Allianz Profit Rises With Pimco Clients Adding €32 Billion
- Quarterly result driven by strong property-casualty insurance
- Earnings in asset management up as investors pile into bonds
This article is for subscribers only.
Allianz SE reported higher profit for the first quarter amid inflows at its bond manager Pacific Investment Management Co.
Group operating profit climbed 6.8% to €3.99 billion ($4.3 billion), driven by better-than-expected results in property-casualty insurance, Allianz said Wednesday. Pimco attracted €32.4 billion from outside clients, the best quarter in about six years.