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Allianz Life of NY Variable Account C – ‘N-VPFS’ for 12/31/22

On:  Friday, 4/7/23, at 6:30pm ET   ·   As of:  4/10/23   ·   Effective:  4/10/23   ·   For:  12/31/22   ·   Accession #:  845775-23-18   ·   File #:  811-05716

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 4/10/23  Allianz Life of NY Var Account C  N-VPFS     12/31/22    1:5.9M
          → Allianz Life of NY Variable Account C ⇒ 5 Classes/Contracts

Financial Statements of a Variable Annuity/Life Contract   —   Form N-VPFS   —   ICA’40

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 1: N-VPFS      Allianz of Ny Var Acct C N-VPFS 4-7-23              HTML   5.91M

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ALLIANZ LIFE OF NY VARIABLE ACCOUNT C

of

ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK


Financial Statements

December 31, 2022

(With Report of Independent Registered Public Accounting Firm Thereon)



Report of Independent Registered Public Accounting Firm

To the Board of Directors of Allianz Life Insurance Company of New York and the Contract Owners
of Allianz Life of NY Variable Account C

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Allianz Life of NY Variable Account C indicated in the table below (other than BlackRock Equity Dividend V.I. Fund, Delaware Ivy VIP Asset Strategy Portfolio, Delaware Ivy VIP Energy Portfolio, Delaware Ivy VIP Growth Portfolio, Delaware Ivy VIP Science and Technology Portfolio, Eaton Vance VT Floating-Rate Income Fund, Fidelity VIP Emerging Markets Portfolio, Invesco V.I. Balanced-Risk Allocation Fund, Lazard Retirement International Equity Portfolio, Lazard Retirement U.S. Small-Mid Cap Equity Portfolio, T. Rowe Price Health Sciences Portfolio, and Franklin Multi-Asset Dynamic Multi-Strategy VIT Portfolio which do not present a statement of assets and liabilities) as of December 31, 2022, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts of Allianz Life of NY Variable Account C (other than BlackRock Equity Dividend V.I. Fund, Delaware Ivy VIP Asset Strategy Portfolio, Delaware Ivy VIP Energy Portfolio, Delaware Ivy VIP Growth Portfolio, Delaware Ivy VIP Science and Technology Portfolio, Eaton Vance VT Floating-Rate Income Fund, Fidelity VIP Emerging Markets Portfolio, Invesco V.I. Balanced-Risk Allocation Fund, Lazard Retirement International Equity Portfolio, Lazard Retirement U.S. Small-Mid Cap Equity Portfolio, T. Rowe Price Health Sciences Portfolio, and Franklin Multi-Asset Dynamic Multi-Strategy VIT Portfolio which do not present a statement of assets and liabilities) as of December 31, 2022, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.









Subaccounts of Allianz Life of NY Variable Account C
AZL Balanced Index Strategy Fund(1)
AZL Russell 1000 Growth Index Fund Class 2(1)
Franklin Strategic Income VIP Fund(4) (6)
AZL DFA Five-Year Global Fixed Income Fund(1)
AZL Russell 1000 Value Index Fund Class 1(1)
Franklin U.S. Government Securities VIP Fund(1)
AZL DFA Multi-Strategy Fund(1)
AZL Russell 1000 Value Index Fund Class 2(1)
Invesco Oppenheimer V.I. International Growth Fund(1)
AZL Enhanced Bond Index Fund(1)
AZL S&P 500 Index Fund(1)
Invesco V.I. American Value Fund(1)
AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1(2)
AZL Small Cap Stock Index Fund Class 1(1)
Invesco V.I. Balanced-Risk Allocation Fund(1) (6)
AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2(1)
AZL Small Cap Stock Index Fund Class 2(1)
Invesco V.I. Global Strategic Income Fund(1)
AZL Fidelity Institutional Asset Management Total Bond Fund Class 1(1)
AZL T. Rowe Price Capital Appreciation Fund(1)
JPMorgan Insurance Trust Core Bond Portfolio(1)
AZL Fidelity Institutional Asset Management Total Bond Fund Class 2(1)
BlackRock Equity Dividend V.I. Fund(1) (6)
Lazard Retirement International Equity Portfolio(1) (6)
AZL Gateway Fund(1)
BlackRock Global Allocation V.I. Fund(4)
Lazard Retirement U.S. Small-Mid Cap Equity Portfolio(1) (6)











AZL Government Money Market Fund(1)
BNY Mellon VIF Appreciation Portfolio(4) (6)
MFS International Intrinsic Value Portfolio(1)
AZL International Index Fund Class 1(1)
ClearBridge Variable Aggressive Growth Portfolio(1)
MFS VIT Total Return Bond Portfolio(1)
AZL International Index Fund Class 2(1)
Columbia Variable Portfolio – Seligman Global Technology Fund(1)
MFS VIT Utilities Portfolio(1) (5)
AZL MetWest Total Return Bond Fund(1)
Davis VA Financial Portfolio(1)
PIMCO VIT All Asset Portfolio (4)
AZL Mid Cap Index Fund Class 1(1)
Davis VA Real Estate Portfolio(1)
PIMCO VIT Balanced Allocation Portfolio(1)
AZL Mid Cap Index Fund Class 2(1)
Delaware Ivy VIP Asset Strategy Portfolio(1) (6)
PIMCO VIT CommodityRealReturn Strategy Portfolio(1)
AZL Moderate Index Strategy Fund(1)
Delaware Ivy VIP Energy Portfolio(1) (6)
PIMCO VIT Dynamic Bond Portfolio(4)
AZL MSCI Emerging Markets Equity Index Class 1(1)
Delaware Ivy VIP Growth Portfolio(1)
PIMCO VIT Emerging Markets Bond Portfolio(1)
AZL MSCI Emerging Markets Equity Index Class 2(1)
Delaware Ivy VIP Mid Cap Growth Portfolio(1)
PIMCO VIT Global Bond Opportunities Portfolio(Unhedged)(4)
AZL MSCI Global Equity Index Fund Class 1(2)
Delaware Ivy VIP Natural Resources Portfolio(1)
PIMCO VIT Global Core Bond (Hedged) Portfolio(1)
AZL MSCI Global Equity Index Fund Class 2(1)
Delaware Ivy VIP Science and Technology Portfolio(1) (6)
PIMCO VIT Global Managed Asset Allocation Portfolio (4)
AZL MVP Balanced Index Strategy Fund(1)
Eaton Vance VT Floating-Rate Income Fund(1) (6)
PIMCO VIT High Yield Portfolio(1)
AZL MVP DFA Multi-Strategy Fund(1)
Fidelity VIP Emerging Markets Portfolio(1)
PIMCO VIT Long-Term U.S. Government Portfolio(1)
AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund(1)
Fidelity VIP FundsManager 50% Portfolio(4)
PIMCO VIT Low Duration Portfolio(1)
AZL MVP Fusion Balanced Fund(1)
Fidelity VIP FundsManager 60% Portfolio(4)
PIMCO VIT Real Return Portfolio(1)
AZL MVP Fusion Conservative Fund(1)
Fidelity VIP Mid Cap Portfolio(1)
PIMCO VIT StocksPLUS Global Portfolio(1)
AZL MVP Fusion Moderate Fund(1)
Fidelity VIP Strategic Income Portfolio(1)
PIMCO VIT Total Return Portfolio(1)
AZL MVP Global Balanced Index Strategy Fund(1)
Franklin Allocation VIP Fund (4)
T. Rowe Price Blue Chip Growth Portfolio(1)











AZL MVP Growth Index Strategy Fund(1)
Franklin Income VIP Fund(4)
T. Rowe Price Equity Income Portfolio(1)
AZL MVP Moderate Index Strategy Fund(1)
Franklin Multi-Asset Dynamic Multi-Strategy VIT Fund(3) (6)
T. Rowe Price Health Sciences Portfolio(1) (5)
AZL MVP T. Rowe Price Capital Appreciation Plus Fund(1)
Franklin Mutual Shares VIP Fund(4)
Templeton Global Bond VIP Fund(1)

1.Statement of operations for the year ended December 31, 2022 and statement of changes in net assets for the years ended December 31, 2022 and 2021
2.Statement of operations for the year ended December 31, 2022 and statement of changes in net assets for the year ended December 31, 2022 and the period June 18, 2021 (commencement of operations) through December 31, 2021
3.Statement of operations for the period January 1, 2022 to June 10, 2022 (date of liquidation) and statement of changes in net assets for the year ended December 31, 2021 and the period January 1, 2022 to June 10, 2022 (date of liquidation)
4.Statement of changes in net assets for the period January 1, 2021 to June 18, 2021 (date of liquidation)
5.The fund had no activity for the year ended December 31, 2022
6.The fund had no activity for the years ended December 31, 2022 and 2021


Basis for Opinions

These financial statements are the responsibility of Allianz Life Insurance Company of New York management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of Allianz Life of NY Variable Account C based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the subaccounts of Allianz Life of NY Variable Account C in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2022 by correspondence with the custodians of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.


/s/PricewaterhouseCoopers LLP

April 5, 2023

We have served as the auditor of one or more of the subaccounts of Allianz Life of NY Variable Account C of Allianz Life Insurance Company of New York since 2019.



ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Assets and Liabilities
December 31, 2022
(In thousands)

















AZL Balanced Index Strategy Fund AZL DFA Five-Year Global Fixed Income Fund AZL DFA Multi-Strategy Fund AZL Enhanced Bond Index Fund AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1
 Assets:




    Investments at Net Asset Value $ 22,982 
$ 875 
$ 65,986 
$ 4,262 
$ 5,374 
         Total Assets 22,982 
875 
65,986 
4,262 
5,374 






 Liabilities:




         Total Liabilities — 
— 
— 
— 
— 
 Net Assets: 22,982 
875 
65,986 
4,262 
5,374 






 Net Assets:




    Contracts in Accumulation Period 22,982 
875 
65,986 
4,262 
5,326 
    Contracts in Annuity Payment Period — 
— 
— 
— 
48 
         Total Net Assets $ 22,982 
$ 875 
$ 65,986 
$ 4,262 
$ 5,374 






           Investment Shares 1,670 
103 
5,444 
450 
699 
           Investments at Cost $ 25,297 
$ 998 
$ 74,397 
$ 4,986 
$ 6,792 





















AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 AZL Fidelity Institutional Asset Management Total Bond Fund Class 2 AZL Gateway Fund AZL Government Money Market Fund
 Assets:




    Investments at Net Asset Value $ 115,499 
$ 1,295 
$ 14,776 
$ 6,534 
$ 49,267 
         Total Assets 115,499 
1,295 
14,776 
6,534 
49,267 






 Liabilities:




         Total Liabilities — 
— 
— 
— 
— 
 Net Assets: 115,499 
1,295 
14,776 
6,534 
49,267 






 Net Assets:




    Contracts in Accumulation Period 115,483 
1,294 
14,776 
6,534 
49,253 
    Contracts in Annuity Payment Period 16 
1 
— 
— 
14 
         Total Net Assets $ 115,499 
$ 1,295 
$ 14,776 
$ 6,534 
$ 49,267 






           Investment Shares 9,322 
154 
1,700 
464 
49,267 
           Investments at Cost $ 135,539 
$ 1,532 
$ 17,386 
$ 5,433 
$ 49,267 
See accompanying notes to financial statements
Page 5 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Assets and Liabilities
December 31, 2022
(In thousands)

















AZL International Index Fund Class 1 AZL International Index Fund Class 2 AZL MetWest Total Return Bond Fund AZL Mid Cap Index Fund Class 1 AZL Mid Cap Index Fund Class 2
 Assets:




    Investments at Net Asset Value $ 4,392 
$ 13,047 
$ 2,450 
$ 2,127 
$ 16,019 
         Total Assets 4,392 
13,047 
2,450 
2,127 
16,019 






 Liabilities:




         Total Liabilities — 
— 
— 
— 
— 
 Net Assets: 4,392 
13,047 
2,450 
2,127 
16,019 






 Net Assets:




    Contracts in Accumulation Period 4,361 
13,047 
2,450 
2,107 
16,019 
    Contracts in Annuity Payment Period 31 
— 
— 
20 
— 
         Total Net Assets $ 4,392 
$ 13,047 
$ 2,450 
$ 2,127 
$ 16,019 






           Investment Shares 445 
855 
289 
913 
836 
           Investments at Cost $ 4,480 
$ 12,738 
$ 3,006 
$ 3,934 
$ 16,929 





















AZL Moderate Index Strategy Fund AZL MSCI Emerging Markets Equity Index Class 1 AZL MSCI Emerging Markets Equity Index Class 2 AZL MSCI Global Equity Index Fund Class 1 AZL MSCI Global Equity Index Fund Class 2
 Assets:




    Investments at Net Asset Value $ 90,713 
$ 411 
$ 2,941 
$ 1,883 
$ 4,058 
         Total Assets 90,713 
411 
2,941 
1,883 
4,058 






 Liabilities:




         Total Liabilities — 
— 
— 
— 
— 
 Net Assets: 90,713 
411 
2,941 
1,883 
4,058 






 Net Assets:




    Contracts in Accumulation Period 90,713 
411 
2,941 
1,883 
4,046 
    Contracts in Annuity Payment Period — 
— 
— 
— 
12 
         Total Net Assets $ 90,713 
$ 411 
$ 2,941 
$ 1,883 
$ 4,058 






           Investment Shares 7,572 
68 
487 
258 
324 
           Investments at Cost $ 108,871 
$ 378 
$ 3,507 
$ 2,463 
$ 4,909 
See accompanying notes to financial statements
Page 6 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Assets and Liabilities
December 31, 2022
(In thousands)

















AZL MVP Balanced Index Strategy Fund AZL MVP DFA Multi-Strategy Fund AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund AZL MVP Fusion Balanced Fund AZL MVP Fusion Conservative Fund
 Assets:




    Investments at Net Asset Value $ 32,062 
$ 8,031 
$ 24,250 
$ 54,228 
$ 13,951 
         Total Assets 32,062 
8,031 
24,250 
54,228 
13,951 






 Liabilities:




         Total Liabilities — 
— 
— 
— 
— 
 Net Assets: 32,062 
8,031 
24,250 
54,228 
13,951 






 Net Assets:




    Contracts in Accumulation Period 32,056 
8,031 
24,250 
54,228 
13,951 
    Contracts in Annuity Payment Period 6 
— 
— 
— 
— 
         Total Net Assets $ 32,062 
$ 8,031 
$ 24,250 
$ 54,228 
$ 13,951 






           Investment Shares 2,902 
818 
2,199 
5,837 
1,409 
           Investments at Cost $ 36,589 
$ 9,098 
$ 26,580 
$ 65,917 
$ 16,600 





















AZL MVP Fusion Moderate Fund AZL MVP Global Balanced Index Strategy Fund AZL MVP Growth Index Strategy Fund AZL MVP Moderate Index Strategy Fund AZL MVP T. Rowe Price Capital Appreciation Plus Fund
 Assets:




    Investments at Net Asset Value $ 141,731 
$ 64,732 
$ 272,658 
$ 50,798 
$ 155,416 
         Total Assets 141,731 
64,732 
272,658 
50,798 
155,416 






 Liabilities:




         Total Liabilities — 
— 
— 
— 
— 
 Net Assets: 141,731 
64,732 
272,658 
50,798 
155,416 






 Net Assets:




    Contracts in Accumulation Period 141,727 
64,726 
272,658 
50,798 
155,416 
    Contracts in Annuity Payment Period 4 
6 
— 
— 
— 
         Total Net Assets $ 141,731 
$ 64,732 
$ 272,658 
$ 50,798 
$ 155,416 






           Investment Shares 15,191 
6,857 
21,813 
4,375 
13,839 
           Investments at Cost $ 168,716 
$ 78,666 
$ 306,495 
$ 58,978 
$ 169,747 
See accompanying notes to financial statements
Page 7 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Assets and Liabilities
December 31, 2022
(In thousands)

















AZL Russell 1000 Growth Index Fund Class 1 AZL Russell 1000 Growth Index Fund Class 2 AZL Russell 1000 Value Index Fund Class 1 AZL Russell 1000 Value Index Fund Class 2 AZL S&P 500 Index Fund
 Assets:




    Investments at Net Asset Value $ 3,113 
$ 16,409 
$ 14,049 
$ 18,457 
$ 30,433 
         Total Assets 3,113 
16,409 
14,049 
18,457 
30,433 






 Liabilities:




         Total Liabilities — 
— 
— 
— 
— 
 Net Assets: 3,113 
16,409 
14,049 
18,457 
30,433 






 Net Assets:




    Contracts in Accumulation Period 3,099 
16,409 
13,944 
18,441 
30,400 
    Contracts in Annuity Payment Period 14 
— 
105 
16 
33 
         Total Net Assets $ 3,113 
$ 16,409 
$ 14,049 
$ 18,457 
$ 30,433 






           Investment Shares 427 
1,254 
1,673 
1,493 
1,795 
           Investments at Cost $ 4,242 
$ 18,871 
$ 15,858 
$ 19,489 
$ 28,402 





















AZL Small Cap Stock Index Fund Class 1 AZL Small Cap Stock Index Fund Class 2 AZL T. Rowe Price Capital Appreciation Fund ClearBridge Variable Aggressive Growth Portfolio Columbia Variable Portfolio – Seligman Global Technology Fund
 Assets:




    Investments at Net Asset Value $ 594 
$ 12,251 
$ 17,021 
$ 22 
$ 38 
         Total Assets 594 
12,251 
17,021 
22 
38 






 Liabilities:




         Total Liabilities — 
— 
— 
— 
— 
 Net Assets: 594 
12,251 
17,021 
22 
38 






 Net Assets:




    Contracts in Accumulation Period 594 
12,251 
17,003 
22 
38 
    Contracts in Annuity Payment Period — 
— 
18 
— 
— 
         Total Net Assets $ 594 
$ 12,251 
$ 17,021 
$ 22 
$ 38 






           Investment Shares 82 
1,072 
1,047 
2 
2 
           Investments at Cost $ 750 
$ 13,266 
$ 18,150 
$ 40 
$ 40 
See accompanying notes to financial statements
Page 8 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Assets and Liabilities
December 31, 2022
(In thousands)

















Davis VA Financial Portfolio Delaware Ivy VIP Mid Cap Growth Portfolio Delaware Ivy VIP Natural Resources Portfolio Fidelity VIP Mid Cap Portfolio Fidelity VIP Strategic Income Portfolio
 Assets:




    Investments at Net Asset Value $ 848 
$ 8 
$ 13 
$ 27 
$ 56 
         Total Assets 848 
8 
13 
27 
56 






 Liabilities:




         Total Liabilities — 
— 
— 
— 
— 
 Net Assets: 848 
8 
13 
27 
56 






 Net Assets:




    Contracts in Accumulation Period 848 
8 
13 
27 
56 
    Contracts in Annuity Payment Period — 
— 
— 
— 
— 
         Total Net Assets $ 848 
$ 8 
$ 13 
$ 27 
$ 56 






           Investment Shares 70 
1 
3 
1 
6 
           Investments at Cost $ 878 
$ 9 
$ 9 
$ 29 
$ 66 





















Franklin Rising Dividends VIP Fund Franklin U.S. Government Securities VIP Fund Invesco Oppenheimer V.I. International Growth Fund Invesco V.I. American Value Fund Invesco V.I. Global Strategic Income Fund
 Assets:




    Investments at Net Asset Value $ 15,356 
$ 15,455 
$ 4 
$ 22 
$ 102 
         Total Assets 15,356 
15,455 
4 
22 
102 






 Liabilities:




         Total Liabilities — 
— 
— 
— 
— 
 Net Assets: 15,356 
15,455 
4 
22 
102 






 Net Assets:




    Contracts in Accumulation Period 15,290 
15,444 
4 
22 
102 
    Contracts in Annuity Payment Period 66 
11 
— 
— 
— 
         Total Net Assets $ 15,356 
$ 15,455 
$ 4 
$ 22 
$ 102 






           Investment Shares 552 
1,512 
2 
1 
26 
           Investments at Cost $ 11,980 
$ 18,611 
$ 7 
$ 25 
$ 136 
See accompanying notes to financial statements
Page 9 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Assets and Liabilities
December 31, 2022
(In thousands)

















JPMorgan Insurance Trust Core Bond Portfolio MFS International Intrinsic Value Portfolio MFS VIT Total Return Bond Portfolio MFS VIT Utilities Portfolio PIMCO VIT Balanced Allocation Portfolio
 Assets:




    Investments at Net Asset Value $ 1,869 
$ 33 
$ 5,239 
$ 7 
$ 19,943 
         Total Assets 1,869 
33 
5,239 
7 
19,943 






 Liabilities:




         Total Liabilities — 
— 
— 
— 
— 
 Net Assets: 1,869 
33 
5,239 
7 
19,943 






 Net Assets:




    Contracts in Accumulation Period 1,869 
33 
5,239 
7 
19,941 
    Contracts in Annuity Payment Period — 
— 
— 
— 
2 
         Total Net Assets $ 1,869 
$ 33 
$ 5,239 
$ 7 
$ 19,943 






           Investment Shares 196 
1 
475 
— 
2,554 
           Investments at Cost $ 2,163 
$ 36 
$ 6,229 
$ 6 
$ 24,448 





















PIMCO VIT CommodityRealReturn Strategy Portfolio PIMCO VIT Emerging Markets Bond Portfolio PIMCO VIT Global Core Bond (Hedged) Portfolio PIMCO VIT High Yield Portfolio PIMCO VIT Long-Term U.S. Government Portfolio
 Assets:




    Investments at Net Asset Value $ 1,473 
$ 5,111 
$ 9,135 
$ 47,773 
$ 257 
         Total Assets 1,473 
5,111 
9,135 
47,773 
257 






 Liabilities:




         Total Liabilities — 
— 
— 
— 
— 
 Net Assets: 1,473 
5,111 
9,135 
47,773 
257 






 Net Assets:




    Contracts in Accumulation Period 1,473 
5,111 
9,135 
47,773 
257 
    Contracts in Annuity Payment Period — 
— 
— 
— 
— 
         Total Net Assets $ 1,473 
$ 5,111 
$ 9,135 
$ 47,773 
$ 257 






           Investment Shares 214 
509 
1,097 
7,057 
33 
           Investments at Cost $ 1,966 
$ 6,561 
$ 10,521 
$ 54,481 
$ 405 
See accompanying notes to financial statements
Page 10 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Assets and Liabilities
December 31, 2022
(In thousands)

















PIMCO VIT Low Duration Portfolio PIMCO VIT Real Return Portfolio PIMCO VIT StocksPLUS Global Portfolio PIMCO VIT Total Return Portfolio T. Rowe Price Blue Chip Growth Portfolio
 Assets:




    Investments at Net Asset Value $ 162 
$ 22,254 
$ 7,236 
$ 72,272 
$ 6 
         Total Assets 162 
22,254 
7,236 
72,272 
6 






 Liabilities:




         Total Liabilities — 
— 
— 
— 
— 
 Net Assets: 162 
22,254 
7,236 
72,272 
6 






 Net Assets:




    Contracts in Accumulation Period 162 
22,250 
7,220 
72,272 
6 
    Contracts in Annuity Payment Period — 
4 
16 
— 
— 
         Total Net Assets $ 162 
$ 22,254 
$ 7,236 
$ 72,272 
$ 6 






           Investment Shares 17 
1,935 
1,228 
8,048 
— 
           Investments at Cost $ 168 
$ 25,214 
$ 10,081 
$ 87,731 
$ 7 















T. Rowe Price Equity Income Portfolio Templeton Global Bond VIP Fund Total All Funds
 Assets:


    Investments at Net Asset Value $ 106 $ 41,861 $ 1,621,763
         Total Assets 106 41,861 1,621,763




 Liabilities:


         Total Liabilities — — —
 Net Assets: 106 41,861 1,621,763




 Net Assets:


    Contracts in Accumulation Period 106 41,844 1,621,303
    Contracts in Annuity Payment Period — 17 460
         Total Net Assets $ 106 $ 41,861 $ 1,621,763




           Investment Shares 4 3,352 194,301
           Investments at Cost $ 111 $ 54,326 $ 1,855,540




See accompanying notes to financial statements
Page 11 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Assets and Liabilities
December 31, 2022
(In thousands)




The following open/available funds had no assets or liabilities as of December 31, 2022 and therefore, were not listed in the Statements of Assets and Liabilities:

BlackRock Equity Dividend V.I. Fund
Delaware Ivy VIP Asset Strategy Portfolio
Delaware Ivy VIP Energy Portfolio
Delaware Ivy VIP Growth Portfolio
Delaware Ivy VIP Science and Technology Portfolio
Eaton Vance VT Floating-Rate Income Fund
Fidelity VIP Emerging Markets Portfolio
Invesco V.I. Balanced-Risk Allocation Fund
Lazard Retirement International Equity Portfolio
Lazard Retirement U.S. Small-Mid Cap Equity Portfolio
T. Rowe Price Health Sciences Portfolio


See accompanying notes to financial statements
Page 12 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Operations
For the year or period ended December 31, 2022
(In thousands)














AZL Balanced Index Strategy Fund AZL DFA Five-Year Global Fixed Income Fund AZL DFA Multi-Strategy Fund AZL Enhanced Bond Index Fund





 Investment Income:



    Dividends Reinvested in Fund Shares $ 565 
$ 38 
$ 814 
$ 67 





 Expenses:



    Mortality and Expense Risk Charges 438 
14 
1,181 
67 
         Investment Income (Loss), Net 127 
24 
(367)
— 
    Realized Gains (Losses) and Unrealized



      Appreciation (Depreciation) on Investments:



    Realized Capital Gain Distributions on Funds 1,630 
— 
6,709 
2 
    Realized Gains (Losses) on Sales of Investments, Net 34 
(21)
(219)
(44)
         Realized Gains (Losses) on Investments, Net 1,664 
(21)
6,490 
(42)
    Net Change in Unrealized Appreciation



      (Depreciation) on Investments (6,554)
(87)
(16,808)
(703)
         Total Realized Gains (Losses) & Changes in



         Appreciation (Depreciation) on Investments (4,890)
(108)
(10,318)
(745)
     Net Increase (Decrease) in Net Assets From Operations $ (4,763)
$ (84)
$ (10,685)
$ (745)

















AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 AZL Fidelity Institutional Asset Management Total Bond Fund Class 2





 Investment Income:



    Dividends Reinvested in Fund Shares $ 89 
$ 1,202 
$ 42 
$ 408 





 Expenses:



    Mortality and Expense Risk Charges 85 
2,069 
20 
276 
         Investment Income (Loss), Net 4 
(867)
22 
132 
    Realized Gains (Losses) and Unrealized



      Appreciation (Depreciation) on Investments:



    Realized Capital Gain Distributions on Funds 622 
8,445 
37 
409 
    Realized Gains (Losses) on Sales of Investments, Net (117)
(1,043)
(17)
(440)
         Realized Gains (Losses) on Investments, Net 505 
7,402 
20 
(31)
    Net Change in Unrealized Appreciation



      (Depreciation) on Investments (1,596)
(29,907)
(275)
(2,931)
         Total Realized Gains (Losses) & Changes in



         Appreciation (Depreciation) on Investments (1,091)
(22,505)
(255)
(2,962)
         Net Increase (Decrease) in Net Assets From Operations $ (1,087)
$ (23,372)
$ (233)
$ (2,830)
See accompanying notes to financial statements
Page 13 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Operations
For the year or period ended December 31, 2022
(In thousands)














AZL Gateway Fund AZL Government Money Market Fund AZL International Index Fund Class 1 AZL International Index Fund Class 2





 Investment Income:



    Dividends Reinvested in Fund Shares $ 23 
$ 341 
$ 211 
$ 398 





 Expenses:



    Mortality and Expense Risk Charges 112 
330 
71 
333 
         Investment Income (Loss), Net (89)
11 
140 
65 
    Realized Gains (Losses) and Unrealized



      Appreciation (Depreciation) on Investments:



    Realized Capital Gain Distributions on Funds — 
— 
163 
339 
    Realized Gains (Losses) on Sales of Investments, Net 229 
— 
9 
198 
         Realized Gains (Losses) on Investments, Net 229 
— 
172 
537 
    Net Change in Unrealized Appreciation



      (Depreciation) on Investments (1,240)
— 
(1,168)
(3,759)
         Total Realized Gains (Losses) & Changes in



         Appreciation (Depreciation) on Investments (1,011)
— 
(996)
(3,222)
         Net Increase (Decrease) in Net Assets From Operations $ (1,100)
$ 11 
$ (856)
$ (3,157)

















AZL MetWest Total Return Bond Fund AZL Mid Cap Index Fund Class 1 AZL Mid Cap Index Fund Class 2 AZL Moderate Index Strategy Fund





 Investment Income:



    Dividends Reinvested in Fund Shares $ 30 
$ 75 
$ 125 
$ 2,192 





 Expenses:



    Mortality and Expense Risk Charges 39 
33 
384 
1,734 
         Investment Income (Loss), Net (9)
42 
(259)
458 
    Realized Gains (Losses) and Unrealized



      Appreciation (Depreciation) on Investments:



    Realized Capital Gain Distributions on Funds 2 
1,393 
3,367 
6,301 
    Realized Gains (Losses) on Sales of Investments, Net (62)
(87)
658 
(1,177)
         Realized Gains (Losses) on Investments, Net (60)
1,306 
4,025 
5,124 
    Net Change in Unrealized Appreciation



      (Depreciation) on Investments (402)
(1,743)
(7,228)
(25,355)
         Total Realized Gains (Losses) & Changes in



         Appreciation (Depreciation) on Investments (462)
(437)
(3,203)
(20,231)
         Net Increase (Decrease) in Net Assets From Operations $ (471)
$ (395)
$ (3,462)
$ (19,773)
See accompanying notes to financial statements
Page 14 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Operations
For the year or period ended December 31, 2022
(In thousands)














AZL MSCI Emerging Markets Equity Index Class 1 AZL MSCI Emerging Markets Equity Index Class 2 AZL MSCI Global Equity Index Fund Class 1 AZL MSCI Global Equity Index Fund Class 2





 Investment Income:



    Dividends Reinvested in Fund Shares $ 8 
$ 45 
$ 38 
$ 50 





 Expenses:



    Mortality and Expense Risk Charges 7 
83 
30 
101 
         Investment Income (Loss), Net 1 
(38)
8 
(51)
    Realized Gains (Losses) and Unrealized



      Appreciation (Depreciation) on Investments:



    Realized Capital Gain Distributions on Funds 10 
72 
231 
309 
    Realized Gains (Losses) on Sales of Investments, Net 9 
(83)
(44)
(119)
         Realized Gains (Losses) on Investments, Net 19 
(11)
187 
190 
    Net Change in Unrealized Appreciation



      (Depreciation) on Investments (145)
(861)
(695)
(1,294)
         Total Realized Gains (Losses) & Changes in



         Appreciation (Depreciation) on Investments (126)
(872)
(508)
(1,104)
         Net Increase (Decrease) in Net Assets From Operations $ (125)
$ (910)
$ (500)
$ (1,155)

















AZL MVP Balanced Index Strategy Fund AZL MVP DFA Multi-Strategy Fund AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund AZL MVP Fusion Balanced Fund





 Investment Income:



    Dividends Reinvested in Fund Shares $ 769 
$ 84 
$ 185 
$ 1,487 





 Expenses:



    Mortality and Expense Risk Charges 491 
132 
410 
998 
         Investment Income (Loss), Net 278 
(48)
(225)
489 
    Realized Gains (Losses) and Unrealized



      Appreciation (Depreciation) on Investments:



    Realized Capital Gain Distributions on Funds 2,365 
628 
1,170 
2,351 
    Realized Gains (Losses) on Sales of Investments, Net (203)
(57)
(3)
(774)
         Realized Gains (Losses) on Investments, Net 2,162 
571 
1,167 
1,577 
    Net Change in Unrealized Appreciation



      (Depreciation) on Investments (9,146)
(1,828)
(5,603)
(13,328)
         Total Realized Gains (Losses) & Changes in



         Appreciation (Depreciation) on Investments (6,984)
(1,257)
(4,436)
(11,751)
         Net Increase (Decrease) in Net Assets From Operations $ (6,706)
$ (1,305)
$ (4,661)
$ (11,262)
See accompanying notes to financial statements
Page 15 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Operations
For the year or period ended December 31, 2022
(In thousands)














AZL MVP Fusion Conservative Fund AZL MVP Fusion Moderate Fund AZL MVP Global Balanced Index Strategy Fund AZL MVP Growth Index Strategy Fund





 Investment Income:



    Dividends Reinvested in Fund Shares $ 431 
$ 3,597 
$ 2,058 
$ 5,102 





 Expenses:



    Mortality and Expense Risk Charges 256 
2,538 
1,076 
4,533 
         Investment Income (Loss), Net 175 
1,059 
982 
569 
    Realized Gains (Losses) and Unrealized



      Appreciation (Depreciation) on Investments:



    Realized Capital Gain Distributions on Funds 502 
7,236 
3,545 
26,463 
    Realized Gains (Losses) on Sales of Investments, Net (290)
(1,907)
(802)
(466)
         Realized Gains (Losses) on Investments, Net 212 
5,329 
2,743 
25,997 
    Net Change in Unrealized Appreciation



      (Depreciation) on Investments (3,276)
(37,233)
(18,215)
(83,297)
         Total Realized Gains (Losses) & Changes in



         Appreciation (Depreciation) on Investments (3,064)
(31,904)
(15,472)
(57,300)
         Net Increase (Decrease) in Net Assets From Operations $ (2,889)
$ (30,845)
$ (14,490)
$ (56,731)

















AZL MVP Moderate Index Strategy Fund AZL MVP T. Rowe Price Capital Appreciation Plus Fund AZL Russell 1000 Growth Index Fund Class 1 AZL Russell 1000 Growth Index Fund Class 2





 Investment Income:



    Dividends Reinvested in Fund Shares $ 1,092 
$ 12,449 
$ 23 
$ 12 





 Expenses:



    Mortality and Expense Risk Charges 848 
2,568 
53 
426 
         Investment Income (Loss), Net 244 
9,881 
(30)
(414)
    Realized Gains (Losses) and Unrealized



      Appreciation (Depreciation) on Investments:



    Realized Capital Gain Distributions on Funds 4,692 
9,550 
1,090 
3,724 
    Realized Gains (Losses) on Sales of Investments, Net (150)
818 
7 
578 
         Realized Gains (Losses) on Investments, Net 4,542 
10,368 
1,097 
4,302 
    Net Change in Unrealized Appreciation



      (Depreciation) on Investments (15,511)
(49,351)
(2,542)
(12,136)
         Total Realized Gains (Losses) & Changes in



         Appreciation (Depreciation) on Investments (10,969)
(38,983)
(1,445)
(7,834)
         Net Increase (Decrease) in Net Assets From Operations $ (10,725)
$ (29,102)
$ (1,475)
$ (8,248)
See accompanying notes to financial statements
Page 16 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Operations
For the year or period ended December 31, 2022
(In thousands)














AZL Russell 1000 Value Index Fund Class 1 AZL Russell 1000 Value Index Fund Class 2 AZL S&P 500 Index Fund AZL Small Cap Stock Index Fund Class 1





 Investment Income:



    Dividends Reinvested in Fund Shares $ 319 
$ 251 
$ 370 
$ 10 





 Expenses:



    Mortality and Expense Risk Charges 213 
437 
740 
11 
         Investment Income (Loss), Net 106 
(186)
(370)
(1)
    Realized Gains (Losses) and Unrealized



      Appreciation (Depreciation) on Investments:



    Realized Capital Gain Distributions on Funds 2,014 
1,934 
4,291 
149 
    Realized Gains (Losses) on Sales of Investments, Net (47)
226 
2,034 
(5)
         Realized Gains (Losses) on Investments, Net 1,967 
2,160 
6,325 
144 
    Net Change in Unrealized Appreciation



      (Depreciation) on Investments (3,630)
(4,432)
(14,551)
(279)
         Total Realized Gains (Losses) & Changes in



         Appreciation (Depreciation) on Investments (1,663)
(2,272)
(8,226)
(135)
         Net Increase (Decrease) in Net Assets From Operations $ (1,557)
$ (2,458)
$ (8,596)
$ (136)

















AZL Small Cap Stock Index Fund Class 2 AZL T. Rowe Price Capital Appreciation Fund ClearBridge Variable Aggressive Growth Portfolio Columbia Variable Portfolio – Seligman Global Technology Fund





