FORM N-SAR
                               SEMI-ANNUAL REPORT
                       FOR REGISTERED INVESTMENT COMPANIES



Report for six month period ending:         /  /   (a)

                or fiscal year ending:    12/31/02 (b)

Is this a transition report? (Y/N)--------------------------------------- N

Is this an amendment to a previous filing? (Y/N)------------------------- N

Those items or sub-items with a box "[/]" after the item number should be
completed only if the answer has changed from the previous filing on this form.


1. A. Registrant Name: Allianz Life Variable Account B. File Number: 811-05618
   C. Telephone Number: (763) 765-6500

2. A. Street: 5701 Golden Hills Drive
   B. City: Minneapolis C. State: MN D. Zip Code: 55416 Zip Ext: 1297 E. Foreign
   Country: Foreign Postal Code:

3. Is this the first filing on this form by Registrant? (Y/N)------------ N

4. Is this the last filing on this form by Registrant? (Y/N)------------- N

5. Is Registrant a small business investment company (SBIC)? (Y/N)------- N [If
   answer is "Y" (Yes), complete only items 89 through 110.]

6. Is Registrant a unit investment trust (UIT)? (Y/N)-------------------- Y [If
   answer is "Y" (Yes), complete only items 111 through 132.]

<PAGE>

For period ending 12/31/02
File number 811-05618

UNIT INVESTMENT TRUSTS

111. A. [/] Depositor Name: Allianz Life Insurance Company of North America B.
     [/] File Number (if any): C. [/] City: Minneapolis State: MN Zip Code:
     55416 Zip Ext.: 1297
        [/] Foreign Country: Foreign Postal Code:

111. A. [/] Depositor Name: B. [/] File Number (if any):
     C. [/] City: State: Zip Code: Zip Ext.: [/] Foreign Country: Foreign Postal
        Code:

112. A. [/] Sponsor Name: B. [/] File Number (if any):
     C. [/] City: State: Zip Code: Zip Ext.: [/] Foreign Country: Foreign Postal
        Code:

112. A. [/] Sponsor Name: B. [/] File Number (if any):
     C. [/] City: State: Zip Code: Zip Ext.: [/] Foreign Country: Foreign Postal
        Code:

113. A. [/] Trustee Name:
     C. [/] City: State: Zip Code: Zip Ext.: [/] Foreign Country: Foreign Postal
        Code:

113. A. [/] Trustee Name:
     C. [/] City: State: Zip Code: Zip Ext.: [/] Foreign Country: Foreign Postal
        Code:

114. A. [/] Principal Underwriter Name: USAllianz Investor Services, LLC B. [/]
     File Number: 8-13630 C. [/] City: Minneapolis State: MN Zip Code: 55416 Zip
     Ext.: 1297
        [/] Foreign Country: Foreign Postal Code:

114. A. [/] Principal Underwriter Name: B. [/] File Number:
     C. [/] City: State: Zip Code: Zip Ext.: [/] Foreign Country: Foreign Postal
        Code:

115. A. [/] Independent Public Accountant Name: KPMG, LLP C. [/] City:
     Minneapolis State: MN Zip Code: 55402 Zip Ext.:
        [/] Foreign Country: Foreign Postal Code:

115. A. [/] Independent Public Accountant Name:
     C. [/] City: State: Zip Code: Zip Ext.: [/] Foreign Country: Foreign Postal
        Code:

<PAGE>

For period ending 12/31/02
File number 811-05618


116. Family of investment companies information:

     A.     [/] Is Registrant part of a family of investment companies?
            (Y/N)--------------------------------------------- N
     B.     [/] Identify the family in 10 letters:------- _ _ _ _ _ _ _ _ _ _ _
            (NOTE: In filing this form, use this identification
             consistently for all investment companies in family. This
             designation is for purposes of this form only.)

117. A. [/] Is Registrant a separate account of an insurance company?---- Y If
     answer is "Y" (Yes), are any of the following types of contracts funded by
     the Registrant?:
     B. [/] Variable annuity contracts? (Y/N)---------------------------- Y C.
     [/] Scheduled premium variable life contracts? (Y/N)------------- N D. [/]
     Flexible premium variable life contracts? (Y/N)-------------- N E. [/]
     Other types of insurance products registered under the
            Securities Act of 1933? (Y/N)-------------------------------- N

118.     [/] State the number of series existing at the end of the period that
         had securities registered under the Securities Act of 1933------ 9

119.     [/] State the number of new series for which registration statements
         under the Securities Act of 1933 became effective during the
         period---------------------------------------------------------- 1

120.     [/] State the total value of the portfolio securities on the date of
         deposit for the new series included in item 119
        ($000's omitted)------------------------------------------------ $0

