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(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.

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