Allianz Life Insurance Company of North America began as North American Casualty, started by Henry M. Little of Minneapolis, Minnesota in 1896. In 1912, North American Casualty merged with North American Life Association – founded in 1905 by Zeke H. Austin with capital from Henry Little[3] – to become North American Life and Casualty (NALAC). Howell Palmeroy Skoglund (known as H. P. Skoglund) was the company's president from 1933 to 1965 as well as one of the original owners of the Minnesota Vikings

In 1979, North American Life and Casualty Co. was acquired by Allianz 

 a German conglomerate, which renamed the company Allianz Life Insurance Co. of North America in 1993

Today, Allianz Life and Allianz Life of NY are the only Allianz Group subsidiaries providing life insurance in the U.S.

In 2010, Allianz Life was recognized by the Minneapolis Star Tribune as one of the top 100 workplaces in the Twin Cities, ranking fifth on the list of top public companies

Allianz Life was also honored that year as one of Minneapolis/St. Paul Business Journal’s Best Places to Work winners, ranking eighth on the list of large companies with more than 1,000 full-time Minnesota employees

On July 25, 2017, Allianz became the title sponsor of MLS's Minnesota United FC stadium in Saint Paul, Allianz Field

In July 2020, SIMON Annuities and Insurance Services LLC agreed to add Allianz Life Insurance Company of North America to the Raymond James investment management annuity network and digital marketplace.