121.     [/] State the number of series for which a current prospectus was in
         existence at the end of the period------------------------------ 8

122.     [/] State the number of existing series for which additional units were
         registered under the Securities Act of 1933 during the current
         period---------------------------------------------------------- 0

123.     [/] State the total value of the additional units considered in
         answering item 122 ($000's omitted)--------------------------- $ 0

124.     [/] State the total value of units of prior series that were placed in
         the portfolios of subsequent series during the current period (the
         value of these units is to be measured on the date they were placed in
         the subsequent series) ($000's omitted)------------- $ 0

125.     [/] State the total dollar amount of sales loads collected (before
         reallowances to other brokers or dealers) by Registrant's principal
         underwriter and any underwriter which is an affiliated person of the
         principal underwriter during the current period solely from the sale of
         units of all series of Registrant ($000's
         omitted)------------------------------------------- $5,057

126.     Of the amount shown in item 125, state the total dollar amount of sales
         loads collected from secondary market operations in Registrant's units
         (include the sales loads, if any, collected on units of a prior series
         placed in the portfolio of a subsequent series.) ($000's
         omitted)------------------------------------- $ 0


<PAGE>

For period ending 12/31/02
File number 811-05618


127.     List opposite the appropriate description below the number of series
         whose portfolios are invested primarily (based upon a percentage of
         NAV) in each type of security shown, the aggregate total assets at
         market value as of a date at or near the end of the current period of
         each such group of series and the total income distributions made by
         each such group of series during the current period (excluding
         distributions of realized gains, if any):

                                   Number of                      Total Income
                                    Series      Total Assets     Distributions
                                   Investing  ($000's omitted)  ($000's omitted)
                                   ---------  ----------------  ----------------
A. U.S. Treasury direct issue------  _____       $_________        $_________
B. U.S. Government agency----------  _____       $_________        $_________
C. State and municipal tax-free----  _____       $_________        $_________
D. Public utility debt-------------  _____       $_________        $_________
E. Brokers or dealers debt or debt
   of brokers' or dealers' parent--  _____       $_________        $_________
F. All other corporate intermed.
   & long-term debt---------------   _____       $_________        $_________
G. All other corporate short-term
   debt----------------------------  _____       $_________        $_________
H. Equity securities of brokers or
   dealers or parents of brokers or
   dealers-------------------------  _____       $_________        $_________
I. Investment company equity
   securities----------------------  _____       $_________        $_________
J. All other equity securities-----  __9__       $5,026,537        $_153,095_
K. Other securities----------------  _____       $_________        $_________
L. Total assets of all series of
   registrant----------------------  __9__       $5,026,537        $_153,095_


128.      [/] Is the timely payment of principal and interest on any of the
          portfolio securities held by any of Registrant's series at the end of
          the current period insured or guaranteed by an entity other than the
          issuer? (Y/N)----------------------------------- N
          [If answer is "N" (No), go to item 131.]

129.      [/] Is the issuer of any instrument covered in item 128 delinquent or
          in default as to payment of principal or interest at the end of the
          current period? (Y/N)-------------------------------------- _
          [If answer is "N" (No), go to item 131.]

130.      [/] In computations of NAV or offering price per unit, is any part of
          the value attributed to instruments identified in item 129 derived
          from insurance or guarantees? (Y/N)-------------------- _

131.      Total expenses incurred by all series of Registrant during the current
          reporting period ($000's omitted)---------------- $71,786

132.      [/] List the "811" (Investment Company Act of 1940) registration
          number for all Series of Registrant that are being included in this
          filing:

          811-05618    811-_____     811-_____     811-_____     811-_____
          811-_____    811-_____     811-_____     811-_____     811-_____
          811-_____    811-_____     811-_____     811-_____     811-_____
          811-_____    811-_____     811-_____     811-_____     811-_____
          811-_____    811-_____     811-_____     811-_____     811-_____
          811-_____    811-_____     811-_____     811-_____     811-_____
          811-_____    811-_____     811-_____     811-_____     811-_____
          811-_____    811-_____     811-_____     811-_____     811-_____
          811-_____    811-_____     811-_____     811-_____     811-_____

<PAGE>

SIGNATURE PAGE

This report is signed on behalf of the registrant (or depositor or trustee).


City of: Minneapolis     State of: MN     Date:  February 26, 2003


Name of Registrant: Allianz Life Variable Account B


Name of Depositor: Allianz Life Insurance Company of North America



By (Name and Title):     /s/ MICHAEL M. AHLES
                         -------------------------------
                                     Michael M. Ahles
                         Vice President
                         -------------------------------

Witness (Name and Title): /s/ ANGELA M. WILSON
                         -------------------------------
                         Angela M. Wilson
                           Financial Reporting Manager
                         -------------------------------