Allianz 1Q Net Profit Rose as Pimco Posts Net Inflows for 7th Quarter -- Update
15 May 2018 - 7:22PM
Dow Jones News
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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