Jasmine Jirele will become the president and CEO of Allianz Life Insurance Company of North America after the retirement of president and CEO Walter White, Allianz announced.
White will step down from his role as CEO effective Sept. 1, and will retire as of Dec. 31. He will stay actively involved with Allianz Life after his retirement, and will be nominated to serve as an independent director on the Allianz Life Insurance Company of North America Board of Directors, Allianz said yesterday. Jirele will assume the role of president and CEO as of Sept. 1.
Jirele has served as Allianz Life’s chief growth officer since 2018 with the responsibility of defining the company’s growth strategy, including its expansion into new markets, and leading product innovation, marketing, communications.
“Jasmine brings a compelling combination of strategic vision, deep customer and industry insight, and digital transformation that will help continue to advance Allianz’s growth and its mission of helping its customers secure their future,” Jackie Hunt, a member of the board of management of Allianz SE, said in a statement. “She is a thoughtful and pragmatic leader who is committed to our customers, partners, employees and the community.”
Allianz has focused on growth and expanding services under White and Jirele. Since the beginning of White’s tenure as Allianz CEO in 2012, the firm’s AUM has grown from $93.9 billion to $156.1 billion in 2020 with an increase in employees from 1,759 to 2,075.
White also helped Allianz grow from approximately $586 million in annual operating profit to more than $1 billion. During this time, Allianz Life transitioned the company’s traditional variable annuity business to registered index-linked annuities, achieving top three market share. The life insurance product line also grew from $64 million in 2012 to $162 million in 2020, establishing a top market position in the fixed index universal life segment, Allianz reported.
The time now is ripe for growth in annuities as consumers seek protections from risk, which has been exacerbated by the pandemic, White said in interview yesterday.
“We see a rising needs among consumers for guaranteed sources of income,” White said. “Consumer need in this area is rising and will continue to do so. The fact that interest rates are so low is a challenge, but we are still bullish on the business. This is an exciting time to be in the financial industry as we come out of the pandemic.”
“In particular, we have seen great growth in indexed annuities and fixed indexed annuities,” Jirele added. “There is a fundamental need now for risk management,”
Allianz is looking to expand its holistic financial planning capabilities, Jirele said. “Employees and employers both are demanding new products and services.”