Allianz Life Insurance Company of North America has reported a 10% rise in its fiscal 2013 operating profit to $646m, compared to $586m in fiscal 2012.
The company attributed the increase in operating profit to a growing asset base, improved margins and expense management.
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Allianz Life reported total premium of $9.7bn for 2013, an increase of 4% from $9.4bn in previous fiscal. Fixed annuity and fixed index annuity (FIA) sales were also up 11% to $6.1bn.
Life insurance sales for the company have increased by 12% to $73m from $65m in 2012.
Allianz Life president & CEO Walter White said demand for the company’s products increased in 2013 as Americans continue to seek ways to grow their retirement savings and generate income in retirement.
"With several well-received new products and product enhancements in 2013, our team continued to innovate to meet customer needs while remaining focused on financial discipline. This focus has helped ensure that we are able to maintain strong ratings and keep the long-term promises embedded in our products," White added.
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