ALIZF Allianz Ag Muenchen Namen (PK)

   By Pietro Lombardi 
 

Allianz SE's (ALV.XE) first-quarter profit rose, while its U.S. fund manager Pacific Investment Management Co. posted net inflows for the seventh quarter in a row.

The German insurer said Tuesday that net profit was 1.94 billion euros ($2.32 billion) compared with EUR1.82 billion a year earlier.

The result is mainly due to a higher nonoperating investment result, a decrease in restructuring charges and a lower tax rate, the company said.

The underlying results are strong, which should please investors, but the "lack of further buyback announced may disappoint some," UBS said.

Pimco posted third-party net inflows of about EUR19.2 billion in the first quarter.

"Customers continued to favor Allianz, placing some 21 billion euros of new net third-party investments with Pimco and Allianz Global Investors in the quarter," said Chief Financial Officer Giulio Terzariol. "This comes on top of the 150 billion euros in net inflows seen in 2017. It is a sign of customer confidence and reflects on the strength of the franchise."

Revenue was EUR36.5 billion in the quarter compared with EUR36.2 billion thanks to small increases from its property and casualty as well as life and health operations.

The first-quarter performance "puts Allianz on track to meet its 2018 yearly targets," Chief Executive Oliver Baete said.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

May 15, 2018 05:07 ET (09:07 GMT)

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