Allianz profit climbs as key unit reverses investor flight

Allianz SE, the German insurer that owns bond giant Pacific Investment Management Co., stopped four consecutive quarters of bleeding assets at its European investment management unit.

FRANKFURT: Allianz SE, the German insurer that owns bond giant Pacific Investment Management Co., stopped four consecutive quarters of bleeding assets at its European investment management unit as it beat analysts profit estimates for the year.

Allianz Global Investors attracted 2 billion euros ($2.2 billion) from outside clients in the fourth quarter of 2019 after seeing net outflows during the rest of the year, the company reported Friday. Its larger sister unit Pimco lured another 18 billion euros, bringing total assets overseen for investors to a record 1.69 trillion euros.