Federal Jury Rules in Favor of Allianz Life

Late yesterday, a federal jury ruled in favor of Allianz Life Insurance Company of North America (Allianz Life) in regard to a class action lawsuit titled Mooney v. Allianz Life Insurance Company. Filed more than four years ago, the case initially involved allegations relating to the clarity of language in some marketing materials on certain products purchased between February 9, 2000, and May 10, 2007, but ultimately expanded to other practices, policies and procedures.

“We are very pleased that the jury concluded that no harm came to our policyholders,” said Allianz Life President and CEO Gary C. Bhojwani, emphasizing that the company has some of the most stringent sales oversight policies and procedures in the industry. “Allianz Life strives to work with only the best financial professionals in providing financial solutions for more than a million policyholders.”

“On behalf of the Company, I would like to thank our employees, our agents, and parent company for their continued support throughout this process. We remain committed to doing the right thing for our customers. Equally important, we remain committed to guarding our reputation jealously.”

About Allianz Life

Founded in 1896, Allianz Life provides an array of annuities as well as long term care and life insurance products in the U.S. through a nationwide network of independent distribution. The company is part of Allianz Group (NYSE: AZ), a global financial services group that is the 20th largest company in the world based on revenues, (Fortune Global 500, August 2009), employing nearly 155,000 people worldwide.