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Allianz Profit Drops as Gross Exit Spurs Pimco Outflows

relates to Allianz Profit Drops as Gross Exit Spurs Pimco Outflows
Photographer: Guenter Schiffmann/Bloomberg
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Allianz SE reported an unexpected decline in fourth-quarter profit as the exit of Bill Gross at Pacific Investment Management Co. spurred clients to withdraw assets. The shares fell the most in five months.

Net income fell to 1.22 billion euros ($1.39 billion) from 1.26 billion euros a year earlier. That missed the average estimate of 1.41 billion euros in a Bloomberg survey of 10 analysts. Operating profit at the asset-management unit, which includes Pacific Investment Management Co. and Allianz Global Investors, declined to 588 million euros from 703 million euros. Net outflows in third-party assets under management amounted to 236 billion euros for the full year.