By Noah Guillaume
Allianz Life Insurance Co. of North America
posted operating profit of $559 million through the third quarter of 2012 compared to an operating profit of $379 million through the same period in 2011. One-off gains on the disposal of bonds contributed to the increase in operating profit, according to the company.
Total assets under management reached $103.3 billion by the end of September, representing a 12 percent increase from $92.4 billion from a year ago.
The company reported premiums of $7.4 billion through the third quarter of 2012, compared to $8.3 billion through the third quarter 2011. Fixed annuity premium of $4.2 billion was down 16 percent year-to-date compared to $5.1 billion in 2011 and variable annuity premium of $2.7 billion was down 6 percent from $2.9 billion in 2011. Life insurance sales
hit $48 million through the third quarter, up 109 percent from $23 million for the same period in 2011.
In other company news, Standard & Poor’s affirmed Allianz Life’s rating as AA (very strong) with a negative outlook which continues to be in-line with Allianz SE, the parent company’s overall rating, the company says. S&P based its rating on several factors including the company’s strong competitive position and market leadership particularly with fixed index annuities.
Originally published on BenefitsPro.com