Allianz Life
Encyclopedia
Minneapolis-based Allianz Life Insurance Company of North America
(Allianz Life) provides annuities
and life insurance
products in the United States
in all states except for New York
. In New York, annuities and life insurance products are offered by Allianz Life Insurance Company of New York] (Allianz Life of NY).
Allianz Life offers an extensive portfolio of products, including fixed and variable annuities and life insurance. These products are offered through a network of more than 100,000 financial professionals nationwide.
The company is a principal subsidiary of Allianz SE, a global financial services group that is the 20th largest corporation in the world based on revenue (Fortune Global 500, August 2010). Allianz SE employs nearly 155,000 people worldwide.
All guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America, and for variable products, do not apply to the performance of the variable subaccounts which will fluctuate with market conditions. In New York, all guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of New York, and for variable products, do not apply to the performance of the variable subaccounts which will fluctuate with market conditions.
In 1979, NALAC was acquired by Allianz AG of Munich
, Germany
, becoming a company of the Allianz Group. Founded in 1890, the Allianz Group is now one of the world’s largest integrated financial services organizations with asset management, life, health and property-casualty insurance, and banking operations in more than 70 countries.
The company was renamed Allianz Life Insurance Company of North America (Allianz Life) in 1993. Today, Allianz Life and Allianz Life of NY are the only Allianz Group subsidiaries providing life insurance in the U.S.
1910 - North American Life Association – Founded in 1910 by Zeke Austin with capital from Henry Little.
1912 - North American Casualty and North American Life Association combined to make North American Life and Casualty (NALAC).Transformed from a regional insurance company to a national industry innovator.
1979 – NALAC acquired by Allianz Versicherungs – Allianz AG of Munich, Germany.
1993 - The company is renamed as Allianz Life Insurance Company of North America.
1999 - Allianz Life acquires LifeUSA Holding, Inc. – founded in 1987 by Robert W. MacDonald and four other individuals. MacDonald named CEO of Allianz Life.
2002 – Mark A. Zesbaugh named CEO of Allianz Life.
2005 – Allianz Life acquires retail broker/dealer Questar Capital Corporation.
2006 – Gary C. Bhojwani joins Allianz Life as CEO.
2010 - Allianz Life posts the highest operating profit in the company’s 114-year history at nearly $800 million for its 2009 financial year.
Standard & Poors – Allianz Life – AA (very strong); Allianz SE – AA (very strong)
A.M. Best
– Allianz Life – A (excellent); Allianz SE – A+ (superior)
Moody’s – Allianz Life – A2 (Good); Allianz SE – Aa3 (Excellent)
The Standard & Poor’s rating of AA (Very Strong) is the 3rd highest out of 21 possible ratings, as was affirmed September 2010.
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 rating categories are defined refer to www.standardandpoors.com.
A credit rating is Standard & Poor's opinion on the general creditworthiness of an obligor, or the creditworthiness of an obligor with respect to a particular debt security or other financial obligation. Over the years credit ratings have achieved wide investor acceptance as convenient tools for differentiating credit quality.
The A.M. best rating of A (Excellent) is the 3rd highest out of 16 possible ratings, and was affirmed February 2010.
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.
Best's Credit Ratings are independent opinions regarding the creditworthiness of an issuer or debt obligation. Best's Credit Ratings are based on a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength, operating performance and business profile, or, where appropriate, the specific nature and details of a debt security. Best's Credit Ratings are not a warranty, nor are they a recommendation to buy, sell or hold any securities, insurance policies, contracts or any other financial obligations, nor do they address the suitability of any particular financial obligation for a specific purpose or purchaser.
The Moody’s rating of A2 (Good) is the 6th highest out of 21 possible ratings, and was affirmed August 2009.
Moody's has been rating insurance companies since 1986. It is one of the two agencies outside the insurance industry most frequently recognized with respect to financial ratings. Moody's financial strength rating reflects the insurance company's ability to fulfill senior policyholder obligations and claims. The analysis focuses on a company's business fundamentals, including financial factors, franchise value, management and organizational structure/ownership. In evaluating capital adequacy, Moody's attempts to assess the capital necessary to absorb a number of risks, including asset default, pricing adequacy and interest rate risk. Insurers rated A2 offer good financial security. However, elements may be present which suggest a susceptibility to impairment sometime in the future. For a full description of how Moody’s rating categories are defined refer to www.moodys.com.
The system of rating securities was originated by John Moody in 1909. The purpose of Moody's ratings is to provide investors with a simple system of gradation by which relative creditworthiness of securities may be noted. Moody's ratings represent the opinion of Moody's Investors Service as to the relative creditworthiness of securities. As such, they should be used in conjunction with the descriptions and statistics appearing in Moody's publications. Reference should be made to these statements for information regarding the issuer. Moody's ratings are not commercial credit ratings. In no case is default or receivership to be imputed unless expressly stated.
