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To increase its capital efficiency, Allianz last month agreed to sell its unprofitable operations in South Korea Chinese insurer to Anbang Insurance Group Co.

(Bloomberg) – Allianz SE said first-quarter profit surged 21%, beating analysts’ estimates, as Europe’s biggest insurer was helped by gains from selling investments. The shares rose.

Net income climbed to 2.2 billion euros ($2.5 billion) from 1.8 billion euros a year earlier, the Munich-based company said in a statement on Monday. The average estimate of six analysts was for earnings of about 1.55 billion euros, according to data compiled by Bloomberg.

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