Allianz Reports Strong Revenue Growth Coupled with Earnings Challenges Due to Low Interest Rates

Allianz Life Insurance Company of North America reported strong revenue growth for the third quarter of 2010.

Fixed indexed annuity sales increased 36 percent and totaled $1.9 billion.

Variable annuity sales quadrupled to $800 million.

Allianz attributes the revenue growth to more risk averse consumers in the wake of the financial crisis.

While revenue growth was strong during the third quarter, earnings declined in what is likely a challenging low interest rate environment for such a strong player in fixed indexed annuities.

Source: Minneapolis Star Tribune

Full Story