 Investment Income:



    Dividends Reinvested in Fund Shares $ 105 
$ 131 
$ — 
$ — 





 Expenses:



    Mortality and Expense Risk Charges 309 
430 
— 
1 
         Investment Income (Loss), Net (204)
(299)
— 
(1)
    Realized Gains (Losses) and Unrealized



      Appreciation (Depreciation) on Investments:



    Realized Capital Gain Distributions on Funds 2,123 
2,615 
3 
10 
    Realized Gains (Losses) on Sales of Investments, Net 208 
417 
(3)
— 
         Realized Gains (Losses) on Investments, Net 2,331 
3,032 
— 
10 
    Net Change in Unrealized Appreciation



      (Depreciation) on Investments (5,088)
(6,083)
(10)
(28)
         Total Realized Gains (Losses) & Changes in



         Appreciation (Depreciation) on Investments (2,757)
(3,051)
(10)
(18)
         Net Increase (Decrease) in Net Assets From Operations $ (2,961)
$ (3,350)
$ (10)
$ (19)
See accompanying notes to financial statements
Page 17 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Operations
For the year or period ended December 31, 2022
(In thousands)














Davis VA Financial Portfolio Delaware Ivy VIP Growth Portfolio Delaware Ivy VIP Mid Cap Growth Portfolio Delaware Ivy VIP Natural Resources Portfolio





 Investment Income:



    Dividends Reinvested in Fund Shares $ 16 
$ — 
$ — 
$ — 





 Expenses:



    Mortality and Expense Risk Charges 21 
— 
— 
— 
         Investment Income (Loss), Net (5)
— 
— 
— 
    Realized Gains (Losses) and Unrealized



      Appreciation (Depreciation) on Investments:



    Realized Capital Gain Distributions on Funds 31 
6 
2 
— 
    Realized Gains (Losses) on Sales of Investments, Net 1 
(13)
(6)
— 
         Realized Gains (Losses) on Investments, Net 32 
(7)
(4)
— 
    Net Change in Unrealized Appreciation



      (Depreciation) on Investments (139)
(2)
— 
2 
         Total Realized Gains (Losses) & Changes in



         Appreciation (Depreciation) on Investments (107)
(9)
(4)
2 
         Net Increase (Decrease) in Net Assets From Operations $ (112)
$ (9)
$ (4)
$ 2 

















Fidelity VIP Emerging Markets Portfolio Fidelity VIP Mid Cap Portfolio Fidelity VIP Strategic Income Portfolio Franklin Rising Dividends VIP Fund





 Investment Income:



    Dividends Reinvested in Fund Shares $ — 
$ — 
$ 2 
$ 162 





 Expenses:



    Mortality and Expense Risk Charges — 
— 
— 
267 
         Investment Income (Loss), Net — 
— 
2 
(105)
    Realized Gains (Losses) and Unrealized



      Appreciation (Depreciation) on Investments:



    Realized Capital Gain Distributions on Funds — 
2 
— 
2,020 
    Realized Gains (Losses) on Sales of Investments, Net (1)
(1)
(6)
620 
         Realized Gains (Losses) on Investments, Net (1)
1 
(6)
2,640 
    Net Change in Unrealized Appreciation



      (Depreciation) on Investments (4)
(9)
(9)
(4,852)
         Total Realized Gains (Losses) & Changes in



         Appreciation (Depreciation) on Investments (5)
(8)
(15)
(2,212)
         Net Increase (Decrease) in Net Assets From Operations $ (5)
$ (8)
$ (13)
$ (2,317)
See accompanying notes to financial statements
Page 18 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Operations
For the year or period ended December 31, 2022
(In thousands)














Franklin U.S. Government Securities VIP Fund Invesco Oppenheimer V.I. International Growth Fund Invesco V.I. American Value Fund Invesco V.I. Global Strategic Income Fund





 Investment Income:



    Dividends Reinvested in Fund Shares $ 417 
$ — 
$ — 
$ — 





 Expenses:



    Mortality and Expense Risk Charges 289 
— 
— 
2 
         Investment Income (Loss), Net 128 
— 
— 
(2)
    Realized Gains (Losses) and Unrealized



      Appreciation (Depreciation) on Investments:



    Realized Capital Gain Distributions on Funds — 
1 
4 
— 
    Realized Gains (Losses) on Sales of Investments, Net (605)
(7)
(2)
(3)
         Realized Gains (Losses) on Investments, Net (605)
(6)
2 
(3)
    Net Change in Unrealized Appreciation



      (Depreciation) on Investments (1,656)
(1)
(4)
(11)
         Total Realized Gains (Losses) & Changes in



         Appreciation (Depreciation) on Investments (2,261)
(7)
(2)
(14)
         Net Increase (Decrease) in Net Assets From Operations $ (2,133)
$ (7)
$ (2)
$ (16)

















JPMorgan Insurance Trust Core Bond Portfolio MFS International Intrinsic Value Portfolio MFS VIT Total Return Bond Portfolio PIMCO VIT Balanced Allocation Portfolio





 Investment Income:



    Dividends Reinvested in Fund Shares $ 36 
$ — 
$ 141 
$ 213 





 Expenses:



    Mortality and Expense Risk Charges 31 
— 
85 
342 
         Investment Income (Loss), Net 5 
— 
56 
(129)
    Realized Gains (Losses) and Unrealized



      Appreciation (Depreciation) on Investments:



    Realized Capital Gain Distributions on Funds 11 
2 
67 
2,137 
    Realized Gains (Losses) on Sales of Investments, Net (46)
(2)
(99)
(292)
         Realized Gains (Losses) on Investments, Net (35)
— 
(32)
1,845 
    Net Change in Unrealized Appreciation



      (Depreciation) on Investments (285)
(10)
(1,009)
(6,153)
         Total Realized Gains (Losses) & Changes in



         Appreciation (Depreciation) on Investments (320)
(10)
(1,041)
(4,308)
         Net Increase (Decrease) in Net Assets From Operations $ (315)
$ (10)
$ (985)
$ (4,437)
See accompanying notes to financial statements
Page 19 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Operations
For the year or period ended December 31, 2022
(In thousands)














PIMCO VIT CommodityRealReturn Strategy Portfolio PIMCO VIT Emerging Markets Bond Portfolio PIMCO VIT Global Core Bond (Hedged) Portfolio PIMCO VIT High Yield Portfolio





 Investment Income:



    Dividends Reinvested in Fund Shares $ 362 
$ 261 
$ 160 
$ 2,602 





 Expenses:



    Mortality and Expense Risk Charges 40 
91 
164 
820 
         Investment Income (Loss), Net 322 
170 
(4)
1,782 
    Realized Gains (Losses) and Unrealized



      Appreciation (Depreciation) on Investments:



    Realized Capital Gain Distributions on Funds — 
— 
73 
— 
    Realized Gains (Losses) on Sales of Investments, Net (4)
(133)
(196)
(1,005)
         Realized Gains (Losses) on Investments, Net (4)
(133)
(123)
(1,005)
    Net Change in Unrealized Appreciation



      (Depreciation) on Investments (148)
(1,129)
(1,330)
(7,669)
         Total Realized Gains (Losses) & Changes in



         Appreciation (Depreciation) on Investments (152)
(1,262)
(1,453)
(8,674)
         Net Increase (Decrease) in Net Assets From Operations $ 170 
$ (1,092)
$ (1,457)
$ (6,892)

















PIMCO VIT Long-Term U.S. Government Portfolio PIMCO VIT Low Duration Portfolio PIMCO VIT Real Return Portfolio PIMCO VIT StocksPLUS Global Portfolio





 Investment Income:



    Dividends Reinvested in Fund Shares $ 6 
$ 2 
$ 1,668 
$ 95 





 Expenses:



    Mortality and Expense Risk Charges 4 
— 
402 
158 
         Investment Income (Loss), Net 2 
2 
1,266 
(63)
    Realized Gains (Losses) and Unrealized



      Appreciation (Depreciation) on Investments:



    Realized Capital Gain Distributions on Funds — 
— 
— 
1,909 
    Realized Gains (Losses) on Sales of Investments, Net (18)
(2)
(156)
(342)
         Realized Gains (Losses) on Investments, Net (18)
(2)
(156)
1,567 
    Net Change in Unrealized Appreciation



      (Depreciation) on Investments (98)
(5)
(4,611)
(3,508)
         Total Realized Gains (Losses) & Changes in



         Appreciation (Depreciation) on Investments (116)
(7)
(4,767)
(1,941)
         Net Increase (Decrease) in Net Assets From Operations $ (114)
$ (5)
$ (3,501)
$ (2,004)
See accompanying notes to financial statements
Page 20 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Operations
For the year or period ended December 31, 2022
(In thousands)














PIMCO VIT Total Return Portfolio T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio Templeton Global Bond VIP Fund





 Investment Income:



    Dividends Reinvested in Fund Shares $ 2,051 
$ — 
$ 1 
$ — 





 Expenses:



    Mortality and Expense Risk Charges 1,279 
— 
— 
720 
         Investment Income (Loss), Net 772 
— 
1 
(720)
    Realized Gains (Losses) and Unrealized



      Appreciation (Depreciation) on Investments:



    Realized Capital Gain Distributions on Funds — 
— 
6 
— 
    Realized Gains (Losses) on Sales of Investments, Net (1,786)
— 
— 
(3,115)
         Realized Gains (Losses) on Investments, Net (1,786)
— 
6 
(3,115)
    Net Change in Unrealized Appreciation



      (Depreciation) on Investments (12,957)
(1)
(9)
751 
         Total Realized Gains (Losses) & Changes in



         Appreciation (Depreciation) on Investments (14,743)
(1)
(3)
(2,364)
         Net Increase (Decrease) in Net Assets From Operations $ (13,971)
$ (1)
$ (2)
$ (3,084)




See accompanying notes to financial statements
Page 21 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Operations
For the year or period ended December 31, 2022
(In thousands)





Total All Funds


 Investment Income:
    Dividends Reinvested in Fund Shares $ 43,431 


 Expenses:
    Mortality and Expense Risk Charges 28,592 
         Investment Income (Loss), Net 14,839 
    Realized Gains (Losses) and Unrealized
      Appreciation (Depreciation) on Investments:
    Realized Capital Gain Distributions on Funds 112,767 
    Realized Gains (Losses) on Sales of Investments, Net (9,974)
         Realized Gains (Losses) on Investments, Net 102,793 
    Net Change in Unrealized Appreciation
      (Depreciation) on Investments (433,174)
         Total Realized Gains (Losses) & Changes in
         Appreciation (Depreciation) on Investments (330,381)
         Net Increase (Decrease) in Net Assets From Operations $ (315,542)







(A) Fund terminated in 2022. See Footnote 1 for further details.

The following open/available funds had no activity for the year or period ended December 31, 2022 and therefore, were not listed in the Statements of Operations:

BlackRock Equity Dividend V.I. Fund
Delaware Ivy VIP Asset Strategy Portfolio
Delaware Ivy VIP Energy Portfolio
Delaware Ivy VIP Science and Technology Portfolio
Eaton Vance VT Floating-Rate Income Fund
Franklin Multi-Asset Dynamic Multi-Strategy VIT Fund (A)
Invesco V.I. Balanced-Risk Allocation Fund
Lazard Retirement International Equity Portfolio
Lazard Retirement U.S. Small-Mid Cap Equity Portfolio
MFS VIT Utilities Portfolio
T. Rowe Price Health Sciences Portfolio

See accompanying notes to financial statements
Page 22 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














AZL Balanced Index Strategy Fund AZL DFA Five-Year Global Fixed Income Fund

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ 127 
$ 7 
$ 24 
$ (13)
       Realized Gains (Losses) on Investments, Net 1,664 
2,369 
(21)
(4)
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (6,554)
(80)
(87)
(10)
            Net Increase (Decrease) in Net Assets From Operations (4,763)
2,296 
(84)
(27)
 Contract Transactions-All Products



    Purchase Payments 24 
43 
10 
18 
    Transfers Between Funds or (to) from General Account 112 
2,290 
54 
281 
    Surrenders and Terminations (1,222)
(3,845)
(123)
— 
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
1 
— 
— 
    Contract Maintenance Charge (2)
(2)
— 
— 
    Rider Charge (299)
(290)
(13)
(9)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (1,387)
(1,803)
(72)
290 
             Increase (Decrease) in Net Assets (6,150)
493 
(156)
263 
 Net Assets at Beginning of Period 29,132 
28,639 
1,031 
768 
 Net Assets at End of Period $ 22,982 
$ 29,132 
$ 875 
$ 1,031 
 Changes in Units



      Issued 7 
120 
7 
31 
      Redeemed (85)
(211)
(15)
(1)
      Net Increase (Decrease) (78)
(91)
(8)
30 
















AZL DFA Multi-Strategy Fund AZL Enhanced Bond Index Fund

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ (367)
$ (89)
$ — 
$ (37)
       Realized Gains (Losses) on Investments, Net 6,490 
5,865 
(42)
161 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (16,808)
4,182 
(703)
(297)
            Net Increase (Decrease) in Net Assets From Operations (10,685)
9,958 
(745)
(173)
 Contract Transactions-All Products



    Purchase Payments 42 
218 
24 
64 
    Transfers Between Funds or (to) from General Account (1,549)
(3,922)
332 
502 
    Surrenders and Terminations (5,474)
(7,691)
(215)
(550)
    Rescissions — 
(43)
— 
— 
    Bonus (Recapture) — 
— 
1 
2 
    Contract Maintenance Charge (6)
(6)
(1)
— 
    Rider Charge (1,381)
(1,424)
(61)
(60)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (8,368)
(12,868)
80 
(42)
             Increase (Decrease) in Net Assets (19,053)
(2,910)
(665)
(215)
 Net Assets at Beginning of Period 85,039 
87,949 
4,927 
5,142 
 Net Assets at End of Period $ 65,986 
$ 85,039 
$ 4,262 
$ 4,927 
 Changes in Units



      Issued 2 
10 
33 
46 
      Redeemed (405)
(586)
(26)
(50)
      Net Increase (Decrease) (403)
(576)
7 
(4)
See accompanying notes to financial statements
Page 23 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ 4 
$ 4 
$ (867)
$ (735)
       Realized Gains (Losses) on Investments, Net 505 
159 
7,402 
3,068 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (1,596)
178 
(29,907)
6,271 
            Net Increase (Decrease) in Net Assets From Operations (1,087)
341 
(23,372)
8,604 
 Contract Transactions-All Products



    Purchase Payments 1 
123 
306 
209 
    Transfers Between Funds or (to) from General Account (7)
6,954 
341 
125,218 
    Surrenders and Terminations (698)
(248)
(10,359)
(7,535)
    Rescissions — 
— 
(1)
— 
    Bonus (Recapture) — 
— 
3 
— 
    Contract Maintenance Charge (3)
(2)
(19)
(11)
    Rider Charge — 
— 
(2,023)
(1,322)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (707)
6,827 
(11,752)
116,559 
             Increase (Decrease) in Net Assets (1,794)
7,168 
(35,124)
125,163 
 Net Assets at Beginning of Period 7,168 
— 
150,623 
25,460 
 Net Assets at End of Period $ 5,374 
$ 7,168 
$ 115,499 
$ 150,623 
 Changes in Units



      Issued — 
708 
36 
6,431 
      Redeemed (75)
(33)
(679)
(446)
      Net Increase (Decrease) (75)
675 
(643)
5,985 
















AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 AZL Fidelity Institutional Asset Management Total Bond Fund Class 2

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ 22 
$ 25 
$ 132 
$ 174 
       Realized Gains (Losses) on Investments, Net 20 
40 
(31)
525 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (275)
(78)
(2,931)
(965)
            Net Increase (Decrease) in Net Assets From Operations (233)
(13)
(2,830)
(266)
 Contract Transactions-All Products



    Purchase Payments — 
— 
17 
214 
    Transfers Between Funds or (to) from General Account (38)
(16)
895 
2,610 
    Surrenders and Terminations (68)
(74)
(2,500)
(2,332)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
1 
13 
    Contract Maintenance Charge (1)
(1)
(3)
(3)
    Rider Charge — 
— 
(177)
(182)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (107)
(91)
(1,767)
320 
             Increase (Decrease) in Net Assets (340)
(104)
(4,597)
54 
 Net Assets at Beginning of Period 1,635 
1,739 
19,373 
19,319 
 Net Assets at End of Period $ 1,295 
$ 1,635 
$ 14,776 
$ 19,373 
 Changes in Units



      Issued — 
— 
88 
245 
      Redeemed (10)
(8)
(260)
(217)
      Net Increase (Decrease) (10)
(8)
(172)
28 
See accompanying notes to financial statements
Page 24 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














AZL Gateway Fund AZL Government Money Market Fund

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ (89)
$ (77)
$ 11 
$ (375)
       Realized Gains (Losses) on Investments, Net 229 
287 
— 
— 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (1,240)
548 
— 
— 
            Net Increase (Decrease) in Net Assets From Operations (1,100)
758 
11 
(375)
 Contract Transactions-All Products



    Purchase Payments — 
107 
187,478 
189,487 
    Transfers Between Funds or (to) from General Account (94)
427 
(167,729)
(171,520)
    Surrenders and Terminations (468)
(523)
(15,573)
(15,263)
    Rescissions — 
— 
(461)
(1,839)
    Bonus (Recapture) — 
6 
18 
22 
    Contract Maintenance Charge — 
— 
(7)
(7)
    Rider Charge (158)
(157)
(496)
(362)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (720)
(140)
3,230 
518 
             Increase (Decrease) in Net Assets (1,820)
618 
3,241 
143 
 Net Assets at Beginning of Period 8,354 
7,736 
46,026 
45,883 
 Net Assets at End of Period $ 6,534 
$ 8,354 
$ 49,267 
$ 46,026 
 Changes in Units



      Issued — 
40 
14,316 
14,494 
      Redeemed (51)
(46)
(14,057)
(14,624)
      Net Increase (Decrease) (51)
(6)
259 
(130)
















AZL International Index Fund Class 1 AZL International Index Fund Class 2

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ 140 
$ 54 
$ 65 
$ (146)
       Realized Gains (Losses) on Investments, Net 172 
88 
537 
1,127 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (1,168)
334 
(3,759)
652 
            Net Increase (Decrease) in Net Assets From Operations (856)
476 
(3,157)
1,633 
 Contract Transactions-All Products



    Purchase Payments — 
— 
42 
105 
    Transfers Between Funds or (to) from General Account 3 
13 
(609)
(1,127)
    Surrenders and Terminations (259)
(391)
(2,309)
(2,653)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
— 
5 
    Contract Maintenance Charge (2)
(2)
(2)
(2)
    Rider Charge — 
— 
(37)
(56)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (258)
(380)
(2,915)
(3,728)
             Increase (Decrease) in Net Assets (1,114)
96 
(6,072)
(2,095)
 Net Assets at Beginning of Period 5,506 
5,410 
19,119 
21,214 
 Net Assets at End of Period $ 4,392 
$ 5,506 
$ 13,047 
$ 19,119 
 Changes in Units



      Issued — 
1 
2 
7 
      Redeemed (21)
(28)
(234)
(264)
      Net Increase (Decrease) (21)
(27)
(232)
(257)
See accompanying notes to financial statements
Page 25 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














AZL MetWest Total Return Bond Fund AZL Mid Cap Index Fund Class 1

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ (9)
$ (1)
$ 42 
$ 32 
       Realized Gains (Losses) on Investments, Net (60)
155 
1,306 
336 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (402)
(238)
(1,743)
178 
            Net Increase (Decrease) in Net Assets From Operations (471)
(84)
(395)
546 
 Contract Transactions-All Products



    Purchase Payments 16 
1 
— 
— 
    Transfers Between Funds or (to) from General Account 200 
195 
— 
(19)
    Surrenders and Terminations (202)
(139)
(281)
(299)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
— 
— 
    Contract Maintenance Charge — 
— 
(1)
(1)
    Rider Charge (41)
(40)
— 
— 
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (27)
17 
(282)
(319)
             Increase (Decrease) in Net Assets (498)
(67)
(677)
227 
 Net Assets at Beginning of Period 2,948 
3,015 
2,804 
2,577 
 Net Assets at End of Period $ 2,450 
$ 2,948 
$ 2,127 
$ 2,804 
 Changes in Units



      Issued 23 
17 
— 
— 
      Redeemed (25)
(16)
(17)
(18)
      Net Increase (Decrease) (2)
1 
(17)
(18)
















AZL Mid Cap Index Fund Class 2 AZL Moderate Index Strategy Fund

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ (259)
$ (333)
$ 458 
$ (699)
       Realized Gains (Losses) on Investments, Net 4,025 
3,140 
5,124 
2,079 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (7,228)
2,042 
(25,355)
5,733 
            Net Increase (Decrease) in Net Assets From Operations (3,462)
4,849 
(19,773)
7,113 
 Contract Transactions-All Products



    Purchase Payments 94 
192 
113 
113 
    Transfers Between Funds or (to) from General Account (1,855)
(3,636)
(748)
87,961 
    Surrenders and Terminations (2,085)
(3,096)
(8,196)
(7,285)
    Rescissions — 
— 
(30)
(22)
    Bonus (Recapture) 3 
11 
— 
2 
    Contract Maintenance Charge (2)
(2)
(12)
(7)
    Rider Charge (63)
(95)
(1,847)
(1,271)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (3,908)
(6,626)
(10,720)
79,491 
             Increase (Decrease) in Net Assets (7,370)
(1,777)
(30,493)
86,604 
 Net Assets at Beginning of Period 23,389 
25,166 
121,206 
34,602 
 Net Assets at End of Period $ 16,019 
$ 23,389 
$ 90,713 
$ 121,206 
 Changes in Units



      Issued 3 
7 
5 
3,470 
      Redeemed (144)
(227)
(461)
(326)
      Net Increase (Decrease) (141)
(220)
(456)
3,144 
See accompanying notes to financial statements
Page 26 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














AZL MSCI Emerging Markets Equity Index Class 1 AZL MSCI Emerging Markets Equity Index Class 2

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ 1 
$ 1 
$ (38)
$ (52)
       Realized Gains (Losses) on Investments, Net 19 
27 
(11)
199 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (145)
(60)
(861)
(400)
            Net Increase (Decrease) in Net Assets From Operations (125)
(32)
(910)
(253)
 Contract Transactions-All Products



    Purchase Payments — 
— 
— 
— 
    Transfers Between Funds or (to) from General Account — 
— 
137 
234 
    Surrenders and Terminations (57)
(35)
(343)
(424)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
— 
— 
    Contract Maintenance Charge — 
— 
— 
— 
    Rider Charge — 
— 
(3)
(4)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (57)
(35)
(209)
(194)
             Increase (Decrease) in Net Assets (182)
(67)
(1,119)
(447)
 Net Assets at Beginning of Period 593 
660 
4,060 
4,507 
 Net Assets at End of Period $ 411 
$ 593 
$ 2,941 
$ 4,060 
 Changes in Units



      Issued — 
— 
16 
21 
      Redeemed (5)
(2)
(36)
(33)
      Net Increase (Decrease) (5)
(2)
(20)
(12)
















AZL MSCI Global Equity Index Fund Class 1 AZL MSCI Global Equity Index Fund Class 2

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ 8 
$ 11 
$ (51)
$ (27)
       Realized Gains (Losses) on Investments, Net 187 
105 
190 
217 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (695)
115 
(1,294)
362 
            Net Increase (Decrease) in Net Assets From Operations (500)
231 
(1,155)
552 
 Contract Transactions-All Products



    Purchase Payments — 
14 
48 
53 
    Transfers Between Funds or (to) from General Account — 
2,547 
(226)
5,866 
    Surrenders and Terminations (306)
(101)
(699)
(685)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
2 
2 
    Contract Maintenance Charge (1)
(1)
(1)
(1)
    Rider Charge — 
— 
(12)
(10)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (307)
2,459 
(888)
5,225 
             Increase (Decrease) in Net Assets (807)
2,690 
(2,043)
5,777 
 Net Assets at Beginning of Period 2,690 
— 
6,101 
324 
 Net Assets at End of Period $ 1,883 
$ 2,690 
$ 4,058 
$ 6,101 
 Changes in Units



      Issued — 
256 
3 
290 
      Redeemed (32)
(10)
(49)
(32)
      Net Increase (Decrease) (32)
246 
(46)
258 
See accompanying notes to financial statements
Page 27 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














AZL MVP Balanced Index Strategy Fund AZL MVP DFA Multi-Strategy Fund

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ 278 
$ 151 
$ (48)
$ (25)
       Realized Gains (Losses) on Investments, Net 2,162 
3,087 
571 
855 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (9,146)
288 
(1,828)
323 
            Net Increase (Decrease) in Net Assets From Operations (6,706)
3,526 
(1,305)
1,153 
 Contract Transactions-All Products



    Purchase Payments 489 
1,102 
65 
246 
    Transfers Between Funds or (to) from General Account (1,261)
645 
(187)
(57)
    Surrenders and Terminations (2,902)
(3,843)
(447)
(711)
    Rescissions (1)
— 
— 
— 
    Bonus (Recapture) — 
3 
2 
11 
    Contract Maintenance Charge (6)
(5)
(1)
(1)
    Rider Charge (579)
(595)
(148)
(146)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (4,260)
(2,693)
(716)
(658)
             Increase (Decrease) in Net Assets (10,966)
833 
(2,021)
495 
 Net Assets at Beginning of Period 43,028 
42,195 
10,052 
9,557 
 Net Assets at End of Period $ 32,062 
$ 43,028 
$ 8,031 
$ 10,052 
 Changes in Units



      Issued 30 
103 
5 
21 
      Redeemed (312)
(264)
(65)
(68)
      Net Increase (Decrease) (282)
(161)
(60)
(47)
















AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund AZL MVP Fusion Balanced Fund

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ (225)
$ 324 
$ 489 
$ 356 
       Realized Gains (Losses) on Investments, Net 1,167 
2,015 
1,577 
143 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (5,603)
694 
(13,328)
4,858 
            Net Increase (Decrease) in Net Assets From Operations (4,661)
3,033 
(11,262)
5,357 
 Contract Transactions-All Products



    Purchase Payments 77 
256 
289 
424 
    Transfers Between Funds or (to) from General Account (440)
(888)
(399)
(233)
    Surrenders and Terminations (2,313)
(3,047)
(4,409)
(9,586)
    Rescissions — 
— 
(2)
— 
    Bonus (Recapture) 2 
8 
— 
— 
    Contract Maintenance Charge (5)
(5)
(11)
(11)
    Rider Charge (418)
(446)
(1,015)
(1,067)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (3,097)
(4,122)
(5,547)
(10,473)
             Increase (Decrease) in Net Assets (7,758)
(1,089)
(16,809)
(5,116)
 Net Assets at Beginning of Period 32,008 
33,097 
71,037 
76,153 
 Net Assets at End of Period $ 24,250 
$ 32,008 
$ 54,228 
$ 71,037 
 Changes in Units



      Issued 6 
19 
18 
23 
      Redeemed (225)
(285)
(363)
(623)
      Net Increase (Decrease) (219)
(266)
(345)
(600)
See accompanying notes to financial statements
Page 28 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














AZL MVP Fusion Conservative Fund AZL MVP Fusion Moderate Fund

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ 175 
$ 170 
$ 1,059 
$ 830 
       Realized Gains (Losses) on Investments, Net 212 
219 
5,329 
995 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (3,276)
533 
(37,233)
16,051 
            Net Increase (Decrease) in Net Assets From Operations (2,889)
922 
(30,845)
17,876 
 Contract Transactions-All Products



    Purchase Payments 62 
162 
414 
569 
    Transfers Between Funds or (to) from General Account (1,742)
1,260 
(1,111)
(7,098)
    Surrenders and Terminations (2,675)
(2,471)
(13,411)
(22,895)
    Rescissions — 
— 
(19)
(20)
    Bonus (Recapture) 1 
1 
5 
7 
    Contract Maintenance Charge (2)
(2)
(23)
(23)
    Rider Charge (260)
(314)
(2,782)
(2,960)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (4,616)
(1,364)
(16,927)
(32,420)
             Increase (Decrease) in Net Assets (7,505)
(442)
(47,772)
(14,544)
 Net Assets at Beginning of Period 21,456 
21,898 
189,503 
204,047 
 Net Assets at End of Period $ 13,951 
$ 21,456 
$ 141,731 
$ 189,503 
 Changes in Units



      Issued 5 
87 
25 
32 
      Redeemed (308)
(173)
(1,055)
(1,815)
      Net Increase (Decrease) (303)
(86)
(1,030)
(1,783)
















AZL MVP Global Balanced Index Strategy Fund AZL MVP Growth Index Strategy Fund

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ 982 
$ (26)
$ 569 
$ 616 
       Realized Gains (Losses) on Investments, Net 2,743 
6,001 
25,997 
31,748 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (18,215)
(459)
(83,297)
13,971 
            Net Increase (Decrease) in Net Assets From Operations (14,490)
5,516 
(56,731)
46,335 
 Contract Transactions-All Products



    Purchase Payments 138 
333 
1,925 
3,701 
    Transfers Between Funds or (to) from General Account 587 
1,471 
(1,132)
1,068 
    Surrenders and Terminations (5,808)
(8,839)
(16,915)
(20,874)
    Rescissions (6)
— 
(39)
— 
    Bonus (Recapture) 1 
— 
2 
5 
    Contract Maintenance Charge (12)
(12)
(30)
(29)
    Rider Charge (1,188)
(1,238)
(4,600)
(4,534)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (6,288)
(8,285)
(20,789)
(20,663)
             Increase (Decrease) in Net Assets (20,778)
(2,769)
(77,520)
25,672 
 Net Assets at Beginning of Period 85,510 
88,279 
350,178 
324,506 
 Net Assets at End of Period $ 64,732 
$ 85,510 
$ 272,658 
$ 350,178 
 Changes in Units



      Issued 54 
121 
104 
239 
      Redeemed (519)
(667)
(1,274)
(1,304)
      Net Increase (Decrease) (465)
(546)
(1,170)
(1,065)
See accompanying notes to financial statements
Page 29 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














AZL MVP Moderate Index Strategy Fund AZL MVP T. Rowe Price Capital Appreciation Plus Fund

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ 244 
$ 174 
$ 9,881 
$ 3,833 
       Realized Gains (Losses) on Investments, Net 4,542 
5,894 
10,368 
13,217 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (15,511)
712 
(49,351)
10,337 
            Net Increase (Decrease) in Net Assets From Operations (10,725)
6,780 
(29,102)
27,387 
 Contract Transactions-All Products



    Purchase Payments 87 
199 
1,284 
2,536 
    Transfers Between Funds or (to) from General Account 829 
(2,046)
(568)
4,637 
    Surrenders and Terminations (3,787)
(4,951)
(10,469)
(15,336)
    Rescissions (1)
— 
(3)
— 
    Bonus (Recapture) 1 
1 
11 
15 
    Contract Maintenance Charge (8)
(7)
(17)
(17)
    Rider Charge (891)
(914)
(2,789)
(2,720)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (3,770)
(7,718)
(12,551)
(10,885)
             Increase (Decrease) in Net Assets (14,495)
(938)
(41,653)
16,502 
 Net Assets at Beginning of Period 65,293 
66,231 
197,069 
180,567 
 Net Assets at End of Period $ 50,798 
$ 65,293 
$ 155,416 
$ 197,069 
 Changes in Units



      Issued 52 
11 
77 
425 
      Redeemed (273)
(425)
(826)
(1,010)
      Net Increase (Decrease) (221)
(414)
(749)
(585)
















AZL Russell 1000 Growth Index Fund Class 1 AZL Russell 1000 Growth Index Fund Class 2

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ (30)
$ (33)
$ (414)
$ (504)
       Realized Gains (Losses) on Investments, Net 1,097 
889 
4,302 
6,095 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (2,542)
194 
(12,136)
510 
            Net Increase (Decrease) in Net Assets From Operations (1,475)
1,050 
(8,248)
6,101 
 Contract Transactions-All Products



    Purchase Payments — 
— 
124 
206 
    Transfers Between Funds or (to) from General Account 5 
(26)
(754)
(2,582)
    Surrenders and Terminations (498)
(229)
(2,419)
(3,828)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
3 
12 
    Contract Maintenance Charge (1)
(1)
(2)
(3)
    Rider Charge — 
— 
(64)
(96)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (494)
(256)
(3,112)
(6,291)
             Increase (Decrease) in Net Assets (1,969)
794 
(11,360)
(190)
 Net Assets at Beginning of Period 5,082 
4,288 
27,769 
27,959 
 Net Assets at End of Period $ 3,113 
$ 5,082 
$ 16,409 
$ 27,769 
 Changes in Units



      Issued — 
— 
2 
5 
      Redeemed (20)
(11)
(79)
(144)
      Net Increase (Decrease) (20)
(11)
(77)
(139)
See accompanying notes to financial statements
Page 30 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














AZL Russell 1000 Value Index Fund Class 1 AZL Russell 1000 Value Index Fund Class 2

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ 106 
$ 98 
$ (186)
$ (127)
       Realized Gains (Losses) on Investments, Net 1,967 
130 
2,160 
757 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (3,630)
2,684 
(4,432)
3,238 
            Net Increase (Decrease) in Net Assets From Operations (1,557)
2,912 
(2,458)
3,868 
 Contract Transactions-All Products



    Purchase Payments — 
24 
22 
126 
    Transfers Between Funds or (to) from General Account (11)
3,065 
(1,956)
8,925 
    Surrenders and Terminations (1,354)
(971)
(2,467)
(3,009)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
— 
7 
    Contract Maintenance Charge (5)
(4)
(3)
(2)
    Rider Charge — 
— 
(65)
(74)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (1,370)
2,114 
(4,469)
5,973 
             Increase (Decrease) in Net Assets (2,927)
5,026 
(6,927)
9,841 
 Net Assets at Beginning of Period 16,976 
11,950 
25,384 
15,543 
 Net Assets at End of Period $ 14,049 
$ 16,976 
$ 18,457 
$ 25,384 
 Changes in Units



      Issued — 
202 
1 
397 
      Redeemed (90)
(59)
(186)
(128)
      Net Increase (Decrease) (90)
143 
(185)
269 
















AZL S&P 500 Index Fund AZL Small Cap Stock Index Fund Class 1

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ (370)
$ (477)
$ (1)
$ (4)
       Realized Gains (Losses) on Investments, Net 6,325 
7,180 
144 
40 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (14,551)
3,625 
(279)
125 
            Net Increase (Decrease) in Net Assets From Operations (8,596)
10,328 
(136)
161 
 Contract Transactions-All Products



    Purchase Payments 183 
69 
— 
— 
    Transfers Between Funds or (to) from General Account (1,771)
(6,062)
(1)
(52)
    Surrenders and Terminations (3,597)
(5,448)
(36)
(16)
    Rescissions (1)
— 
— 
— 
    Bonus (Recapture) — 
2 
— 
— 
    Contract Maintenance Charge (5)
(5)
— 
— 
    Rider Charge (118)
(161)
— 
— 
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (5,309)
(11,605)
(37)
(68)
             Increase (Decrease) in Net Assets (13,905)
(1,277)
(173)
93 
 Net Assets at Beginning of Period 44,338 
45,615 
767 
674 
 Net Assets at End of Period $ 30,433 
$ 44,338 
$ 594 
$ 767 
 Changes in Units



      Issued 3 
3 
— 
— 
      Redeemed (207)
(428)
(3)
(3)
      Net Increase (Decrease) (204)
(425)
(3)
(3)
See accompanying notes to financial statements
Page 31 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














AZL Small Cap Stock Index Fund Class 2 AZL T. Rowe Price Capital Appreciation Fund

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ (204)
$ (276)
$ (299)
$ (281)
       Realized Gains (Losses) on Investments, Net 2,331 
1,361 
3,032 
4,158 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (5,088)
2,420 
(6,083)
(251)
            Net Increase (Decrease) in Net Assets From Operations (2,961)
3,505 
(3,350)
3,626 
 Contract Transactions-All Products



