MINNEAPOLIS--(EON: Enhanced Online News)--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 million.
“Our strong results in 2016 were driven by our growing block of in-force business and increased demand for our retirement products”
“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 from 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 America
Allianz 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.