These independent agency ratings are based on an analysis of financial results and an evaluation of management objectives and strategies. The ratings do not pertain to the variable investment options, which fluctuate with market conditions. The ratings do not indicate approval by the analysts and are subject to change.
Allianz Life also offers variable annuity products, which are distributed by its affiliate, Allianz Life Financial Services, LLC, which is registered with the Financial Industry Regulatory Authority
(FINRA) as a limited wholesale broker/dealer. This enables the company to distribute its variable products through independent registered representatives, registered investment advisors, banks, and wire houses.
The company also owns a national securities retail broker/dealer, Questar Capital Corporation, which is registered with FINRA and Securities Investor Protection Corporation
(SIPC). Founded in 1997, Minneapolis-based Questar Capital serves clients in the financial industry with a full range of products and brokerage services.
As part of Allianz SE, the company leverages the experience of Allianz Global Investors – a sibling company – in the creation of annuity products.
• Customers also receive a third-party survey that evaluates their satisfaction with the sales process and understanding of the product.
• Every customer over age 75 is called to review the features of the product they purchased and to verify their understanding of the contract’s terms and responsibilities. If Allianz determines a customer did not understand the purchase or that it was unsuitable for their needs, Allianz will offer a full refund.
Fireman’s Fund – Has been selling commercial, personal, and specialty insurance in the United States for more than 140 years
Allianz Investment Management - Allianz Investment Management (AIM) handles the investments of Allianz insurance companies worldwide. Regional centers in Milan, Minneapolis, Munich (and Stuttgart), Paris, and Singapore serve as investment services platforms.
Gary Bhojwani is president and chief executive officer for Allianz Life Insurance Company of North America (Allianz). In 2008, Senior Market Advisor named Gary one of top five leaders in the financial services industry. Bhojwani was also named one of Finance & Commerce’s 40 Minnesotans on the Move for 2010.
Prior to his current role, Gary was president of the Commercial Business segment at Fireman’s Fund Insurance Company, also an Allianz SE company. He achieved significant results with differentiated products and services for small- to mid-sized businesses, including special insurance capabilities for niche businesses such as agribusiness, major motion pictures, excess-and special-risk, and surplus lines. Prior to joining the company in 2004, Gary held several senior executive roles including president and chief executive officer of Lincoln General Insurance Company, a specialty P&C and program carrier. He also founded Avalon Risk Management, Inc., a logistics-focused insurance broker, underwriting manager, and third party claims administrator.
Gary earned a Bachelor of Science
degree in actuarial science
from the University of Illinois and an MBA with dual concentrations in finance
and marketing
from the University of Chicago
. He currently serves on the Board of Directors and the CEO Roundtable on Annuities for the American Council of Life Insurers (ACLI), and is a member of the Financial Services Roundtable and the Young Presidents' Organization
.
returned to Boca Raton, Florida
. From February 15–21, defending champion Mike Goodes
along with past champions Mark James and Scott Hoch
competed against what has become one of the strongest fields on the Champions Tour
schedule. The 54-hole stroke-play competition, featuring a purse of $1.7 million, was won by Boca Raton native Bernhard Langer.
The Champions Tour has made an impressive impact on the landscape of sports in the Boca Raton area with charitable donations, a sound economic impact and the opportunity for area fans to rub elbows with golf’s greatest legends.
Many friends of the tournament have provided unselfish support in the past three years. Through their efforts and support from over 900 volunteers, the tournament has been able to donate funds to local Boca Raton area charities.
Past champions
In addition to acting as the title sponsor of the Allianz Championship, Allianz Life currently sponsors five golfers on the PGA, Champions and LPGA Tours
In 2010, Allianz Life was recognized by the Minneapolis Star Tribune as one of the top 100 workplaces in the Twin Cities, ranking fifth on the list of top public companies.
The study found that winning employers share similar traits. For example, their employees feel "genuinely appreciated," and believe that the organization is "going in the right direction."
The Star Tribune and the Pennsylvania research firm WorkplaceDynamics identified the Top 100 Workplaces in the Twin Cities via a survey about companies whose employees have awarded them high marks. Following an employee nominiation, companies chose to take part in the survey process. WorkplaceDynamics contacted 1,020 employers in the Minneapolis-St. Paul metro area. To qualify, companies had to have at least 50 employees and agree to allow employees to take a confidential survey. In all, 169 companies participated and 33,193 employees were surveyed.
WorkplaceDynamics ranked the employers within their size band based solely on the employee responses. The top employers in each size band were selected as the 100 Top Workplaces in the Minneapolis-St. Paul metro area for 2010. They employ 84,696 workers in Minnesota. There was no charge to companies or employees nor was any compensation paid to them.
Minneapolis/St. Paul Business Journal 2010 Best Places to Work
Allianz Life was also honored in 2010 as one of Minneapolis/St. Paul Business Journal’s Best Places to Work winners, ranking eight on the list of large companies with more than 1,000 full-time Minnesota employees.
Employees rated their company on work environment, embracing innovations/new ideas, people practices, personal growth and development, people in the organization and how things work day-to-day.