    Purchase Payments 75 
146 
2 
33 
    Transfers Between Funds or (to) from General Account (198)
(1,046)
(1,197)
280 
    Surrenders and Terminations (1,112)
(1,992)
(3,367)
(2,781)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) 1 
8 
— 
2 
    Contract Maintenance Charge (1)
(1)
(2)
(2)
    Rider Charge (14)
(18)
(31)
(42)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (1,249)
(2,903)
(4,595)
(2,510)
             Increase (Decrease) in Net Assets (4,210)
602 
(7,945)
1,116 
 Net Assets at Beginning of Period 16,461 
15,859 
24,966 
23,850 
 Net Assets at End of Period $ 12,251 
$ 16,461 
$ 17,021 
$ 24,966 
 Changes in Units



      Issued 2 
5 
— 
18 
      Redeemed (54)
(118)
(166)
(98)
      Net Increase (Decrease) (52)
(113)
(166)
(80)
















BlackRock Global Allocation V.I. Fund ClearBridge Variable Aggressive Growth Portfolio

2022 2021 (B) 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ — 
$ (585)
$ — 
$ — 
       Realized Gains (Losses) on Investments, Net — 
13,287 
— 
13 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments — 
(9,492)
(10)
(7)
            Net Increase (Decrease) in Net Assets From Operations — 
3,210 
(10)
6 
 Contract Transactions-All Products



    Purchase Payments — 
34 
— 
— 
    Transfers Between Funds or (to) from General Account — 
(76,403)
— 
— 
    Surrenders and Terminations — 
(2,856)
(5)
(26)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
— 
— 
    Contract Maintenance Charge — 
(4)
— 
— 
    Rider Charge — 
(589)
— 
— 
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions — 
(79,818)
(5)
(26)
             Increase (Decrease) in Net Assets — 
(76,608)
(15)
(20)
 Net Assets at Beginning of Period — 
76,608 
37 
57 
 Net Assets at End of Period $ — 
$ — 
$ 22 
$ 37 
 Changes in Units



      Issued — 
2 
— 
— 
      Redeemed — 
(4,681)
— 
(1)
      Net Increase (Decrease) — 
(4,679)
— 
(1)
See accompanying notes to financial statements
Page 32 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














Columbia Variable Portfolio – Seligman Global Technology Fund Davis VA Financial Portfolio

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ (1)
$ (1)
$ (5)
$ (10)
       Realized Gains (Losses) on Investments, Net 10 
5 
32 
100 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (28)
11 
(139)
152 
            Net Increase (Decrease) in Net Assets From Operations (19)
15 
(112)
242 
 Contract Transactions-All Products



    Purchase Payments — 
— 
— 
— 
    Transfers Between Funds or (to) from General Account — 
— 
(35)
(53)
    Surrenders and Terminations — 
— 
(53)
(47)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
— 
— 
    Contract Maintenance Charge — 
— 
— 
— 
    Rider Charge — 
— 
— 
— 
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions — 
— 
(88)
(100)
             Increase (Decrease) in Net Assets (19)
15 
(200)
142 
 Net Assets at Beginning of Period 57 
42 
1,048 
906 
 Net Assets at End of Period $ 38 
$ 57 
$ 848 
$ 1,048 
 Changes in Units



      Issued — 
— 
— 
— 
      Redeemed — 
— 
(5)
(4)
      Net Increase (Decrease) — 
— 
(5)
(4)
















Delaware Ivy VIP Growth Portfolio Delaware Ivy VIP Mid Cap Growth Portfolio

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ — 
$ — 
$ — 
$ — 
       Realized Gains (Losses) on Investments, Net (7)
— 
(4)
— 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (2)
2 
— 
— 
            Net Increase (Decrease) in Net Assets From Operations (9)
2 
(4)
— 
 Contract Transactions-All Products



    Purchase Payments — 
— 
— 
— 
    Transfers Between Funds or (to) from General Account — 
31 
9 
13 
    Surrenders and Terminations (24)
— 
(10)
— 
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
— 
— 
    Contract Maintenance Charge — 
— 
— 
— 
    Rider Charge — 
— 
— 
— 
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (24)
31 
(1)
13 
             Increase (Decrease) in Net Assets (33)
33 
(5)
13 
 Net Assets at Beginning of Period 33 
— 
13 
— 
 Net Assets at End of Period $ — 
$ 33 
$ 8 
$ 13 
 Changes in Units



      Issued — 
— 
— 
— 
      Redeemed — 
— 
— 
— 
      Net Increase (Decrease) — 
— 
— 
— 
See accompanying notes to financial statements
Page 33 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














Delaware Ivy VIP Natural Resources Portfolio Fidelity VIP Emerging Markets Portfolio

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ — 
$ — 
$ — 
$ — 
       Realized Gains (Losses) on Investments, Net — 
— 
(1)
4 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments 2 
2 
(4)
(4)
            Net Increase (Decrease) in Net Assets From Operations 2 
2 
(5)
— 
 Contract Transactions-All Products



    Purchase Payments — 
— 
— 
— 
    Transfers Between Funds or (to) from General Account — 
1 
— 
— 
    Surrenders and Terminations (1)
— 
(16)
(2)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
— 
— 
    Contract Maintenance Charge — 
— 
— 
— 
    Rider Charge — 
— 
— 
— 
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (1)
1 
(16)
(2)
             Increase (Decrease) in Net Assets 1 
3 
(21)
(2)
 Net Assets at Beginning of Period 12 
9 
21 
23 
 Net Assets at End of Period $ 13 
$ 12 
$ — 
$ 21 
 Changes in Units



      Issued — 
— 
— 
— 
      Redeemed — 
— 
(1)
— 
      Net Increase (Decrease) — 
— 
(1)
— 
















Fidelity VIP FundsManager 50% Portfolio Fidelity VIP FundsManager 60% Portfolio

2022 2021 (B) 2022 2021 (B)
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ — 
$ (8)
$ — 
$ (41)
       Realized Gains (Losses) on Investments, Net — 
365 
— 
1,131 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments — 
(288)
— 
(604)
            Net Increase (Decrease) in Net Assets From Operations — 
69 
— 
486 
 Contract Transactions-All Products



    Purchase Payments — 
— 
— 
— 
    Transfers Between Funds or (to) from General Account — 
(1,762)
— 
(9,108)
    Surrenders and Terminations — 
(53)
— 
(681)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
— 
— 
    Contract Maintenance Charge — 
— 
— 
— 
    Rider Charge — 
(13)
— 
(64)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions — 
(1,828)
— 
(9,853)
             Increase (Decrease) in Net Assets — 
(1,759)
— 
(9,367)
 Net Assets at Beginning of Period — 
1,759 
— 
9,367 
 Net Assets at End of Period $ — 
$ — 
$ — 
$ — 
 Changes in Units



      Issued — 
— 
— 
— 
      Redeemed — 
(96)
— 
(512)
      Net Increase (Decrease) — 
(96)
— 
(512)
See accompanying notes to financial statements
Page 34 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














Fidelity VIP Mid Cap Portfolio Fidelity VIP Strategic Income Portfolio

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ — 
$ — 
$ 2 
$ 3 
       Realized Gains (Losses) on Investments, Net 1 
16 
(6)
2 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (9)
(1)
(9)
(2)
            Net Increase (Decrease) in Net Assets From Operations (8)
15 
(13)
3 
 Contract Transactions-All Products



    Purchase Payments — 
— 
— 
— 
    Transfers Between Funds or (to) from General Account — 
— 
— 
51 
    Surrenders and Terminations (15)
(28)
(47)
— 
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
— 
— 
    Contract Maintenance Charge — 
— 
— 
— 
    Rider Charge — 
— 
— 
— 
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (15)
(28)
(47)
51 
             Increase (Decrease) in Net Assets (23)
(13)
(60)
54 
 Net Assets at Beginning of Period 50 
63 
116 
62 
 Net Assets at End of Period $ 27 
$ 50 
$ 56 
$ 116 
 Changes in Units



      Issued — 
— 
— 
2 
      Redeemed (1)
— 
(2)
— 
      Net Increase (Decrease) (1)
— 
(2)
2 
















Franklin Allocation VIP Fund Franklin Income VIP Fund

2022 2021 (B) 2022 2021 (B)
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ — 
$ 23 
$ — 
$ 4,417 
       Realized Gains (Losses) on Investments, Net — 
(665)
— 
4,449 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments — 
872 
— 
693 
            Net Increase (Decrease) in Net Assets From Operations — 
230 
— 
9,559 
 Contract Transactions-All Products



    Purchase Payments — 
— 
— 
104 
    Transfers Between Funds or (to) from General Account — 
(5,146)
— 
(116,830)
    Surrenders and Terminations — 
(691)
— 
(5,207)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
— 
1 
    Contract Maintenance Charge — 
— 
— 
(8)
    Rider Charge — 
(1)
— 
(612)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions — 
(5,838)
— 
(122,552)
             Increase (Decrease) in Net Assets — 
(5,608)
— 
(112,993)
 Net Assets at Beginning of Period — 
5,608 
— 
112,993 
 Net Assets at End of Period $ — 
$ — 
$ — 
$ — 
 Changes in Units



      Issued — 
— 
— 
1 
      Redeemed — 
(442)
— 
(1,558)
      Net Increase (Decrease) — 
(442)
— 
(1,557)
See accompanying notes to financial statements
Page 35 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














Franklin Mutual Shares VIP Fund Franklin Rising Dividends VIP Fund

2022 2021 (B) 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ — 
$ (126)
$ (105)
$ (120)
       Realized Gains (Losses) on Investments, Net — 
1,153 
2,640 
1,194 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments — 
786 
(4,852)
2,960 
            Net Increase (Decrease) in Net Assets From Operations — 
1,813 
(2,317)
4,034 
 Contract Transactions-All Products



    Purchase Payments — 
— 
1 
— 
    Transfers Between Funds or (to) from General Account — 
(14,515)
(253)
(60)
    Surrenders and Terminations — 
(926)
(1,604)
(1,339)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
— 
— 
    Contract Maintenance Charge — 
(1)
(4)
(4)
    Rider Charge — 
(18)
— 
— 
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions — 
(15,460)
(1,860)
(1,403)
             Increase (Decrease) in Net Assets — 
(13,647)
(4,177)
2,631 
 Net Assets at Beginning of Period — 
13,647 
19,533 
16,902 
 Net Assets at End of Period $ — 
$ — 
$ 15,356 
$ 19,533 
 Changes in Units



      Issued — 
— 
— 
— 
      Redeemed — 
(444)
(16)
(13)
      Net Increase (Decrease) — 
(444)
(16)
(13)
















Franklin U.S. Government Securities VIP Fund Invesco Oppenheimer V.I. International Growth Fund

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ 128 
$ 171 
$ — 
$ — 
       Realized Gains (Losses) on Investments, Net (605)
(245)
(6)
2 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (1,656)
(694)
(1)
(2)
            Net Increase (Decrease) in Net Assets From Operations (2,133)
(768)
(7)
— 
 Contract Transactions-All Products



    Purchase Payments 4 
4 
— 
— 
    Transfers Between Funds or (to) from General Account 107 
1,070 
— 
21 
    Surrenders and Terminations (2,743)
(3,153)
(16)
— 
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
— 
— 
    Contract Maintenance Charge (4)
(4)
— 
— 
    Rider Charge (181)
(196)
— 
— 
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (2,817)
(2,279)
(16)
21 
             Increase (Decrease) in Net Assets (4,950)
(3,047)
(23)
21 
 Net Assets at Beginning of Period 20,405 
23,452 
27 
6 
 Net Assets at End of Period $ 15,455 
$ 20,405 
$ 4 
$ 27 
 Changes in Units



      Issued 5 
39 
— 
1 
      Redeemed (114)
(124)
(1)
— 
      Net Increase (Decrease) (109)
(85)
(1)
1 
See accompanying notes to financial statements
Page 36 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














Invesco V.I. American Value Fund Invesco V.I. Global Strategic Income Fund

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ — 
$ — 
$ (2)
$ 3 
       Realized Gains (Losses) on Investments, Net 2 
— 
(3)
(1)
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (4)
4 
(11)
(9)
            Net Increase (Decrease) in Net Assets From Operations (2)
4 
(16)
(7)
 Contract Transactions-All Products



    Purchase Payments — 
— 
— 
— 
    Transfers Between Funds or (to) from General Account 11 
14 
— 
— 
    Surrenders and Terminations (20)
— 
(8)
(8)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
— 
— 
    Contract Maintenance Charge — 
— 
— 
— 
    Rider Charge — 
— 
— 
— 
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (9)
14 
(8)
(8)
             Increase (Decrease) in Net Assets (11)
18 
(24)
(15)
 Net Assets at Beginning of Period 33 
15 
126 
141 
 Net Assets at End of Period $ 22 
$ 33 
$ 102 
$ 126 
 Changes in Units



      Issued — 
1 
— 
— 
      Redeemed (1)
— 
(1)
— 
      Net Increase (Decrease) (1)
1 
(1)
— 
















JPMorgan Insurance Trust Core Bond Portfolio MFS International Intrinsic Value Portfolio

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ 5 
$ 6 
$ — 
$ — 
       Realized Gains (Losses) on Investments, Net (35)
43 
— 
— 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (285)
(128)
(10)
2 
            Net Increase (Decrease) in Net Assets From Operations (315)
(79)
(10)
2 
 Contract Transactions-All Products



    Purchase Payments 10 
198 
— 
— 
    Transfers Between Funds or (to) from General Account 169 
202 
22 
22 
    Surrenders and Terminations (288)
(662)
(17)
— 
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
2 
— 
— 
    Contract Maintenance Charge — 
— 
— 
— 
    Rider Charge (29)
(32)
— 
— 
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (138)
(292)
5 
22 
             Increase (Decrease) in Net Assets (453)
(371)
(5)
24 
 Net Assets at Beginning of Period 2,322 
2,693 
38 
14 
 Net Assets at End of Period $ 1,869 
$ 2,322 
$ 33 
$ 38 
 Changes in Units



      Issued 14 
27 
1 
— 
      Redeemed (26)
(45)
— 
— 
      Net Increase (Decrease) (12)
(18)
1 
— 
See accompanying notes to financial statements
Page 37 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














MFS VIT Total Return Bond Portfolio MFS VIT Utilities Portfolio

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ 56 
$ 65 
$ — 
$ — 
       Realized Gains (Losses) on Investments, Net (32)
47 
— 
— 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (1,009)
(281)
— 
1 
                Net Increase (Decrease) in Net Assets From Operations (985)
(169)
— 
1 
 Contract Transactions-All Products



    Purchase Payments 16 
78 
— 
— 
    Transfers Between Funds or (to) from General Account 284 
55 
— 
— 
    Surrenders and Terminations (532)
(501)
— 
— 
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) 1 
4 
— 
— 
    Contract Maintenance Charge (1)
(1)
— 
— 
    Rider Charge (72)
(72)
— 
— 
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (304)
(437)
— 
— 
             Increase (Decrease) in Net Assets (1,289)
(606)
— 
1 
 Net Assets at Beginning of Period 6,528 
7,134 
7 
6 
 Net Assets at End of Period $ 5,239 
$ 6,528 
$ 7 
$ 7 
 Changes in Units



      Issued 18 
10 
— 
— 
      Redeemed (35)
(30)
— 
— 
      Net Increase (Decrease) (17)
(20)
— 
— 
















PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) PIMCO VIT All Asset Portfolio

2022 2021 (B) 2022 2021 (B)
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ — 
$ 93 
$ — 
$ 1,245 
       Realized Gains (Losses) on Investments, Net — 
(255)
— 
2,196 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments — 
74 
— 
(924)
                Net Increase (Decrease) in Net Assets From Operations — 
(88)
— 
2,517 
 Contract Transactions-All Products



    Purchase Payments — 
3 
(3)
71 
    Transfers Between Funds or (to) from General Account — 
(2,589)
3 
(24,623)
    Surrenders and Terminations — 
(839)
— 
(1,076)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
— 
1 
    Contract Maintenance Charge — 
— 
— 
(2)
    Rider Charge — 
(12)
— 
(163)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions — 
(3,437)
— 
(25,792)
             Increase (Decrease) in Net Assets — 
(3,525)
— 
(23,275)
 Net Assets at Beginning of Period — 
3,525 
— 
23,275 
 Net Assets at End of Period $ — 
$ — 
$ — 
$ — 
 Changes in Units



      Issued — 
— 
— 
3 
      Redeemed — 
(263)
— 
(1,224)
      Net Increase (Decrease) — 
(263)
— 
(1,221)
See accompanying notes to financial statements
Page 38 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














PIMCO VIT Balanced Allocation Portfolio PIMCO VIT CommodityRealReturn Strategy Portfolio

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ (129)
$ (291)
$ 322 
$ 32 
       Realized Gains (Losses) on Investments, Net 1,845 
1,279 
(4)
(168)
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (6,153)
698 
(148)
599 
                Net Increase (Decrease) in Net Assets From Operations (4,437)
1,686 
170 
463 
 Contract Transactions-All Products



    Purchase Payments 27 
144 
— 
11 
    Transfers Between Funds or (to) from General Account 217 
13,881 
(304)
(208)
    Surrenders and Terminations (1,468)
(1,673)
(131)
(230)
    Rescissions (1)
— 
— 
— 
    Bonus (Recapture) — 
— 
— 
1 
    Contract Maintenance Charge (3)
(3)
— 
— 
    Rider Charge (415)
(300)
(2)
(3)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (1,643)
12,049 
(437)
(429)
             Increase (Decrease) in Net Assets (6,080)
13,735 
(267)
34 
 Net Assets at Beginning of Period 26,023 
12,288 
1,740 
1,706 
 Net Assets at End of Period $ 19,943 
$ 26,023 
$ 1,473 
$ 1,740 
 Changes in Units



      Issued 21 
1,040 
— 
2 
      Redeemed (154)
(145)
(53)
(71)
      Net Increase (Decrease) (133)
895 
(53)
(69)
















PIMCO VIT Dynamic Bond Portfolio PIMCO VIT Emerging Markets Bond Portfolio

2022 2021 (B) 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ — 
$ 21 
$ 170 
$ 193 
       Realized Gains (Losses) on Investments, Net — 
442 
(133)
(45)
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments — 
(414)
(1,129)
(469)
                Net Increase (Decrease) in Net Assets From Operations — 
49 
(1,092)
(321)
 Contract Transactions-All Products



    Purchase Payments — 
1 
— 
— 
    Transfers Between Funds or (to) from General Account — 
(15,415)
248 
699 
    Surrenders and Terminations — 
(1,255)
(409)
(1,777)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
— 
— 
    Contract Maintenance Charge — 
(1)
(1)
(1)
    Rider Charge — 
(91)
(76)
(83)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions — 
(16,761)
(238)
(1,162)
             Increase (Decrease) in Net Assets — 
(16,712)
(1,330)
(1,483)
 Net Assets at Beginning of Period — 
16,712 
6,441 
7,924 
 Net Assets at End of Period $ — 
$ — 
$ 5,111 
$ 6,441 
 Changes in Units



      Issued — 
— 
14 
34 
      Redeemed — 
(1,487)
(29)
(93)
      Net Increase (Decrease) — 
(1,487)
(15)
(59)
See accompanying notes to financial statements
Page 39 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














PIMCO VIT Global Core Bond (Hedged) Portfolio PIMCO VIT Global Managed Asset Allocation Portfolio

2022 2021 2022 2021 (B)
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ (4)
$ 57 
$ — 
$ 187 
       Realized Gains (Losses) on Investments, Net (123)
89 
— 
1,724 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (1,330)
(476)
— 
(1,193)
                Net Increase (Decrease) in Net Assets From Operations (1,457)
(330)
— 
718 
 Contract Transactions-All Products



    Purchase Payments 5 
63 
— 
6 
    Transfers Between Funds or (to) from General Account 564 
4,752 
— 
(14,658)
    Surrenders and Terminations (1,704)
(1,648)
— 
(454)
    Rescissions (1)
— 
— 
— 
    Bonus (Recapture) — 
4 
— 
— 
    Contract Maintenance Charge (2)
(2)
— 
(1)
    Rider Charge (130)
(128)
— 
(128)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (1,268)
3,041 
— 
(15,235)
             Increase (Decrease) in Net Assets (2,725)
2,711 
— 
(14,517)
 Net Assets at Beginning of Period 11,860 
9,149 
— 
14,517 
 Net Assets at End of Period $ 9,135 
$ 11,860 
$ — 
$ — 
 Changes in Units



      Issued 61 
466 
— 
— 
      Redeemed (192)
(167)
— 
(984)
      Net Increase (Decrease) (131)
299 
— 
(984)
















PIMCO VIT High Yield Portfolio PIMCO VIT Long-Term U.S. Government Portfolio

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ 1,782 
$ 1,825 
$ 2 
$ 1 
       Realized Gains (Losses) on Investments, Net (1,005)
290 
(18)
50 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (7,669)
(861)
(98)
(95)
                Net Increase (Decrease) in Net Assets From Operations (6,892)
1,254 
(114)
(44)
 Contract Transactions-All Products



    Purchase Payments 17 
23 
— 
21 
    Transfers Between Funds or (to) from General Account 2,393 
4,538 
14 
(125)
    Surrenders and Terminations (7,791)
(12,802)
(16)
(67)
    Rescissions (1)
— 
— 
— 
    Bonus (Recapture) 1 
— 
— 
1 
    Contract Maintenance Charge (9)
(9)
— 
— 
    Rider Charge (676)
(720)
(1)
(2)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (6,066)
(8,970)
(3)
(172)
             Increase (Decrease) in Net Assets (12,958)
(7,716)
(117)
(216)
 Net Assets at Beginning of Period 60,731 
68,447 
374 
590 
 Net Assets at End of Period $ 47,773 
$ 60,731 
$ 257 
$ 374 
 Changes in Units



      Issued 103 
179 
— 
1 
      Redeemed (356)
(537)
— 
(7)
      Net Increase (Decrease) (253)
(358)
— 
(6)
See accompanying notes to financial statements
Page 40 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














PIMCO VIT Low Duration Portfolio PIMCO VIT Real Return Portfolio

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ 2 
$ 1 
$ 1,266 
$ 931 
       Realized Gains (Losses) on Investments, Net (2)
— 
(156)
288 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (5)
(1)
(4,611)
(156)
                Net Increase (Decrease) in Net Assets From Operations (5)
— 
(3,501)
1,063 
 Contract Transactions-All Products



    Purchase Payments — 
— 
40 
40 
    Transfers Between Funds or (to) from General Account 83 
— 
894 
933 
    Surrenders and Terminations — 
(21)
(2,384)
(3,675)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
1 
1 
    Contract Maintenance Charge — 
— 
(4)
(4)
    Rider Charge — 
— 
(322)
(334)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions 83 
(21)
(1,775)
(3,039)
             Increase (Decrease) in Net Assets 78 
(21)
(5,276)
(1,976)
 Net Assets at Beginning of Period 84 
105 
27,530 
29,506 
 Net Assets at End of Period $ 162 
$ 84 
$ 22,254 
$ 27,530 
 Changes in Units



      Issued 5 
— 
63 
58 
      Redeemed — 
(1)
(170)
(233)
      Net Increase (Decrease) 5 
(1)
(107)
(175)
















PIMCO VIT StocksPLUS Global Portfolio PIMCO VIT Total Return Portfolio

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ (63)
$ (184)
$ 772 
$ 169 
       Realized Gains (Losses) on Investments, Net 1,567 
1,039 
(1,786)
3,360 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (3,508)
698 
(12,957)
(6,009)
                Net Increase (Decrease) in Net Assets From Operations (2,004)
1,553 
(13,971)
(2,480)
 Contract Transactions-All Products



    Purchase Payments 1 
54 
69 
573 
    Transfers Between Funds or (to) from General Account 62 
(369)
4,157 
25,511 
    Surrenders and Terminations (829)
(826)
(9,237)
(11,995)
    Rescissions — 
— 
(4)
— 
    Bonus (Recapture) — 
3 
2 
13 
    Contract Maintenance Charge (1)
(1)
(14)
(12)
    Rider Charge (4)
(5)
(1,090)
(1,046)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions (771)
(1,144)
(6,117)
13,044 
             Increase (Decrease) in Net Assets (2,775)
409 
(20,088)
10,564 
 Net Assets at Beginning of Period 10,011 
9,602 
92,360 
81,796 
 Net Assets at End of Period $ 7,236 
$ 10,011 
$ 72,272 
$ 92,360 
 Changes in Units



      Issued 4 
3 
228 
1,182 
      Redeemed (52)
(65)
(530)
(602)
      Net Increase (Decrease) (48)
(62)
(302)
580 
See accompanying notes to financial statements
Page 41 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ — 
$ — 
$ 1 
$ 1 
       Realized Gains (Losses) on Investments, Net — 
52 
6 
5 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments (1)
(39)
(9)
8 
                Net Increase (Decrease) in Net Assets From Operations (1)
13 
(2)
14 
 Contract Transactions-All Products



    Purchase Payments — 
— 
— 
— 
    Transfers Between Funds or (to) from General Account 7 
— 
43 
— 
    Surrenders and Terminations — 
(84)
— 
(1)
    Rescissions — 
— 
— 
— 
    Bonus (Recapture) — 
— 
— 
— 
    Contract Maintenance Charge — 
— 
— 
— 
    Rider Charge — 
— 
— 
— 
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions 7 
(84)
43 
(1)
             Increase (Decrease) in Net Assets 6 
(71)
41 
13 
 Net Assets at Beginning of Period — 
71 
65 
52 
 Net Assets at End of Period $ 6 
$ — 
$ 106 
$ 65 
 Changes in Units



      Issued — 
— 
1 
— 
      Redeemed — 
(1)
— 
— 
      Net Increase (Decrease) — 
(1)
1 
— 
















T. Rowe Price Health Sciences Portfolio Templeton Global Bond VIP Fund

2022 2021 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ — 
$ — 
$ (720)
$ (882)
       Realized Gains (Losses) on Investments, Net — 
8 
(3,115)
(2,333)
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments — 
(6)
751 
(524)
                Net Increase (Decrease) in Net Assets From Operations — 
2 
(3,084)
(3,739)
 Contract Transactions-All Products



    Purchase Payments — 
— 
49 
16 
    Transfers Between Funds or (to) from General Account — 
— 
367 
7,794 
    Surrenders and Terminations — 
(18)
(6,820)
(9,668)
    Rescissions — 
— 
(1)
— 
    Bonus (Recapture) — 
— 
1 
— 
    Contract Maintenance Charge — 
— 
(10)
(10)
    Rider Charge — 
— 
(614)
(652)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions — 
(18)
(7,028)
(2,520)
             Increase (Decrease) in Net Assets — 
(16)
(10,112)
(6,259)
 Net Assets at Beginning of Period — 
16 
51,973 
58,232 
 Net Assets at End of Period $ — 
$ — 
$ 41,861 
$ 51,973 
 Changes in Units



      Issued — 
— 
14 
192 
      Redeemed — 
— 
(192)
(249)
      Net Increase (Decrease) — 
— 
(178)
(57)
See accompanying notes to financial statements
Page 42 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statements of Changes in Net Assets
For the years or periods ended December 31, 2022 and 2021
(In thousands)














Templeton Growth VIP Fund Total All Funds

2022 2021 (B) 2022 2021
 Increase (Decrease) in Net Assets:



    Operations:



       Investment Income (Loss), Net $ — 
$ 21 
$ 14,839 
$ 9,740 
       Realized Gains (Losses) on Investments, Net — 
(239)
102,793 
133,409 
       Net Change in Unrealized Appreciation



         (Depreciation) on Investments — 
660 
(433,174)
63,863 
                Net Increase (Decrease) in Net Assets From Operations — 
442 
(315,542)
207,012 
 Contract Transactions-All Products



    Purchase Payments — 
— 
193,687 
202,537 
    Transfers Between Funds or (to) from General Account — 
(8,782)
(173,026)
(174,939)
    Surrenders and Terminations — 
(617)
(165,611)
(228,902)
    Rescissions — 
— 
(572)
(1,924)
    Bonus (Recapture) — 
— 
63 
177 
    Contract Maintenance Charge — 
(1)
(250)
(247)
    Rider Charge — 
(10)
(25,185)
(25,881)
       Net Increase (Decrease) in Net Assets Resulting



         From Contract Transactions — 
(9,410)
(170,894)
(229,179)
             Increase (Decrease) in Net Assets — 
(8,968)
(486,436)
(22,167)
 Net Assets at Beginning of Period — 
8,968 
2,108,199 
2,130,366 
 Net Assets at End of Period $ — 
$ — 
$ 1,621,763 
$ 2,108,199 
 Changes in Units



      Issued — 
— 
15,477 
31,148 
      Redeemed — 
(285)
(24,643)
(39,165)
      Net Increase (Decrease) — 
(285)
(9,166)
(8,017)








(A) Fund terminated in 2022. See Footnote 1 for further details.
(B) Fund terminated in 2021. See Footnote 1 for further details.

The following open/available funds had no activity for the years or periods ended December 31, 2022 and 2021, and therefore, were not listed in the Statements of Changes in Net Assets:




BlackRock Equity Dividend V.I. Fund
BNY Mellon VIF Appreciation Portfolio (B)
Delaware Ivy VIP Asset Strategy Portfolio
Delaware Ivy VIP Energy Portfolio
Delaware Ivy VIP Science and Technology Portfolio
Eaton Vance VT Floating-Rate Income Fund
Franklin Multi-Asset Dynamic Multi-Strategy VIT Fund (A)
Franklin Strategic Income VIP Fund (B)
Invesco V.I. Balanced-Risk Allocation Fund
Lazard Retirement International Equity Portfolio
Lazard Retirement U.S. Small-Mid Cap Equity Portfolio










See accompanying notes to financial statements
Page 43 of 65

ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022


(1) Organization
Allianz Life of NY Variable Account C (Variable Account) is a segregated investment account of Allianz Life Insurance Company of New York (Allianz Life of New York) and is registered with the Securities and Exchange Commission as a unit investment trust pursuant to the provisions of the Investment Company Act of 1940 (1940 Act), as amended. Allianz Life of New York applies the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) guidance of Topic 946, Financial Services - Investment Companies. The Variable Account was established by Allianz Life of New York on February 26, 1988, and commenced operations September 6, 1991. Accordingly, it is an accounting entity wherein all segregated account transactions are reflected.

The Variable Account's assets are the property of Allianz Life of New York and are held for the benefit of the owners and other persons entitled to payments under variable annuity contracts issued through the Variable Account and underwritten by Allianz Life of New York. The assets of the Variable Account are equal to the reserves and other liabilities of the Variable Account. These assets are not chargeable with liabilities that arise from any other business Allianz Life of New York may conduct. Allianz Life of New York products offered under the Variable Account are listed below. The only product actively being marketed is Allianz Index Advantage New York.

•Allianz Advantage
•Allianz Charter II New York
•Allianz High Five New York
•Allianz Index Advantage New York
•Allianz Opportunity
•Valuemark II New York
•Allianz Valuemark IV New York
•Allianz Vision New York
•Allianz Retirement Advantage New York
•Allianz Retirement Pro New York

The Variable Account's subaccounts are invested, at net asset values, in one or more of the funds (investment options) in accordance with the selection made by the contractholder. The contractholder may have the option to invest in the fixed account or other index options in the General Account, based on the product features. The liabilities of the fixed account are included in the General Account, which is not registered as an investment company under the 1940 Act. Not all funds listed are available for all products. Some funds have been closed to accepting new money. Each multiple-class fund is presented on an aggregate basis, however, when mergers occur, the fund will be presented separately by class, to disclose which class received additional money. The funds and investment advisers are:







Fund
Investment Adviser
AZL Balanced Index Strategy Fund †
Allianz Investment Management, LLC
AZL DFA Five-Year Global Fixed Income Fund *†
Allianz Investment Management, LLC
AZL DFA Multi-Strategy Fund †
Allianz Investment Management, LLC
AZL Enhanced Bond Index Fund *†
Allianz Investment Management, LLC
AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 †
Allianz Investment Management, LLC
AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 *†
Allianz Investment Management, LLC
AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 †
Allianz Investment Management, LLC
AZL Fidelity Institutional Asset Management Total Bond Fund Class 2 *†
Allianz Investment Management, LLC
AZL Gateway Fund *†
Allianz Investment Management, LLC
AZL Government Money Market Fund *†
Allianz Investment Management, LLC
AZL International Index Fund Class 1 †
Allianz Investment Management, LLC
AZL International Index Fund Class 2 *†
Allianz Investment Management, LLC
AZL MetWest Total Return Bond Fund *†
Allianz Investment Management, LLC
AZL Mid Cap Index Fund Class 1 †
Allianz Investment Management, LLC
AZL Mid Cap Index Fund Class 2 *†
Allianz Investment Management, LLC
AZL Moderate Index Strategy Fund †
Allianz Investment Management, LLC
AZL MSCI Emerging Markets Equity Index Class 1 †
Allianz Investment Management, LLC
AZL MSCI Emerging Markets Equity Index Class 2 *†
Allianz Investment Management, LLC
AZL MSCI Global Equity Index Fund Class 1 †
Allianz Investment Management, LLC
Page 44 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022







Fund
Investment Adviser
AZL MSCI Global Equity Index Fund Class 2 *†
Allianz Investment Management, LLC
AZL MVP Balanced Index Strategy Fund †
Allianz Investment Management, LLC
AZL MVP DFA Multi-Strategy Fund †
Allianz Investment Management, LLC
AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund †
Allianz Investment Management, LLC
AZL MVP Fusion Balanced Fund †
Allianz Investment Management, LLC
AZL MVP Fusion Conservative Fund †
Allianz Investment Management, LLC
AZL MVP Fusion Moderate Fund †
Allianz Investment Management, LLC
AZL MVP Global Balanced Index Strategy Fund †
Allianz Investment Management, LLC
AZL MVP Growth Index Strategy Fund †
Allianz Investment Management, LLC
AZL MVP Moderate Index Strategy Fund †
Allianz Investment Management, LLC
AZL MVP T. Rowe Price Capital Appreciation Plus Fund †
Allianz Investment Management, LLC
AZL Russell 1000 Growth Index Fund Class 1 †
Allianz Investment Management, LLC
AZL Russell 1000 Growth Index Fund Class 2 *†
Allianz Investment Management, LLC
AZL Russell 1000 Value Index Fund Class 1 †
Allianz Investment Management, LLC
AZL Russell 1000 Value Index Fund Class 2 *†
Allianz Investment Management, LLC
AZL S&P 500 Index Fund *†
Allianz Investment Management, LLC
AZL Small Cap Stock Index Fund Class 1 †
Allianz Investment Management, LLC
AZL Small Cap Stock Index Fund Class 2 *†
Allianz Investment Management, LLC
AZL T. Rowe Price Capital Appreciation Fund *†
Allianz Investment Management, LLC
BlackRock Equity Dividend V.I. Fund *
BlackRock Advisors, LLC
ClearBridge Variable Aggressive Growth Portfolio
Franklin Advisers, Inc.
Columbia Variable Portfolio – Seligman Global Technology Fund
Columbia Management Investment Advisors, LLC
Davis VA Financial Portfolio
Davis Selected Advisers, L.P.
Delaware Ivy VIP Asset Strategy Portfolio *
Macquarie Asset Management
Delaware Ivy VIP Energy Portfolio *
Macquarie Asset Management
Delaware Ivy VIP Growth Portfolio *
Macquarie Asset Management
Delaware Ivy VIP Mid Cap Growth Portfolio *
Macquarie Asset Management
Delaware Ivy VIP Natural Resources Portfolio *
Macquarie Asset Management
Delaware Ivy VIP Science and Technology Portfolio *
Macquarie Asset Management
Eaton Vance VT Floating-Rate Income Fund *
Morgan Stanley Investment Management
Fidelity VIP Emerging Markets Portfolio
Fidelity Management & Research Company
Fidelity VIP Mid Cap Portfolio
Fidelity Management & Research Company
Fidelity VIP Strategic Income Portfolio
Fidelity Management & Research Company
Franklin Rising Dividends VIP Fund *
Franklin Advisers, Inc.
Franklin U.S. Government Securities VIP Fund *
Franklin Advisers, Inc.
Invesco Oppenheimer V.I. International Growth Fund *
Invesco Advisors, Inc.
Invesco V.I. American Value Fund *
Invesco Advisors, Inc.
Invesco V.I. Balanced-Risk Allocation Fund *
Invesco Advisors, Inc.
Invesco V.I. Global Strategic Income Fund
Invesco Advisors, Inc.
JPMorgan Insurance Trust Core Bond Portfolio
J.P. Morgan Investment Management, Inc.
Lazard Retirement International Equity Portfolio *
Lazard Asset Management, LLC
Lazard Retirement U.S. Small-Mid Cap Equity Portfolio *
Lazard Asset Management, LLC
Page 45 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022







Fund
Investment Adviser
MFS International Intrinsic Value Portfolio *
Massachusetts Financial Services Company
MFS VIT Total Return Bond Portfolio *
Massachusetts Financial Services Company
MFS VIT Utilities Portfolio *
Massachusetts Financial Services Company
PIMCO VIT Balanced Allocation Portfolio †
Pacific Investment Management Company, LLC
PIMCO VIT CommodityRealReturn Strategy Portfolio †
Pacific Investment Management Company, LLC
PIMCO VIT Emerging Markets Bond Portfolio †
Pacific Investment Management Company, LLC
PIMCO VIT Global Core Bond(Hedged) Portfolio †
Pacific Investment Management Company, LLC
PIMCO VIT High Yield Portfolio †
Pacific Investment Management Company, LLC
PIMCO VIT Long-Term U.S. Government Portfolio †
Pacific Investment Management Company, LLC
PIMCO VIT Low Duration Portfolio †
Pacific Investment Management Company, LLC
PIMCO VIT Real Return Portfolio †
Pacific Investment Management Company, LLC
PIMCO VIT StocksPlus Global Portfolio †
Pacific Investment Management Company, LLC
PIMCO VIT Total Return Portfolio †
Pacific Investment Management Company, LLC
T. Rowe Price Blue Chip Growth Portfolio *
T. Rowe Price Associates, Inc.
T. Rowe Price Equity Income Portfolio *
T. Rowe Price Associates, Inc.
T. Rowe Price Health Sciences Portfolio *
T. Rowe Price Associates, Inc.
Templeton Global Bond VIP Fund *
Franklin Advisers, Inc.
* Fund contains share classes which assess 12b-1 fees.
† The investment adviser of this fund is an affiliate of Allianz Life of New York and is paid an investment management fee by the fund.

