(Bloomberg) — Allianz SE, Europe's biggest insurer, said first-quarter profit climbed 11%, even as investors withdrew funds from its asset manager Pacific Investment Management Co. The shares surged the most in six months.
Net income increased to 1.82 billion euros ($2 billion) from 1.64 billion euros a year earlier, the Munich-based insurer said in a statement Wednesday, citing preliminary results. It kept its target for operating profit at 10 billion euros to 10.8 billion euros this year compared with 10.4 billion euros last year.
“Our first-quarter results were a good start into 2015 and we remain confident in achieving our full-year operating profit target,” Chief Executive Officer Michael Diekmann said. He didn't provide details of what drove the profit gain.
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