The Business Journal selected the highest-scoring companies in each category (small, medium and large) as Best Places to Work. Small companies are those with 10-100 full-time Minnesota employees; medium companies, 101-1,000 full-time Minnesota employees; and large, 1,001 and more full-time Minnesota employees.
To qualify, participants had to have an office in the Twin Cities 13-county metro area with 10 employees or more. Minnesota-based companies with offices outside the metro, but with more than 1,000 employees in the state, also were eligible. The 13-county metro area includes Anoka, Carver, Dakota, Hennepin, Le Sueur, Ramsey, Scott, Sherburne, Stearns, Washington and Wright counties, as well as Pierce and St. Croix counties in Wisconsin.
Representatives from more than 200 companies initiated the nomination process; 131 qualified, meaning they had enough employees complete the anonymous employee survey.
, Minn.) and Toys for Tots. In 2009, employees filled two semi-trucks to deliver more than 23,000 pounds of food and 15,000 pounds of clothing to PRISM in addition to donating $34,000 in cash from employees. Allianz Life employees also donated 2,622 toys, including 29 bicycles, and more than $16,000 to Toys for Tots
.
Make a Difference (MAD) Volunteer Project
Allianz Life employees have the opportunity to designate money for a Make a Difference (MAD) Volunteer Project. Employees participate in a volunteer activity or project in groups of five or more employees with a local nonprofit organization. The program enhances Allianz Life employees’ affect on the community – both from a monetary and a volunteer aspect.
Employee-elected charities
Along with donating to hundreds of charitable organizations every year, employees vote for four additional charities they would like Allianz Life to support. Allianz Life employees also provide hundreds of volunteer hours, and many in-kind services to employee-elected charities.
In 2010, Allianz Life contributed $100,000 to employee-elected charities:
• American Cancer Society
• Animal Humane Society
• Down Syndrome Association of Minnesota
• HopeKids
"Driving to Donate" Charity Golf Tournament
Nearly 200 employees play or volunteer for the annual golf event that raises money for a charity. In 2010, Allianz Life donated more than $60,000 to the Alzheimer's Association.
The V-8 Program
Every employee receives eight hours of paid time off annually to use volunteering at a local nonprofit organization of their choice. Under this program, Allianz Life employees devote thousands of volunteer hours to local charities each year.
In July 2005, a survey commissioned by Allianz Life Insurance Company of North America, in conjunction with Dr. Ken Dychtwald, president of AgeWave, found that there is a huge generational gap on views of inheritance and legacy. The lack of communication or the "Legacy Gap" between boomers and their parents are among the key findings in The Allianz American Legacies Study.
The key findings of the study include:
• There are significant gaps in what baby boomers and their parents expect from, and define as inheritance
• Non-financial items that parents leave behind—like ethics, morals, faith, and religion—are 10 times more important to both boomers and their parents than the financial aspects of inheritance
• Legacy Gaps exist because boomers and their parents are not having the in-depth conversations about legacy and inheritance in any truly productive and meaningful ways—even though they say they are having such conversations
• Thorough discussions about legacy planning include talking about the "four pillars" that are the core of a true legacy: values and life lessons, fulfilling final wishes and instructions, personal possessions of emotional value, and financial assets and real estate.
In 2006, Allianz Life Insurance Company of North America commissioned The Allianz Women, Money, and Power Study, which sought to better understand the unique relationship women have with money. Allianz learned a lot from the first phase of the Study – despite their educational, professional, and financial gains over the past few decades – women still feel insecure about their financial futures.
Women, Money, and Power Study – Phase II
Allianz commissioned Phase II of The Women, Money, and Power Study in 2008 to examine two key questions:
• What do women want to learn about finances?
• How do they want to learn it?
The study found that while women used the internet as their main resource for learning about financial planning, it is the least trusted source. Human interaction remains the “most meaningful and effective” source of information. In fact, 50% of women prefer “a person telling me,” versus “reading about” something.
” generation represents the largest, wealthiest, and most influential segment of the U.S. population. Yet, this “power generation” will face one of the most pronounced retirement income challenges in history.
The Allianz Reclaiming the Future Study was conceived to be one of the most comprehensive examination of baby boomers’ preparation for and expectations of retirement.
The study looked at the unique needs, perceptions, and strategies that define this generation’s need to rethink retirement. The study also looked into consumer and financial professional attitudes toward annuities, and their role in providing retirement income.
Products are issued by Allianz Life Insurance Company of North America. Variable products are distributed by its affiliate, Allianz Life Financial Services, LLC,.
Products issued by Allianz Life Insurance Company of New York, and variable products are distributed by its affiliate, Allianz Life Financial Services, LLC. Only Allianz Life of NY can offer products in New York.
