X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
(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.

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?

Dig Deeper

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.