Allianz Life Insurance: Is It Worth The Hype?

Allianz Life Insurance Company of North America is a leading provider of annuities and life insurance, helping Americans achieve their retirement goals. The company has been keeping its promises since 1896 and is part of Allianz SE, a global leader in the financial services industry with a presence in more than 70 countries and over 150,000 employees worldwide. Allianz Life offers various products, including fixed and variable annuities and life insurance, which are available in all states except New York. With a strong focus on financial security and community support, Allianz Life has been recognised as one of the top workplaces in the Twin Cities.

Allianz's financial strength and stability

Financial Ratings

Allianz's financial strength is reflected in its high ratings from prominent independent agencies such as A.M. Best, Moody's, and Standard & Poor's. These ratings provide a snapshot of the company's financial health and ability to meet long-term obligations. As of 2024, Allianz has consistently achieved high ratings, including A.M. Best's A+ (Superior) rating, Moody's Aa3 rating, and Standard & Poor's AA (Very Strong) rating. These ratings indicate Allianz's stability, liquidity, integrity, and strength.

Assets and Liabilities

As of December 31, 2023, Allianz Life Insurance Company of North America reported substantial assets of over $125 billion and liabilities of over $118 billion. The company's assets to liability ratio was reported at 105.96%, demonstrating its strong financial position.

Long History of Keeping Promises

Allianz has a long history dating back to its founding in 1896. Over the years, the company has established a track record of keeping its promises, which has led to more than 1.3 million Americans relying on Allianz to help them achieve their financial and retirement goals. Allianz's commitment to its customers is at the heart of everything they do, and they strive to secure their customers' future through innovative financial products and a responsible investment philosophy.

Global Presence and Recognition

Allianz is part of the global financial services group Allianz SE, founded in 1890, with a presence in over 70 countries and serving more than 125 million customers worldwide. Allianz SE is recognized as one of the largest companies, insurers, and asset managers globally. This global presence and recognition further solidify Allianz's financial strength and stability.

Customer service and experience

Allianz Life Insurance Company of North America (Allianz Life) has been in the business of providing annuities and life insurance since 1896. It is a principal subsidiary of Allianz SE, a European global financial services group that is one of the largest corporations in the world. Allianz Life offers various products, including fixed and variable annuities and life insurance, through a network of more than 100,000 agents across the United States (except for New York, where its products are offered by Allianz Life Insurance Company of New York).

Allianz Life is committed to providing excellent customer service and a positive experience for its policyholders. The company has a strong presence in the community and was recognised in 2010 as one of the top workplaces in the Twin Cities by the Minneapolis Star Tribune. Allianz Life also ranked eighth on the list of large companies with more than 1,000 full-time Minnesota employees by the Minneapolis/St. Paul Business Journal in the same year.

Allianz Life offers a range of benefits to its customers, including retirement planning and financial security solutions. The company is dedicated to increasing financial security for its customers, employees, and the broader community. For example, Allianz Life invested $1.8 million in four local organisations in the Twin Cities community to increase equitable access to economic opportunities and support long-term financial security. Allianz also provides on-site childcare for its employees, recognising the importance of balancing caregiving responsibilities with work engagements.

In terms of customer service, Allianz is known for its quick response and support during natural disasters. For instance, during the flood disaster in southern Germany, Allianz was on the scene promptly to assess the damage and provide uncomplicated support to affected customers. The company also donated up to two million euros to rescue and relief services, demonstrating its commitment to assisting those impacted by severe weather events.

Allianz Life's parent company, Allianz SE, has a strong global presence with approximately 150,000 employees in more than 70 countries. This international reach allows Allianz Life to leverage global resources and expertise to enhance its customer service and product offerings. Allianz SE's financial stability is reflected in its high assets-to-liability ratio, providing assurance to policyholders.

Overall, Allianz Life Insurance appears to be a reputable and stable company with a strong commitment to customer service and community engagement. Their financial products and services are backed by a large global financial services group, providing added security for policyholders. Allianz Life's focus on financial security and their investment in community organisations contribute to a positive customer experience.

