Search
 

Allianz Q1 Operating Profit Down; P&C Unit Net Down 37%; Asset Management Down 29%

Allianz SE, Europes biggest insurer, said profit at its asset management unit, which includes Pacific Investment Management Co., slid 29% on client withdrawals, fueling a decline in total earnings.

By Oliver Suess, Bloomberg | Updated on May 15, 2014
(Bloomberg) – Allianz SE, Europe’s biggest insurer, said profit at its asset management unit, which includes Pacific Investment Management Co., slid 29% on client withdrawals, fueling a decline in total earnings.

Net income in asset management dropped to 406 million euros ($557 million) in the first quarter from 568 million euros reported a year earlier, the Munich-based insurer said in a statement today. Pimco had net outflows of 21.7 billion euros, while Allianz Global Investors had net inflows of 1.9 billion euros.

Michael Diekmann, 59, Allianz’s chief executive officer, had to defend Newport Beach, California-based Pimco at the insurer’s annual general meeting in Munich last week against shareholder criticism over declining returns and management infighting. Pimco has been a very profitable investment since the German insurer took it over in 1999, Diekmann said.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2025 ALM Global, LLC. All Rights Reserved.