North America
North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
(Allianz Life) provides annuities
Annuity (US financial products)
In the United States an annuity contract is created when an insured party, usually an individual, pays a life insurance company a single premium that will later be distributed back to the insured party over time...
and life insurance
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
products in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
in all states except for New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
. In New York, annuities and life insurance products are offered by Allianz Life Insurance Company of New York] (Allianz Life of NY).
Allianz Life offers an extensive portfolio of products, including fixed and variable annuities and life insurance. These products are offered through a network of more than 100,000 financial professionals nationwide.
The company is a principal subsidiary of Allianz SE, a global financial services group that is the 20th largest corporation in the world based on revenue (Fortune Global 500, August 2010). Allianz SE employs nearly 155,000 people worldwide.
All guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America, and for variable products, do not apply to the performance of the variable subaccounts which will fluctuate with market conditions. In New York, all guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of New York, and for variable products, do not apply to the performance of the variable subaccounts which will fluctuate with market conditions.
History
Allianz Life Insurance Company of North America began as North American Casualty, started by Henry Little of Minneapolis, Minn. in 1896. North American Casualty then merged with North American Life Association – founded in 1910 by Zeke Austin with capital from Henry Little – in 1912 to become North American Life and Casualty (NALAC). H.P Skoglund served as NALAC’s CEO for 44 years.In 1979, NALAC was acquired by Allianz AG of Munich
Munich
Munich The city's motto is "" . Before 2006, it was "Weltstadt mit Herz" . Its native name, , is derived from the Old High German Munichen, meaning "by the monks' place". The city's name derives from the monks of the Benedictine order who founded the city; hence the monk depicted on the city's coat...
, Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
, becoming a company of the Allianz Group. Founded in 1890, the Allianz Group is now one of the world’s largest integrated financial services organizations with asset management, life, health and property-casualty insurance, and banking operations in more than 70 countries.
The company was renamed Allianz Life Insurance Company of North America (Allianz Life) in 1993. Today, Allianz Life and Allianz Life of NY are the only Allianz Group subsidiaries providing life insurance in the U.S.
Timeline
1896 - North American Casualty – Founded by Henry Little of Minneapolis, MN1910 - North American Life Association – Founded in 1910 by Zeke Austin with capital from Henry Little.
1912 - North American Casualty and North American Life Association combined to make North American Life and Casualty (NALAC).Transformed from a regional insurance company to a national industry innovator.
1979 – NALAC acquired by Allianz Versicherungs – Allianz AG of Munich, Germany.
1993 - The company is renamed as Allianz Life Insurance Company of North America.
1999 - Allianz Life acquires LifeUSA Holding, Inc. – founded in 1987 by Robert W. MacDonald and four other individuals. MacDonald named CEO of Allianz Life.
2002 – Mark A. Zesbaugh named CEO of Allianz Life.
2005 – Allianz Life acquires retail broker/dealer Questar Capital Corporation.
2006 – Gary C. Bhojwani joins Allianz Life as CEO.
2010 - Allianz Life posts the highest operating profit in the company’s 114-year history at nearly $800 million for its 2009 financial year.
Financial strength ratings
Allianz Life and Allianz SE have received some of the highest financial strength ratings available from Standard & Poor’s, A.M. Best and Moody’s. These ratings were affirmed in September 2009.Standard & Poors – Allianz Life – AA (very strong); Allianz SE – AA (very strong)
A.M. Best
A.M. Best
A.M. Best Company, Inc., headquartered in Oldwick, New Jersey, is a rating agency designated as a Nationally Recognized Statistical Rating Organization by the United States Securities and Exchange Commission....
– Allianz Life – A (excellent); Allianz SE – A+ (superior)
Moody’s – Allianz Life – A2 (Good); Allianz SE – Aa3 (Excellent)
The Standard & Poor’s rating of AA (Very Strong) is the 3rd highest out of 21 possible ratings, as was affirmed September 2010.
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 rating categories are defined refer to www.standardandpoors.com.
A credit rating is Standard & Poor's opinion on the general creditworthiness of an obligor, or the creditworthiness of an obligor with respect to a particular debt security or other financial obligation. Over the years credit ratings have achieved wide investor acceptance as convenient tools for differentiating credit quality.
The A.M. best rating of A (Excellent) is the 3rd highest out of 16 possible ratings, and was affirmed February 2010.
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.
Best's Credit Ratings are independent opinions regarding the creditworthiness of an issuer or debt obligation. Best's Credit Ratings are based on a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength, operating performance and business profile, or, where appropriate, the specific nature and details of a debt security. Best's Credit Ratings are not a warranty, nor are they a recommendation to buy, sell or hold any securities, insurance policies, contracts or any other financial obligations, nor do they address the suitability of any particular financial obligation for a specific purpose or purchaser.
The Moody’s rating of A2 (Good) is the 6th highest out of 21 possible ratings, and was affirmed August 2009.
