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IPE special report May 2018

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Allianz posts 9-month asset management loss

GERMANY – Allianz has reported a loss, after various items, in its asset management business in the first nine months of 2003, although it was less than expected.

From the beginning of the year to September 30, operating profit in Allianz’s asset management segment amounted to 528 million euros - up from the year-ago period's 369 million euros.

But it reported an overall loss of 226 million euros, after deducting loyalty and retention payments for the management and employees of the PIMCO Group and Nicholas Applegate, along with amortisation of goodwill, taxes and minority interests.

Allianz says the loss was “less than expected” and projects “a continued improvement of the operating result”.

Assets under management over the period increased. The PIMCO Total Return Fund registered net inflows of 2.4 billion dollars (2.04 billion euros), and increased its assets under management to 73.7 billion euros.

In Germany, assets under management increase for institutional clients as well as in public funds. Dbi registered net inflows of 2.9 billion euros to its spezialfonds.

Allianz’s other asset management companies were not mentioned. A spokesman for the Group said the individual results of the sub-businesses were not published.

Allianz now has 1.016 billion euros under management in total. 571 million is from third –party investors, 31 billion is for unit-linked life insurance, and 414 million is from group investments.

Allianz board member Helmut Perlet said: “We have made good progress in our operative business and are right on schedule. We are currently growing, and that growth is profitable.” The Allianz Group saw 421 million euros in profit in the first nine months.

Meanwhile, Dutch bank ING has reported a 60% rise in operational pre-tax profit from asset management to 219 million euros. And assets under management rose by 5.7 billion euros to 454.7 billion euros. “The investment performance of ING’s asset management business was stable,” it said.

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