Allianz Life Insurance Company of North America has registered 21% rise in operating profit, which stood at $381m for the first half of 2012, against a profit of $315m in the comparable period last year.
The underwriter claimed that its growing asset base together with gains realized on investments helped it to accumulate strong profit.
For the first six months of 2012, its total assets under management touched to $99.6bn, an increase of 9% against a year ago period.
Allianz Life posted premiums of $5.2bn for the first half of 2012, against $5.6bn during the comparable period earlier year.
For the first six months ended on 30 June 2012, its fixed annuity premium was $2.9bn, down 15% year-to-date compared to 2011, and variable annuity premium of $2bn was flat.
The US insurer reported 100% growth in its sale of life insurance, which stood at $31m during the first half of 2012.
Allianz Life president and CEO Walter White said the firm is pleased with its year-to-date operating profit, but remain vigilant and are actively managing today’s unique environment for life insurers.
"While current market conditions pose a challenge, we continue to capitalize on an excellent opportunity to provide annuities and life insurance that Americans can rely on to help protect and grow their retirement income," White said.
Allianz Life Insurance Company of North America offers a comprehensive suite of annuities and life insurance products to 78 million private and corporate customers.