Page 46 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022


During the year ended December 31, 2021, the funds listed below changed their name. There were no name changes in 2022.













Prior Fund Name
Current Fund Name
Effective Date
Invesco Oppenheimer V.I. Global Strategic Income Fund
Invesco V.I. Global Strategic Income Fund
April 29, 2021
AZL MVP Fusion Dynamic Balanced Fund
AZL MVP Fusion Balanced Fund
April 29, 2021
AZL MVP Fusion Dynamic Conservative Fund
AZL MVP Fusion Conservative Fund
April 29, 2021
AZL MVP Fusion Dynamic Moderate Fund
AZL MVP Fusion Moderate Fund
April 29, 2021
AZL Fidelity Institutional Asset Management Multi-Strategy Fund
AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1
June 18, 2021
AZL Fidelity Institutional Asset Management Multi-Strategy Fund
AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2
June 18, 2021
AZL MSCI Global Equity Index Fund
AZL MSCI Global Equity Index Fund Class 1
June 18, 2021
AZL MSCI Global Equity Index Fund
AZL MSCI Global Equity Index Fund Class 2
June 18, 2021
Ivy VIP Asset Strategy Portfolio
Delaware Ivy VIP Asset Strategy Portfolio
July 1, 2021
Ivy VIP Energy Portfolio
Delaware Ivy VIP Energy Portfolio
July 1, 2021
Ivy VIP Growth Portfolio
Delaware Ivy VIP Growth Portfolio
July 1, 2021
Ivy VIP Mid Cap Growth Portfolio
Delaware Ivy VIP Mid Cap Growth Portfolio
July 1, 2021
Ivy VIP Natural Resources Portfolio
Delaware Ivy VIP Natural Resources Portfolio
July 1, 2021
Ivy VIP Science and Technology Portfolio
Delaware Ivy VIP Science and Technology Portfolio
July 1, 2021
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio
Franklin Multi-Asset Dynamic Multi-Strategy VIT Fund
August 7, 2021





Page 47 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022


During the years ended December 31, 2022 and 2021, the following funds were closed to new money:









Fund
Date Closed
BlackRock Global Allocation V.I. Fund
June 18, 2021
BNY Mellon VIF Appreciation Portfolio
June 18, 2021
Fidelity VIP FundsManager 50% Portfolio
June 18, 2021
Fidelity VIP FundsManager 60% Portfolio
June 18, 2021
Franklin Allocation VIP Fund
June 18, 2021
Franklin Income VIP Fund
June 18, 2021
Franklin Mutual Shares VIP Fund
June 18, 2021
Franklin Strategic Income VIP Fund
June 18, 2021
PIMCO VIT All Asset Portfolio
June 18, 2021
PIMCO VIT Dynamic Bond Portfolio
June 18, 2021
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)
June 18, 2021
PIMCO VIT Global Managed Asset Allocation Portfolio
June 18, 2021
Templeton Growth VIP Fund
June 18, 2021
Franklin Multi-Asset Dynamic Multi-Strategy VIT Portfolio
June 10, 2022

During the year ended December 31, 2021, the following funds were added as available options. No new funds were added in 2022.









Fund
Date Opened
AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1
June 18, 2021
AZL MSCI Global Equity Index Fund Class 1
June 18, 2021
During the years ended December 31, 2022 and 2021, the following funds were merged or replaced:













Closed Fund
Receiving Fund
Date Merged
BlackRock Global Allocation V.I. Fund
AZL Moderate Index Strategy Fund
June 18, 2021
BNY Mellon VIF Appreciation Portfolio
AZL S&P 500 Index Fund
June 18, 2021
Fidelity VIP FundsManager 50% Portfolio
AZL Balanced Index Strategy Fund
June 18, 2021
Fidelity VIP FundsManager 60% Portfolio
AZL Moderate Index Strategy Fund
June 18, 2021
Franklin Allocation VIP Fund
AZL Moderate Index Strategy Fund
June 18, 2021
Franklin Income VIP Fund
AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1
June 18, 2021
Franklin Income VIP Fund
AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2
June 18, 2021
Franklin Mutual Shares VIP Fund
AZL Russell 1000 Value Index Fund Class 1
June 18, 2021
Franklin Mutual Shares VIP Fund
AZL Russell 1000 Value Index Fund Class 2
June 18, 2021
Franklin Strategic Income VIP Fund
AZL Fidelity Institutional Asset Management Total Bond Fund Class 2
June 18, 2021
PIMCO VIT All Asset Portfolio
AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2
June 18, 2021
Page 48 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022













Closed Fund
Receiving Fund
Date Merged
PIMCO VIT Dynamic Bond Portfolio
PIMCO VIT Total Return Portfolio
June 18, 2021
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)
PIMCO VIT Global Core Bond (Hedged) Portfolio
June 18, 2021
PIMCO VIT Global Managed Asset Allocation Portfolio
PIMCO VIT Balanced Allocation Portfolio
June 18, 2021
Templeton Growth VIP Fund
AZL MSCI Global Equity Index Fund Class 1
June 18, 2021
Templeton Growth VIP Fund
AZL MSCI Global Equity Index Fund Class 2
June 18, 2021
Franklin Multi-Asset Dynamic Multi-Strategy VIT Portfolio
AZL MVP Fusion Moderate Fund
June 10, 2022


Page 49 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022


(2) Significant Accounting Policies
Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Investments

Investment transactions are recorded by the Variable Account on the trade date. Investments of the Variable Account are valued each day the markets are open at fair value using net asset values provided by the investment advisers of the funds after the 4 PM Eastern Standard Time market close.

The Fair Value Measurement Topic of the FASB ASC establishes a fair value hierarchy that prioritizes the inputs used in the valuation techniques to measure fair value.

Level 1 -     Unadjusted quoted prices for identical assets or liabilities in active markets that the Variable Account has the ability to access at the measurement date.

Level 2 –     Valuations derived from techniques that utilize observable inputs, other than quoted prices included in Level 1, which are observable for the asset or liability either directly or indirectly, such as:

(a)    Quoted prices for similar assets or liabilities in active markets.
(b)    Quoted prices for identical or similar assets or liabilities in markets that are not active.
(c)    Inputs other than quoted prices that are observable.
(d)    Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 -    Valuations derived from techniques in which the significant inputs are unobservable. Level 3 fair values reflect the Variable Account’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. As of December 31, 2022, all of the Variable Account’s investments are in funds for which quoted prices are available in an active market which the Variable Account has the ability to access. Therefore, all investments have been categorized as Level 1. The characterization of the underlying securities held by the funds are accounted for on a trade-date basis and are in accordance with the Fair Value Measurements and Disclosures topic of the FASB ASC.

Realized gains on investments include realized gain distributions received from the respective funds and gains on the sale of fund shares as determined by the average cost method. Realized gain distributions are reinvested in the respective funds. Dividend distributions received from the funds are reinvested in additional shares of the funds and are recorded as income to the Variable Account on the ex-dividend date.

The cost of investments sold and the corresponding capital gains and losses are determined on a specific identification basis. Net investment income (loss) and net realized gains (losses) and unrealized appreciation (depreciation) on investments are allocated to the contracts on each valuation date based on each contract's pro rata share of the assets of the fund as of the beginning of the valuation date.

Transfers between subaccounts, including the fixed account (net), include transfers of all or part of the contractholders' interest to or from another eligible subaccount, or from or to the fixed account option of the general account of the Company.

Contracts in Annuity Payment Period

Annuity reserves are computed for currently payable contracts according to the 1983 and 2000 Individual Annuity Mortality Tables using an assumed investment return (AIR) equal to the AIR of the specific contracts, either 3%, 4.5% or 5%. Charges to annuity reserves for mortality and risk expense are reimbursed to Allianz Life of New York if the reserves required are less than originally estimated. If additional reserves are required, Allianz Life of New York reimburses the Variable Account.
Page 50 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022


(3) Related Party Charges, Expenses and Fees
Under the terms of the contracts, certain charges, expenses and fees are incurred by the contractholders to cover Allianz Life of New York's expenses in connection with the issuance and administration of the contracts. Following is a summary of these charges, expenses and fees for the period ended December 31, 2022:

Mortality and Expense Risk Charges
Allianz Life of New York assumes mortality and expense risks related to the operations of the Variable Account. These charges range from 0.35% to 3.55% annually during the accumulation phase, or from 1.25% to 1.90% annually during the annuity phase for variable annuity payments. These charges are deducted on a daily basis and assessed against the daily net asset value of each fund. These charges are assessed either through a reduction in subaccount accumulation unit values during the accumulation phase, or a reduction in subaccount annuity unit values during the annuity phase for contractholders that selected variable annuity payments.

Administrative Charges
A charge to cover administrative expenses of the Variable Account may be deducted from the Variable Account, depending on the contract. This annual charge of 0.15% is calculated and assessed daily as a percentage of each fund’s net asset value. This charge is assessed through a reduction in subaccount accumulation unit values during the accumulation phase, or a reduction in subaccount annuity unit values during the annuity phase for contractholders that selected variable annuity payments.

Contract Maintenance Charges
For certain contracts, an annual contract maintenance charge of $30 to $50 may be deducted to cover ongoing administrative expenses. These charges are assessed through the redemption of subaccount accumulation units during the accumulation phase, or a redemption in subaccount annuity unit values during the annuity phase if variable annuity payments are selected or a reduction in fixed annuity payments.

Withdrawal Charges
For certain contracts, a withdrawal charge (sometimes called a contingent deferred sales charge) is imposed as a percentage, with a range of 1.0% to 8.5%, of each purchase payment if the contract is surrendered or a partial withdrawal is taken during the withdrawal charge period. For certain contracts, a withdrawal charge may also apply during the annuity phase if there are liquidations of variable annuity payments under certain annuity options. These withdrawal charges are imposed as a percentage, with a range of 2.0% to 6.0% of the amount liquidated. These charges are assessed through the redemption of subaccount accumulation units during the accumulation phase, or a redemption in subaccount annuity units during the annuity phase.

Rider Charges
For certain contracts, optional benefit riders may be available for an additional charge to the contractholder. The rider charges for Investment Protector, Income Protector and Income Focus are deducted from the contract value.

•Investment Protector: 1.05% to 1.30%
•Income Protector: 1.00% to 1.70%
•Income Focus: 1.30%

Transfer Fee
A charge for transfers between funds may be imposed at a rate of up to $25 per transfer. These charges are deducted from the contract value.

Other Contract Charges
For certain contracts there are additional fees, as described below.
•Account Fee - ranges from 0.85% to 1.05% and are imposed as a percentage of the account’s guaranteed value and are assessed through the redemption of subaccount accumulation units during the accumulation phase.
•Product Fee - is 1.25% annually and is accrued on a daily basis as a percentage of the prior quarterly contract anniversary contract value adjusted for subsequent purchase payments and withdrawals. The fee is deducted from the contract value during the accumulation phase through the redemption of accumulation units.

Additional details on charges and fees can be found in the respective product prospectus.
Page 51 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022


(4) Federal Income Taxes
Operations of the Variable Account form a part of Allianz Life of New York, which is taxed as a life insurance company under the Internal Revenue Code (the Code). Under current law, no federal income taxes are payable with respect to the Variable Account. Under the principles set forth in Internal Revenue Service Ruling 81-225 and Section 817(h) of the Code and regulations thereunder, Allianz Life of New York understands that it will be treated as owner of the assets invested in the Variable Account for federal income tax purposes, with the result that earnings and gains, if any, derived from those assets will not be included in an annuitant's gross income until amounts are received pursuant to an annuity.

(5) Purchases and Sales of Investments (In thousands)
The cost of purchases and proceeds from sales of investments for the year or period ended December 31, 2022, are as follows:













 Cost of Purchases
 Proceeds from Sales
AZL Balanced Index Strategy Fund $ 3,148 

$ 2,778 
AZL DFA Five-Year Global Fixed Income Fund 185 

234 
AZL DFA Multi-Strategy Fund 7,928 

9,954 
AZL Enhanced Bond Index Fund 453 

371 
AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 711 

792 
AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 13,451 

17,624 
AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 79 

128 
AZL Fidelity Institutional Asset Management Total Bond Fund Class 2 2,423 

3,650 
AZL Gateway Fund 326 

1,135 
AZL Government Money Market Fund 123,934 

120,692 
AZL International Index Fund Class 1 390 

345 
AZL International Index Fund Class 2 1,685 

4,196 
AZL MetWest Total Return Bond Fund 321 

355 
AZL Mid Cap Index Fund Class 1 1,468 

316 
AZL Mid Cap Index Fund Class 2 4,405 

5,205 
AZL Moderate Index Strategy Fund 11,544 

15,506 
AZL MSCI Emerging Markets Equity Index Class 1 18 

64 
AZL MSCI Emerging Markets Equity Index Class 2 382 

557 
AZL MSCI Global Equity Index Fund Class 1 269 

337 
AZL MSCI Global Equity Index Fund Class 2 802 

1,431 
AZL MVP Balanced Index Strategy Fund 4,925 

6,542 
AZL MVP DFA Multi-Strategy Fund 922 

1,059 
AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund 1,525 

3,678 
AZL MVP Fusion Balanced Fund 4,616 

7,322 
AZL MVP Fusion Conservative Fund 1,705 

5,644 
AZL MVP Fusion Moderate Fund 12,483 

21,114 
AZL MVP Global Balanced Index Strategy Fund 6,102 

7,861 
AZL MVP Growth Index Strategy Fund 36,507 

30,264 
AZL MVP Moderate Index Strategy Fund 7,283 

6,117 
AZL MVP T. Rowe Price Capital Appreciation Plus Fund 26,329 

19,450 
AZL Russell 1000 Growth Index Fund Class 1 1,118 

552 
AZL Russell 1000 Growth Index Fund Class 2 5,318 

5,121 
Page 52 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022











 Cost of Purchases
 Proceeds from Sales
AZL Russell 1000 Value Index Fund Class 1 $ 2,341 

$ 1,590 
AZL Russell 1000 Value Index Fund Class 2 3,554 

6,276 
AZL S&P 500 Index Fund 7,572 

8,960 
AZL Small Cap Stock Index Fund Class 1 160 

49 
AZL Small Cap Stock Index Fund Class 2 2,824 

2,153 
AZL T. Rowe Price Capital Appreciation Fund 3,918 

6,197 
BlackRock Equity Dividend V.I. Fund — 

— 
ClearBridge Variable Aggressive Growth Portfolio 3 

5 
Columbia Variable Portfolio – Seligman Global Technology Fund 10 

1 
Davis VA Financial Portfolio 71 

133 
Delaware Ivy VIP Asset Strategy Portfolio — 

— 
Delaware Ivy VIP Energy Portfolio — 

— 
Delaware Ivy VIP Growth Portfolio 6 

25 
Delaware Ivy VIP Mid Cap Growth Portfolio 11 

9 
Delaware Ivy VIP Natural Resources Portfolio — 

— 
Delaware Ivy VIP Science and Technology Portfolio — 

— 
Eaton Vance VT Floating-Rate Income Fund — 

— 
Fidelity VIP Emerging Markets Portfolio — 

16 
Fidelity VIP Mid Cap Portfolio 2 

15 
Fidelity VIP Strategic Income Portfolio 2 

46 
Franklin Multi-Asset Dynamic Multi-Strategy VIT Fund — 

— 
Franklin Rising Dividends VIP Fund 2,231 

2,175 
Franklin U.S. Government Securities VIP Fund 1,486 

4,176 
Invesco Oppenheimer V.I. International Growth Fund 1 

15 
Invesco V.I. American Value Fund 15 

19 
Invesco V.I. Balanced-Risk Allocation Fund — 

— 
Invesco V.I. Global Strategic Income Fund — 

10 
JPMorgan Insurance Trust Core Bond Portfolio 301 

424 
Lazard Retirement International Equity Portfolio — 

— 
Lazard Retirement U.S. Small-Mid Cap Equity Portfolio — 

— 
MFS International Intrinsic Value Portfolio 23 

16 
MFS VIT Total Return Bond Portfolio 704 

886 
MFS VIT Utilities Portfolio — 

— 
PIMCO VIT Balanced Allocation Portfolio 2,664 

2,298 
PIMCO VIT CommodityRealReturn Strategy Portfolio 504 

620 
PIMCO VIT Emerging Markets Bond Portfolio 567 

635 
PIMCO VIT Global Core Bond (Hedged) Portfolio 953 

2,153 
PIMCO VIT High Yield Portfolio 6,089 

10,374 
PIMCO VIT Long-Term U.S. Government Portfolio 39 

40 
PIMCO VIT Low Duration Portfolio 105 

21 
PIMCO VIT Real Return Portfolio 3,507 

4,016 
Page 53 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022











 Cost of Purchases
 Proceeds from Sales
PIMCO VIT StocksPLUS Global Portfolio $ 2,382 

$ 1,306 
PIMCO VIT Total Return Portfolio 7,512 

12,857 
T. Rowe Price Blue Chip Growth Portfolio 7 

— 
T. Rowe Price Equity Income Portfolio 50 

— 
T. Rowe Price Health Sciences Portfolio — 

— 
Templeton Global Bond VIP Fund 2,995 

10,743 


Page 54 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022


(6) Financial Highlights
A summary of units outstanding (in thousands), unit values, net assets (in thousands), ratios, and total returns for variable annuity contracts is as follows:











































At December 31
For the years or periods ended December 31

 Units Outstanding **** Unit Fair Value lowest to highest  Net Assets ****
Investment Income Ratio* Expense Ratio
lowest to highest**		 Total Return
lowest to highest***
AZL Balanced Index Strategy Fund







2022 1,380 
$ 13.90 
to $ 17.53 
$ 22,982 

2.28  % 1.15  % to 3.55  % (17.93) % to (16.27) %
2021 1,458 
$ 16.89 
to $ 20.93 
$ 29,132 

1.78  % 1.15  % to 3.55  % 6.36  % to 8.52  %
2020 1,549 
$ 15.84 
to $ 19.60 
$ 28,639 

1.99  % 1.15  % to 3.55  % 8.48  % to 10.85  %
2019 1,585 
$ 14.57 
to $ 17.68 
$ 26,578 

2.24  % 1.15  % to 3.55  % 13.32  % to 15.78  %
2018 1,775 
$ 12.82 
to $ 15.27 
$ 25,854 

0.94  % 1.15  % to 3.55  % (7.58) % to (5.56) %
AZL DFA Five-Year Global Fixed Income Fund







2022 100 
$ 7.91 
to $ 8.88 
$ 875 

4.03  % —  % to 3.55  % (9.48) % to (8.11) %
2021 108 
$ 8.83 
to $ 10.36 
$ 1,031 

—  % —  % to 3.55  % (4.33) % to (2.00) %
2020 78 
$ 9.23 
to $ 9.97 
$ 768 

2.33  % —  % to 3.55  % (2.17) % to (0.82) %
2019 92 
$ 9.54 
to $ 10.05 
$ 919 

6.91  % —  % to 3.55  % 0.95  % to 2.07  %
2018 43 
$ 9.45 
to $ 9.84 
$ 417 

0.59  % —  % to 3.55  % (1.34) % to (0.24) %
AZL DFA Multi-Strategy Fund







2022 3,269 
$ 16.21 
to $ 21.25 
$ 65,986 

1.12  % 1.15  % to 3.55  % (14.37) % to (12.51) %
2021 3,672 
$ 18.91 
to $ 24.29 
$ 85,039 

1.53  % 1.15  % to 3.55  % 10.01  % to 12.40  %
2020 4,248 
$ 17.17 
to $ 21.61 
$ 87,949 

3.12  % 1.15  % to 3.55  % 6.93  % to 9.26  %
2019 4,765 
$ 16.04 
to $ 19.77 
$ 90,599 

1.06  % 1.15  % to 3.55  % 12.68  % to 15.13  %
2018 5,226 
$ 14.22 
to $ 17.18 
$ 86,634 

1.17  % 1.15  % to 3.55  % (9.07) % to (7.08) %
AZL Enhanced Bond Index Fund







2022 414 
$ 9.38 
to $ 10.46 
$ 4,262 

1.51  % 1.15  % to 2.20  % (15.56) % to (14.87) %
2021 407 
$ 11.11 
to $ 12.29 
$ 4,927 

0.77  % 1.15  % to 2.20  % (4.08) % to (3.30) %
2020 411 
$ 11.58 
to $ 12.71 
$ 5,142 

2.34  % 1.15  % to 2.20  % 5.19  % to 6.05  %
2019 409 
$ 11.01 
to $ 11.98 
$ 4,837 

2.60  % 1.15  % to 2.20  % 6.02  % to 6.88  %
2018 334 
$ 10.39 
to $ 11.21 
$ 3,697 

2.31  % 1.15  % to 2.20  % (2.76) % to (1.96) %
AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1




2022 600 
$ 8.87 
to $ 8.88 
$ 5,374 

1.45  % 1.40  % to 1.49  % (15.66) % to (15.58) %
2021¹ 675 
$ 10.52 
to $ 10.52 
$ 7,168 

0.80  % 1.40  % to 1.49  % 5.18  % to 5.23  %
AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2





2022 6,711 
$ 13.80 
to $ 21.76 
$ 115,499 

0.94  % 0.35  % to 3.55  % (17.53) % to (14.86) %
2021 7,354 
$ 16.69 
to $ 26.30 
$ 150,623 

0.83  % 0.35  % to 3.55  % 4.27  % to 11.26  %
2020 1,369 
$ 15.45 
to $ 24.32 
$ 25,460 

2.48  % 0.35  % to 3.55  % 9.67  % to 13.07  %
2019 1,518 
$ 14.07 
to $ 22.13 
$ 25,311 

2.37  % 0.35  % to 3.55  % 13.35  % to 16.86  %
2018 1,726 
$ 12.40 
to $ 19.48 
$ 24,959 

2.23  % 0.35  % to 3.55  % (5.31) % to (2.36) %
AZL Fidelity Institutional Asset Management Total Bond Fund Class 1





2022 133 
$ 9.71 
to $ 9.77 
$ 1,295 

2.91  % 1.40  % to 1.49  % (14.48) % to (14.40) %
2021 143 
$ 11.35 
to $ 11.41 
$ 1,635 

2.84  % 1.40  % to 1.49  % (0.89) % to (0.81) %
2020 151 
$ 11.46 
to $ 11.50 
$ 1,739 

3.67  % 1.40  % to 1.49  % 7.50  % to 7.60  %
2019 175 
$ 10.66 
to $ 10.69 
$ 1,878 

3.35  % 1.40  % to 1.49  % 8.93  % to 9.03  %
2018 185 
$ 9.78 
to $ 9.80 
$ 1,824 

3.14  % 1.40  % to 1.49  % (2.47) % to (2.39) %
Page 55 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022









































At December 31
For the years or periods ended December 31

 Units Outstanding **** Unit Fair Value lowest to highest  Net Assets ****
Investment Income Ratio* Expense Ratio
lowest to highest**		 Total Return
lowest to highest***
AZL Fidelity Institutional Asset Management Total Bond Fund Class 2





2022 1,511 
$ 8.07 
to $ 11.65 
$ 14,776 

2.45  % —  % to 3.55  % (16.38) % to (13.37) %
2021 1,683 
$ 9.65 
to $ 13.45 
$ 19,373 

2.55  % —  % to 3.55  % (3.19) % to 0.31  %
2020 1,655 
$ 9.97 
to $ 13.41 
$ 19,319 

3.13  % —  % to 3.55  % 5.04  % to 8.84  %
2019 1,876 
$ 9.49 
to $ 12.01 
$ 20,470 

3.00  % —  % to 3.55  % 6.43  % to 9.89  %
2018 1,943 
$ 8.92 
to $ 10.93 
$ 19,523 

2.87  % —  % to 3.55  % (4.72) % to (1.60) %
AZL Gateway Fund







2022 494 
$ 10.27 
to $ 13.55 
$ 6,534 

0.32  % —  % to 3.55  % (15.26) % to (13.55) %
2021 545 
$ 12.12 
to $ 15.67 
$ 8,354 

0.64  % —  % to 3.55  % 7.41  % to 9.59  %
2020 551 
$ 11.29 
to $ 14.30 
$ 7,736 

1.04  % —  % to 3.55  % 3.70  % to 5.81  %
2019 620 
$ 10.88 
to $ 13.52 
$ 8,239 

0.98  % —  % to 3.55  % 7.12  % to 9.29  %
2018 679 
$ 10.29 
to $ 12.37 
$ 8,281 

1.23  % —  % to 3.55  % (7.76) % to (5.97) %
AZL Government Money Market Fund





2022 4,517 
$ 5.84 
to $ 13.20 
$ 49,267 

0.79  % —  % to 3.55  % (2.74) % to 0.77  %
2021 4,258 
$ 6.21 
to $ 13.10 
$ 46,026 

—  % —  % to 3.55  % (3.34) % to —  %
2020 4,388 
$ 6.23 
to $ 13.10 
$ 45,883 

0.16  % —  % to 3.55  % (3.30) % to 0.21  %
2019 3,184 
$ 6.95 
to $ 13.07 
$ 32,267 

1.38  % —  % to 3.55  % (1.70) % to 1.39  %
2018 3,332 
$ 6.96 
to $ 12.89 
$ 33,008 

1.00  % —  % to 3.55  % (2.23) % to 1.01  %
AZL International Index Fund Class 1







2022 355 
$ 11.39 
to $ 12.39 
$ 4,392 

4.60  % 1.40  % to 2.75  % (16.57) % to (15.44) %
2021 376 
$ 13.66 
to $ 14.65 
$ 5,506 

2.54  % 1.40  % to 2.75  % 7.79  % to 9.26  %
2020 403 
$ 12.67 
to $ 13.41 
$ 5,410 

5.07  % 1.40  % to 2.75  % 4.74  % to 6.16  %
2019 438 
$ 12.09 
to $ 12.63 
$ 5,550 

3.69  % 1.40  % to 2.75  % 18.37  % to 19.98  %
2018 477 
$ 10.22 
to $ 10.53 
$ 5,042 

4.04  % 1.40  % to 2.75  % (16.15) % to (15.01) %
AZL International Index Fund Class 2







2022 1,090 
$ 10.40 
to $ 20.84 
$ 13,047 

2.65  % —  % to 3.55  % (17.49) % to (14.82) %
2021 1,322 
$ 12.57 
to $ 24.47 
$ 19,119 

1.46  % —  % to 3.55  % 6.69  % to 10.16  %
2020 1,579 
$ 11.76 
to $ 22.21 
$ 21,214 

3.11  % —  % to 3.55  % 3.65  % to 7.03  %
2019 1,801 
$ 11.31 
to $ 20.75 
$ 23,105 

2.26  % —  % to 3.55  % 17.21  % to 21.02  %
2018 2,146 
$ 9.63 
to $ 17.15 
$ 23,234 

2.58  % —  % to 3.55  % (17.06) % to (14.34) %
AZL MetWest Total Return Bond Fund







2022 265 
$ 8.78 
to $ 9.36 
$ 2,450 

1.14  % 1.15  % to 2.20  % (16.59) % to (15.93) %
2021 267 
$ 10.53 
to $ 11.14 
$ 2,948 

1.46  % 1.15  % to 2.20  % (3.45) % to (2.69) %
2020 266 
$ 10.89 
to $ 11.45 
$ 3,015 

2.87  % 1.15  % to 2.20  % 6.21  % to 7.08  %
2019 253 
$ 10.27 
to $ 10.69 
$ 2,680 

2.70  % 1.15  % to 2.20  % 6.16  % to 6.99  %
2018 188 
$ 9.67 
to $ 9.99 
$ 1,867 

2.16  % 1.15  % to 2.20  % (2.37) % to (1.60) %
AZL Mid Cap Index Fund Class 1







2022 132 
$ 15.89 
to $ 15.98 
$ 2,127 

3.23  % 1.40  % to 1.49  % (14.62) % to (14.54) %
2021 149 
$ 18.61 
to $ 18.70 
$ 2,804 

2.59  % 1.40  % to 1.49  % 22.19  % to 22.30  %
2020 167 
$ 15.23 
to $ 15.29 
$ 2,577 

3.98  % 1.40  % to 1.49  % 13.12  % to 13.22  %
2019 176 
$ 13.47 
to $ 13.51 
$ 2,401 

3.09  % 1.40  % to 1.49  % 23.62  % to 23.73  %
2018 188 
$ 10.89 
to $ 10.92 
$ 2,070 

2.41  % 1.40  % to 1.49  % (12.33) % to (12.25) %
AZL Mid Cap Index Fund Class 2







2022 617 
$ 21.97 
to $ 47.30 
$ 16,019 

0.68  % —  % to 3.55  % (16.56) % to (13.85) %
Page 56 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022









































At December 31
For the years or periods ended December 31

 Units Outstanding **** Unit Fair Value lowest to highest  Net Assets ****
Investment Income Ratio* Expense Ratio
lowest to highest**		 Total Return
lowest to highest***
2021 758 
$ 26.23 
to $ 54.91 
$ 23,389 

0.68  % —  % to 3.55  % 19.35  % to 23.23  %
2020 978 
$ 21.89 
to $ 44.56 
$ 25,166 

1.15  % —  % to 3.55  % 10.52  % to 14.13  %
2019 1,171 
$ 19.72 
to $ 39.04 
$ 26,961 

1.02  % —  % to 3.55  % 20.91  % to 24.84  %
2018 1,373 
$ 16.25 
to $ 31.28 
$ 25,772 

0.87  % —  % to 3.55  % (14.46) % to (11.66) %
AZL Moderate Index Strategy Fund







2022 4,135 
$ 16.44 
to $ 28.52 
$ 90,713 

2.19  % —  % to 3.55  % (18.19) % to (15.67) %
2021 4,591 
$ 20.07 
to $ 33.81 
$ 121,206 

0.88  % —  % to 3.55  % 8.31  % to 11.67  %
2020 1,447 
$ 18.51 
to $ 30.28 
$ 34,602 

1.99  % 0.35  % to 3.55  % 9.06  % to 12.44  %
2019 1,579 
$ 16.96 
to $ 26.93 
$ 34,102 

2.37  % 0.35  % to 3.55  % 15.34  % to 18.91  %
2018 1,766 
$ 14.69 
to $ 22.65 
$ 32,560 

0.95  % 0.35  % to 3.55  % (8.36) % to (5.51) %
AZL MSCI Emerging Markets Equity Index Class 1







2022 36 
$ 11.29 
to $ 11.45 
$ 411 

1.66  % 1.40  % to 1.49  % (21.67) % to (21.60) %
2021 41 
$ 14.42 
to $ 14.61 
$ 593 

1.56  % 1.40  % to 1.49  % (5.10) % to (5.02) %
2020 43 
$ 15.19 
to $ 15.38 
$ 660 

3.61  % 1.40  % to 1.49  % 15.52  % to 15.63  %
2019 53 
$ 13.15 
to $ 13.30 
$ 701 

1.97  % 1.40  % to 1.49  % 15.81  % to 15.92  %
2018 54 
$ 11.36 
to $ 11.48 
$ 615 

1.81  % 1.40  % to 1.49  % (16.56) % to (16.49) %
AZL MSCI Emerging Markets Equity Index Class 2







2022 327 
$ 7.91 
to $ 11.14 
$ 2,941 

1.35  % —  % to 3.55  % (23.53) % to (21.76) %
2021 347 
$ 10.32 
to $ 14.24 
$ 4,060 

1.31  % —  % to 3.55  % (7.18) % to (5.02) %
2020 359 
$ 11.09 
to $ 17.11 
$ 4,507 

3.35  % —  % to 3.55  % 12.83  % to 16.51  %
2019 416 
$ 9.81 
to $ 14.69 
$ 4,594 

1.65  % —  % to 3.55  % 13.10  % to 16.78  %
2018 462 
$ 8.65 
to $ 12.58 
$ 4,459 

1.64  % —  % to 3.55  % (18.43) % to (15.76) %
AZL MSCI Global Equity Index Fund Class 1







2022 214 
$ 8.81 
to $ 8.82 
$ 1,883 

1.74  % 1.40  % to 1.49  % (19.29) % to (19.22) %
2021¹ 246 
$ 10.91 
to $ 10.92 
$ 2,690 

1.20  % 1.40  % to 1.49  % 9.12  % to 9.17  %
AZL MSCI Global Equity Index Fund Class 2







2022 228 
$ 14.73 
to $ 22.98 
$ 4,058 

1.07  % 0.35  % to 3.55  % (21.08) % to (18.52) %
2021 274 
$ 18.67 
to $ 28.20 
$ 6,101 

1.31  % 0.35  % to 3.55  % 6.16  % to 20.76  %
2020 16 
$ 18.72 
to $ 23.35 
$ 324 

0.72  % 0.35  % to 2.20  % 12.87  % to 14.95  %
2019 27 
$ 16.59 
to $ 20.31 
$ 495 

1.61  % 0.35  % to 2.20  % 24.52  % to 26.81  %
2018 42 
$ 13.32 
to $ 16.02 
$ 592 

1.79  % 0.35  % to 2.20  % (10.91) % to (9.26) %
AZL MVP Balanced Index Strategy Fund







2022 2,193 
$ 12.18 
to $ 17.03 
$ 32,062 

2.15  % —  % to 3.55  % (17.42) % to (14.87) %
2021 2,475 
$ 14.75 
to $ 20.00 
$ 43,028 

1.75  % —  % to 3.55  % 6.72  % to 10.02  %
2020 2,636 
$ 14.39 
to $ 18.18 
$ 42,195 

1.99  % —  % to 3.55  % 3.25  % to 5.98  %
2019 2,773 
$ 13.94 
to $ 17.15 
$ 42,359 

2.07  % —  % to 3.55  % 13.92  % to 16.92  %
2018 2,830 
$ 12.24 
to $ 14.67 
$ 37,496 

0.81  % —  % to 3.55  % (6.91) % to (4.44) %
AZL MVP DFA Multi-Strategy Fund







2022 684 
$ 11.14 
to $ 11.85 
$ 8,031 

0.97  % 1.15  % to 2.20  % (13.67) % to (12.97) %
2021 744 
$ 12.90 
to $ 13.62 
$ 10,052 

1.25  % 1.15  % to 2.20  % 11.27  % to 12.17  %
2020 791 
$ 11.60 
to $ 12.14 
$ 9,557 

3.01  % 1.15  % to 2.20  % 1.51  % to 2.34  %
2019 824 
$ 11.42 
to $ 11.86 
$ 9,738 

