Allianz Life Insurance Company of North America announced a 72 percent increase in first-quarter operating profit, compared to last year; the company cites the growth in the popularity of annuities and life insurance as retirement planning tools as part of the reason for the uptick.

Allianz Life marked $217 million in first-quarter profit, versus $126 million during the same period in 2011. Total assets under management reached $98.5 billion, up 11 percent from March of 2011.

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