Allianz Life Insurance Company of North America posted an operating profit in the first quarter, but earnings were down 38 percent from the year-ago period, the company disclosed in financial results released on Wednesday.
The Minneapolis-based life insurer’s first quarter operating profit totaled $134 million, a 38 percent decline from the $217 million recorded in the first quarter of 2012.
The first quarter 2013 earnings compare favorably, however, with the company’s fourth quarter 2012 profit of just $27 million.
“The decrease in year-over-year quarterly profit and the increase in quarter-over-quarter profit reflect normal profit fluctuations and positive one-offs in the first quarter of last year,” the company indicates in a press statement. “In addition, total assets under management reached $104.5 billion, compared to $98.5 billion at March 31, 2012, representing growth of approximately 6 percent.
“In the quarter, more than $2 billion of benefits were paid to policyholders in the form of claims disbursements, annuity payments and withdrawals,” the company adds.