Allianz Life Reports Strong Financial Results for 2013

  Allianz Life Reports Strong Financial Results for 2013

Growth in operating profit driven by asset base, improved margins, and expense
                                  management

Business Wire

MINNEAPOLIS -- February 27, 2014

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.

Contact:

Allianz Life Insurance Company of North America
Sara Thurin Rollin, 763-765-6703
Sarathurin.rollin@allianzlife.com
 
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