports Results for Q1 2013 Financial Strength Continued Significant Growth as Reflected in Strong Capital Position, Ratings Business Wire MINNEAPOLIS -- May 15, 2013 Minneapolis-based Allianz Life Insurance Company of North America (Allianz Life^®) posted operating profit of $134 million for the first quarter of 2013 compared to first quarter of 2012 profit of $217 million and $27 million in the fourth quarter of 2012. The decrease in year-over-year quarterly profit and the increase in quarter-over-quarter profit reflect normal profit fluctuations and positive one-offs in the first quarter of last year. In addition, total assets under management reached $104.5 billion, compared to $98.5 billion at March 31, 2012, representing growth of approximately 6%. In the quarter, more than $2 billion of benefits were paid to policyholders in the form of claims disbursements, annuity payments and withdrawals. Allianz Life also improved its capital position, reporting a 21 percentage point increase in regulatory risk-based capital (RBC) ratio from 373% on December 31, 2012 to 394% on March 31, 2013. “Despite a very low interest rate environment that negatively affects all life insurers, our business continues to have strong performance,” said Allianz Life Chief Financial Officer Giulio Terzariol. “Though it is common to see fluctuations in quarterly profit, Allianz Life’s profit trends remain strong and in line with our expectations. Our solid product portfolio and growing financial strength offer our customers both opportunity and stability for their retirement plans.” Sales volume in the first quarter of 2013 was up 3% compared to the fourth quarter of 2012. Allianz Life reported premium of $2.1 billion for the quarter, compared to $2.0 billion in the fourth quarter of 2012 and $2.7 billion in first quarter of 2012. Fixed annuity premium of $1.2 billion was down 7% compared to the fourth quarter 2012, but variable annuity sales of $742 million were up 21% compared to the fourth quarter of 2012. A slight drop in life insurance sales for the first quarter 2013 reflects sales of $16 million, a 5% decrease from sales of $17 million in the fourth quarter of 2012. The pipeline of pending life insurance premium remains strong. “We continue to introduce new products and execute on our marketing and distribution initiatives to open new distribution channels for our offerings,” said Terzariol. “Product diversification, distribution reach along with our financial strength and risk management capabilities are the most important measures of success, and we continue to build those strengths quarter over quarter.” Allianz Life Focused on Financial Strength On March 20, 2013, Standard & Poor's (S&P) affirmed the company's rating as AA (very strong) and changed the outlook to stable. S&P's AA rating is the third highest out of 21 possible ratings. On April 30, 2013, Moody’s Investors Service also affirmed the company’s rating as A2 (Good) with a stable outlook, which is the sixth highest of 21 possible ratings. In January 2013, the company was named to FORTUNE magazine’s “100 Best Companies to Work For” list for the second time, ranking 59^th out of 100 companies. Allianz Life is one of just two Minnesota companies to make this prestigious list of employers. FORTUNE highlighted Allianz Life’s employee recognition programs, confidence in leadership and strong focus on training and career development. About Allianz Life Insurance Company of North America Allianz Life Insurance Company of North America, one of FORTUNE’s 100 Best Companies to Work For in 2013, 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. All guarantees are backed solely by the financial strength and claims-paying ability of the issuing company. Life insurance and annuities are issued by Allianz Life Insurance Company of North America, and in New York, by Allianz Life Insurance Company of New York, New York City. Contact: Allianz Life Insurance Company of North America Sara Thurin Rollin, 763-765-6703 Sarathurin.email@example.com
Allianz Life Reports Results for Q1 2013
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