Minneapolis-based Allianz Life Insurance Company of North America (Allianz Life) has posted operating profit of $134m for the first quarter of 2013 compared to $217m in 2012.
Decrease in the 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.
Representing growth of approximately 6%, total assets under management reached $104.5bn, compared to $98.5bn at 31 March 2012.
More than $2bn of benefits was paid to policyholders in the quarter in the form of claims disbursements, annuity payments and withdrawals.
Allianz Life reported a 21% point increase in regulatory risk-based capital (RBC) ratio from 373% on 31 December 2012 to 394% on 31 March 2013.
Sales volume in the first quarter of 2013 was up by 3% compared to the fourth quarter of 2012.
Allianz Life reported premium of $2.1bn, compared to $2.7bn in the first quarter of 2012, while fixed annuity premium of $1.2bn was down by 7% compared to the fourth quarter 2012.
Variable annuity sales of $742m were up by 21% compared to the fourth quarter of 2012, whereas a slight drop in life insurance sales reflects sales of $16m, a 5% decrease from $17m last year.
Allianz Life is part of Allianz SE, a global financial services industry with 142,000 employees worldwide and more than 78 million private and corporate customers.
