Allianz Life Insurance Company of North America, Minneapolis, posted an operating profit of $428 million for its 2011 financial year. The result is a decline of 9% from the $472 million in operating profit the company reported for all of 2010.
However, Allianz Life says its improved its capital position, reporting regulatory risked-based capital ratio growth from 294% to 361%, an increase of 67 percentage points from 2010. The company additional reported total premium (new sales and recurring premiums) of $10.8 billion for 2011, which was unchanged from the prior year.
Fixed annuity sales declined by 8% to $6.5 billion in 2011, compared to $7.1 billion of premium in 2010. Variable sales increased 19% to $3.8 billion of premium. As a result, assets under management increased 9% to $95.3 billion at year end.
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American Equity Investment Life Holding Company, West Des Moines, Iowa (NYSE: AEL), an underwriter of index and fixed rate annuities, reported operating income for the year 2011 of $133.7 million, or $2.12 per diluted common share, an increase of 23% over 2010 operating income of $108.9 million or $1.70 per diluted common share.
The company’s fourth quarter 2011 operating income was $32.6 million, or $0.52 per diluted common share, an increase of 24% compared to 2010 fourth quarter operating income of $26.4 million or $0.41 per diluted common share.