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Allianz Increases U.S. Life Revenue

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NU Online News Service, April 11, 2003, 11:38 a.m. EDT – Allianz Life Insurance Company of North America, Minneapolis, says it generated $9.1 billion in total production in 2002, up from $4.5 billion in 2001.

Premium revenue from fixed life and annuity products increased 123%, to $6.3 billion.

USAllianz Investor Services L.L.C., an Allianz Life affiliate, increased sales of variable annuities 234%, to $1.8 billion.

Allianz Life is attributing some of the gains to a 40% expansion of its independent distribution network. Allianz Life has now licensed 155,000 agents to sell its fixed products and 20,000 to sell its variable products, the company says.

Allianz Life is a unit of Allianz A.G., Munich.