Allianz Earnings Rise to Record as Pimco Draws €38 Billion

Allianz SE, the owner of bond manager Pacific Investment Management Co., reported a record profit in the first quarter, helped by its property-casualty insurance and the asset management business.

Operating profit at the Munich-based insurer rose 6.6% to €4.52 billion ($5.3 billion), beating the €4.4 billion analysts had estimated. Pimco attracted €37.6 billion from outside clients in the quarter, while its smaller sister unit Allianz Global Investors recorded €7.6 billion in third-party inflows.