0.97  % 1.15  % to 2.20  % 13.29  % to 14.21  %
Page 57 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022









































At December 31
For the years or periods ended December 31

 Units Outstanding **** Unit Fair Value lowest to highest  Net Assets ****
Investment Income Ratio* Expense Ratio
lowest to highest**		 Total Return
lowest to highest***
2018 735 
$ 10.08 
to $ 10.39 
$ 7,602 

0.88  % 1.15  % to 2.20  % (8.28) % to (7.53) %
AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund







2022 1,810 
$ 12.47 
to $ 13.59 
$ 24,250 

0.69  % 1.15  % to 2.20  % (15.68) % to (15.00) %
2021 2,029 
$ 14.79 
to $ 15.99 
$ 32,008 

2.49  % 1.15  % to 2.20  % 8.66  % to 9.54  %
2020 2,295 
$ 13.61 
to $ 14.60 
$ 33,097 

2.74  % 1.15  % to 2.20  % 4.83  % to 5.68  %
2019 2,473 
$ 12.98 
to $ 13.81 
$ 33,814 

3.99  % 1.15  % to 2.20  % 13.72  % to 14.64  %
2018 2,453 
$ 11.42 
to $ 12.05 
$ 29,287 

3.25  % 1.15  % to 2.20  % (4.28) % to (3.49) %
AZL MVP Fusion Balanced Fund







2022 3,589 
$ 11.41 
to $ 19.17 
$ 54,228 

2.50  % 0.35  % to 3.55  % (17.74) % to (15.20) %
2021 3,934 
$ 13.82 
to $ 22.61 
$ 71,037 

2.17  % 0.35  % to 3.55  % 5.55  % to 8.82  %
2020 4,534 
$ 13.08 
to $ 20.78 
$ 76,153 

2.38  % 0.35  % to 3.55  % 0.41  % to 3.42  %
2019 5,011 
$ 13.03 
to $ 20.09 
$ 82,481 

2.46  % 0.35  % to 3.55  % 12.00  % to 15.36  %
2018 5,727 
$ 11.63 
to $ 17.42 
$ 82,744 

1.23  % 0.35  % to 3.55  % (8.49) % to (5.73) %
AZL MVP Fusion Conservative Fund







2022 1,013 
$ 11.87 
to $ 14.20 
$ 13,951 

2.73  % 0.35  % to 3.55  % (16.47) % to (15.33) %
2021 1,316 
$ 14.21 
to $ 16.77 
$ 21,456 

2.42  % 0.35  % to 3.55  % 3.27  % to 4.69  %
2020 1,402 
$ 13.31 
to $ 16.02 
$ 21,898 

2.34  % 0.35  % to 3.55  % 1.63  % to 3.34  %
2019 1,375 
$ 13.09 
to $ 15.50 
$ 20,871 

2.39  % 0.35  % to 3.55  % 10.13  % to 11.97  %
2018 1,487 
$ 12.22 
to $ 13.85 
$ 20,184 

1.31  % 0.35  % to 3.55  % (6.37) % to (5.09) %
AZL MVP Fusion Moderate Fund







2022 9,135 
$ 11.55 
to $ 16.59 
$ 141,731 

2.29  % 0.35  % to 3.55  % (18.21) % to (16.44) %
2021 10,165 
$ 14.10 
to $ 19.85 
$ 189,503 

2.03  % 0.35  % to 3.55  % 7.37  % to 9.71  %
2020 11,948 
$ 13.12 
to $ 18.10 
$ 204,047 

2.16  % 0.35  % to 3.55  % 1.03  % to 3.23  %
2019 13,142 
$ 12.97 
to $ 17.53 
$ 218,112 

2.49  % 0.35  % to 3.55  % 13.39  % to 15.85  %
2018 14,721 
$ 11.43 
to $ 15.13 
$ 211,714 

1.13  % 0.35  % to 3.55  % (9.60) % to (7.63) %
AZL MVP Global Balanced Index Strategy Fund







2022 5,060 
$ 11.85 
to $ 12.95 
$ 64,732 

2.87  % 1.15  % to 2.20  % (17.92) % to (17.25) %
2021 5,525 
$ 14.44 
to $ 15.65 
$ 85,510 

1.47  % 1.15  % to 2.20  % 5.70  % to 6.56  %
2020 6,071 
$ 13.66 
to $ 14.69 
$ 88,279 

9.17  % 1.15  % to 2.20  % 5.45  % to 6.31  %
2019 6,816 
$ 12.95 
to $ 13.82 
$ 93,339 

1.72  % 1.15  % to 2.20  % 13.67  % to 14.59  %
2018 7,504 
$ 11.40 
to $ 12.06 
$ 89,765 

1.47  % 1.15  % to 2.20  % (7.84) % to (7.08) %
AZL MVP Growth Index Strategy Fund







2022 15,769 
$ 13.86 
to $ 20.47 
$ 272,658 

1.72  % —  % to 3.55  % (18.05) % to (15.10) %
2021 16,939 
$ 16.92 
to $ 24.11 
$ 350,178 

1.72  % —  % to 3.55  % 12.34  % to 16.40  %
2020 18,004 
$ 15.06 
to $ 20.71 
$ 324,506 

1.88  % —  % to 3.55  % 1.07  % to 4.73  %
2019 18,956 
$ 14.90 
to $ 19.78 
$ 330,885 

2.26  % —  % to 3.55  % 16.32  % to 20.52  %
2018 17,924 
$ 12.81 
to $ 16.41 
$ 263,277 

0.83  % —  % to 3.55  % (9.73) % to (6.45) %
AZL MVP Moderate Index Strategy Fund







2022 3,127 
$ 15.11 
to $ 16.51 
$ 50,798 

1.98  % 1.15  % to 2.20  % (17.22) % to (16.55) %
2021 3,348 
$ 18.25 
to $ 19.79 
$ 65,293 

1.80  % 1.15  % to 2.20  % 10.01  % to 10.91  %
2020 3,762 
$ 16.59 
to $ 17.84 
$ 66,231 

1.92  % 1.15  % to 2.20  % 4.12  % to 4.97  %
2019 3,679 
$ 15.93 
to $ 17.00 
$ 61,833 

2.12  % 1.15  % to 2.20  % 16.06  % to 17.00  %
2018 3,925 
$ 13.73 
to $ 14.53 
$ 56,460 

0.87  % 1.15  % to 2.20  % (7.33) % to (6.57) %
AZL MVP T. Rowe Price Capital Appreciation Plus Fund







2022 9,610 
$ 15.21 
to $ 16.36 
$ 155,416 

7.35  % 1.15  % to 2.20  % (15.58) % to (14.90) %
Page 58 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022









































At December 31
For the years or periods ended December 31

 Units Outstanding **** Unit Fair Value lowest to highest  Net Assets ****
Investment Income Ratio* Expense Ratio
lowest to highest**		 Total Return
lowest to highest***
2021 10,359 
$ 18.02 
to $ 19.22 
$ 197,069 

3.51  % 1.15  % to 2.20  % 14.49  % to 15.42  %
2020 10,944 
$ 15.74 
to $ 16.66 
$ 180,567 

2.83  % 1.15  % to 2.20  % 5.66  % to 6.53  %
2019 11,175 
$ 14.90 
to $ 15.64 
$ 173,290 

1.89  % 1.15  % to 2.20  % 18.75  % to 19.71  %
2018 9,822 
$ 12.54 
to $ 13.06 
$ 127,354 

0.98  % 1.15  % to 2.20  % (3.83) % to (3.04) %
AZL Russell 1000 Growth Index Fund Class 1







2022 154 
$ 20.08 
to $ 20.19 
$ 3,113 

0.61  % 1.40  % to 1.49  % (30.49) % to (30.43) %
2021 174 
$ 28.89 
to $ 29.02 
$ 5,082 

0.70  % 1.40  % to 1.49  % 25.26  % to 25.37  %
2020 185 
$ 23.06 
to $ 23.15 
$ 4,288 

1.17  % 1.40  % to 1.49  % 36.97  % to 37.10  %
2019 194 
$ 16.84 
to $ 16.89 
$ 3,289 

1.37  % 1.40  % to 1.49  % 33.53  % to 33.65  %
2018 225 
$ 12.61 
to $ 12.63 
$ 2,851 

1.60  % 1.40  % to 1.49  % (3.32) % to (3.23) %
AZL Russell 1000 Growth Index Fund Class 2







2022 498 
$ 26.47 
to $ 42.80 
$ 16,409 

0.06  % —  % to 3.55  % (32.04) % to (29.84) %
2021 575 
$ 38.95 
to $ 61.00 
$ 27,769 

0.25  % —  % to 3.55  % 22.45  % to 26.43  %
2020 714 
$ 31.81 
to $ 48.25 
$ 27,959 

0.54  % —  % to 3.55  % 33.74  % to 38.10  %
2019 936 
$ 23.78 
to $ 34.94 
$ 27,265 

0.74  % —  % to 3.55  % 30.56  % to 34.81  %
2018 1,163 
$ 18.22 
to $ 25.92 
$ 25,511 

0.88  % —  % to 3.55  % (5.57) % to (2.49) %
AZL Russell 1000 Value Index Fund Class 1







2022 919 
$ 13.96 
to $ 15.18 
$ 14,049 

2.11  % 1.40  % to 2.75  % (10.37) % to (9.16) %
2021 1,009 
$ 15.58 
to $ 16.71 
$ 16,976 

2.06  % 1.40  % to 2.75  % 21.17  % to 22.82  %
2020 866 
$ 12.85 
to $ 13.61 
$ 11,950 

3.08  % 1.40  % to 2.75  % (0.53) % to 0.83  %
2019 935 
$ 12.92 
to $ 13.50 
$ 12,802 

2.88  % 1.40  % to 2.75  % 22.71  % to 24.37  %
2018 1,048 
$ 10.53 
to $ 10.85 
$ 11,533 

2.77  % 1.40  % to 2.75  % (10.99) % to (9.78) %
AZL Russell 1000 Value Index Fund Class 2







2022 826 
$ 17.95 
to $ 29.00 
$ 18,457 

1.20  % —  % to 3.55  % (11.37) % to (8.50) %
2021 1,011 
$ 20.25 
to $ 31.69 
$ 25,384 

1.42  % —  % to 3.55  % 19.92  % to 23.82  %
2020 742 
$ 17.55 
to $ 25.60 
$ 15,543 

1.98  % —  % to 3.55  % (1.26) % to 1.65  %
2019 847 
$ 17.77 
to $ 25.18 
$ 17,797 

1.93  % —  % to 3.55  % 21.84  % to 25.42  %
2018 981 
$ 14.59 
to $ 20.08 
$ 16,732 

1.87  % —  % to 3.55  % (11.66) % to (9.04) %
AZL S&P 500 Index Fund







2022 1,301 
$ 19.40 
to $ 33.00 
$ 30,433 

1.03  % —  % to 3.55  % (21.34) % to (18.79) %
2021 1,505 
$ 24.60 
to $ 40.63 
$ 44,338 

0.99  % —  % to 3.55  % 23.65  % to 27.67  %
2020 1,930 
$ 19.85 
to $ 31.83 
$ 45,615 

1.62  % —  % to 3.55  % 13.39  % to 17.09  %
2019 2,187 
$ 17.46 
to $ 27.18 
$ 45,078 

1.48  % 0.35  % to 3.55  % 26.32  % to 30.43  %
2018 2,694 
$ 13.79 
to $ 20.84 
$ 43,352 

1.49  % 0.35  % to 3.55  % (8.18) % to (5.17) %
AZL Small Cap Stock Index Fund Class 1







2022 39 
$ 14.20 
to $ 15.45 
$ 594 

1.58  % 1.40  % to 2.75  % (18.71) % to (17.61) %
2021 42 
$ 17.47 
to $ 18.75 
$ 767 

1.16  % 1.40  % to 2.75  % 22.94  % to 24.62  %
2020 45 
$ 14.21 
to $ 15.05 
$ 674 

1.94  % 1.40  % to 2.75  % 7.96  % to 9.43  %
2019 51 
$ 13.16 
to $ 13.75 
$ 691 

1.60  % 1.40  % to 2.75  % 19.10  % to 20.71  %
2018 56 
$ 11.05 
to $ 11.39 
$ 629 

1.44  % 1.40  % to 2.75  % (11.08) % to (9.86) %
AZL Small Cap Stock Index Fund Class 2







2022 561 
$ 18.67 
to $ 29.65 
$ 12,251 

0.77  % —  % to 3.55  % (19.55) % to (16.94) %
2021 613 
$ 23.15 
to $ 35.70 
$ 16,461 

0.64  % —  % to 3.55  % 21.65  % to 25.60  %
Page 59 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022









































At December 31
For the years or periods ended December 31

 Units Outstanding **** Unit Fair Value lowest to highest  Net Assets ****
Investment Income Ratio* Expense Ratio
lowest to highest**		 Total Return
lowest to highest***
2020 726 
$ 18.98 
to $ 28.42 
$ 15,859 

1.10  % —  % to 3.55  % 6.84  % to 10.32  %
2019 799 
$ 17.72 
to $ 25.76 
$ 16,165 

0.92  % —  % to 3.55  % 17.93  % to 21.77  %
2018 903 
$ 14.99 
to $ 21.16 
$ 15,298 

0.83  % —  % to 3.55  % (12.12) % to (9.25) %
AZL T. Rowe Price Capital Appreciation Fund







2022 674 
$ 20.04 
to $ 37.42 
$ 17,021 

0.65  % 0.35  % to 3.55  % (15.15) % to (12.40) %
2021 840 
$ 23.55 
to $ 42.71 
$ 24,966 

0.96  % 0.35  % to 3.55  % 14.00  % to 17.71  %
2020 920 
$ 20.61 
to $ 36.28 
$ 23,850 

1.36  % 0.35  % to 3.55  % 13.37  % to 17.07  %
2019 1,071 
$ 18.13 
to $ 30.99 
$ 24,132 

2.07  % 0.35  % to 3.55  % 20.04  % to 23.95  %
2018 1,228 
$ 15.07 
to $ 25.01 
$ 22,664 

0.89  % 0.35  % to 3.55  % (3.14) % to 0.02  %
ClearBridge Variable Aggressive Growth Portfolio







2022 1 
$ 24.89 
to $ 24.89 
$ 22 

—  % 0.35  % to 0.35  % (26.84) % to (26.84) %
2021 1 
$ 34.03 
to $ 34.03 
$ 37 

0.18  % 0.35  % to 0.35  % 9.66  % to 9.66  %
2020 2 
$ 31.03 
to $ 31.03 
$ 57 

0.45  % 0.35  % to 0.35  % 17.32  % to 17.32  %
2019 3 
$ 26.45 
to $ 26.45 
$ 81 

0.77  % 0.35  % to 0.35  % 24.31  % to 24.31  %
2018 3 
$ 21.28 
to $ 21.28 
$ 66 

0.38  % 0.35  % to 0.35  % (8.89) % to (8.89) %
Columbia Variable Portfolio – Seligman Global Technology Fund







2022 1 
$ 38.60 
to $ 38.60 
$ 38 

—  % 1.49  % to 1.49  % (32.73) % to (32.73) %
2021 1 
$ 57.38 
to $ 57.38 
$ 57 

0.40  % 1.49  % to 1.49  % 36.97  % to 36.97  %
2020 1 
$ 41.89 
to $ 41.89 
$ 42 

—  % 1.49  % to 1.49  % 44.02  % to 44.02  %
2019 1 
$ 29.09 
to $ 29.09 
$ 29 

—  % 1.49  % to 1.49  % 53.02  % to 53.02  %
2018 1 
$ 19.01 
to $ 19.01 
$ 19 

—  % 1.49  % to 1.49  % (9.52) % to (9.52) %
Davis VA Financial Portfolio







2022 37 
$ 18.24 
to $ 31.23 
$ 848 

1.77  % 1.15  % to 3.55  % (11.58) % to (9.80) %
2021 42 
$ 20.50 
to $ 34.62 
$ 1,048 

1.39  % 1.15  % to 3.55  % 26.17  % to 28.72  %
2020 46 
$ 16.14 
to $ 26.90 
$ 906 

1.53  % 1.15  % to 3.55  % (9.14) % to (7.30) %
2019 48 
$ 17.65 
to $ 29.02 
$ 1,020 

1.34  % 1.15  % to 3.55  % 21.65  % to 24.11  %
2018 67 
$ 14.41 
to $ 23.38 
$ 1,116 

1.12  % 1.15  % to 3.55  % (13.67) % to (11.92) %
Delaware Ivy VIP Growth Portfolio







2022 — 
$ — 
to $ — 
$ — 

—  % 0.35  % to 0.35  % —  % to —  %
2021 — 
$ 490.22 
to $ 490.22 
$ 33 

—  % 0.35  % to 0.35  % 29.57  % to 29.57  %
2020 — 
$ — 
to $ — 
$ — 

—  % 0.35  % to 0.35  % —  % to —  %
2019 — 
$ — 
to $ — 
$ — 

—  % 0.35  % to 0.35  % —  % to —  %
2018 — 
$ — 
to $ — 
$ — 

—  % 0.35  % to 0.35  % —  % to —  %
Delaware Ivy VIP Mid Cap Growth Portfolio







2022 — 
$ 57.41 
to $ 57.41 
$ 8 

—  % 0.35  % to 0.35  % (31.03) % to (31.03) %
2021 — 
$ 83.24 
to $ 83.24 
$ 13 

—  % 0.35  % to 0.35  % 15.95  % to 15.95  %
2020 — 
$ — 
to $ — 
$ — 

—  % 0.35  % to 0.35  % —  % to —  %
2019 — 
$ — 
to $ — 
$ — 

—  % 0.35  % to 0.35  % —  % to —  %
2018 — 
$ — 
to $ — 
$ — 

—  % 0.35  % to 0.35  % —  % to —  %
Delaware Ivy VIP Natural Resources Portfolio







2022 1 
$ 13.80 
to $ 13.80 
$ 13 

1.63  % 0.35  % to 0.35  % 17.36  % to 17.36  %
2021 1 
$ 11.76 
to $ 11.76 
$ 12 

1.60  % 0.35  % to 0.35  % 26.24  % to 26.24  %
2020 1 
$ 9.31 
to $ 9.31 
$ 9 

—  % 0.35  % to 0.35  % (12.30) % to (12.30) %
2019 — 
$ — 
to $ — 
$ — 

—  % 0.35  % to 0.35  % —  % to —  %
Page 60 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022









































At December 31
For the years or periods ended December 31

 Units Outstanding **** Unit Fair Value lowest to highest  Net Assets ****
Investment Income Ratio* Expense Ratio
lowest to highest**		 Total Return
lowest to highest***
2018 — 
$ — 
to $ — 
$ — 

—  % 0.35  % to 0.35  % —  % to —  %
Eaton Vance VT Floating-Rate Income Fund







2022 — 
$ — 
to $ — 
$ — 

—  % 0.35  % to 0.35  % —  % to —  %
2021 — 
$ — 
to $ — 
$ — 

—  % 0.35  % to 0.35  % —  % to —  %
2020 — 
$ — 
to $ — 
$ — 

5.61  % 0.35  % to 0.35  % —  % to —  %
2019 14 
$ 17.52 
to $ 17.52 
$ 238 

4.31  % 0.35  % to 0.35  % 6.71  % to 6.71  %
2018 14 
$ 16.42 
to $ 16.42 
$ 238 

3.77  % 0.35  % to 0.35  % (0.43) % to (0.43) %
Fidelity VIP Emerging Markets Portfolio







2022 — 
$ — 
to $ — 
$ — 

—  % 0.35  % to 0.35  % —  % to —  %
2021 1 
$ 16.80 
to $ 16.80 
$ 21 

1.80  % 0.35  % to 0.35  % (2.75) % to (2.75) %
2020 1 
$ 17.27 
to $ 17.27 
$ 23 

0.61  % 0.35  % to 0.35  % 30.42  % to 30.42  %
2019 2 
$ 13.24 
to $ 13.24 
$ 23 

1.27  % 0.35  % to 0.35  % 28.74  % to 28.74  %
2018 2 
$ 10.29 
to $ 10.29 
$ 24 

0.54  % 0.35  % to 0.35  % (18.45) % to (18.45) %
Fidelity VIP Mid Cap Portfolio







2022 — 
$ 81.40 
to $ 81.40 
$ 27 

0.19  % 0.35  % to 0.35  % (15.26) % to (15.26) %
2021 1 
$ 96.06 
to $ 96.06 
$ 50 

0.25  % 0.35  % to 0.35  % 24.87  % to 24.87  %
2020 1 
$ 76.93 
to $ 76.93 
$ 63 

0.43  % 0.35  % to 0.35  % 17.45  % to 17.45  %
2019 1 
$ 65.50 
to $ 65.50 
$ 46 

0.69  % 0.35  % to 0.35  % 22.74  % to 22.74  %
2018 1 
$ 53.36 
to $ 53.36 
$ 38 

0.40  % 0.35  % to 0.35  % (15.07) % to (15.07) %
Fidelity VIP Strategic Income Portfolio







2022 3 
$ 21.46 
to $ 21.46 
$ 56 

2.45  % 0.35  % to 0.35  % (11.83) % to (11.83) %
2021 5 
$ 24.34 
to $ 24.34 
$ 116 

3.83  % 0.35  % to 0.35  % 3.17  % to 3.17  %
2020 3 
$ 23.59 
to $ 23.59 
$ 62 

3.14  % 0.35  % to 0.35  % 6.78  % to 6.78  %
2019 3 
$ 22.09 
to $ 22.09 
$ 58 

3.24  % 0.35  % to 0.35  % 10.27  % to 10.27  %
2018 2 
$ 20.03 
to $ 20.03 
$ 33 

4.65  % 0.35  % to 0.35  % (3.16) % to (3.16) %
Franklin Rising Dividends VIP Fund







2022 143 
$ 74.36 
to $ 165.69 
$ 15,356 

0.99  % 0.35  % to 2.75  % (12.99) % to (10.88) %
2021 159 
$ 85.46 
to $ 185.92 
$ 19,533 

0.98  % 0.35  % to 2.75  % 23.35  % to 26.35  %
2020 172 
$ 69.28 
to $ 147.15 
$ 16,902 

1.40  % 0.35  % to 2.75  % 12.82  % to 15.56  %
2019 192 
$ 61.41 
to $ 127.33 
$ 16,450 

1.42  % 0.35  % to 2.75  % 25.73  % to 28.78  %
2018 213 
$ 48.84 
to $ 98.87 
$ 14,338 

1.41  % 0.35  % to 2.75  % (7.66) % to (5.41) %
Franklin U.S. Government Securities VIP Fund







2022 636 
$ 14.13 
to $ 37.31 
$ 15,455 

2.41  % —  % to 3.55  % (12.67) % to (10.07) %
2021 745 
$ 16.18 
to $ 41.48 
$ 20,405 

2.47  % —  % to 3.55  % (5.01) % to (2.17) %
2020 830 
$ 17.12 
to $ 42.40 
$ 23,452 

3.41  % —  % to 3.55  % 0.55  % to 3.47  %
2019 889 
$ 17.03 
to $ 40.98 
$ 24,617 

2.94  % —  % to 3.55  % 1.92  % to 4.86  %
2018 1,032 
$ 16.71 
to $ 39.08 
$ 27,629 

2.76  % —  % to 3.55  % (2.84) % to (0.02) %
Invesco Oppenheimer V.I. International Growth Fund







2022 — 
$ 26.79 
to $ 26.79 
$ 4 

—  % 0.35  % to 0.35  % (27.42) % to (27.42) %
2021 1 
$ 36.91 
to $ 36.91 
$ 27 

—  % 0.35  % to 0.35  % 9.74  % to 9.74  %
2020 — 
$ 33.63 
to $ 33.63 
$ 6 

0.66  % 0.35  % to 0.35  % 20.62  % to 20.62  %
2019 — 
$ 27.89 
to $ 27.89 
$ 5 

0.34  % 0.35  % to 0.35  % 27.50  % to 27.50  %
2018 1 
$ 21.87 
to $ 21.87 
$ 13 

0.60  % 0.35  % to 0.35  % (19.83) % to (19.83) %
Invesco V.I. American Value Fund







2022 — 
$ 51.59 
to $ 51.59 
$ 22 

0.37  % 0.35  % to 0.35  % (3.20) % to (3.20) %
Page 61 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022









































At December 31
For the years or periods ended December 31

 Units Outstanding **** Unit Fair Value lowest to highest  Net Assets ****
Investment Income Ratio* Expense Ratio
lowest to highest**		 Total Return
lowest to highest***
2021 1 
$ 53.29 
to $ 53.29 
$ 33 

0.36  % 0.35  % to 0.35  % 27.18  % to 27.18  %
2020 — 
$ 41.90 
to $ 41.90 
$ 15 

0.43  % 0.35  % to 0.35  % 0.50  % to 0.50  %
2019 1 
$ 41.69 
to $ 41.69 
$ 26 

0.43  % 0.35  % to 0.35  % 24.27  % to 24.27  %
2018 1 
$ 33.55 
to $ 33.55 
$ 21 

0.20  % 0.35  % to 0.35  % (13.17) % to (13.17) %
Invesco V.I. Global Strategic Income Fund







2022 5 
$ 16.91 
to $ 24.58 
$ 102 

—  % 1.25  % to 2.75  % (13.86) % to (12.77) %
2021 6 
$ 19.63 
to $ 28.18 
$ 126 

4.61  % 1.25  % to 2.75  % (6.03) % to (4.84) %
2020 6 
$ 20.89 
to $ 29.61 
$ 141 

5.80  % 1.25  % to 2.75  % 0.59  % to 1.87  %
2019 7 
$ 20.77 
to $ 29.07 
$ 149 

3.74  % 1.25  % to 2.75  % 7.80  % to 9.16  %
2018 7 
$ 19.26 
to $ 26.63 
$ 152 

4.88  % 1.25  % to 2.75  % (7.00) % to (5.82) %
JPMorgan Insurance Trust Core Bond Portfolio







2022 151 
$ 11.20 
to $ 12.75 
$ 1,869 

1.77  % 0.35  % to 2.20  % (14.61) % to (13.94) %
2021 163 
$ 8.90 
to $ 14.81 
$ 2,322 

1.80  % 0.35  % to 2.20  % (3.78) % to (2.01) %
2020 181 
$ 13.60 
to $ 15.27 
$ 2,693 

1.96  % 0.35  % to 2.20  % 5.33  % to 6.19  %
2019 149 
$ 12.93 
to $ 14.38 
$ 2,111 

2.28  % 0.35  % to 2.20  % 5.54  % to 6.38  %
2018 115 
$ 12.25 
to $ 13.52 
$ 1,541 

2.40  % 0.35  % to 2.20  % (2.39) % to (1.61) %
MFS International Intrinsic Value Portfolio







2022 2 
$ 20.99 
to $ 20.99 
$ 33 

0.56  % 0.35  % to 0.35  % (24.02) % to (24.02) %
2021 1 
$ 27.62 
to $ 27.62 
$ 38 

0.11  % 0.35  % to 0.35  % 9.89  % to 9.89  %
2020 1 
$ 25.14 
to $ 25.14 
$ 14 

0.80  % 0.35  % to 0.35  % 19.79  % to 19.79  %
2019 1 
$ 20.98 
to $ 20.98 
$ 12 

1.49  % 0.35  % to 0.35  % 25.21  % to 25.21  %
2018 1 
$ 16.76 
to $ 16.76 
$ 10 

0.92  % 0.35  % to 0.35  % (10.04) % to (10.04) %
MFS VIT Total Return Bond Portfolio







2022 316 
$ 14.23 
to $ 17.04 
$ 5,239 

2.50  % 0.35  % to 2.20  % (16.03) % to (15.37) %
2021 333 
$ 16.95 
to $ 25.29 
$ 6,528 

2.52  % 0.35  % to 2.20  % (3.20) % to (1.41) %
2020 353 
$ 17.48 
to $ 25.65 
$ 7,134 

3.32  % 0.35  % to 2.20  % 5.81  % to 7.79  %
2019 353 
$ 16.54 
to $ 23.80 
$ 6,711 

3.26  % 0.35  % to 2.20  % 7.55  % to 9.54  %
2018 307 
$ 15.38 
to $ 21.73 
$ 5,395 

3.20  % 0.35  % to 2.20  % (3.46) % to (1.68) %
MFS VIT Utilities Portfolio







2022 — 
$ 44.58 
to $ 44.58 
$ 7 

2.23  % 0.35  % to 0.35  % 0.13  % to 0.13  %
2021 — 
$ 44.52 
to $ 44.52 
$ 7 

1.54  % 0.35  % to 0.35  % 13.43  % to 13.43  %
2020 — 
$ 39.25 
to $ 39.25 
$ 6 

2.25  % 0.35  % to 0.35  % 5.25  % to 5.25  %
2019 — 
$ 37.29 
to $ 37.29 
$ 6 

3.83  % 0.35  % to 0.35  % 24.37  % to 24.37  %
2018 — 
$ 29.98 
to $ 29.98 
$ 5 

0.86  % 0.35  % to 0.35  % 0.46  % to 0.46  %
PIMCO VIT Balanced Allocation Portfolio







2022 1,710 
$ 9.91 
to $ 11.88 
$ 19,943 

0.97  % —  % to 3.55  % (18.68) % to (17.28) %
2021 1,843 
$ 12.18 
to $ 14.37 
$ 26,023 

0.09  % —  % to 3.55  % 2.61  % to 9.43  %
2020 948 
$ 12.26 
to $ 13.13 
$ 12,288 

1.00  % 1.15  % to 2.20  % 8.72  % to 9.58  %
2019 1,054 
$ 11.26 
to $ 11.98 
$ 12,484 

2.16  % 1.15  % to 2.20  % 16.41  % to 17.36  %
2018 1,161 
$ 9.67 
to $ 10.21 
$ 11,736 

1.30  % 1.15  % to 2.20  % (7.65) % to (6.90) %
PIMCO VIT CommodityRealReturn Strategy Portfolio







2022 204 
$ 6.12 
to $ 11.70 
$ 1,473 

21.48  % —  % to 3.55  % 4.99  % to 8.24  %
2021 257 
$ 5.82 
to $ 10.81 
$ 1,740 

4.20  % —  % to 3.55  % 28.88  % to 32.88  %
2020 326 
$ 4.51 
to $ 8.14 
$ 1,706 

6.53  % —  % to 3.55  % (1.95) % to 1.00  %
2019 364 
$ 4.60 
to $ 8.06 
$ 1,933 

4.51  % —  % to 3.55  % 7.81  % to 11.04  %
Page 62 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022









































At December 31
For the years or periods ended December 31

 Units Outstanding **** Unit Fair Value lowest to highest  Net Assets ****
Investment Income Ratio* Expense Ratio
lowest to highest**		 Total Return
lowest to highest***
2018 371 
$ 4.27 
to $ 7.26 
$ 1,819 

2.09  % —  % to 3.55  % (16.93) % to (14.43) %
PIMCO VIT Emerging Markets Bond Portfolio







2022 313 
$ 12.30 
to $ 18.28 
$ 5,111 

4.83  % —  % to 3.55  % (18.66) % to (16.78) %
2021 328 
$ 15.08 
to $ 22.47 
$ 6,441 

4.47  % —  % to 3.55  % (5.97) % to (3.78) %
2020 387 
$ 16.00 
to $ 23.90 
$ 7,924 

4.60  % —  % to 3.55  % 2.97  % to 5.38  %
2019 421 
$ 15.50 
to $ 24.44 
$ 8,216 

4.43  % —  % to 3.55  % 10.79  % to 13.37  %
2018 492 
$ 13.95 
to $ 22.00 
$ 8,494 

4.13  % —  % to 3.55  % (8.07) % to (5.92) %
PIMCO VIT Global Core Bond (Hedged) Portfolio







2022 1,016 
$ 7.20 
to $ 9.26 
$ 9,135 

1.60  % —  % to 3.55  % (14.62) % to (12.76) %
2021 1,147 
$ 8.43 
to $ 10.62 
$ 11,860 

2.10  % —  % to 3.55  % (4.95) % to (1.01) %
2020 848 
$ 9.00 
to $ 10.93 
$ 9,149 

6.11  % 1.15  % to 3.55  % 4.49  % to 6.61  %
2019 955 
$ 8.61 
to $ 10.25 
$ 9,668 

2.22  % 1.15  % to 3.55  % 4.28  % to 6.39  %
2018 1,052 
$ 8.26 
to $ 9.64 
$ 10,023 

1.68  % 1.15  % to 3.55  % (2.35) % to (0.36) %
PIMCO VIT High Yield Portfolio







2022 2,108 
$ 14.79 
to $ 31.40 
$ 47,773 

5.05  % —  % to 3.55  % (13.29) % to (10.61) %
2021 2,361 
$ 17.05 
to $ 35.13 
$ 60,731 

4.44  % —  % to 3.55  % 0.17  % to 3.27  %
2020 2,719 
$ 17.02 
to $ 34.02 
$ 68,447 

4.84  % —  % to 3.55  % 2.21  % to 5.39  %
2019 3,153 
$ 16.66 
to $ 32.28 
$ 76,529 

4.96  % —  % to 3.55  % 10.92  % to 14.35  %
2018 3,570 
$ 15.02 
to $ 28.23 
$ 76,655 

5.10  % —  % to 3.55  % (5.93) % to (3.00) %
PIMCO VIT Long-Term U.S. Government Portfolio







2022 11 
$ 19.20 
to $ 32.33 
$ 257 

2.04  % —  % to 2.75  % (30.43) % to (28.89) %
2021 11 
$ 27.59 
to $ 45.46 
$ 374 

1.59  % —  % to 2.75  % (6.85) % to (4.78) %
2020 17 
$ 29.62 
to $ 47.74 
$ 590 

1.68  % —  % to 2.75  % 14.85  % to 17.41  %
2019 11 
$ 25.79 
to $ 30.44 
$ 311 

1.99  % —  % to 2.75  % 10.88  % to 11.77  %
2018 7 
$ 23.26 
to $ 27.23 
$ 183 

2.42  % —  % to 2.75  % (4.51) % to (3.74) %
PIMCO VIT Low Duration Portfolio







2022 9 
$ 18.18 
to $ 18.18 
$ 162 

1.98  % 0.35  % to 0.35  % (6.07) % to (6.07) %
2021 4 
$ 19.36 
to $ 19.36 
$ 84 

0.52  % 0.35  % to 0.35  % (1.27) % to (1.27) %
2020 5 
$ 19.61 
to $ 19.61 
$ 105 

1.14  % 0.35  % to 0.35  % 2.63  % to 2.63  %
2019 2 
$ 19.11 
to $ 19.11 
$ 47 

2.79  % 0.35  % to 0.35  % 3.67  % to 3.67  %
2018 3 
$ 18.43 
to $ 18.43 
$ 59 

1.92  % 0.35  % to 0.35  % (0.01) % to (0.01) %
PIMCO VIT Real Return Portfolio







2022 1,493 
$ 10.87 
to $ 29.00 
$ 22,254 

6.98  % —  % to 3.55  % (14.76) % to (12.22) %
2021 1,600 
$ 12.75 
to $ 33.03 
$ 27,530 

4.94  % —  % to 3.55  % 2.18  % to 5.24  %
2020 1,775 
$ 12.48 
to $ 31.39 
$ 29,506 

1.41  % —  % to 3.55  % 8.08  % to 11.33  %
2019 2,063 
$ 11.55 
to $ 28.19 
$ 31,244 

1.66  % —  % to 3.55  % 4.92  % to 8.07  %
2018 2,333 
$ 11.00 
to $ 26.09 
$ 33,152 

2.48  % —  % to 3.55  % (5.40) % to (2.55) %
PIMCO VIT StocksPLUS Global Portfolio







2022 468 
$ 12.64 
to $ 16.97 
$ 7,236 

1.18  % 0.35  % to 3.55  % (21.49) % to (19.65) %
2021 516 
$ 16.11 
to $ 21.12 
$ 10,011 

0.12  % 0.35  % to 3.55  % 15.34  % to 17.85  %
2020 578 
$ 13.96 
to $ 17.92 
$ 9,602 

1.16  % 0.35  % to 3.55  % 9.25  % to 11.89  %
2019 675 
$ 12.78 
to $ 16.01 
$ 10,093 

1.56  % 0.35  % to 3.55  % 23.26  % to 26.09  %
2018 784 
$ 10.37 
to $ 12.70 
$ 9,372 