Moody's has been rating insurance companies since 1986. It is one of the two agencies outside the insurance industry most frequently recognized with respect to financial ratings. Moody's financial strength rating reflects the insurance company's ability to fulfill senior policyholder obligations and claims. The analysis focuses on a company's business fundamentals, including financial factors, franchise value, management and organizational structure/ownership. In evaluating capital adequacy, Moody's attempts to assess the capital necessary to absorb a number of risks, including asset default, pricing adequacy and interest rate risk. Insurers rated A2 offer good financial security. However, elements may be present which suggest a susceptibility to impairment sometime in the future. For a full description of how Moody’s rating categories are defined refer to www.moodys.com.
The system of rating securities was originated by John Moody in 1909. The purpose of Moody's ratings is to provide investors with a simple system of gradation by which relative creditworthiness of securities may be noted. Moody's ratings represent the opinion of Moody's Investors Service as to the relative creditworthiness of securities. As such, they should be used in conjunction with the descriptions and statistics appearing in Moody's publications. Reference should be made to these statements for information regarding the issuer. Moody's ratings are not commercial credit ratings. In no case is default or receivership to be imputed unless expressly stated.
These independent agency ratings are based on an analysis of financial results and an evaluation of management objectives and strategies. The ratings do not pertain to the variable investment options, which fluctuate with market conditions. The ratings do not indicate approval by the analysts and are subject to change.
Business model
Allianz Life works with financial professionals through field marketing organizations (FMOs) and broker/dealers. This allows them to effectively and objectively help meet its clients financial needs as well as offer a variety of financial products from which clients may choose. The company also owns nine FMOs, which comprise the Allianz Distribution Group. While they are Allianz subsidiaries, they operate as independent entities and offer a variety of products and services.Allianz Life also offers variable annuity products, which are distributed by its affiliate, Allianz Life Financial Services, LLC, which is registered with the Financial Industry Regulatory Authority
Financial Industry Regulatory Authority
In the United States, the Financial Industry Regulatory Authority, Inc., or FINRA, is a private corporation that acts as a self-regulatory organization . FINRA is the successor to the National Association of Securities Dealers, Inc. ...
(FINRA) as a limited wholesale broker/dealer. This enables the company to distribute its variable products through independent registered representatives, registered investment advisors, banks, and wire houses.
The company also owns a national securities retail broker/dealer, Questar Capital Corporation, which is registered with FINRA and Securities Investor Protection Corporation
Securities Investor Protection Corporation
The Securities Investor Protection Corporation is a federally mandated, non-profit, member-funded, corporation in the United States. It protects investors in certain securities from financial harm if a broker-dealer fails...
(SIPC). Founded in 1997, Minneapolis-based Questar Capital serves clients in the financial industry with a full range of products and brokerage services.
As part of Allianz SE, the company leverages the experience of Allianz Global Investors – a sibling company – in the creation of annuity products.
Sales practices
• Every fixed annuity application Allianz receives goes through their suitability rules engine, and they have an escalated review process for applications that require further analysis. Allianz does not accept applications that do not pass this suitability screening.• Customers also receive a third-party survey that evaluates their satisfaction with the sales process and understanding of the product.
• Every customer over age 75 is called to review the features of the product they purchased and to verify their understanding of the contract’s terms and responsibilities. If Allianz determines a customer did not understand the purchase or that it was unsuitable for their needs, Allianz will offer a full refund.
U.S.-based sister organizations
Allianz Global Investors – One of the world’s leading asset management companies, providing access to the expertise of its affiliated investment firms, including PIMCO (Pacific Investment Management Company LLC), one of the world’s leading fixed-income managersFireman’s Fund – Has been selling commercial, personal, and specialty insurance in the United States for more than 140 years
Allianz Investment Management - Allianz Investment Management (AIM) handles the investments of Allianz insurance companies worldwide. Regional centers in Milan, Minneapolis, Munich (and Stuttgart), Paris, and Singapore serve as investment services platforms.
Management
Gary C. Bhojwani, Chief Executive OfficerGary Bhojwani is president and chief executive officer for Allianz Life Insurance Company of North America (Allianz). In 2008, Senior Market Advisor named Gary one of top five leaders in the financial services industry. Bhojwani was also named one of Finance & Commerce’s 40 Minnesotans on the Move for 2010.
Prior to his current role, Gary was president of the Commercial Business segment at Fireman’s Fund Insurance Company, also an Allianz SE company. He achieved significant results with differentiated products and services for small- to mid-sized businesses, including special insurance capabilities for niche businesses such as agribusiness, major motion pictures, excess-and special-risk, and surplus lines. Prior to joining the company in 2004, Gary held several senior executive roles including president and chief executive officer of Lincoln General Insurance Company, a specialty P&C and program carrier. He also founded Avalon Risk Management, Inc., a logistics-focused insurance broker, underwriting manager, and third party claims administrator.
