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Pimco outflows dent Allianz asset management earnings
May 14, 2014 / 5:18 AM / 3 years ago

Pimco outflows dent Allianz asset management earnings

FRANKFURT, May 14 (Reuters) - German insurer Allianz saw 21.7 billion euros in net investment outflows from its bond fund manager Pimco in the first quarter, hurting performance fees and contributing to a 28 percent decline in asset management operating profit.

Quarterly operating profit in asset management fell to 646 million euros from 900 million a year earlier, Europe’s largest insurer said on Wednesday.

Allianz already reported preliminary earnings for the first quarter last week, saying it was on track to achieve its full year group operating profit target of 10.0 billion euros. (Reporting by Jonathan Gould; editing by Thomas Atkins)

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