1.57  % 0.35  % to 3.55  % (13.74) % to (11.85) %
PIMCO VIT Total Return Portfolio







2022 3,974 
$ 11.74 
to $ 26.45 
$ 72,272 

2.61  % —  % to 3.55  % (17.17) % to (14.31) %
Page 63 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022









































At December 31
For the years or periods ended December 31

 Units Outstanding **** Unit Fair Value lowest to highest  Net Assets ****
Investment Income Ratio* Expense Ratio
lowest to highest**		 Total Return
lowest to highest***
2021 4,276 
$ 14.16 
to $ 30.97 
$ 92,360 

1.82  % —  % to 3.55  % (4.57) % to (1.27) %
2020 3,696 
$ 14.82 
to $ 31.48 
$ 81,796 

2.14  % —  % to 3.55  % 5.02  % to 8.66  %
2019 4,085 
$ 14.10 
to $ 29.07 
$ 84,759 

3.02  % —  % to 3.55  % 4.75  % to 7.99  %
2018 4,406 
$ 13.45 
to $ 26.92 
$ 85,463 

2.54  % —  % to 3.55  % (3.87) % to (0.88) %
T. Rowe Price Blue Chip Growth Portfolio







2022 — 
$ 47.30 
to $ 47.30 
$ 6 

—  % 0.35  % to 0.35  % (38.88) % to (38.88) %
2021 — 
$ — 
to $ — 
$ — 

—  % 0.35  % to 0.35  % —  % to —  %
2020 1 
$ 66.19 
to $ 66.19 
$ 71 

—  % 0.35  % to 0.35  % 33.45  % to 33.45  %
2019 1 
$ 49.60 
to $ 49.60 
$ 53 

—  % 0.35  % to 0.35  % 29.12  % to 29.12  %
2018 1 
$ 38.41 
to $ 38.41 
$ 41 

—  % 0.35  % to 0.35  % 1.29  % to 1.29  %
T. Rowe Price Equity Income Portfolio







2022 3 
$ 38.48 
to $ 38.48 
$ 106 

1.77  % 0.35  % to 0.35  % (3.92) % to (3.92) %
2021 2 
$ 40.05 
to $ 40.05 
$ 65 

1.39  % 0.35  % to 0.35  % 24.78  % to 24.78  %
2020 2 
$ 32.10 
to $ 32.10 
$ 52 

2.11  % 0.35  % to 0.35  % 0.60  % to 0.60  %
2019 2 
$ 31.90 
to $ 31.90 
$ 52 

2.08  % 0.35  % to 0.35  % 25.60  % to 25.60  %
2018 2 
$ 25.40 
to $ 25.40 
$ 41 

1.79  % 0.35  % to 0.35  % (10.01) % to (10.01) %
T. Rowe Price Health Sciences Portfolio







2022 — 
$ — 
to $ — 
$ — 

—  % 0.35  % to 0.35  % —  % to —  %
2021 — 
$ — 
to $ — 
$ — 

—  % 0.35  % to 0.35  % —  % to —  %
2020 — 
$ 116.87 
to $ 116.87 
$ 16 

—  % 0.35  % to 0.35  % 28.82  % to 28.82  %
2019 — 
$ 90.72 
to $ 90.72 
$ 12 

—  % 0.35  % to 0.35  % 28.18  % to 28.18  %
2018 — 
$ 70.78 
to $ 70.78 
$ 9 

—  % 0.35  % to 0.35  % 0.50  % to 0.50  %
Templeton Global Bond VIP Fund







2022 1,136 
$ 20.84 
to $ 55.92 
$ 41,861 

—  % —  % to 3.55  % (8.03) % to (5.28) %
2021 1,314 
$ 22.65 
to $ 59.04 
$ 51,973 

—  % —  % to 3.55  % (8.08) % to (5.32) %
2020 1,371 
$ 24.63 
to $ 62.36 
$ 58,232 

8.33  % —  % to 3.55  % (8.36) % to (5.61) %
2019 1,459 
$ 26.86 
to $ 66.07 
$ 66,699 

7.06  % —  % to 3.55  % (1.30) % to 1.66  %
2018 1,559 
$ 27.20 
to $ 64.99 
$ 71,093 

—  % —  % to 3.55  % (1.39) % to 1.58  %



 1 Period from June 18, 2021 (fund commencement) to December 31, 2021

* These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying fund, net of management fees assessed by the fund manager, divided by the average daily net assets. These ratios exclude those expenses, such as mortality and expense risk and administrative charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.
** These ratios represent the annualized contract expenses of the Variable Account, consisting primarily of mortality and expense risk and administrative charges, for each period indicated, based on the products available to the contractholders. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contractholder accounts through the redemption of units such as the contract maintenance charges and rider charges for the optional benefits, and expenses of the underlying funds are excluded. Mortality and expense risk and administrative charges for all funds in annuitized contracts are excluded from the expense ratio.
*** These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and reflect contract expenses of the Variable Account for products held at the time by contractholders. The total return does not include any expenses assessed through the redemption of units. Inclusion of these expenses in the calculation would result in a reduction in the total return presented. Funds with a date notation, as shown above, indicate the effective date of that fund in the Variable Account. The total return is calculated for the period indicated or from the effective date through the end of the reporting period. The total return is presented as a range of minimum to maximum values. Based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract returns are not within the ranges presented and are not annualized.
Page 64 of 65


ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Financial Statements
December 31, 2022


**** Units Outstanding excludes units for annuitized contracts. Total Net Assets includes the net assets of the annuitized contracts. Total net assets of annuitized contracts at December 31, 2022, 2021, 2020, 2019 and 2018, are $460, $492, $660, $698, and $644, respectively.

The following open/available funds had no activity for the years or periods ended December 31, 2022, 2021, 2020, 2019 and 2018, and therefore, were not listed in the Financial Highlights:

BlackRock Equity Dividend V.I. Fund
Delaware Ivy VIP Asset Strategy Portfolio
Delaware Ivy VIP Energy Portfolio
Delaware Ivy VIP Science and Technology Portfolio
Invesco V.I. Balanced-Risk Allocation Fund
Lazard Retirement International Equity Portfolio
Lazard Retirement U.S. Small-Mid Cap Equity Portfolio

(7) Subsequent Events

No material subsequent events have occurred since December 31, 2022 through April 5, 2023, the date at which the financial statements were issued, that would require adjustment to the financial statements.





Page 65 of 65








ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statutory Financial Statements
December 31, 2022 and 2021
(With Report of Independent Auditors Thereon)







Report of Independent Auditors

To the Board of Directors of Allianz Life Insurance Company of New York

Opinions

We have audited the accompanying statutory financial statements of Allianz Life Insurance Company of New York (the "Company"), which comprise the statutory statements of admitted assets, liabilities, and capital and surplus as of December 31, 2022 and 2021, and the related statutory statements of operations, of capital and surplus, and of cash flow for each of the three years in the period ended December 31, 2022, including the related notes (collectively referred to as the "financial statements").

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities and capital and surplus of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in accordance with the accounting practices prescribed or permitted by the New York State Department of Financial Services described in Note 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the accompanying financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2022 and 2021, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2022.

Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 2 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the New York State Department of Financial Services, which is a basis of accounting other than accounting principles generally accepted in the United States of America.
The effects on the financial statements of the variances between the statutory basis of accounting described in Note 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the New York State Department of Financial Services. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date the financial statements are available to be issued.








1 of 42
    

Auditors' Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with US GAAS, we:
a.Exercise professional judgment and maintain professional skepticism throughout the audit.
b.Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
c.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.
d.Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
e.Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota
April 7, 2023








2 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus
December 31, 2022 and 2021
(Dollars in thousands, except share data)













Admitted Assets
2022
2021
Cash and invested assets:



Bonds
$ 647,422 

580,114 
Cash and cash equivalents
22,009 

29,047 
Policy loans
185 

106 
Derivative assets
— 

700 
Receivables for securities
1,456 

724 
Total cash and invested assets
671,072 

610,691 
Investment income due and accrued
4,719 

4,480 
Deferred tax asset, net
8,439 

6,772 
Other assets
475 

2,313 
Admitted assets, exclusive of separate account assets
684,705 

624,256 
Separate account assets
4,347,526 

4,447,304 
Total admitted assets
$ 5,032,231 

5,071,560 












3 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus
December 31, 2022 and 2021
(Dollars in thousands, except share data)













Liabilities and Capital and Surplus 2022
2021
Policyholder liabilities:



Life policies and annuity contracts
$ 459,725 

388,469 
Accident and health policies
83,151 

78,678 
Deposit-type contracts
6,735 

6,122 
Life policy and contract claims
21 

71 
Accident and health policy and contract claims
433 

258 
Total policyholder liabilities
550,065 

473,598 
General expenses due and accrued
1,108 

494 
Due from separate accounts
(64,853)

(38,810)
Payable to parent and affiliates
5,176 

4,793 
Current income taxes
3,548 

6,005 
Asset valuation reserve
12,862 

10,141 
Other liabilities
5,235 

5,025 
Liabilities, exclusive of separate account liabilities
513,141 

461,246 
Separate account liabilities
4,347,526 

4,447,304 
Total liabilities
4,860,667 

4,908,550 
Capital and surplus:



Common stock, $10 par value. Authorized, issued, and outstanding 200,000 shares at December 31, 2022 and 2021
2,000 

2,000 
Additional paid-in capital
102,500 

72,500 
Unassigned surplus
67,064 

88,510 
Total capital and surplus
171,564 

163,010 
Total liabilities and capital and surplus
$ 5,032,231 

5,071,560 





See accompanying notes to statutory financial statements.















4 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statutory Statements of Operations
Years ended December 31, 2022, 2021, and 2020
(Dollars in thousands)





















2022
2021
2020
Income:





Premiums and annuity considerations
$ 656,597 

688,560 

428,499 
Consideration for supplementary contracts
2,242 

1,042 

3,445 
Net investment income
18,100 

16,177 

18,028 
Commissions and expense allowances on reinsurance ceded
1,146 

578 

291 
Fees from separate accounts
58,894 

66,792 

66,045 
Total income
736,979 

773,149 

516,308 
Benefits and other expenses:





Policyholder benefits
43,865 

40,707 

34,640 
Surrenders
230,201 

240,826 

209,892 
Change in aggregate reserves and deposit funds
76,056 

(17,165)

1,842 
Commissions and other agent compensation
46,104 

47,602 

31,709 
General and administrative expenses
36,832 

30,752 

25,166 
Net transfers to separate accounts
351,286 

358,538 

186,015 
Total benefits and other expenses
784,344 

701,260 

489,264 
Income from operations before income taxes and net realized capital gain
(47,365)

71,889 

27,044 
Income tax expense
3,586 

6,319 

1,280 
Net (loss) income from operations before net realized capital gain
(50,951)

65,570 

25,764 
Net realized capital gain (loss), net of taxes and interest maintenance reserve
22,638 

(59,957)

(41,220)
Net (loss) income
$ (28,313)

5,613 

(15,456)







See accompanying notes to statutory financial statements.

















5 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statutory Statements of Capital and Surplus
Years ended December 31, 2022, 2021, and 2020
(Dollars in thousands)





















2022
2021
2020
Capital and surplus at beginning of year
$ 163,010 

155,969 

171,336 
Net (loss) income
(28,313)

5,613 

(15,456)
Change in unrealized capital gain (loss)
4,843 

1,534 

(1,845)
Change in net deferred income tax
8,856 

3,807 

5,397 
Change in nonadmitted assets
(4,124)

(1,308)

(1,698)
Capital contribution from parent
30,000 

— 

— 
Other changes in capital and surplus
(2,708)

(2,605)

(1,765)
Capital and surplus at end of year
$ 171,564 

163,010 

155,969 







See accompanying notes to statutory financial statements.

















6 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Statutory Statements of Cash Flow
Years ended December 31, 2022, 2021, and 2020
(Dollars in thousands)





















2022
2021
2020
Cash flows from operating activities:





Revenues:





Premiums and annuity considerations, net
$ 658,838 

689,603 

432,042 
Net investment income
20,141 

19,340 

21,039 
Other income
60,035 

67,367 

66,336 
Total cash provided by operating activities
739,014 

776,310 

519,417 
Benefits and expenses paid:





Benefit and loss-related payments
272,409 

279,458 

242,416 
Commissions, expenses paid, and aggregate write-ins for deductions
82,323 

78,441 

56,583 
Net transfers to separate accounts
377,329 

337,054 

189,376 
Income tax paid (benefit received), net
6,004 

2,310 

(7,436)
Total cash used in operating activities
738,065 

697,263 

480,939 
Net cash provided by operating activities
949 

79,047 

38,478 
Cash flows from investing activities:





Proceeds from investments sold, matured, or repaid:





Bonds
97,922 

82,882 

152,052 
Derivatives
29,969 

— 

— 
Miscellaneous proceeds
— 

36 

374 
Total cash provided by investing activities
127,891 

82,918 

152,426 
Cost of investments acquired:





Bonds
166,219 

91,367 

171,141 
Derivatives
— 

58,296 

42,397 
Miscellaneous applications
1,284 

574 

— 
Total cash used in investing activities
167,503 

150,237 

213,538 
Net cash used in investing activities
(39,612)

(67,319)

(61,112)
Cash flows from financing and miscellaneous activities:





Capital Contribution
30,000 

— 

— 
Change in payable to parent and affiliates
383 

891 

518 
Other
1,242 

(209)

(2,260)
Net cash provided by (used in) financing and miscellaneous activities
31,625 

682 

(1,742)
Net (decrease) increase in cash and cash equivalents
(7,038)

12,410 

(24,376)
Cash and cash equivalents:





Beginning of year
29,047 

16,637 

41,013 
End of year
$ 22,009 

29,047 

16,637 







See accompanying notes to statutory financial statements.
















7 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



(1)Organization and Nature of Operations
Allianz Life Insurance Company of New York (the Company) is a wholly-owned subsidiary of Allianz Life Insurance Company of North America (Allianz Life), which is a wholly-owned subsidiary of Allianz of America, Inc. (AZOA). AZOA is a wholly-owned subsidiary of Allianz Europe, B.V., which is a wholly-owned subsidiary of Allianz SE. Allianz SE is a European company registered in Munich, Germany, and is the Company's ultimate parent.
The Company is a life insurance company licensed to sell annuity, group and individual life, group and individual accident and health policies in six states and the District of Columbia. Based on statutory net premium written, the Company's business is predominately annuity. The annuity business consists of variable-indexed annuities and closed blocks of variable, fixed and fixed-indexed annuities. The life business includes term life policies and closed blocks of universal life policies. Accident and health business is primarily comprised of closed blocks of long-term care (LTC) insurance. The Company's primary distribution channel is through broker-dealers.
After evaluating the Company’s ability to continue as a going concern, management is not aware of any conditions or events which raise substantial doubt concerning the Company’s ability to continue as a going concern as of the date of filing these Statutory Financial Statements.
(2)    Summary of Significant Accounting Policies
(a)    Basis of Presentation
The Statutory Financial Statements have been prepared in accordance with accounting practices prescribed or permitted by the New York State Department of Financial Services (the Department). The Department recognizes statutory accounting practices prescribed or permitted by the state of New York for determining and reporting the financial condition and results of operations of an insurance company and its solvency under New York insurance law. The state of New York has adopted the National Association of Insurance Commissioners (NAIC) Accounting Practices and Procedures Manual as its prescribed basis of statutory accounting principles (SAP). The state of New York has also adopted certain prescribed accounting practices that differ from those found in NAIC SAP. The Company has no material statutory accounting practices that differ from those of the Department or NAIC SAP. These practices differ in some respects from accounting principles generally accepted in the United States of America (U.S. GAAP). The effects of these differences, while not quantified, are presumed to be material to the Statutory Financial Statements. The more significant of these differences are as follows:
(1)    Acquisition costs, such as commissions and other costs incurred in connection with acquiring new and renewal business, are charged to current operations as incurred. Under U.S. GAAP, acquisition costs that are directly related to the successful acquisition of insurance contracts are capitalized and charged to operations as the corresponding revenues or future profits are recognized.
(2)    Aggregate reserves for life policies and annuity contracts, excluding variable annuities, are based on statutory mortality and interest assumptions without consideration for lapses or withdrawals. Under U.S. GAAP, aggregate reserves consider lapses and withdrawals.
(3)    Ceded reinsurance recoverable are netted against their related reserves within Policyholder liabilities, Life policies and annuity contracts and Life policy and contract claims, on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. Under U.S. GAAP, these ceded reserves are presented on a gross basis as an asset.
(4)    Bonds are carried at values prescribed by the NAIC, generally amortized cost, except for those with an NAIC rating of 6, which are reported at the lower of amortized cost or fair value. Under U.S. GAAP, bonds classified as “available-for-sale” are carried at fair value, with unrealized gains and losses recorded in stockholder’s equity.
(5)    Changes in deferred income taxes are recorded directly to Unassigned surplus. Under U.S. GAAP, these items are generally recorded as an item of income tax benefit or expense in operations. Moreover, under NAIC SAP, a valuation allowance may be recorded against the deferred tax asset (DTA) and admittance











8 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



testing may result in an additional charge to capital and surplus for nonadmitted portions of DTAs. Under U.S. GAAP, a valuation allowance may be recorded against the DTA and reflected as an expense.
(6)    The Company is required to establish an asset valuation reserve (AVR) liability and an interest maintenance reserve (IMR) liability. The AVR provides for a standardized statutory investment valuation reserve for certain invested assets. Changes in this reserve are recorded as direct charges or credits to Unassigned surplus. The IMR is designed to defer net realized capital gains and losses, net of tax, resulting from changes in the level of prevailing market interest rates and amortize them into income within the Statutory Statements of Operations over the remaining life of the investment sold. The IMR represents the unamortized portion of applicable investment gains and losses as of the balance sheet date. There is no such concept under U.S. GAAP.
(7)    Certain assets designated as “nonadmitted assets” are not recognized and are charged directly to Unassigned surplus within the Statutory Statements of Capital and Surplus. These include, but are not limited to, furniture and fixtures, prepaid expenses, receivables outstanding greater than 90 days, negative IMR, and portions of DTAs. There is no such concept under U.S. GAAP.
(8)    A provision is made for amounts ceded to unauthorized reinsurers in excess of collateral in the form of a trust or letter of credit through a direct charge to Unassigned surplus within the Statutory Statements of Capital and Surplus. There is no such requirement under U.S. GAAP.
(9)    Revenues for universal life policies and annuity contracts, excluding deposit-type contracts, are recognized as revenue when received within the Statutory Statements of Operations. Under U.S. GAAP, policy and contract fees charged for the cost of insurance, policy administrative charges, amortization of policy initiation fees, and surrender contract charges are recorded as revenues when earned.
(10)    Benefits for universal life policies and annuity contracts within the Statutory Statements of Operations, excluding deposit-type contracts, consist of payments made to policyholders. Under U.S. GAAP, benefits represent interest credited, and claims and benefits incurred in excess of the policyholder’s contract balance.
(11)    Changes in the fair value of derivatives are recorded as direct adjustments to Unassigned surplus as a component of Change in unrealized capital gains (losses) within the Statutory Statements of Capital and Surplus. Under U.S. GAAP, changes in the fair value of derivatives are recorded in derivative income (loss) as part of operating income.
(12)    Commissions allowed by reinsurers on business ceded are reported as income when received within the Statutory Statements of Operations. Under U.S. GAAP, such commissions are deferred and amortized as a component of deferred acquisition costs to the extent recoverable.
(13)    The Statutory Financial Statements do not include a statement of comprehensive income as required under U.S. GAAP.
(14)    The Statutory Statements of Cash Flow do not classify cash flows consistent with U.S. GAAP and a reconciliation of net income to net cash provided from operating activities is not provided.
(15)    The calculation of reserves and transfers in the separate account statement requires the use of a Commissioners Annuity Reserve Valuation Method (CARVM) allowance on annuities for NAIC SAP. There is no such requirement under U.S. GAAP.
(16)    Sales inducements and premium bonuses are included in Life policies and annuity contracts in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus, and are charged to current operations as incurred. Under U.S. GAAP, deferred sales inducements and premium bonuses are similarly reserved; however, the costs are capitalized as assets and charged to operations as future profits are recognized in a manner similar to acquisition costs.








9 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



(17)    Negative cash balances are presented as a negative asset within the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. These balances are presented as a liability under U.S. GAAP.
(18)    Embedded derivatives are not separated from the host contract and accounted for separately as a derivative instrument. Under U.S. GAAP, entities must separate the embedded derivative from the host contracts and separately account for those embedded derivatives at fair value.
(19)    For variable-indexed annuities, the Department requires the Company to maintain a separate asset portfolio to back related reserves. These assets and liabilities are required to be included as part of the Separate account assets and Separate account liabilities presented on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. Under U.S. GAAP, there is no such requirement.
(b)    Permitted and Prescribed Statutory Accounting Practices
The Company is required to file annual statements with insurance regulatory authorities, which are prepared on an accounting basis permitted or prescribed by such authorities. Prescribed statutory accounting practices include state laws, regulations, and general administrative rules, as well as a variety of publications of the NAIC. Permitted statutory accounting practices encompass all accounting practices that are not prescribed; such practices differ from state to state, may differ from company to company within a state, and may change in the future. The Company has no permitted or prescribed practices that differ from NAIC SAP that had an impact on net income or surplus as of December 31, 2022, 2021, and 2020.
(c)    Use of Estimates
The preparation of Statutory Financial Statements in conformity with NAIC SAP requires management to make certain estimates and assumptions that affect reported amounts of admitted assets and liabilities, including reporting or disclosure of contingent assets and liabilities as of December 31, 2022 and 2021, and the reported amounts of revenues and expenses during the reporting period. Future events, including changes in mortality, morbidity, interest rates, capital markets, and asset valuations could cause actual results to differ from the estimates used within the Statutory Financial Statements. Such changes in estimates are recorded in the period they are determined.
(d)    Premiums and Annuity Considerations
Life premiums are recognized as income over the premium paying period of the related policies. Nondeposit-type annuity considerations are recognized as revenue when received. Accident and health premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies.
(e)    Aggregate Reserves for Life Policies and Annuity Contracts
Reserves are principally calculated as the minimum reserves permitted by the state where the contract is issued for the year in which the contract is issued.
For the Company’s fixed annuity product lines, reserves are calculated using CARVM. The Company uses both issue year for fixed-indexed and change in fund basis for deferred fixed-interest annuities for the calculation method, on a continuous basis, using the maximum allowable interest rate. Deferred fixed-indexed and fixed-interest annuities only have a single-tier structure, which may include bonuses.
For the Company’s variable and variable-indexed annuity product lines, reserves are calculated using NY Regulation 213, for guaranteed benefits with adequacy confirmed using stochastic scenario testing. Variable deferred annuities include a wide range of guaranteed minimum death benefits and living benefits (income, accumulation, and withdrawal).
Aggregate reserves for life insurance policies are principally calculated using the Commissioners Reserve Valuation Method (CRVM) or VM-20, Requirements for Principle-Based Reserves for Life Products, depending on the policy's issue date. Additional reserves are held for supplemental benefits and for contracts with secondary guarantees, consistent with prescribed regulations and actuarial guidelines.











10 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



The Company performs an annual asset adequacy analysis as required by regulation covering substantially all of its reserves. These tests are not only performed under the required interest rate scenarios, but also under additional stochastically generated interest and equity growth scenarios. Sensitivity tests, including policy lapse, annuitization, maintenance expenses, and investment return, are performed to evaluate potential insufficiencies in reserve adequacy. The results of these tests and analysis resulted in additional adequacy reserves recorded of $57,000 and $22,000 at December 31, 2022 and 2021, respectively. For the universal life business, the Department’s Regulation 147 – Valuation of Life Insurance Reserves stand-alone asset adequacy analysis was performed, which resulted in establishing additional reserves of $100 and $100 as of December 31, 2022 and 2021, respectively.
(f)    Aggregate Reserves for Accident and Health Policies
For accident and health business, reserves consist of active life reserves (mainly reserves for unearned premiums and reserves for contingent benefits on individual LTC business) and claim reserves (the present value of amounts not yet due). Claim reserves represent incurred but unpaid claims under group policies. For the LTC business, the Department’s Regulation 56 – Minimum Reserves for Individual Accident and Health Insurance Policies stand‑alone asset adequacy analysis was performed through a gross premium valuation. The testing under the “sound value” requirements resulted in recorded reserves of $36,504 and $34,536 as of December 31, 2022 and 2021, respectively.
(g)    Deposit-type Contracts
Deposit-type contracts represent liabilities to policyholders in a payout status, who have chosen a fixed payout option without life contingencies. The premiums and claims related to deposit-type contracts are not reflected in the Statutory Statements of Operations as they do not have insurance risk. The Company accounts for the contract as a deposit-type contract in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.
(h)    Policy and Contract Claims
Policy and contract claims include the liability for claims reported but not yet paid, claims incurred but not yet reported (IBNR), and claim settlement expenses on the Company’s accident and health business. Actuarial reserve development methods are generally used in the determination of IBNR liabilities. In cases of limited experience or lack of credible claims data, loss ratios are used to determine an appropriate IBNR liability. Claim and IBNR liabilities of a short-term nature are not discounted, but those claim liabilities resulting from disability income or LTC benefits include interest and mortality discounting.
(i)    Reinsurance
The Company cedes business to other insurers. Reinsurance premium and benefits paid or provided are accounted for in a manner consistent with the basis used in accounting for original policies issued and the terms of the reinsurance contracts. Amounts recoverable from reinsurers represent account balances and unpaid claims covered under reinsurance contracts. Amounts paid or deemed to have been paid for claims covered by reinsurance contracts are recorded as a reinsurance recoverable and are included in Other assets on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.
(j)    Investments
Investment values are determined in accordance with methods prescribed by the NAIC.
Bonds
The Securities Valuation Office (SVO) of the NAIC evaluates the credit quality of the Company’s bond investments. Bonds rated at “1” (highest quality), “2” (high quality), “3” (medium quality), “4” (low quality), or “5” (lower quality) are reported at cost adjusted for the amortization of premiums, accretion of discounts, and any impairment. Bonds rated at “6” (lowest quality) are carried at the lower of amortized cost or fair value with any adjustments to fair value recorded to Unassigned surplus within the Statutory Statements of Capital and Surplus.











11 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



In accordance with its investment policy, the Company invests primarily in high-grade marketable securities. Dividends are accrued on the date declared and interest is accrued as earned. Premiums or discounts on bonds are amortized using the constant-yield method.
Loan-backed securities and structured securities are amortized using anticipated prepayments, in addition to other less significant factors. Prepayment assumptions for loan-backed and structured securities are obtained from various external sources or internal estimates. The Company believes these assumptions are consistent with those a market participant would use. The Company recognizes income using the modified scientific method based on prepayment assumptions and the estimated economic life of the securities. For structured securities, except impaired bonds, when actual prepayments differ significantly from anticipated prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments retrospectively. Any resulting adjustment is included in Net investment income on the Statutory Statements of Operations. For impaired bonds, when adjustments are made for anticipated prepayments and other expected changes in future cash flows, the effective yield is recalculated using the prospective method as required by Statement of Statutory Accounting Principles (SSAP) No. 43R – Loan Backed and Structured Securities (SSAP No. 43R).
Hybrid securities are investments structured to have characteristics of both stocks and bonds. The Company records these securities within Bonds on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.
Gross realized gains and losses are computed based on the average amortized cost of all lots held for a particular CUSIP.
The fair value of bonds is obtained from third-party pricing sources whenever possible. Management completes its own independent price verification (IPV) process, which ensures security pricing is obtained from a third-party source other than the sources used by the Company's internal and external investment managers. The IPV process supports the reasonableness of price overrides and challenges by the internal and external investment managers and reviews pricing for appropriateness. Results of the IPV process are reviewed by the Company’s Pricing Committee.
Allianz Life reviews its entire combined investment portfolio, including the investment portfolios of the Company and all other subsidiaries, in aggregate each quarter to determine if declines in fair value are other than temporary.
For bonds for which the fair value is less than amortized cost, the Company evaluates whether a credit loss exists by considering primarily the following factors: (a) the length of time and extent to which the fair value has been less than the amortized cost of the security; (b) changes in the financial condition, credit rating, and near-term prospects of the issuer; (c) whether the issuer is current on contractually obligated interest and principal payments; (d) changes in the financial condition of the security’s underlying collateral, if any; and (e) the payment structure of the security. For loan-backed securities, the Company must allocate other-than-temporary impairments (OTTI) between interest and noninterest-related declines in fair value. Interest-related impairments are considered other than temporary when the Company has the intent to sell the investment prior to recovery of the cost of the investment. The Company maintains a prohibited disposal list that restricts the ability of the investment managers to sell securities in a significant unrealized loss position and requires formal attestations from investment managers regarding their lack of intent to sell certain securities.
Impairments considered to be other-than-temporary are recorded as a reduction of the cost of the security, and a corresponding realized loss is recognized on the Statutory Statements of Operations in the period in which the impairment is determined. Recognition of the realized loss is subject to potential offset by AVR and IMR.
Cash and Cash Equivalents
Cash and cash equivalents may include cash on hand, demand deposits, money market funds, and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the carrying value is deemed to approximate fair value.








12 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)




Policy Loans
Policy loans are supported by the underlying cash value of the policies. Policy loans are carried at unpaid principal balances plus accrued interest income on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. The unpaid principal balances are not in excess of the cash surrender values of the related policies.
Receivables for Securities
Receivables and payables for securities are carried at fair value on the trade date and represent a timing difference on securities that are traded at the balance sheet date but not settled until subsequent to the balance sheet date. Receivables and payables for securities are included in Receivables for securities and Other liabilities, respectively, on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.
(k)    Derivatives
The Company utilizes derivatives within certain actively managed investment portfolios for hedging purposes.
Futures and Options Contracts
The Company provides benefits through certain annuity products which are linked to the fluctuation of various market indices, and certain variable annuity contracts that provide minimum guaranteed benefits. The Company has analyzed the characteristics of these benefits and has entered into over-the-counter (OTC) option contracts and exchange-traded futures contracts tied to an underlying index with similar characteristics with the objective to economically hedge these benefits. Management monitors in-force amounts as well as option and futures contract values to ensure satisfactory matching and to identify unsatisfactory mismatches. If actual persistency deviated, management would purchase or sell option and futures contracts as deemed appropriate or take other actions.
The OTC option contracts are reported at fair value in Derivative assets and Derivative liabilities on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. The fair value of the OTC options is derived internally and deemed by management to be reasonable via performing an IPV process. The process of deriving internal derivative prices requires the Company to calibrate Monte Carlo scenarios to actual market information. The calibrated scenarios are applied to derivative cash flow models to calculate fair value prices for the derivatives. Incremental gains and losses from expiring options are included in Net realized capital gain (loss) on the Statutory Statements of Operations. The liability for the related policyholder benefits is reported in Life policies and annuity contracts on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. The unrealized gain or loss on open OTC option contracts is recognized as a direct adjustment to Unassigned surplus within the Statutory Statements of Capital and Surplus. Any unrealized gains or losses on open OTC option contracts are recognized as realized when the contracts mature (see Note 5 for further discussion).
Futures contracts do not require an initial cash outlay, and the Company has agreed to daily net settlement based on movements of the representative index. Therefore, no asset or liability is recorded as of the end of the reporting period. A derivative asset or liability and an offsetting variation margin payable or receivable is recorded in Derivative assets or Derivative liabilities in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus for the outstanding unpaid variation margin representing market movements on the last trading day of the year.
Gains and losses are not considered realized until the termination or expiration of the futures contract. Unrealized gains and losses on futures contracts are reflected in the Statutory Statements of Capital and Surplus in Unassigned surplus, within Change in unrealized capital gains (loss). Realized gains and losses on futures contracts are included in the Statutory Statements of Operations, Net realized capital gain (loss), net of taxes and interest maintenance reserve.