Gary earned a Bachelor of Science
Bachelor of Science
A Bachelor of Science is an undergraduate academic degree awarded for completed courses that generally last three to five years .-Australia:In Australia, the BSc is a 3 year degree, offered from 1st year on...
degree in actuarial science
Actuarial science
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. Actuaries are professionals who are qualified in this field through education and experience...
from the University of Illinois and an MBA with dual concentrations in finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
and marketing
Marketing
Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. It generates the strategy that underlies sales techniques, business communication, and business developments...
from the University of Chicago
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
. He currently serves on the Board of Directors and the CEO Roundtable on Annuities for the American Council of Life Insurers (ACLI), and is a member of the Financial Services Roundtable and the Young Presidents' Organization
Young Presidents' Organization
The Young Presidents’ Organization is a global network of young chief executives. With approximately 18,000 members in more than 100 countries, YPO and its graduate organization, WPO share a founding mission: Better Leaders Through Education and Idea Exchange....
.
Sponsorships
In 2010, the Allianz ChampionshipAllianz Championship
The Principal Charity Classic is a golf tournament on the Champions Tour. It is played annually in West Des Moines, Iowa at the Glen Oaks Country Club....
returned to Boca Raton, Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
. From February 15–21, defending champion Mike Goodes
Mike Goodes
Mike Goodes is an American professional golfer.Goodes was born in Reidsville, North Carolina. He won several amateur tournaments in the Carolinas, and attended the University of North Carolina, but did not play on the golf team....
along with past champions Mark James and Scott Hoch
Scott Hoch
Scott Mabon Hoch is an American golfer, who represented his country in the Ryder Cup in 1997 and 2002.Hoch was born in Raleigh, North Carolina. He was a member of the golf team at Wake Forest University before graduating in 1978. He also played on the winning U.S. team in the Eisenhower Trophy...
competed against what has become one of the strongest fields on the Champions Tour
Champions Tour
The Champions Tour, a golf tour run by the PGA Tour, hosts a series of events annually in the United States and the United Kingdom for golfers 50 years of age and older. Many of the PGA Tour's most successful golfers have gone on to play on the Champions Tour.The Senior PGA Championship, founded in...
schedule. The 54-hole stroke-play competition, featuring a purse of $1.7 million, was won by Boca Raton native Bernhard Langer.
The Champions Tour has made an impressive impact on the landscape of sports in the Boca Raton area with charitable donations, a sound economic impact and the opportunity for area fans to rub elbows with golf’s greatest legends.
Many friends of the tournament have provided unselfish support in the past three years. Through their efforts and support from over 900 volunteers, the tournament has been able to donate funds to local Boca Raton area charities.
Past champions
- 2010 – Bernhard LangerBernhard LangerBernhard Langer is a German professional golfer. He is a two-time Masters champion, and was one of the world's leading golfers throughout the 1980s and 90s, being the first official number one ranked player in 1986...
- 2009 – Mike GoodesMike GoodesMike Goodes is an American professional golfer.Goodes was born in Reidsville, North Carolina. He won several amateur tournaments in the Carolinas, and attended the University of North Carolina, but did not play on the golf team....
- 2008 – Scott HochScott HochScott Mabon Hoch is an American golfer, who represented his country in the Ryder Cup in 1997 and 2002.Hoch was born in Raleigh, North Carolina. He was a member of the golf team at Wake Forest University before graduating in 1978. He also played on the winning U.S. team in the Eisenhower Trophy...
- 2007 – Mark James
- 2006 – Gil MorganGil MorganGilmer Bryan Morgan II, OD is an American professional golfer.Morgan was born in Wewoka, Oklahoma. He graduated from East Central State College in Ada, Oklahoma in 1968. In 1972, Morgan earned a Doctor of Optometry degree from the Southern College of Optometry in Memphis, Tennessee before turning...
- 2005 – Tom JenkinsTom JenkinsThomas Wayne Jenkins is an American golfer.Jenkins was born in Houston, Texas. He attended the University of Houston, where he was a member of the winning 1970 NCAA Division I golf team. He graduated in 1971 and turned professional. His only PGA Tour victory was the 1975 IVB-Philadelphia Golf...
- 2004 – D. A. WeibringD. A. WeibringDonald Albert "D.A." Weibring, Jr. is an American professional golfer who has won numerous tournaments including several on the PGA Tour and Champions Tour....
- 2003 – Don PooleyDon PooleySheldon George "Don" Pooley, Jr. is an American professional golfer who has won tournaments on both the PGA Tour and the Champions Tour....
- 2002 – Bob GilderBob GilderRobert Bryan Gilder is an American professional golfer. He won six tournaments in his PGA Tour career and currently plays on the Champions Tour where he has ten wins.-Biography:...
- 2001 – Jim Thorpe (golfer)Jim Thorpe (golfer)Jimmy Lee Thorpe is an American professional golfer, currently playing on the Champions Tour.Thorpe was born in Roxboro, North Carolina, the ninth of the twelve children of a fairway superintendent. He attended Morgan State University before turning pro in 1972. He won three times on the PGA Tour...
