S&P Affirms Allianz Life's AA Rating with Stable Outlook
May 6, 2013 by Sara Thurin Rollin
Financial Strength Recognized with “Very Strong” Rating; Americans’ Focus on Guarantees, Protection as they Near Retirement
MINNEAPOLIS–(BUSINESS WIRE)–Minneapolis-based Allianz Life Insurance Company of North America (Allianz Life) today announced that the rating agency Standard & Poor’s (S&P) recently affirmed the company’s rating as AA (very strong) and changed the outlook to stable. S&P’s AA rating is the third highest out of 21 possible ratings. S&P based its rating on Allianz Life’s sound operating results, market leadership standing in fixed index annuities and strong investment portfolio.
“Many Americans are searching for protection from volatility and loss, which is exactly what many Allianz Life products seek to offer.”
“Allianz Life is squarely focused on financial strength, which means protecting capital through conservative investments, while delivering attractive products. This approach to our business, combined with the support of a strong global parent company, helps ensure that we have the ability to keep our promises to our customers for many years to come,” said Allianz Life Chief Financial Officer Giulio Terzariol. “Many Americans are searching for protection from volatility and loss, which is exactly what many Allianz Life products seek to offer.”
People closing in on retirement (ages 55 to 65), resoundingly said they would protect their retirement savings with a guaranteed return rather than chancing a loss in the market, according to the 2013 Transition Boomers and Retirement Income survey from Allianz Life.* The survey, taken March 15-25 when record stock market performance was generating daily headlines, found that Transition Boomers crave protection for their retirement savings, a need that today’s innovative annuities can help to address. The financial strength of the insurer, as reflected in its financial strength rating, is one criteria boomers can compare when evaluating various annuities.
The rating from S&P applies to Allianz Life and Allianz Life of New York. The change was effective in March 2013.
Allianz Life also holds an A (Excellent) rating from A.M. Best, the third highest of 16 possible ratings, and a rating of A2 (Good) from Moody’s, the sixth highest of 21 possible ratings. A.M. Best’s rating reflects “excellent” financial strength and ability to meet obligations to contract holders. Moody’s rating reflects “very strong” financial security, improved capital position, and the company’s investment portfolio.
Similarly, Allianz Life of New York holds an A (Excellent) rating from A.M. Best. Moody’s does not assign a rating to Allianz Life of New York.
About Allianz Life
Allianz Life Insurance Company of North America, one of FORTUNE’s 100 Best Companies to Work For in 2013, has been keeping its promises since 1896. Today, it carries on that tradition, helping Americans achieve their retirement income and protection goals with a variety of annuities and life insurance products. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with 142,000 employees worldwide. More than 78 million private and corporate customers rely on Allianz knowledge, global reach, and capital strength to help them make the most of financial opportunities.
All guarantees are backed solely by the financial strength and claims-paying ability of the issuing company.
Allianz Life Insurance Company of North America offers insurance and annuities in all states except New York. In New York, products are issued by Allianz Life Insurance Company of New York.
*The Allianz Life 2013 Transition Boomers and Retirement Income survey was conducted by Ipsos U.S. eNation online from March 15-25, 2013 with 1,425 panel respondents age 55-65, and was commissioned by Allianz Life Insurance Company of North America.