13 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



Total Return Swaps
The Company utilizes total return swaps (TRS) also to economically hedge market risks embedded in certain annuities. TRS contracts are reported at fair value in Derivative assets or Derivative liabilities on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. The fair value of the TRS is based on counterparty pricing and deemed by management to be reasonable. Changes in unrealized gains and losses on the swaps are recorded as a direct adjustment to Unassigned surplus within the Statutory Statements of Capital and Surplus.
(l)    Income Taxes
The Company files a consolidated federal income tax return with AZOA. The consolidated tax allocation agreement stipulates that each company participating in the return will bear its share of the tax liability pursuant to certain tax allocation elections under the Internal Revenue Code (IRC) and its related regulations and reimbursement will be in accordance with an intercompany tax reimbursement arrangement. The Company generally will be paid for the tax benefit of any of their tax attributes used by any member of the consolidated group.
The Company provides for federal income taxes based on amounts the Company believes it ultimately will owe. Inherent in the provision for federal income taxes are estimates regarding the deductibility of certain items and the realization of certain tax credits. In the event the ultimate deductibility of certain items or the realization of certain tax credits differs from estimates, the Company may be required to significantly change the provision for federal income taxes recorded in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. Any such change could significantly affect the amounts reported in the Statutory Statements of Operations. Management uses best estimates to establish reserves based on current facts and circumstances regarding tax exposure items where the ultimate deductibility is open to interpretation. Quarterly, management evaluates the appropriateness of such reserves based on any new developments specific to their fact patterns. Information considered includes results of completed tax examinations, Technical Advice Memorandums, and other rulings issued by the Internal Revenue Service or the tax courts.
The Company utilizes the asset and liability method of accounting for income taxes. DTAs and deferred tax liabilities (DTLs), net of the nonadmitted portion are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Gross DTAs and DTLs are measured using enacted tax rates and are considered for admitted tax asset status according to the admissibility test as set forth by the state of New York. Changes in DTAs and DTLs, including changes attributable to changes in tax rates, are recognized as a component of Unassigned surplus on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.
(m)    Separate Accounts
Separate account assets and liabilities are primarily funds held for the exclusive benefit of variable and variable-indexed annuity contract holders. Separate account assets are reported at fair value in accordance with SSAP No. 56 – Separate Accounts (SSAP No. 56), with the exception of certain bonds, cash, cash equivalents, and investment income due and accrued. Certain assets that are allocated to the index options for the Allianz Index Advantage New York Variable Annuity (VIA), as listed above, are carried at amortized cost in accordance with the product filing requirements in the state of New York.
Amounts due from separate accounts primarily represent the difference between the surrender value of the contracts and the Separate account liability as disclosed on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. This receivable represents the surrender fee that would be paid to the Company upon the surrender of the policy or contract by the policyholder or contract holder as of December 31. Amounts charged to the contract holders for mortality and contract maintenance, and other administrative services fees are included in income within Fees from separate accounts on the Statutory Statements of Operations. These fees have been earned and assessed against contract holders on a daily or monthly basis throughout the contract period and are recognized as revenue when assessed and earned. Transfers to separate accounts within the Statutory Statements of Operations primarily includes transfers for











14 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



new premium and annuity considerations, benefit payments, surrender charge wear-off, realized and unrealized investment gains/losses, investment income, and other contractholder behavior.
(n)    Receivables
Receivable balances approximate estimated fair values. This is based on pertinent information available to management as of year-end, including the financial condition and creditworthiness of the parties underlying the receivables. Any balances outstanding more than 90 days are nonadmitted on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.
(o)    Reclassifications
Prior year balances have not been reclassified to conform to the current year presentation.
(3)    Accounting Changes and Corrections of Errors
Accounting Changes
Recently Issued Accounting Standards – Adopted in 2022
Not applicable.
Recently Issued Accounting Standards – Adopted in 2021
In 2021, the NAIC extended the following interpretations (INT) in response to the COVID-19 pandemic:
•INT 20-03, Troubled Debt Restructuring due to COVID-19. This INT followed the interagency COVID-19 guidance issued by federal and state prudential banking regulators (and concurred by the FASB) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Specifically, a modification of a mortgage loan or bank loan terms did not result in troubled debt restructurings as long as the modification was in response to COVID-19, the borrower was current at the time of the modification, and the modification was short-term. In addition, insurers were not required to designate mortgage loans or bank loans with deferrals granted due to COVID-19 as past due or report them as nonaccrual loans. This INT was effective for the period beginning March 1, 2020 and originally expired on December 31, 2020. In January 2021, the provisions in this INT were extended updating the effective period to be the earlier of January 1, 2022 or the date that is 60 days after the date on which the national emergency declared by the President terminates. This INT did not impact the Company.
•INT 20-07, Troubled Debt Restructuring of Certain Debt Investments Due to COVID-19. This INT provided temporary guidance by allowing practical expedients when assessing whether modifications made to debt securities (under SSAP 26R and 43R) due to COVID-19 are insignificant. Specifically, the guidance proposed restructurings in response to COVID-19 are considered to be insignificant if the restructuring resulted in a 10% or less shortfall amount in the contractual amount due and did not extend the maturity of the investment by more than 3 years. This INT was effective for the period beginning March 1, 2020 and originally expired on December 31, 2020. In January 2021, the provisions in this INT were extended updating the effective period to be the earlier of January 1, 2022 or the date that is 60 days after the date on which the national emergency declared by the President terminates. This INT did not impact the Company.
In 2016, the NAIC adopted revisions to SSAP No. 51R, Life Contracts and SSAP No. 54, Individual and Group Accident and Health Contracts, Issue Paper No. 154, Implementation of Principles-Based Reserving. These revisions relate to the adoption of the Valuation Manual and provides for principles based reserving for Life and Heath contracts. The Valuation Manual is part of the Department Regulation 213. Final adoption of the First Amendment to Regulation 213 was published February 2020 and provides the following revisions: 1) VM-20, Requirements for Principle-Based Reserves for Life Products, is effective January 1, 2020. However, an insurer could request a one-year delay in adopting this standard. The Company adopted Regulation 213 for life products as of January 1, 2021 for new business issued January 1, 2021 and later, in accordance with its agreement with the Department. The adoption resulted in an immaterial impact. 2) VM-21, Requirements for Principle-Based Reserves for Variable











15 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



Annuities was adopted in 2020. 3) VM-22, Statutory Maximum Valuation Interest Rates for Income Annuities, VM-25, Health Insurance Reserves Minimum Requirements, and VM-26, Credit Life and Disability Reserve Requirements, are not applicable as the Company does not issue these contracts. 
Recently Issued Accounting Standards – Adopted in 2020
In 2019, the NAIC adopted revisions to both Actuarial Guideline 43 and VM-21, effective January 1, 2020. The implementation of the Regulation 213 revisions as of January 1, 2020 resulted in no change in reserves. The portion of the Standard reserve that was impacted with the implementation of Regulation 213 did not exceed the offsetting hedge component within the calculation after the changes, resulting in no impact to the reported reserve. The 2019 amendments to VM-21 allow an optional phase-in of the increase which the Company did not elect. 3) VM-22, Statutory Maximum Valuation Interest Rates for Income Annuities, VM-25, Health Insurance Reserves Minimum Requirements, and VM-26, Credit Life and Disability Reserve Requirements, are not applicable as the Company does not issue these contracts.
In August 2019, the NAIC adopted SSAP No. 22R, Leases. This revised standard is a substantive revision, reorganization, and clarification of SSAP 22. It adopts much of the language of US GAAP Accounting Standards Update (ASU) 2016-02, Leases, but retains operating lease accounting for Statutory accounting. It was effective January 1, 2020, with early adoption permitted. The Company adopted these revisions effective January 1, 2020. There was no impact on net income or surplus during the year ended December 31, 2020, as a result of adopting the revisions.    
In March 2020, the NAIC adopted INT 20-01, Reference Rate Reform. The interpretation adopted the optional guidance outlined in ASU 2020-04, Reference Rate Reform, for a limited period of time to ease the potential burden on accounting for reference rate reform. The practical expedients outlined in the interpretation are for modifications solely related to reference rate reform and optionally suspends assessments for re-measuring a contract and de-designating a hedge relationship. This interpretation is effective on the date of adoption and expires on December 31, 2022. The Company adopted the optional guidance in this interpretation effective March 12, 2020. As of December 31, 2020, the Company has not made any modifications to financial assets or liabilities as a result of reference rate reform.
In April, May, June, and August 2020, the NAIC adopted and extended, the following interpretations (INT) in response to the COVID-19 pandemic:
•INT 2020-02, Extension of 90-Day Rule for the Impact of COVID-19. This INT extends a one-time optional extension of the nonadmission assessment guidance for premiums and similar receivables due from policyholders or agents. For receivables that were current prior to the beginning of the declaration of a state of emergency by the U.S. federal government on March 13, 2020 or originated on or after March 13, 2020, insurers may continue to admit assets greater than 90 days past due. This INT is applicable for the March 31, 2020, June 30, 2020, and September 30, 2020 financial statements and expired on December 30, 2020. This INT did not have a material impact to the Company.
•INT 2020-03, Troubled Debt Restructuring Due to COVID-19. This INT follows the interagency COVID-19 guidance issued by federal and state prudential banking regulators (and concurred by the FASB) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Specifically, a modification of a mortgage loan or bank loan terms do not result in troubled debt restructurings as long as the modification is in response to COVID-19, the borrower was current at the time of the modification, and the modification is short-term. In addition, insurers are not required to designate mortgage loans or bank loans with deferrals granted due to COVID-19 as past due or report them as nonaccrual loans. This INT was effective for the period beginning March 1, 2020 and originally expired on December 31, 2020. In January 2021, the provisions in this INT were extended updating the effective period to be the earlier of January 1, 2022 or the date that is 60 days after the date on which the national emergency declared by the President terminates. This INT did not have a material impact to the Company.
•INT 2020-04, Mortgage Loan Impairment Assessment Due to COVID-19. This INT defers the impairment assessment for bank loans, mortgage loans, and investments which predominantly hold underlying











16 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



mortgage loans and are impacted by forbearance or modifications in response to COVID-19. This INT is applicable for the March 31, 2020, June 30, 2020, and September 30, 2020 financial statements and expired on December 30, 2020. This INT did not have a material impact to the Company.
•INT 2020-05, Investment Income Due and Accrued. This INT provides temporary relief guidance for assessing the collectability of interest income, admissibility relief of accrued investment income 90 days past due, and clarifies how interest income should be recognized during a payment holiday. This INT is applicable for the June 30, 2020, and September 30, 2020 financial statements and expired on December 30, 2020. This INT did not have did not have a material impact to the Company.
•INT 2020-06, Participation in the 2020 TALF Program. This INT provides guidance for reporting Term Asset-Backed Securities Lending Facility (TALF) loans for the duration of the 2020 TALF program. This INT did not impact the Company as the Company did not participate in this program.
•INT 2020-07, Troubled Debt Restructuring of Certain Debt Investments Due to COVID-19. This INT provides temporary guidance by allowing practical expedients when assessing whether modifications made to debt securities (under SSAP No. 26R and SSAP No. 43R) due to COVID-19 are insignificant. Specifically, the guidance proposes restructurings in response to COVID-19 are considered to be insignificant if the restructuring results in a 10% or less shortfall amount in the contractual amount due and does not extend the maturity of the investment by more than 3 years. This INT was effective for the period beginning March 1, 2020 and originally expired on December 31, 2020. In January 2021, the provisions in this INT were extended updating the effective period to be the earlier of January 1, 2022 or the date that is 60 days after the date on which the national emergency declared by the President terminates. This INT did not have a material impact to the Company.
•INT 2020-08, COVID-19 Premium Refunds, Rate Reductions and Policyholder Dividends. This INT provides guidance for returns or benefits to policyholders. This INT did not impact the Company.
These INTs have an immaterial effect on the financial statements as of December 31, 2020. The Company will continue to monitor these INTs and assess impacts until they are nullified.
In May 2020, the NAIC adopted revisions to SSAP No. 26R, Bonds, which provides clarifying guidance when assessing other than temporary impairments (OTTI) for debt instruments that have been previously modified pursuant to SSAP No. 36, Troubled Debt Restructuring, or SSAP No. 103R, Transfers and Servicing of Financial Assets and Extinguishments of Liabilities. The revisions to SSAP No. 26R state subsequent OTTI assessments for debt instruments modified under SSAP No. 36 or SSAP No 103 will be based on the modified contractual terms and not revert back to the original acquisition terms. These revisions were effective May 20, 2020 and were subsequently adopted by the Company. There was no impact on net income or surplus during the year ended December 31, 2020, as a result of adopting the revisions.
In November 2020, the NAIC adopted revisions to SSAP No. 43R, Loan-Backed and Structured Securities. The revisions reflect the updated NAIC designation category for residential and commercial mortgage-backed securities that utilize the financial modeling guidance. The revisions were effective November 12, 2020 and was subsequently adopted by the Company. There was no impact on net income or surplus during the year ended December 31, 2020, as a result of adopting the revisions
Recently Issued Accounting Standards – To Be Adopted
Not applicable
Corrections of Errors
The Company records corrections of errors in accordance with SSAP No. 3 – Accounting Changes and Correction of Errors (SSAP No. 3). SSAP No. 3 prescribes that the correction of errors in previously issued Statutory Financial Statements will be reported as an adjustment to capital and surplus in the period the error is detected. These errors are shown within correction of errors, net of tax, on the Statutory Statements of Capital and Surplus.








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ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



During the years ended December 31, 2022, 2021, and 2020 there were no corrections of errors recorded on the Statutory Statements of Capital and Surplus.
(4)    Risk Disclosures
The following is a description of the significant risks facing the Company and how it attempts to mitigate those risks:
(a)    Credit Risk
Credit risk is the risk that issuers of fixed-income securities, or other parties with whom the Company has transactions, such as reinsurers and derivative counterparties, default on their contractual obligations, resulting in unexpected credit losses.
The Company mitigates this risk by adhering to investment policies and limits that provide portfolio diversification on an asset class, asset quality, creditor, and geographical basis, and by complying with investment limitations from applicable state insurance laws and regulations. The Company considers all relevant objective information available in estimating the cash flows related to structured securities. The Company actively monitors and manages exposures, and determines whether any securities are impaired. The aggregate credit risk is influenced by management’s risk/return preferences, the economic and credit environment, and the ability to manage this risk through liability portfolio management.
For derivative counterparties, the Company mitigates credit risk by tracking and limiting exposure to each counterparty through limits that are reported regularly and, once breached, restricts further trades; establishing relationships with counterparties rated BBB+ and higher; and monitoring the credit default swaps (CDS) of each counterparty as an early warning signal to cease trading when credit default swap spreads imply severe impairment in credit quality.
The Company executes Credit Support Annexes (CSA) with all active and new counterparties which further limits credit risk by requiring counterparties to post collateral to a segregated account to cover any counterparty exposure. Additionally most transactions are cleared through a clearinghouse thereby transferring counterparty risk from the bank to the clearinghouse that tends to have stronger credit. This often leads to increased collateralization and lower counterparty risk for the Company.
(b)    Credit Concentration Risk
Credit concentration risk is the risk of increased exposure to significant asset defaults (of a single security issuer); economic conditions (if business is concentrated in a certain industry sector or geographic area); or adverse regulatory or court decisions (if concentrated in a single jurisdiction) affecting credit.
The Company’s Finance Committee, responsible for asset/liability management (ALM) issues, recommends an investment policy to the Company’s Board of Directors (BOD) and approves the strategic asset allocation and accompanying investment mandates for an asset manager with respect to asset class. The investment policy and accompanying investment mandates specify asset allocation among major asset classes and the degree of asset manager flexibility for each asset class. The investment policy complies, at a minimum, with state statutes. Compliance with the policy is monitored by the Finance Committee who is responsible for implementing internal controls and procedures. Deviations from the policy are monitored and addressed. The Finance Committee and, subsequently, the BOD review the investment policy at least annually.
To further mitigate this risk, internal concentration limits based on credit rating and sector are established and are monitored regularly by Allianz Life on a consolidated basis. Any ultimate obligor group exceeding these limits is placed on a restricted list to prevent further purchases, and the excess exposure may be actively sold down to comply with concentration limit guidelines. Any exceptions require Chief Risk Officer approval and monitoring by the Risk Committee. Further, the Company performs a quarterly concentration risk calculation to ensure compliance with the State of New York basket clause.








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ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



(c)    Liquidity Risk
Liquidity risk is the risk that unexpected timing or amounts of cash needed will require liquidation of assets in a market that will result in a realized loss or an inability to sell certain classes of assets such that an insurer will be unable to meet its obligations and contractual guarantees. Liquidity risk also includes the risk that in the event of a company liquidity crisis, refinancing is only possible at higher interest rates. Liquidity risk can be affected by the maturity of liabilities, the presence of withdrawal penalties, the breadth of funding sources, and terms of funding sources. It can also be affected by counterparty collateral triggers as well as whether anticipated liquidity sources, such as credit agreements, are cancelable.
The Company manages liquidity within four specific domains: (1) monitoring product development, product management, business operations, and the investment portfolio; (2) setting ALM strategies; (3) managing the cash requirements stemming from the Company’s derivative dynamic economic hedging activities; and (4) establishing a liquidity facility with Allianz Life to provide additional liquidity. The Company has established liquidity risk limits, which are approved by the Company’s Risk Committee, and the Company monitors its liquidity risk regularly.
(d)    Interest Rate Risk
Interest rate risk is the risk that movements in interest rates or interest rate volatility will cause a decrease in the value of an insurer’s assets relative to the value of its liabilities and/or an unfavorable change in prepayment activity resulting in compressed interest margins.
The Company has an ALM strategy to align cash flows and duration of the investment portfolio with policyholder liability cash flows and duration. Allianz Life monitors the economic and accounting impacts of interest rate sensitivities on assets and liabilities on a consolidated basis regularly and on the Company's specific basis periodically.
(e)    Equity Market Risk
Equity market risk is the risk that movements in equity prices or equity volatility will cause a decrease in the value of an insurer’s assets relative to the value of its liabilities.
Variable annuity products guarantee minimum payments regardless of market movements. The Company has adopted an economic hedging program to manage the equity risk of these products.
Allianz Life monitors the impacts of equity sensitivities on assets and liabilities on a consolidated basis regularly and on the Company’s specific basis periodically.
Basis risk is the risk that variable annuity hedge asset values change unexpectedly relative to the value of the underlying separate account funds of the variable annuity contracts. Basis risk may arise from the Company’s inability to directly hedge the underlying investment options of the variable annuity contracts. The Company regularly reviews and synchronizes fund mappings, product design features, hedge design, and manages funds line-up.
(f)    Operational Risk
Operational risk is the risk of loss resulting from inadequate or failed internal processes and systems, from human misbehavior or error, or from external events. Operational risk is comprised of the following seven risk categories: (1) external fraud; (2) internal fraud; (3) employment practices and workplace safety; (4) clients/third-party, products and business practices; (5) damage to physical assets; (6) business disruption and system failure; and (7) execution, delivery, and process management. Operational risk is comprehensively managed through a combination of core qualitative and quantitative activities.
The Operational Risk Management framework includes the following key activities: (1) an Operational Risk Capital Model covering all material types of operational risks, under which the Company quantifies and regularly monitors operational risk; (2) a loss data capture policy to create transparency and gather information about losses that meet a designated threshold, requiring business owners to identify and resolve the root cause











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ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



of operational loss events; and (3) a bottom-up risk assessment process for significant operational risk scenarios to proactively manage significant operational risk scenarios throughout the organization.
(g)    Regulatory Change Risk
Regulatory change risk is the risk that regulatory changes and imposed regulation may materially impact the Company's business model, sales levels, company financials and ability to effectively comply with regulations.
The Company actively monitors all regulatory changes and participates in national and international discussions relating to legal, regulatory, and accounting changes. The Company maintains active membership with various professional and industry trade organizations. A formal process exists to review, analyze, and implement new legislation as it is enacted.
(h)    Rating Agency Risk
Rating agency risk is the risk that rating agencies change their outlook or rating of the Company. The rating agencies generally utilize proprietary capital adequacy models in the process of establishing ratings for the Company. The Company is at risk of changes in these models and the impact that changes in the underlying business that it is engaged in can have on such models. To mitigate this risk, the Company maintains regular communications with the rating agencies and evaluates the impact of significant transactions on such capital adequacy models and considers the same in the design of transactions to minimize the adverse impact of this risk. Rating agency risk is also addressed in the TRA process and on an ad hoc basis as necessary.
(i)    Mortality/Longevity Risk
Mortality/longevity risk is the risk that mortality experience is different than the life expectancy assumptions used by the Company to price its products.
The Company mitigates mortality risk primarily through reinsurance, whereby the Company cedes a significant portion of its mortality risk to third parties. The Company also manages mortality risk through the underwriting process. Both mortality and longevity risks are managed through the review of life expectancy assumptions and experience in conjunction with active product management.
(j)    Lapse Risk
Lapse risk is the risk that actual lapse experience evolves differently than the assumptions used for pricing and valuation exercises leading to a significant loss in Company value and/or income.
The Company mitigates this risk by performing sensitivity analysis at the time of pricing to affect product design, adding Market Value Adjustments and surrender charges when appropriate, regular ALM analysis, and exercising management levers at issue, as well as post-issue as experience evolves. Policyholder experience is monitored regularly.
(k)    Cyber Security Risk
Cyber security risk is the risk of losses due to external and/or internal attacks impacting the confidentiality, integrity, and/or availability of key systems, data, and processes reliant on digital technology. The Company has implemented preventative, detective, response, and recovery measures including firewalls, intrusion detection and prevention, advanced malware detection, spyware and anti-virus software, email protection, network and laptop encryption, web content filtering, web application firewalls, and regular scanning of all servers and network devices to identify vulnerabilities. Controls are implemented to prevent and review unauthorized access.
(l)    Reinsurance Risk
Reinsurance risk is the risk that reinsurance companies default on their obligation where the Company has ceded a portion of its insurance risk. The Company uses reinsurance to limit its risk exposure to certain business lines and to enable better capital management.











20 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



Reinsurance contracts do not relieve the Company from its obligations to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company.
The Company mitigates this risk by requiring certain counterparties to post collateral to cover the exposure and to meet thresholds related to the counterparty’s credit rating, exposure, or other factors. For counterparties that are not initially required to post collateral, if the thresholds are not met by those counterparties, they are required to establish a trust or letter of credit backed by assets meeting certain quality criteria. All arrangements are regularly monitored to determine whether trusts or letters of credit are sufficient to support the ceded liabilities and that their terms are being met. In addition, the Company reviews the financial standings and ratings of its reinsurance counterparties and monitors concentrations of credit risk to minimize its exposure to significant losses from reinsurer insolvencies regularly.
(5)    Investments
(a)    Bonds and Other Assets Receiving Bond Treatment
At December 31, the amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investments are shown below:     



























2022


Amortized cost
Gross unrealized gains
Gross unrealized losses
Fair value
Bonds:







U.S. government
$ 192,732 

— 

12,000 

180,732 
States and political subdivisions
6,788 

22 

776 

6,034 
Corporate securities
340,514 

2,477 

37,920 

305,071 
Mortgage-backed securities
107,388 

8 

10,707 

96,690 
Total
$ 647,422 

2,507 

61,403 

588,527 





























2021


Amortized cost
Gross unrealized gains
Gross unrealized losses
Fair value
Bonds:







U.S. government
$ 78,869 

864 

1,274 

78,459 
States and political subdivisions
6,921 

975 

— 

7,896 
Corporate securities
372,767 

34,113 

1,954 

404,926 
Mortgage-backed securities
121,557 

4,598 

954 

125,201 
Total
$ 580,114 

40,550 

4,182 

616,482 
At December 31, 2022 and 2021, the Company did not have NAIC-6 rated bonds.
At December 31, 2022 and 2021, the Company did not have any hybrid securities.
As of December 31, 2022 and 2021, investments with an amortized cost of $1,651 and $1,656, respectively were held on deposit as required by statutory regulations.











21 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



The amortized cost and fair value of bonds and other assets receiving bond treatment reported in the statutory Annual Statement Schedule D Part 1A at December 31, 2022, by contractual maturity, are shown below:















Amortized cost
Fair value
Due in 1 year or less
$ 34,283 

33,931 
Due after 1 year through 5 years
218,802 

208,543 
Due after 5 years through 10 years
188,050 

157,483 
Due after 10 years through 20 years
73,072 

70,673 
Due after 20 years
25,827 

21,207 
Loan-backed and other structured securities
107,388 

96,690 
       Total bonds and other assets receiving bond treatment
$ 647,422 

588,527 
Expected maturities will differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Proceeds from sales of bonds includes sales, maturities, paydowns, and other redemptions of bonds and other assets receiving bond treatment. Proceeds from sales of bonds for the years ended December 31 are shown below:























2022
2021
2020
Proceeds from sales
$ 97,922 

82,882 

152,052 
Gross gains
152 

82 

1,883 
Gross losses
335 

80 

297 
For the years ended December 31, 2022 and 2021, there were 13 and 9 CUSIPs sold, disposed, or otherwise redeemed as a result of a callable feature, respectively. The aggregate amount of investment income generated as a result of these transactions was $642 and $1,027 for 2022 and 2021, respectively.
The Company’s bond portfolio includes mortgage-backed securities. Due to the high quality of these investments and the lack of subprime loans within the securities, the Company does not have a material exposure to subprime mortgages.
(b)    Unrealized Investment Losses
To determine whether or not declines in fair value are other than temporary, Allianz Life performs a quarterly review of its entire combined investment portfolio, including the Company as their subsidiary, using quoted market prices by third-party sources. For further discussion, see Notes 2 and 6.
Unrealized losses and the related fair value of investments held by the Company for the years ended December 31 are shown below:





































2022

12 months or less
Greater than 12 months
Total

Fair value
Unrealized losses
Fair value
Unrealized losses
Fair value
Unrealized losses
Bonds:










U.S. government $ 149,836 

7,654 

30,896 

4,346 

180,732 

12,000 
States and political subdivisions 5,088 

776 

— 

— 

5,088 

776 
Corporate securities 197,026 

22,189 

56,543 

15,731 

253,569 

37,920 
Mortgage-backed securities 78,483 

5,516 

17,776 

5,191 

96,259 

10,707 
Total temporarily impaired securities $ 430,433 

36,135 

105,215 

25,268 

535,648 

61,403 











22 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



































2021

12 months or less
Greater than 12 months
Total

Fair value
Unrealized losses
Fair value
Unrealized losses
Fair value
Unrealized losses
Bonds:










U.S. government $ 14,972 

71 

19,058 

1,203 

34,030 

1,274 
Corporate securities 71,212 

1,954 

— 

— 

71,212 

1,954 
Mortgage-backed securities 23,502 

954 

— 

— 

23,502 

954 
Total temporarily impaired securities $ 109,686 

2,979 

19,058 

1,203 

128,744 

4,182 
As of December 31, 2022 and 2021, the number of bonds that were in an unrealized loss position was 225 and 45, respectively.
As of December 31, 2022 and 2021, of the total amount of unrealized losses, $61,245, or 99.7%, and $4,174, or 99.8%, respectively, are related to unrealized losses on investment grade securities. Investment grade is defined as a security having an NAIC SVO credit rating of 1 or 2. Unrealized losses on securities are principally related to changes in interest rates or changes in sector spreads from the date of purchase. As contractual payments continue to be met, management continues to expect all contractual cash flows to be received and does not consider these investments to be other-than-temporarily impaired.
(c)    Realized Investment Gains (Losses)
Net realized capital gains (losses) for the years ended December 31 are shown below:























2022
2021
2020
Bonds
$ (722)

2 

101 
Derivatives
23,057 

(60,008)

(40,495)
Other
(25)

64 

45 
Total realized capital gains (losses)
22,310 

(59,942)

(40,349)
Income tax benefit (expense) on net realized gains (losses)
38 

(20)

(652)
Total realized capital gains (losses), net of taxes
22,348 

(59,962)

(41,001)
Net (losses) gains transferred to IMR, net of taxes
(290)

(5)

219 
Net realized gains (losses), net of taxes and IMR
$ 22,638 

(59,957)

(41,220)
(d)    Net Investment Income
Major categories of net investment income for the years ended December 31 are shown below:





















2022
2021
2020
Interest:





Bonds
20,464 

19,345 

20,529 
Policy loans
8 

7 

9 
Cash, cash equivalents, and short-term investments
553 

2 

245 
Derivatives
— 

(1)

(11)
Other
72 

119 

59 
Gross investment income
21,097 

19,472 

20,831 
Investment expenses
(971)

(1,579)

(1,239)
Net investment income before amortization of IMR
20,126 

17,893 

19,592 
Amortization of IMR
(2,026)

(1,716)

(1,564)
Net investment income
$ 18,100 

16,177 

18,028 











23 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



(e)    Loan-Backed Securities
SSAP No. 43R requires the bifurcation of impairment losses on loan-backed or structured securities into interest and noninterest-related portions. The noninterest portion is the difference between the present value of cash flows expected to be collected from the security and the amortized cost basis of the security. The interest portion is the difference between the present value of cash flows expected to be collected from the security and its fair value at the balance sheet date.
The Company had no loan-backed securities with a recognized OTTI for the years ended December 31, 2022 and 2021.
(f)    Derivatives and Hedging Instruments
The Company does not have derivative contracts with financing premium. Derivatives held by the Company do not qualify for hedge accounting treatment.
Futures and Options Contracts
OTC options are cleared through the Options Clearing Corporation, which operates under the jurisdiction of both the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission. The fair values of the collateral posted for futures and OTC options are discussed in the derivative collateral management section below.
Total Return Swaps
The Company engages in the use of OTC TRS, which allow the parties to exchange cash flows based on a variable reference rate such as the three-month SOFR and the return of an underlying index. The fair value of the collateral posted for OTC TRS is discussed in the derivative collateral management section below.
The following table presents a summary of the aggregate notional amounts and fair values of the Company’s derivative instruments reported on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus as of December 31:









































2022
2021




Gross Fair Value


Gross Fair Value


Notional (1)
Assets
Liabilities
Notional (1)
Assets
Liabilities
OTC options
$ — 

— 

— 

2,006 

700 

— 
Futures
302,305 

— 

— 

200,470 

— 

— 
TRS
— 

— 

— 

2,000 

— 

— 
Total derivative instruments


$ — 

— 



700 

— 













(1) Notional amounts are presented on an absolute basis.
Derivative Collateral Management
The Company manages derivative collateral for the general account and separate account combined. Additionally, said derivative collateral is managed separately between exchange-traded and OTC derivatives. The total collateral posted for exchange-traded derivatives at December 31, 2022 and 2021, had a fair value of $26,302 and $29,931, respectively, and is included in Bonds on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus and recorded at amortized cost. The Company retains ownership of the exchange-traded collateral, but the collateral resides in an account designated by the exchange. The collateral is subject to specific exchange rules regarding rehypothecation.
(g)    Offsetting Assets and Liabilities
The Company elects to disclose derivative assets and liabilities eligible for offset under SSAP No. 64 – Offsetting and Netting of Assets and Liabilities on a gross basis on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus in accordance with the provisions set forth in SSAP No. 86. This treatment is consistent with the Company’s historical reporting presentation.








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ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



(h)    Restricted Assets
As of December 31, 2022, the Company had the following restricted assets, including assets pledged to others as collateral, recorded at book value:



















































Gross Restricted




Percentage


Total general account
Total separate account
Total current year
Total prior year
Increase (decrease)
Total current year admitted restricted
Gross restricted to total assets
Admitted restricted to total admitted assets
On deposit with states
$ 1,651 

— 

1,651 

1,656 

(5)

1,651 

—  %
—  %
Derivative collateral
29,549 

19,345 

48,894 

29,429 

19,465 

48,894 

1.0 

1.0 
Total restricted assets
$ 31,200 

19,345 

50,545 

31,085 

19,460 

50,545 

1.0  %
1.0  %
(6)    Fair Value Measurements
SSAP No. 100R – Fair Value establishes a fair value hierarchy that prioritizes the inputs used in the valuation techniques to measure fair value.
Level 1 –     Unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date.
Level 2 –     Valuations derived from techniques that utilize observable inputs, other than quoted prices included in Level 1, which are observable for the asset or liability either directly or indirectly, such as:
(a)    Quoted prices for similar assets or liabilities in active markets.
(b)    Quoted prices for identical or similar assets or liabilities in markets that are not active.
(c)    Inputs other than quoted prices that are observable.
(d)    Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 –     Valuations derived from techniques in which the significant inputs are unobservable. Level 3 fair values reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).
The Company has analyzed the valuation techniques and related inputs, evaluated its assets and liabilities reported at fair value, and determined an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. Based on the results of this evaluation and investment class analysis, each financial asset and liability was classified into Level 1, 2, or 3.








25 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



The following presents the assets and liabilities measured at fair value on a recurring basis and their corresponding level in the fair value hierarchy at December 31:





























2022


Level 1
Level 2 (a)
Level 3
Total
Assets at fair value







Separate account assets
$ 1,958,660 

113,012 

— 

2,071,672 
Total assets reported at fair value
1,958,660 

113,012 

— 

2,071,672 
Liabilities at fair value







Separate account derivative liabilities
— 

122,296 

— 

122,296 
Total liabilities reported at fair value
$ — 

122,296 

— 

122,296 









(a) The Company does not have any assets or liabilities measured at net asset value (NAV) that are included in Level 2 within this table.





























2021


Level 1
Level 2 (a)
Level 3
Total
Assets at fair value







Derivative assets
$ — 

700 

— 

700 
Separate account assets
2,330,868 

244,061 

— 

2,574,929 
Total assets reported at fair value
2,330,868 

244,761 

— 

2,575,629 
Liabilities at fair value







Separate account derivative liabilities
— 
36,644 
108,584 

— 

108,584 
Total liabilities reported at fair value
$ — 

108,584 

— 

108,584 









(a) The Company does not have any assets or liabilities measured at NAV that are included in Level 2 within this table.
The following is a discussion of the methodologies used to determine fair values for the assets and liabilities listed in the above table. These fair values represent an exit price (i.e., what a buyer in the marketplace would pay for an asset in a current sale or charge to transfer a liability). The Company has not made changes to valuation techniques in 2022.
(a)    Valuation of Derivatives
The fair value of OTC option assets and liabilities are derived internally, by calculating their expected discounted cash flows, using a set of calibrated, risk-neutral stochastic scenarios, including a market data monitor, a market data model generator, a stochastic scenario calibrator, and the actual asset pricing calculator, because active markets do not exist. Options that are internally priced and IRS, foreign currency swaps, TBA securities, and CDS are included in Level 2, because they use market observable inputs. The fair values of exchange-traded options and futures contracts are based on quoted market prices in active markets and are included in Level 1. The fair value of TRS is derived from external brokers and do not utilize market observable inputs and are included in Level 3.
Certain derivatives are priced using external third-party vendors. The Company has controls in place to monitor the valuations of these derivatives. TRS prices are obtained from the respective counterparties. These prices are also internally recalculated and reviewed for reasonableness at the position level on a monthly basis.











26 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



The Company does not have insight into the specific inputs used by third-party vendors; however, the key unobservable input would generally include the spread.
(b)    Valuation of Separate Account Assets and Separate Account Derivative Liabilities
Separate account assets and Separate account derivative liabilities, with the exception of certain bonds, cash, cash equivalents and investment income due and accrued, are carried at fair value, which is based on the fair value of the underlying assets which are described throughout this note. Funds in the separate accounts are primarily invested in variable investment option funds with the following investment types: bond, domestic equity, international equity, or specialty. Variable investment option funds are included in Level 1 because their fair value is based on quoted prices in active, observable markets. The remaining investments are categorized similar to the investments held by the Company in the general account (e.g., if the separate account invested in bonds, short-term investments and derivatives, that portion could be classified within Level 2 or Level 3). Certain bonds, cash and cash equivalents, along with related accrued investment income and receivables, carried at amortized cost within the separate account have an amortized cost of $2,275,854 and $1,872,374 as of December 31, 2022 and 2021, respectively, and a fair value of $1,956,071 and $1,899,039 as of December 31, 2022 and 2021, respectively. Separate account assets carried at amortized cost are included in the table in section 6(g) below.
(c)    Level 3 Rollforward
The following table provides a reconciliation of the beginning and ending balances for the Company’s Level 3 assets and liabilities measured at fair value on a recurring basis:























January 1, 2022 Transfers into
Level 3		 Transfers out
of Level 3		 Total gains
and (losses)
included in
Net Income		 Total gains
and (losses)
included in
Surplus		 Purchases, issuances, sales and settlements December 31, 2022








TRS asset $ — 
— 
— 
— 
— 
— 
— 
Total Level 3 assets — 
— 
— 
— 
— 
— 
— 








TRS liability — 
— 
— 
(758)
— 
758 
— 
Total Level 3 liabilities $ — 
— 
— 
(758)
— 
758 
— 

























January 1, 2021 Transfers into
Level 3		 Transfers out
of Level 3		 Total gains
and (losses)
included in
Net Income		 Total gains
and (losses)
included in
Surplus		 Purchases, issuances, sales and settlements December 31, 2021








TRS asset $ — 
— 
— 
555 
— 
(555)
— 
Total Level 3 assets — 
— 
— 
555 
— 
(555)
— 








TRS liability — 
— 
— 
(1,222)
— 
1,222 
— 
Total Level 3 liabilities $ — 
— 
— 
(1,222)
— 
1,222 
— 
(d)    Transfers
The Company reviews its fair value hierarchy classifications quarterly. Transfers between levels occur when there are changes in the observability of inputs and market activity.
For the years ended December 31, 2022 and 2021, the Company did not have any transfers into or out of Level 3.
(e)    Sensitivity of Fair Value Measurements to Changes in Unobservable Inputs
Derivative assets and liabilities: The TRS are priced by a third-party vendor and the Company internally reviews the valuation for reasonableness. The key unobservable input would generally include the spread. For a long position, a significant increase (decrease) in the spread used in the fair value of the TRS in isolation











27 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



could result in higher (lower) fair value. For a short position, a significant increase (decrease) in the spread used in the fair value of the TRS in isolation could result in lower (higher) fair value.
(f)    Estimates
The Company has been able to estimate the fair value of all financial assets and liabilities.
(g)    Aggregate Fair Value of Financial Instruments
The following tables present the carrying amounts and fair values of all financial instruments at December 31 (b):

































2022






Fair Value


Aggregate Fair Value
Admitted Assets/
Carrying Value
Level 1
Level 2
Level 3
Financial Assets









Bonds
$ 588,527 

647,422 

180,732 

407,795 

— 
Cash equivalents
26,558 

26,558 

26,558 

— 

— 
Separate account assets
4,027,744 

4,347,526 

1,982,157 

2,045,587 

— 
Financial Liabilities









Deposit-type contracts
$ 6,815 

6,735 

— 

— 

6,815 
Other investment contracts
384,701 

434,151 

— 

— 

384,701 
Separate account liabilities
4,027,744 

4,347,526 

1,982,157 

2,045,587 

— 











(b) The Company does not have any assets or liabilities measured at NAV that are included in Level 2 in this table. In addition, the Company has no assets or liabilities for which it is not practicable to measure at fair value.



