In addition to acting as the title sponsor of the Allianz Championship, Allianz Life currently sponsors five golfers on the PGA, Champions and LPGA Tours
- Steve StrickerSteve StrickerSteven Stricker is an American professional golfer who plays on the PGA Tour. He has won 11 tournaments on the PGA Tour including the 2001 WGC-Accenture Match Play Championship and two FedEx Cup playoff events. His most successful season on tour came in 2009, when he had three tournament victories...
– PGA TourPGA TourThe PGA Tour is the organizer of the main men's professional golf tours in the United States and North America... - Tim HerronTim HerronTimothy Daniel Herron is an American professional golfer.Herron was born in Minneapolis, Minnesota. His father and grandfather, both named Carson Herron, were professional golfers who played the U.S. Open. Tim Herron attended the University of New Mexico and played on the 1993 United States Walker...
– PGA Tour - Tom LehmanTom LehmanThomas Edward Lehman is an American professional golfer.Lehman was born in Austin, Minnesota, but Alexandria, Minnesota is credited as his official Minnesota hometown. He attended the University of Minnesota, graduating with a degree in Business/Accounting and turned professional in 1982. It took...
– PGA and Champions TourChampions TourThe Champions Tour, a golf tour run by the PGA Tour, hosts a series of events annually in the United States and the United Kingdom for golfers 50 years of age and older. Many of the PGA Tour's most successful golfers have gone on to play on the Champions Tour.The Senior PGA Championship, founded in...
s - John HarrisJohn Harris (golfer)John Richard Harris is an American professional golfer who played on the PGA Tour and the Champions Tour.Harris was born in Minneapolis, Minnesota and grew up in Roseau, Minnesota, near the Canadian border. He attended the University of Minnesota, where he distinguished himself in both golf and...
– Champions Tour - Azahara MuñozAzahara MuñozAzahara Muñoz Guijarro is a Spanish professional golfer on the U.S.-based LPGA Tour and Ladies European Tour.-Amateur career:...
– LPGA Tour
Top workplace awards
Star Tribune Top Workplaces 2010In 2010, Allianz Life was recognized by the Minneapolis Star Tribune as one of the top 100 workplaces in the Twin Cities, ranking fifth on the list of top public companies.
The study found that winning employers share similar traits. For example, their employees feel "genuinely appreciated," and believe that the organization is "going in the right direction."
The Star Tribune and the Pennsylvania research firm WorkplaceDynamics identified the Top 100 Workplaces in the Twin Cities via a survey about companies whose employees have awarded them high marks. Following an employee nominiation, companies chose to take part in the survey process. WorkplaceDynamics contacted 1,020 employers in the Minneapolis-St. Paul metro area. To qualify, companies had to have at least 50 employees and agree to allow employees to take a confidential survey. In all, 169 companies participated and 33,193 employees were surveyed.
WorkplaceDynamics ranked the employers within their size band based solely on the employee responses. The top employers in each size band were selected as the 100 Top Workplaces in the Minneapolis-St. Paul metro area for 2010. They employ 84,696 workers in Minnesota. There was no charge to companies or employees nor was any compensation paid to them.
Minneapolis/St. Paul Business Journal 2010 Best Places to Work
Allianz Life was also honored in 2010 as one of Minneapolis/St. Paul Business Journal’s Best Places to Work winners, ranking eight on the list of large companies with more than 1,000 full-time Minnesota employees.
Employees rated their company on work environment, embracing innovations/new ideas, people practices, personal growth and development, people in the organization and how things work day-to-day.
The Business Journal selected the highest-scoring companies in each category (small, medium and large) as Best Places to Work. Small companies are those with 10-100 full-time Minnesota employees; medium companies, 101-1,000 full-time Minnesota employees; and large, 1,001 and more full-time Minnesota employees.
To qualify, participants had to have an office in the Twin Cities 13-county metro area with 10 employees or more. Minnesota-based companies with offices outside the metro, but with more than 1,000 employees in the state, also were eligible. The 13-county metro area includes Anoka, Carver, Dakota, Hennepin, Le Sueur, Ramsey, Scott, Sherburne, Stearns, Washington and Wright counties, as well as Pierce and St. Croix counties in Wisconsin.
Representatives from more than 200 companies initiated the nomination process; 131 qualified, meaning they had enough employees complete the anonymous employee survey.
Charitable giving
Each holiday season, Allianz Life holds a food, clothing, and toy drive to benefit PRISM (People Responding In Social Ministry – Golden ValleyGolden Valley, Minnesota
As of the census of 2000, there were 20,281 people, 8,449 households, and 5,508 families residing in the city. The population density was 1,982.3 people per square mile . There were 8,589 housing units at an average density of 839.5 per square mile...
, Minn.) and Toys for Tots. In 2009, employees filled two semi-trucks to deliver more than 23,000 pounds of food and 15,000 pounds of clothing to PRISM in addition to donating $34,000 in cash from employees. Allianz Life employees also donated 2,622 toys, including 29 bicycles, and more than $16,000 to Toys for Tots
Toys for Tots
Toys for Tots is a program run by the United States Marine Corps Reserve which donates toys to children whose parents cannot afford to buy them gifts for Christmas. The program was founded in 1947 by reservist Major William L...