Allianz's range of insurance products

Allianz is a leading global financial services group with over 85 million customers in 70 countries. The company offers a wide range of insurance products, services, and solutions to individuals, retail and corporate clients. Allianz's range of insurance products includes:

• Property & Casualty Insurance: This type of insurance helps protect personal property, such as homes and automobiles, as well as personal liability.
• Health & Life Insurance: Allianz offers international health, life, and disability insurance, as well as a range of health and protection services to individuals, families, organizations, and partners. Their international health insurance plans are designed for expatriates, professionals, students, and families living or working abroad, providing them with access to a network of quality medical providers worldwide.
• Trade Credit Insurance & Surety Bonds: Allianz is the global leader in trade credit insurance and offers a comprehensive range of solutions to manage commercial credits between companies. They help companies avoid and manage bad debt, providing compensation in the event of non-payment.
• Business Insurance: With a worldwide network in over 160 countries, Allianz provides tailored business insurance and risk consulting services to companies of all sizes across various industries. They serve the insurance needs of many Fortune Global 500 companies and leading marine and aviation enterprises.
• Retirement Solutions: Allianz is a leading provider of retirement solutions, including fixed and variable annuities, and life insurance for individuals.
• Asset Management: As one of the largest asset managers in the world, Allianz helps private and institutional clients develop investment portfolios and protect their wealth. They provide access to a global network of investment specialists and a range of investment options, including fixed income, equities, and alternative investments.

Allianz aims to accompany its customers through life's changes, offering flexible and adaptable solutions to meet their evolving needs and giving them the confidence to protect their loved ones.

Allianz's reputation and trustworthiness

Allianz Life Insurance Company of North America (Allianz Life) has been in business since 1896. It is a leading provider of retirement solutions, including fixed and variable annuities and life insurance for individuals. Allianz is part of Allianz SE, a global financial services group founded in 1890 with over 85 million customers in 70 countries and approximately 150,000 to 155,000 employees worldwide. Allianz SE is the 31st largest corporation in the world based on revenue. Allianz Life is a principal subsidiary of Allianz SE. Allianz Life and Allianz Life of NY are the only Allianz Group subsidiaries providing life insurance in the U.S.

Allianz Life has a strong reputation for trustworthiness, with a long history of keeping its promises to customers. The company has been recognised as a great place to work, with competitive compensation and benefits for employees, as well as a commitment to supporting the community through donations, grants, and volunteerism. Allianz also prioritises sustainability and reducing its carbon footprint.

In terms of financial stability, Allianz Life has strong assets and liabilities figures. As of December 31, 2023, Allianz Life Insurance Company of North America reported assets of $125,084,600,553 and liabilities of $118,050,792,353, resulting in a capital and surplus of $7,033,808,200. The company also has an assets-to-liability ratio of 105.96%.

Allianz has been recognised by reputable organisations for its performance and workplace culture. In 2010, the Minneapolis Star Tribune recognised Allianz Life as one of the top 100 workplaces in the Twin Cities, ranking fifth on the list of top public companies. Additionally, the Minneapolis/St. Paul Business Journal honoured Allianz Life as one of the Best Places to Work winners in 2010, ranking eighth on the list of large companies with more than 1,000 full-time Minnesota employees. More recently, in 2024, Allianz Life received the Great Place to Work Certification and was recognised as one of the Fortune 100 Best Companies to Work For®.

Allianz's claims process

Step 1: Initiate the Process

The first step involves filling out some basic questions about the annuity contract owner or life insurance policy owner. This can be done by filling out an online form or by calling one of Allianz's representatives. The online form requires information about the deceased to identify any Allianz Life policies or contracts they held.

Step 2: Receive and Submit the Claim Form Packet

Once you have made initial contact, Allianz will mail the designated primary beneficiary a claim form packet. This packet includes contract-specific information that must be completed and returned. It is helpful to have the following information ready when submitting the claim:

• Contract or policy number(s)
• Date of birth and/or Social Security number (SSN) of the deceased
• Proof of death, such as a death certificate

Step 3: Evaluation of the Claim

Upon receiving the completed claim form and proof of death, the Allianz Claims department will evaluate the claim within 10 business days or within the applicable state requirements. If any additional information is needed, they will contact the beneficiary.

Additional Information:

Allianz is committed to providing quick and uncomplicated support to its customers during challenging times. For example, in the aftermath of the flood disaster in southern Germany, Allianz claims adjusters were on the ground, providing financial assistance and emotional support to affected customers.

The company also emphasizes the importance of prevention, insurance solutions, and government support in the face of increasing weather extremes due to climate change.

Frequently asked questions