2021






Fair Value


Aggregate Fair Value
Admitted Assets/
Carrying Value
Level 1
Level 2
Level 3
Financial Assets









Bonds
$ 616,482 

580,114
78,459
538,023
— 
Cash equivalents
30,073 

30,073 

30,073 

— 

— 
Derivative assets
700 

700 

— 

700 

— 
Separate account assets
4,473,968 

4,447,304
2,382,546
2,091,422
— 
Financial Liabilities









Deposit-type contracts
$ 7,249 

6,122
— 

— 

7,249 
Other investment contracts
465,528 

364,115
— 

— 

465,528 
Separate account liabilities
4,473,968 

4,447,304
2,382,546 

2,091,422 

— 











(b) The Company does not have any assets or liabilities measured at NAV that are included in Level 2 in this table. In addition, the Company has no assets or liabilities for which it is not practicable to measure at fair value.
A description of the Company’s valuation techniques for financial instruments not reported at fair value and categorized within the fair value hierarchy is shown below:
Valuation of Bonds
The fair value of bonds is based on quoted market prices in active markets when available. Based on the market data, the securities are categorized into asset class, and based on the asset class of the security, appropriate pricing applications, models and related methodology, and standard inputs are utilized to determine what a buyer in the marketplace would pay for the security in a current sale. When quoted prices are not readily available or in an inactive market, standard inputs used in the valuation models, listed in approximate order of priority, include, but are not limited to, benchmark yields, reported trades, Municipal Securities Rulemaking Board reported trades, Nationally Recognized Municipal Securities Information Repository material event notices, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids,











28 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



offers, reference data, and industry and economic events. In some cases, including private placement securities and certain difficult-to-price securities, internal pricing models may be used that are based on market proxies. Internal pricing models based on market spread and U.S. Treasury rates are used to value private placement holdings. The primarily unobservable input used in the discounted cash flow models for states and political subdivisions, foreign government, and corporate bonds is a corporate index option adjusted spread (OAS). CDO and certain mortgage-backed securities are priced by a third-party vendor and the Company internally reviews the valuation for reasonableness. The Company does not have insight into the specific inputs; however, the key unobservable inputs would generally include default rates.
Generally, U.S. Treasury securities and exchange-traded stocks are included in Level 1. Most bonds for which prices are provided by third-party pricing sources are included in Level 2, because the inputs used are market observable. Bonds for which prices were obtained from broker quotes, certain bonds without active trading markets and private placement securities that are internally priced are included in Level 3.
Valuation of Cash Equivalents
Cash equivalents are comprised of money market mutual funds. The fair value of money market mutual funds is based on quoted market prices in active markets and included in Level 1.
Valuation of Deposit-Type Contracts
Fair values of deposit-type contracts are based on discounted cash flows using internal inputs, including the discount rate and consideration of the Company’s own credit standing and a risk margin for actuarial inputs.
Valuation of Other Investment Contracts
Other investment contracts are included within Life policies and annuity contracts within the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. Other investment contracts include certain reserves related to deferred annuities and other payout annuities that may include life contingencies, but do not have significant mortality risk due to substantial periods certain. Fair values are based on discounted cash flows using internal inputs, including the discount rate and consideration of the Company’s own credit standing and a risk margin for market inputs.
Valuation of Separate Account Liabilities
The fair value of separate account liabilities approximates the fair value of separate account assets.
(7)    Income Taxes
(a)    Deferred Tax Assets and Liabilities
The components of the net DTA or net DTL are as follows:



















December 31, 2022

Ordinary
Capital
Total
Total gross deferred tax assets
 $ 27,191 

814 

28,005 
Statutory valuation allowance adjustments
 — 

— 

— 
Adjusted gross deferred tax assets
 27,191 

814 

28,005 
Deferred tax assets nonadmitted
 (17,639)

— 

(17,639)
Subtotal net admitted deferred tax assets
 9,552 

814 

10,366 
Deferred tax liabilities
 (1,927)

— 

(1,927)
Net admitted deferred tax assets
 $ 7,625 

814 

8,439 











29 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)

















December 31, 2021

Ordinary
Capital
Total
Total gross deferred tax assets
 $ 19,392 

680 

20,072 
Statutory valuation allowance adjustments
 — 

— 

— 
Adjusted gross deferred tax assets
 19,392 

680 

20,072 
Deferred tax assets nonadmitted
 (11,747)

— 

(11,747)
Subtotal net admitted deferred tax assets
 7,645 

680 

8,325 
Deferred tax liabilities
 (1,553)

— 

(1,553)
Net admitted deferred tax assets
 $ 6,092 

680 

6,772 



















Change

Ordinary
Capital
Total
Total gross deferred tax assets
 $ 7,799 

134 

7,933 
Statutory valuation allowance adjustments
 — 

— 

— 
Adjusted gross deferred tax assets
 7,799 

134 

7,933 
Deferred tax assets nonadmitted
 (5,892)

— 

(5,892)
Subtotal net admitted deferred tax assets
 1,907 

134 

2,041 
Deferred tax liabilities
 (374)

— 

(374)
Net admitted deferred tax assets
 $ 1,533 

134 

1,667 

The amount of admitted adjusted gross DTAs allowed under each component of SSAP No. 101 – Income Taxes (SSAP No. 101) as of December 31 are as follows:



















December 31, 2022

Ordinary
Capital
Total
Federal income taxes paid in prior years recoverable through loss carrybacks (11.a) $ — 

718 

718 
Adjusted gross DTAs expected to be realized after application of the threshold limitations




Lesser of 11.b.i or 11.b.ii:




Adjusted gross DTAs expected to be realized following the balance sheet date (11.b.i.)
 7,625 

96 

7,721 
Adjusted gross DTAs allowed per limitation threshold (11.b.ii)
 N/A
N/A
24,469 
Lesser of 11.b.i or 11.b.ii
 7,625 

96 

7,721 
Adjusted gross DTAs offset by gross DTLs (11.c)
 1,927 

— 

1,927 
Deferred tax assets admitted
 $ 9,552 

814 

10,366 



















December 31, 2021

Ordinary
Capital
Total
Federal income taxes paid in prior years recoverable through loss carrybacks (11.a) $ — 

680 

680 
Adjusted gross DTAs expected to be realized after application of the threshold limitations




Lesser of 11.b.i or 11.b.ii:




Adjusted gross DTAs expected to be realized following the balance sheet date (11.b.i.)
 6,092 

— 

6,092 
Adjusted gross DTAs allowed per limitation threshold (11.b.ii)
 N/A
N/A
23,436 
Lesser of 11.b.i or 11.b.ii
 6,092 

— 

6,092 
Adjusted gross DTAs offset by gross DTLs (11.c)
 1,553 

— 

1,553 
Deferred tax assets admitted
 $ 7,645 

680 

8,325 











30 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)

















Change

Ordinary
Capital
Total
Federal income taxes paid in prior years recoverable through loss carrybacks (11.a) $ — 

38 

38 
Adjusted gross DTAs expected to be realized after application of the threshold limitations




Lesser of 11.b.i or 11.b.ii:




Adjusted gross DTAs expected to be realized following the balance sheet date (11.b.i.)
 1,533 

96 

1,629 
Adjusted gross DTAs allowed per limitation threshold (11.b.ii)
 N/A
N/A
1,033 
Lesser of 11.b.i or 11.b.ii
 1,533 

96 

1,629 
Adjusted gross DTAs offset by gross DTLs (11.c)
 374 

— 

374 
Deferred tax assets admitted
 $ 1,907 

134 

2,041 

Ratios used for threshold limitation as of December 31 are as follows:

















December 31


2022
2021
Change
Ratio percentage used to determine recovery period and threshold limitation amount 589  %
711  %
(122) %
Amount of adjusted capital and surplus used to determine recovery period threshold limitation $ 163,125 

$ 156,195 

$ 6,930 
Impact of tax planning strategies on the determination of net admitted adjusted gross DTAs is as follows:

















December 31, 2022

Ordinary
Capital
Total
Net admitted adjusted gross DTAs - (percentage of total net admitted adjusted gross DTAs)
 —  %
11.8  %
11.8  %



















December 31, 2021

Ordinary
Capital
Total
Net admitted adjusted gross DTAs - (percentage of total net admitted adjusted gross DTAs)
 —  %
—  %
—  %



















Change

Ordinary
Capital
Total
Net admitted adjusted gross DTAs - (percentage of total net admitted adjusted gross DTAs)
 —  %
11.8  %
11.8  %
The Company’s tax planning strategies do not include the use of reinsurance.
(b)    Unrecognized Deferred Tax Liabilities
There are no temporary differences for which DTLs are not recognized.
(c)    Current and Deferred Income Taxes
The significant components of income taxes incurred (i.e. Current income tax expense) include:








31 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)





























December 31




2022
2021
2020
2022-2021 Change
2021-2010 Change
Current year federal tax expense (benefit) - ordinary income $ 3,586 

6,319 

1,280 

(2,733)

5,039 
Current year foreign tax expense (benefit) - ordinary income — 

— 

— 

— 

— 
Subtotal 3,586 

6,319 

1,280 

(2,733)

5,039 
Current year tax expense (benefit) - net realized capital gains (losses) (38)

19 

652 

(57)

(633)
Federal and foreign income taxes incurred $ 3,548 

6,338 

1,932 

(2,790)

4,406 
DTAs and DTLs consist of the following major components:





















December 31

Deferred tax assets
2022
2021
Change
Ordinary:





Deferred acquisition costs
$ 4,241 

3,678 

563 
Policyholder reserves
22,937 

15,029 

7,908 
Expense accruals
7 

1 

6 
Investments
— 

671 

(671)
Nonadmitted assets
6 

13 

(7)
Subtotal
27,191 

19,392 

7,799 
Nonadmitted ordinary deferred tax assets
(17,639)

(11,747)

(5,892)
Admitted ordinary tax assets
9,552 

7,645 

1,907 






— 
Capital:




— 
Impaired assets
814 

680 

134 
Subtotal
814 

680 

134 
Admitted capital deferred tax assets
814 

680 

134 
Admitted deferred tax assets
$ 10,366 

8,325 

2,041 























December 31

Deferred tax liabilities
2022
2021
Change
Ordinary:





Investments
$ (989)

(305)

(684)
Policyholder reserves
(931)

(1,242)

311 
Deferred and uncollected premiums
(7)

(6)

(1)
Subtotal
(1,927)

(1,553)

(374)







Capital:





Other
— 

— 

— 
Subtotal
— 

— 

— 
Deferred tax liabilities
(1,927)

(1,553)

(374)
Net deferred tax asset
$ 8,439 

6,772 

1,667 
The realization of the DTAs is dependent upon the Company’s ability to generate sufficient taxable income in future periods. Based on historical results and the prospects for future current operations, management anticipates that it is more likely than not that future taxable income will be sufficient for the realization of the remaining DTAs.
The Coronavirus Aid, Relief, and Economic Security Act, (CARES Act of 2020) was enacted on March 27, 2020, thereby allowing net operating losses (NOLs) arising in tax years beginning after December 31, 2017, and before January 1, 2021 (e.g., NOLs incurred in 2018, 2019, or 2020 by a calendar-year taxpayer) to be carried back to each of the five tax years preceding the tax year of such loss.








32 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



The Inflation Reduction Act was enacted on August 16, 2022. The Company has not determined as of December 31, 2022 if it will be subject to the Corporate Alternative Minimum Tax ("CAMT") in 2023. These financial statements do not include the estimated impact of the CAMT, because a reasonable estimate cannot be made.
The Company has determined that as of December 31, 2022, it will be an applicable corporation with respect to the CAMT in 2023.
In computing taxable income, life insurance companies are allowed a deduction attributable to their life insurance and accident and health reserves. The Tax Act of 2017 significantly changed the methodology by which these reserves are computed for tax purposes. The changes are effective for tax years beginning after 2017 and are subject to a transition rule that spreads the additional income tax liability over the subsequent eight years beginning in 2018.  Due to complexities in the new methodology and limited guidance from the Internal Revenue Service and U.S. Treasury, the Company has recorded provisional amounts for the deferred tax revaluation associated with the changes in the computation of life insurance tax reserves based on information available at December 31, 2017.  Pursuant to Interpretation of the SAP Working Group 18-01: Updated Tax Estimates under the Tax Cuts and Jobs Act, provisional tax computations related to these amounts were reasonably estimated as of December 31, 2017 and have been adjusted based on guidance received from Internal Revenue Service and U.S. Treasury. Adjusted amounts are reflected in the Company's results of operations for the years ended December 31, 2022, 2021, and 2020.
The Change in net deferred income tax is comprised of the following (this analysis is exclusive of the nonadmitted DTAs as the Change in nonadmitted assets is reported separately from the Change in net deferred income tax in the Unassigned surplus section of the Statutory Statements of Capital and Surplus):

















December 31


2022
2021
Change
Net deferred tax assets
 $ 26,078 

18,519 

7,559 
Statutory valuation allowance adjustment
 — 

— 

— 
Net deferred tax assets after statutory valuation allowance
 26,078 

18,519 

7,559 
Tax effect of unrealized gains/(losses)
 626 

(671)

1,297 
Change in net deferred income tax



$ 8,856 











33 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



(d)    Reconciliation of Federal Income Tax Rate to Actual Effective Rate
The provision for federal income taxes incurred is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The significant items causing this difference are as follows:

















December 31, 2022
December 31, 2021
December 31, 2020
Federal income tax rate 21.0  %
21.0  %
21.0  %
Amortization of IMR (0.9)

0.5 

1.2 
Dividends received deduction 1.0 

(0.8)

(3.7)
Tax hedges — 

(0.2)

— 
Tax hedge reclassification (10.3)

(17.5)

(31.5)
Change in deferred tax on non-admitted assets — 

— 

0.2 
Prior period adjustments — 

0.5 

— 
Change in deferred tax impairments 0.3 

— 

(2.5)
Realized capital gains tax 0.1 

— 

2.4 
Effective tax rate 11.2  %
3.5  %
(12.9) %






Federal and foreign income taxes incurred (7.6) %
8.8  %
4.7  %
Realized capital gains tax 0.1 

— 

2.4 
Change in net deferred income taxes 18.7 

(5.3)

(20)
Effective tax rate 11.2  %
3.5  %
(12.9) %
(e)    Carryforwards, Recoverable Taxes, and IRC Section 6603 Deposits
As of December 31, 2022, there are no operating losses or tax credit carryforwards available for tax purposes.
There are no Federal income taxes available for recoupment in the event of future net losses.
There are no aggregate deposits admitted under Section 6603 of the IRC.
The Company had no tax contingencies computed in accordance with SSAP No. 101 as of December 31, 2022 and 2021.
The Company recognizes interest and penalties accrued related to unrecognized tax benefits in federal income tax expense. During the years ended December 31, 2022 and 2021, the Company recognized no such expenses.
(f)    Consolidated Federal Income Tax Return
The Company’s federal income tax return is consolidated with AZOA. The method of allocation between the subsidiaries of AZOA is subject to written agreement, approved by the Allianz Life Board of Directors. Allocation is based upon separate return calculations with current credit for net losses. Intercompany tax balances are settled annually after the consolidated return is filed.
The Company is included in the consolidated group for which AZOA files a federal income tax return on behalf of all group members. As a member of the AZOA consolidated group, the Company is no longer subject to U.S. Federal and non-U.S. income tax examinations for years prior to 2016, though examinations of combined returns filed by AZOA, which include the Company, by certain U.S. state and local tax authorities, may still be conducted for 2008 and subsequent years. The Internal Revenue Service (IRS) examination of AZOA for the 2016 and 2017 income tax returns has completed the exam phase and has been assigned to appeals for an issue unrelated to the Company. The IRS has also initiated an examination of AZOA's 2018-2020 income tax returns, which are expected to close by the end of 2023.
As of December 31, 2022, the companies included in the consolidated group for which AZOA files a federal income tax return are included below:








34 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)




Members of Consolidated Tax Group
Allianz Life Insurance Company of New York Allianz Life Insurance Company of Missouri
Allianz Life Insurance Company of North America Allianz Underwriters Insurance Company
AZOA Services Corporation AGCS Marine Insurance Company
Allianz Global Risks US Insurance Company William H. McGee & Co., Inc.
Allianz Reinsurance of America, Inc. Allianz Reinsurance Management Services, Inc.
Allianz Technology of America, Inc. Fireman’s Fund Insurance Company
Allianz Renewable Energy Partners of America LLC Fireman’s Fund Indemnity Corporation
Allianz Renewable Energy Partners of America 2 LLC National Surety Corporation
PFP Holdings, LLC. Chicago Insurance Company
AZL PF Investments, Inc. Interstate Fire & Casualty Company
Dresdner Kleinwort Pfandbriefe Investments II, Inc. American Automobile Insurance Company
Allianz Fund Investments, Inc. The American Insurance Company
Yorktown Financial Companies, Inc. Allianz Risk Transfer, Inc.
Questar Capital Corporation Allianz Risk Transfer (Bermuda), Ltd.
Questar Agency, Inc.

(8)    Accident and Health Claim Reserves
Accident and health claim reserves are based on estimates that are subject to uncertainty. Uncertainty regarding reserves of a given accident year is gradually reduced as new information emerges each succeeding year, thereby allowing more reliable reevaluations of such reserves. While management believes that reserves as of December 31, 2022, are appropriate, uncertainties in the reserving process could cause reserves to develop favorably or unfavorably in the near term as new or additional information emerges. Any adjustments to reserves are reflected in the operating results of the periods in which they are made. Movements in reserves could significantly impact the Company’s future reported earnings.
Activity in the accident and health claim reserves is summarized as follows:





















2022
2021
2020
Balance at January 1, net of reinsurance recoverables of $1,137, $1,079, and $1,214, respectively
$ 8,074 

7,834 

7,302 
Incurred related to:





Current year
5,182 

2,613 

3,428 
Prior years
(113)

(433)

(1,093)
Total incurred
5,069 

2,180 

2,335 
Paid related to:





Current year
361 

154 

153 
Prior years
2,124 

1,786 

1,650 
Total paid
2,485 

1,940 

1,803 
Balance at December 31, net of reinsurance recoverables of $1,416, $1,137, and $1,079, respectively
$ 10,658 

8,074 

7,834 
Prior years incurred claim reserves changed as a result of re-estimation of unpaid claims and claim adjustment expenses, principally on the individual LTC line of business.
(9)    Reinsurance
The Company primarily enters into reinsurance agreements to manage risk resulting from its life, annuity, and accident and health businesses, as well as businesses the Company has chosen to exit. In the normal course of business, the Company seeks to limit its exposure to loss on any single insured and to recover a portion of benefits paid by ceding risks under excess coverage and coinsurance contracts.











35 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



The Company monitors the financial exposure and financial strength of the reinsurers on an ongoing basis. The Company attempts to mitigate risk by securing recoverable balances with various forms of collateral, including arranging trust accounts and letters of credit with certain reinsurers.
The effect of reinsurance on reserves and claims, for amounts recoverable from other insurers, was as follows:















For the years ended December 31,
Reduction in:
2022
2021
Aggregate reserves
$ 11,183 

7,602 
Policy and contract claims
181 

160 
The Company assumed no business from other companies for the years ended December 31, 2022, 2021, and 2020. Life insurance, annuities, and accident and health business ceded to other companies are as follows:





















Year ended
Direct amount
Ceded to other companies
Net amount
December 31, 2022





Life insurance in force
$ 1,837,298 

1,651,432 

185,866 
Premiums:





Life
2,286 

2,046 

240 
Annuities
653,562 

— 

653,562 
Accident and health
3,207 

412 

2,795 
Total premiums
$ 659,055 

2,458 

656,597 







December 31, 2021





Life insurance in force
$ 750,332 

673,079 

77,253 
Premiums:





Life
1,171 

1,035 

136 
Annuities
685,610 

— 

685,610 
Accident and health
3,245 

431 

2,814 
Total premiums
$ 690,026 

1,466 

688,560 







December 31, 2020





Life insurance in force
$ 328,472 

293,458 

35,014 
Premiums:





Life
884 

734 

150 
Annuities
425,561 

— 

425,561 
Accident and health
3,224 

436 

2,788 
Total premiums
$ 429,669 

1,170 

428,499 
There are no nonaffiliated reinsurers owned in excess of 10% or controlled, either directly or indirectly, by the Company or by a representative, officer, trustee, or director of the Company.
There are no policies issued by the Company that have been reinsured with a company chartered in a country other than the United States that is owned in excess of 10% or controlled directly or indirectly by an insured, a beneficiary, a creditor, or any other person not primarily engaged in the insurance business.
The Company does not have any reinsurance agreements in effect under which the reinsurer may unilaterally cancel any reinsurance for reasons other than for nonpayment of premium or other similar credits.
The Company does not have reinsurance agreements in effect such that the amount of losses paid or accrued through the statement date may result in a payment to the reinsurer of amounts that, in aggregate and allowing for offset of











36 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



mutual credits from other reinsurance agreements with the same reinsurer, exceed the total direct premium collected under the reinsured policies.
The Company did not write off any uncollectible recoverables during 2022, 2021, and 2020.
(10)    Annuity Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics
Information regarding the Company’s annuity actuarial reserves and deposit liabilities by withdrawal characteristics at December 31 is as follows:



























2022
Percentage of total
2021
Percentage of total
Subject to discretionary withdrawal:







With market value adjustment
$ 82,552 

2  %
$ 102,531 

2  %
At book value less current surrender charges of 5% or more
1,897,657 

41 

1,687,975 

36 
At market value
1,599,527 

35 

2,077,042 

44 
Total with adjustment or at market value
3,579,736 

78 

3,867,548 

82 
At book value without adjustment (minimal or no charge or adjustment)
873,856 

19 

742,702 

16 
Not subject to discretionary withdrawal
114,825 

3 

59,964 

2 
Total gross
4,568,417 

100  %
4,670,214 

100  %
Reinsurance ceded
— 



— 


Total net
$ 4,568,417 



$ 4,670,214 


Amount included in At book value less current charges of 5% or more that will move to At book value without adjustment in the year after the statement date:
$ 317,896 



$ 271,907 

















Reconciliation of total annuity actuarial reserves and deposit fund liabilities:
2022
2021
Life, Accident and Health Annual Statement:



Annuities, net (excluding supplementary contracts with life contingencies)
$ 377,151 

342,115 
Supplemental contracts with life contingencies, net
21,956 

21,030 
Deposit-type contracts
6,735 

6,122 
Subtotal
405,842 

369,267 
Separate Accounts Annual Statement:



Annuities, net (excluding supplementary contracts with life contingencies)
4,162,122 

4,300,405 
Supplemental contracts with life contingencies, net
453 

542 
Subtotal
4,162,575 

4,300,947 
Total annuity actuarial reserves and deposit fund liabilities
$ 4,568,417 

4,670,214 











37 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



(11)    Life Actuarial Reserves by Withdrawal Characteristics
Information regarding the Company’s life actuarial reserves by withdrawal characteristics at December 31 is as follows:













2022
General Account Account value Cash value Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:


Universal life $ 7 
2 
608 
Indexed life 1,816 
1,721 
1,794 
Other permanent cash value life insurance 244 
244 
244 
Miscellaneous reserves — 
— 
22,000 
Not subject to discretionary withdrawal or no cash values:


Term policies without cash value XXX XXX 2,253 
Miscellaneous reserves XXX XXX 38,185 
Total gross 2,067 
1,967 
65,084 
Reinsurance ceded — 
— 
4,466 
Total net (1)
 $ 2,067 
1,967 
60,618 




(1) Balances reflected within this disclosure reside in the Company's general account; the Company's separate accounts do not contain Life business.





2021
General Account Account value Cash value Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:


Universal life $ 23 
16 
594 
Indexed life 1,825 
1,710 
1,780 
Other permanent cash value life insurance 303 
303 
303 
Miscellaneous reserves — 
— 
7,000 
Not subject to discretionary withdrawal or no cash values:


Term policies without cash value XXX XXX 806 
Miscellaneous reserves XXX XXX 16,282 
Total gross 2,151 
2,029 
26,765 
Reinsurance ceded — 
— 
1,441 
Total net (1)
 $ 2,151 
2,029 
25,324 




(1) Balances reflected within this disclosure reside in the Company's general account; the Company's separate accounts do not contain Life business.
The Company does not have any Life policies with either guarantees or nonguarantees in the separate account.












Reconciliation of total life actuarial reserves: 2022 2021
Life, Accident, and Health Annual Statement:

Life insurance, net $ 3,112 
$ 2,997 
Miscellaneous reserves, net 57,506 
22,327 
Total life actuarial reserves $ 60,618 
$ 25,324 

















38 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



(12)    Separate Accounts
The Company’s separate accounts represent funds held for the benefit of contract holders entitled to payments under variable annuity contracts issued through the Company’s separate accounts and underwritten by the Company.
As of December 31, 2022 and 2021, the Company's separate accounts are classified as nonguaranteed. Information regarding the Company’s separate accounts for the years ended December 31 is as follows:











2022
2021
Premiums, considerations, or deposits $ 597,807 

643,502 
Reserves:


Reserves for accounts with assets at fair value 1,915,239 

2,427,721 
Reserves for account, with assets at amortized cost 2,247,336 

1,873,227 
Total reserves 4,162,575 

4,300,948 
By withdrawal characteristics:


At fair value 1,581,648 

1,337,089 
At book value without MV adjustment and with current surrender charge of 5% or more 1,914,787 

2,427,179 
At book value without MV adjustment and with current surrender charge of less than 5% 665,687 

536,138 
Subtotal 4,162,122 

4,300,406 
Not subject to discretionary withdrawal 453 

542 
Total $ 4,162,575 

4,300,948 
As of December 31, 2022 and 2021, the Company’s separate accounts included legally insulated assets and non-insulated assets attributed to the following products/transactions:





























2022
2021
Product/transaction
Legally insulated
Not legally insulated
Legally insulated
Not legally insulated
Variable Annuities
$ 1,621,829 

— 

2,108,248 

— 
Variable Annuities (Non-Unitized Non-Insulated)
— 

2,725,697 

— 

2,339,056 
Total
$ 1,621,829 

2,725,697 

2,108,248 

2,339,056 
The Company’s separate account liabilities contain guaranteed benefits. The liabilities for guaranteed benefits are supported by the Company’s general account assets. To compensate the general account for the risk taken, the separate account paid risk charges of $24,891, $25,752, $26,544, $37,538, and $36,073 during the past five years, respectively. The general account of the Company paid $7,256, $191, $929, $1,019, and $465 towards separate account guarantees during the past five years, respectively.
A reconciliation of net transfers to separate accounts for the years ended December 31 is included in the following table:























2022
2021
2020
Transfers as reported in the Summary of Operations of the Separate Accounts Annual Statement:





Transfers to separate accounts
$ 597,807 

643,502 

401,472 
Transfers from separate accounts
(246,810)

(285,061)

(215,753)
Net transfers to separate accounts
350,997 

358,441 

185,719 
Reconciling adjustments:





Other adjustments
289 

97 

296 
Transfers as reported in the Statutory Statements of Operations
$ 351,286 

358,538 

186,015 











39 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



(13)     Related-Party Transactions
(a)     Real Estate
The Company subleases office space from an affiliate. In connection with this agreement, the Company incurred rent expense of $83, $82, and $76 in 2022, 2021, and 2020, respectively, which is included in General and administrative expenses on the Statutory Statements of Operations.
(b)     Service Fees
The Company incurred fees for administrative services provided by Allianz Life of $17,134, $14,025 and $10,372 in 2022, 2021, and 2020, respectively. The Company’s liability for these expenses was $1,510 and $1,182 as of December 31, 2022 and 2021, respectively, and is included in Payable to parent and affiliates on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. In the normal course of business, the outstanding amount is settled in cash.
The Company incurred fees for investment advisory services provided by affiliated companies of $1,992, $1,486, and $1,128 in 2022, 2021, and 2020, respectively. The Company’s liability for these charges was $232 and $143 as of December 31, 2022 and 2021, respectively, and is included in Payable to parent and affiliates on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. In the normal course of business, the outstanding amount is settled in cash.
The Company has an agreement with Allianz Investment Management, LLC which has subsequent agreements with its affiliates Pacific Investment Management Company (PIMCO), Oppenheimer Capital LLC (OpCap), and with certain other related parties whereby (1) specific investment options managed by PIMCO and OpCap are made available through the Company's separate accounts to holders of the Company's variable annuity products, and (2) the Company receives compensation for providing administrative and recordkeeping services relating to the investment options managed by PIMCO and OpCap. Income recognized by the Company from these affiliates for distribution and in-force related costs as a result of providing investment options to the contractholders was $575, $729, and $787 during 2022, 2021, and 2020, respectively, which is included in Fees from separate accounts on the Statutory Statements of Operations. The related receivable for the fees was $45 and $57 at December 31, 2022 and 2021, respectively, which is included in Other assets on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.
The Company has incurred commission expense related to the distribution of variable annuity products from Allianz Life Financial Services, LLC, (ALFS), an affiliated company, in the amount of $44,736, $46,892, and $31,064 for the years ended December 31, 2022, 2021, and 2020, respectively.
The Company has an agreement with ALFS, whereby 12b-1 fee receivables are assigned to the Company and Allianz Life. The Company has also agreed with Allianz Life to share in reimbursing ALFS for direct and indirect expenses incurred in performing services for the Company and Allianz Life. In the event that assigned receivables exceed expenses, ALFS records a loss on the transaction with the Company and a dividend-in-kind to Allianz Life. The Company recorded revenue from this agreement of $3,586, $4,261, and $3,936 for the years ended December 31, 2022, 2021, and 2020, respectively. The Company recorded expenses related to this agreement of $9,234, $8,528, and $6,027 for the years ended December 31, 2022, 2021, and 2020, respectively.
(c)     Reinsurance
The Company cedes certain term life and universal life insurance policies to Allianz Life. At December 31, 2022 and 2021, the Company had no reinsurance recoverables and receivables from Allianz Life included in Other assets on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.








40 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



(d)     Line of Credit Agreement
The Company has a line of credit agreement with Allianz Life to provide liquidity as needed. The Company’s borrowing capacity under the agreement is limited to 5% of the general account admitted assets of the Company as of the preceding year end which amounts to $124,831. The Company's general account admitted assets include the book value portion of the non-insulated separate account assets. The interest rate for borrowing under the agreement is based on the Secured Overnight Financing Rate (SOFR). Borrowed amounts can be prepaid at any time with no prepayment penalty. Allianz Life provided $30,000 to the Company under the terms of this agreement on May 10, 2022 and the loan was paid in full on June 29, 2022. There was no interest accrued as of December 31, 2022 and 2021. There was no outstanding balance under the line of credit agreement as of December 31, 2022, and 2021.
(e)     Dividends and Capital Contributions
The Company did not pay dividends to Allianz Life during the years ended December 31, 2022, 2021 and 2020.
The Company received a capital contribution of $30,000 from Allianz Life on March 11, 2022. The Company did not receive any capital contributions from Allianz Life during the years ended December 31, 2021 and 2020.
(14)    Employee Benefit Plans
The Company participates in the Allianz Asset Accumulation Plan (AAAP), a defined contribution plan sponsored by Allianz of America Corporation. Eligible employees are immediately enrolled in the AAAP on their first day of employment. The AAAP will accept participants’ pretax, Roth 401(k), and/or after-tax contributions up to 80% of the participants’ eligible compensation, although contributions remain subject to annual limitations set by the Internal Revenue Service. The Company matches up to a maximum of 7.5% of the employees’ eligible compensation. Participants are 100% vested in the Company’s matching contribution after three years of service.
The AAAP administration expenses and the trust fund, including trustee fees, investment manager fees, and audit fees, are payable from the trust fund but may, at the Company’s discretion, be paid by the Company. All legal fees are paid by the Company. It is the Company’s policy to fund the AAAP costs as incurred. The Company has expensed $419, $328, and $323 in 2022, 2021, and 2020, respectively, toward the AAAP matching contributions and administration expenses.
(15)    Statutory Capital and Surplus
Statutory accounting practices prescribed or permitted by the Company’s state of domicile are directed toward insurer solvency and protection of policyholders. As such, the Company is required to meet minimum statutory capital and surplus requirements. The Company’s statutory capital and surplus as of December 31, 2022 and 2021 were in compliance with these requirements. The maximum amount of dividends that can be paid by New York insurance companies to stockholders without prior approval of the Department is subject to restrictions relating to statutory earned surplus, also known as unassigned funds. Unassigned funds are determined in accordance with the accounting procedures and practices governing preparation of the statutory annual statement. In accordance with New York statutes, the Company may declare and pay from its Unassigned surplus cash dividends of not more than the lesser of 10% of its beginning-of-the year statutory surplus, or its net gain from operations before net realized capital gains of the insurer for the 12-month period ending the 31st day of the preceding year. Based on these restrictions, ordinary dividends of $0 can be paid in 2023 without prior approval of the Department. The Company paid no dividends in 2022, 2021, and 2020.
Regulatory Risk-Based Capital
An insurance enterprise’s state of domicile imposes minimum risk-based capital requirements that were developed by the NAIC. The formulas for determining the amount of risk-based capital specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of an enterprise’s regulatory total adjusted capital to its authorized control level











41 of 42
    


ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK
Notes to the Statutory Financial Statements
(Dollars in thousands, except share data and security holdings quantities)



risk-based capital, as defined by the NAIC. Companies below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. This ratio for the Company significantly exceeds required minimum thresholds as of December 31, 2022 and 2021.
(16)    Direct Premiums Written by Third-Party Administrators
The Company has direct premiums written by third-party administrators (TPAs). The types of business written by the TPAs include life, accidental death and dismemberment, medical, disability, excess risk, and LTC. The authority granted to the TPAs includes claims payment, claims adjustment, underwriting, binding authority, and premium collection. Total premiums written by TPAs were $2,268, $2,008, and $883 for 2022, 2021, and 2020, respectively. For the years ended December 31, 2022, 2021, and 2020, there were no individual TPAs that wrote premiums that equaled at least 5% of the capital and surplus of the Company.
(17)    Reconciliation to the Annual Statement
The Company is required to file an Annual Statement with the Department. As of December 31, 2022 and 2021, there is no difference in admitted assets or liabilities between this report and the Annual Statement. As of December 31, 2022, 2021, and 2020, there is no difference in capital and surplus or net income between this report and the Annual Statement.
(18)    Commitments and Contingencies
The Company may become subject to claims and lawsuits that arise in the ordinary course of business.
The Company is contingently liable for possible future assessments under regulatory requirements pertaining to insolvencies and impairments of unaffiliated insurance companies. Provision has been made for assessments currently received and assessments anticipated for known insolvencies.
The financial services industry, variable and fixed annuities, life insurance, distribution companies, and broker-dealers, is subject to close scrutiny by regulators, legislators, and the media.
Federal and state regulators, such as state insurance departments, state securities departments, the SEC, the Financial Industry Regulatory Authority, the Internal Revenue Service, and other regulatory bodies regularly make inquiries and conduct examinations or investigations concerning various selling practices, including suitability reviews, product exchanges, sales to seniors, and compliance with, among other things, insurance and securities law. The Company is and may become subject to ongoing market conduct examinations and investigations by regulators, which may have a material adverse effect on the Company.
It can be expected that annuity and life product designs, management, and sales practices will be an ongoing source of regulatory scrutiny and enforcement actions, litigation, and rulemaking.
These matters could result in legal precedents and new industry-wide legislation, rules, and regulations that could significantly affect the financial services industry, including life insurance and annuity companies. It is unclear at this time whether any such litigation or regulatory actions will have a material adverse effect on the Company in the future.
(19)    Subsequent Events
The Company has evaluated subsequent events through April 7, 2023, which is the date the Statutory Financial Statements were available to be issued. No material subsequent events have occurred since December 31, 2022 that require adjustment to the Statutory Financial Statements.
In March 2023, the Company received a capital contribution of $30,000 from Allianz Life.








42 of 42
   







   

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘N-VPFS’ Filing    Date    Other Filings
Filed as of / Effective on:4/10/23
Filed on:4/7/23
4/5/23
For Period end:12/31/2224F-2NT,  N-CEN
8/16/22
6/29/22
6/10/22
5/10/22
3/11/22
1/1/22
12/31/2124F-2NT,  N-CEN,  N-VPFS
8/7/21
7/1/21
6/18/21
4/29/21497J
1/1/21
12/31/2024F-2NT,  N-CEN
12/30/20
11/12/20
9/30/20
6/30/20
5/20/20
3/31/2024F-2NT
3/27/20
3/13/20
3/12/20N-CEN
3/1/20
1/1/20
12/31/1924F-2NT,  N-CEN
12/31/1824F-2NT,  N-CEN
12/31/1724F-2NT,  NSAR-U
 List all Filings 

13 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

12/05/23  Allianz Life Ins Co. of New York  S-1                    8:3M
12/05/23  Allianz Life of NY Var Account C  N-4                    6:2.7M
 5/04/23  Allianz Life of NY Var Account C  497         5/04/23    1:3.4M
 5/04/23  Allianz Life of NY Var Account C  497         5/04/23    1:4M
 5/03/23  Allianz Life Ins Co. of New York  424B3                  1:3.4M
 5/03/23  Allianz Life Ins Co. of New York  424B3                  1:3.9M
 4/27/23  Allianz Life of NY Var Account C  485BPOS     5/01/23    5:5M
 4/27/23  Allianz Life of NY Var Account C  485BPOS     5/01/23    5:5M
 4/27/23  Allianz Life of NY Var Account C  485BPOS     5/01/23    5:3.2M
 4/20/23  Allianz Life of NY Var Account C  485BPOS     5/01/23   11:6.7M                                   Donnelley … Solutions/FA
 4/20/23  Allianz Life of NY Var Account C  485BPOS     5/01/23    5:4.9M
 4/18/23  Allianz Life Ins Co. of New York  S-1         4/17/23    5:3.6M
 4/18/23  Allianz Life Ins Co. of New York  POS AM      4/17/23    4:4.1M
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