A.M. Best Affirms Ratings of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 11, 2004 A.M. Best Co. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the financial strength ratings of A+ (Superior) of Allianz Allianz SE[1], (ISIN: DE0008404005; IPA pronunciation: [alli-anz], and formerly AG) is a large financial service provider headquartered in Munich, Germany. Life Insurance Company of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. (Minneapolis Minneapolis (mĭn'ēăp`əlĭs), city (1990 pop. 368,383), seat of Hennepin co., E Minn., at the head of navigation on the Mississippi River, at St. Anthony Falls; inc. 1856. , MN) and Allianz Life Insurance Company of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (New York, NY) (collectively, AZ Life), and has removed the ratings from under review. The outlook on the ratings is negative. The rating affirmations reflect AZ Life companies' strategically important role as the U.S. life operations within the Allianz AG family and the financial support received from their parent. The ratings also acknowledge the strong market positions AZ Life enjoys in a number of its core business lines, as well as the solid improvement in its earnings experienced in 2003. However, the ratings also consider the fact that Allianz AG's capital strength and financial flexibility have been under pressure during the past two years. Accordingly, A.M. Best believes that the capacity of Allianz AG to be able to support its U.S. life operations and their growth strategies has been impacted. Given its strong performance in 2003, AZ Life has been able to fund its business growth internally and has not required capital infusion Capital infusion Often refers to the cross-subsidization of divisions within a firm. When one division is not doing well, it might benefit from an infusion of new funds from the more successful divisions. from its parent. The financial strength ratings of A+ (Superior) have been affirmed for the following companies: -- Allianz Life Insurance Company of North America -- Allianz Life Insurance Company of New York A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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