Allianz Life Insurance Company of North America reported on Thursday a 37 percent year-over-year increase in its operating profit.
Allianz Life, Minneapolis, discloses in 2012 financial results an operating profit of $586 million for the financial year, an increase of 37% from the $428 million posted 2011. These figures include earnings from recurring business operations.
In a press statement, the company attributes the rise to “disciplined pricing, a growing asset base, a commitment to expense management, and realized gains on the company’s conservative and stable investment portfolio.
Allianz Life also improved its capital position, reporting a 16 percentage point increase in regulatory risked-based capital (RBC) ratio to 377% in 2012 from 361% in 2011.
The company reports total premium (new sales and recurring premiums) of $9.4 billion for 2012, down 14% from the prior year total of $10.8 billion. Fixed annuity sales declined 16% to $5.5 billion in 2012 compared to $6.5 billion of premium in 2011.