.
Make a Difference (MAD) Volunteer Project
Allianz Life employees have the opportunity to designate money for a Make a Difference (MAD) Volunteer Project. Employees participate in a volunteer activity or project in groups of five or more employees with a local nonprofit organization. The program enhances Allianz Life employees’ affect on the community – both from a monetary and a volunteer aspect.
Employee-elected charities
Along with donating to hundreds of charitable organizations every year, employees vote for four additional charities they would like Allianz Life to support. Allianz Life employees also provide hundreds of volunteer hours, and many in-kind services to employee-elected charities.
In 2010, Allianz Life contributed $100,000 to employee-elected charities:
• American Cancer Society
• Animal Humane Society
• Down Syndrome Association of Minnesota
• HopeKids
"Driving to Donate" Charity Golf Tournament
Nearly 200 employees play or volunteer for the annual golf event that raises money for a charity. In 2010, Allianz Life donated more than $60,000 to the Alzheimer's Association.
The V-8 Program
Every employee receives eight hours of paid time off annually to use volunteering at a local nonprofit organization of their choice. Under this program, Allianz Life employees devote thousands of volunteer hours to local charities each year.
The Allianz American Legacies Study
Allianz Life believes the convergence of two dynamic forces will have resounding personal and financial implications during the next several decades—the largest intergenerational wealth transfer in history and the unprecedented longevity of Americans. With a wealth transfer of $41 trillion, complex family structures, and an expanding retiree segment, only one quarter of boomers have discussed legacy and inheritance transfer with their parents.In July 2005, a survey commissioned by Allianz Life Insurance Company of North America, in conjunction with Dr. Ken Dychtwald, president of AgeWave, found that there is a huge generational gap on views of inheritance and legacy. The lack of communication or the "Legacy Gap" between boomers and their parents are among the key findings in The Allianz American Legacies Study.
The key findings of the study include:
• There are significant gaps in what baby boomers and their parents expect from, and define as inheritance
• Non-financial items that parents leave behind—like ethics, morals, faith, and religion—are 10 times more important to both boomers and their parents than the financial aspects of inheritance
• Legacy Gaps exist because boomers and their parents are not having the in-depth conversations about legacy and inheritance in any truly productive and meaningful ways—even though they say they are having such conversations
• Thorough discussions about legacy planning include talking about the "four pillars" that are the core of a true legacy: values and life lessons, fulfilling final wishes and instructions, personal possessions of emotional value, and financial assets and real estate.
Women, Money and Power Study
Women, Money, and Power Study – Phase IIn 2006, Allianz Life Insurance Company of North America commissioned The Allianz Women, Money, and Power Study, which sought to better understand the unique relationship women have with money. Allianz learned a lot from the first phase of the Study – despite their educational, professional, and financial gains over the past few decades – women still feel insecure about their financial futures.
Women, Money, and Power Study – Phase II
Allianz commissioned Phase II of The Women, Money, and Power Study in 2008 to examine two key questions:
• What do women want to learn about finances?
• How do they want to learn it?
The study found that while women used the internet as their main resource for learning about financial planning, it is the least trusted source. Human interaction remains the “most meaningful and effective” source of information. In fact, 50% of women prefer “a person telling me,” versus “reading about” something.
Reclaiming the Future Study
At 76 million strong, the “baby boomBaby boom
A baby boom is any period marked by a greatly increased birth rate. This demographic phenomenon is usually ascribed within certain geographical bounds and when the number of annual births exceeds 2 per 100 women...
” generation represents the largest, wealthiest, and most influential segment of the U.S. population. Yet, this “power generation” will face one of the most pronounced retirement income challenges in history.
The Allianz Reclaiming the Future Study was conceived to be one of the most comprehensive examination of baby boomers’ preparation for and expectations of retirement.
The study looked at the unique needs, perceptions, and strategies that define this generation’s need to rethink retirement. The study also looked into consumer and financial professional attitudes toward annuities, and their role in providing retirement income.
Products are issued by Allianz Life Insurance Company of North America. Variable products are distributed by its affiliate, Allianz Life Financial Services, LLC,.
Products issued by Allianz Life Insurance Company of New York, and variable products are distributed by its affiliate, Allianz Life Financial Services, LLC. Only Allianz Life of NY can offer products in New York.
External links
- Official site
- Allianz Life of NY Official Site
- Allianz Global Investors
- Nicholas-Applegate Capital Management LLC
- Oppenheimer Capital LLC
- Senior Market Advisor
- Finance and Commerce
- Financial Services Roundtable
- PRISM
- American Cancer Society
- Animal Humane Society
- Down Syndrome Association of Minnesota
- HopeKids
- Alzheimer's Association
- AgeWave
- Star Tribune
- WorkplaceDynamics
- Minneapolis/St. Paul Business Journal
- Reclaiming the Future Study