Allianz Life Insurance Company of North America (Allianz Life) posted the highest operating profit in the company's 110-year history at nearly $800 million for 2009.
The Minneapolis-based company attributed the results to strong operational performance coupled with rebounding economic conditions, including rising interest rates and narrowing credit spreads, which may not continue or be as impactful in 2010.
In February, A.M. Best reaffirmed the company's rating of A with a stable outlook based on the strong liquidity, unlevered balance sheet, improved operating profile and well-developed enterprise risk management practices. Additionally Allianz Life benefits from the strong support of its parent company, Allianz SE, one of the world's largest insurance and financial services companies.
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