Allianz Life Insurance Company of North America had a $126 million operating profit in the first quarter of 2011. This is based partly on strong sales increases of fixed indexed annuities and variable annuities. Their asset base grew and the market remained stable, a good combination for profits to be strong. Allianz Life, based in Minneapolis, reported this information in a company press release through Business Wire. They currently manage $89 billion in customer assets, an increase of 12% from last year at this time.
Their sales premiums for the first quarter were $2.7 billion. Their sales of fixed indexed annuities were 6% higher than in the first quarter of 2010, at $1.5 billion for the first quarter of 2011. Their variable annuities saw a 37% increase from last year with sales of $958 million this year. They started selling a fee-based, no-load variable annuity product through advisors who previously stayed away from annuities in general. Allianz Life also made strides in their relationships with important firms by offering stellar customer service and higher levels of support.
Winning the 2010 Community Partner Award was also a big honor for Allianz Life. The award is offered yearly by the Corporate Volunteerism Council of the Twin Cities. Allianz Life received the award because of their volunteerism partnerships with Junior Achievement and BestPrep. Allianz works with the non-profit groups to improve financial literacy in the community. With increased sales of fixed indexed annuities and variable annuities leading the way for Allianz Life’s strong profits and a commitment to volunteerism, Allianz remains a frontrunner in the financial world.