Allianz Life Insurance Company of New York (Allianz Life® of NY) maintains a high-quality investment portfolio and strong liquidity position to support policyholder obligations and business needs. Diligent capital management allows the company to maintain appropriate capitalization to support our overall business at levels consistent with our top-rated insurer status.
Key IFRS financial information for Allianz Life of New York (Allianz Life® of NY) - 12/31/13 (in Thousands)
|Separate Account Assets||1,986,039|
|Separate Account Liabilities||1,986,039|
|Total Liabilities and Equity||2,809,812|
The ratings Allianz Life Insurance Company of New York receives from independent ratings confirm our financial strength.
|A.M. Best||A (Excellent)|
|Standard & Poor's||AA (Very Strong)|
These independent agency ratings are based on an analysis of financial results and evaluation of management objectives and strategies. The ratings do not pertain to investment options, which fluctuate with market conditions. The ratings do not indicate approval by the analysts and are subject to change.
The A.M. Best rating of A (Excellent) is the 3rd highest of 16 possible ratings, and was affirmed July 2013.
The Standard and Poor's rating of AA (Very Strong) is the 3rd highest of 21 possible ratings, and was affirmed February 2014.
Established in 1906, A.M. Best is the oldest independent insurance analyst in the country. The company assigns a rating to an insurance company based on financial information (results) and qualitative evaluations (management objectives and strategies). The quantitative financial evaluation includes an extensive analysis of reported financial performance in the areas of profitability, leverage and liquidity. The qualitative evaluation reviews performance in such areas as quality of assets, reserve adequacy, reinsurance, business strategies, market leadership, parent company support, and management competency. A+ is the second highest rating assigned by A.M. Best.
For a full description of how A.M. Best rating categories are defined refer to www.AMBest.com.
Standard & Poor's®
A Standard & Poor's Insurer Financial Strength Rating is a current opinion of the financial security characteristics of an insurance organization with respect to its ability to pay under its insurance policies and contracts in accordance with their terms. Insurer Financial Strength Ratings are based on information furnished by rated organizations (or obtained by Standard & Poor's from other sources it considers reliable). Insurers rated AA have Very Strong financial security characteristics.
For a full description of how Standard & Poor's® Insurer Financial Strength Rating categories are assigned refer to www.standardandpoors.com.
Allianz Life of NY® was incorporated as a stock company under the laws of New York on September 21, 1982. The Company was licensed on April 11, 1984 and commenced business on September 1, 1984.
The Company is a wholly owned subsidiary of Allianz Life Insurance Company of North America ("Allianz"), a Minnesota insurance company. Allianz is in turn a wholly owned subsidiary of Allianz of America, Inc ("AZOA"), a Delaware holding company. The Company is part of Allianz SE, a global financial group that serves over 78 million customers across 70 countries, and is the world's 31st largest company (Fortune Global 500, July 2013) and second largest money manager (P&I / Towers Watson World 500, October 2013).
Allianz Life of NY products are offered through a network of independent financial professionals and registered representatives.