Allianz “won’t stand still” in asset management

GERMANY – Allianz says it “won’t stand still” in asset management and is targeting a 10% increase in profit in the area.

“Our assets under management for third parties rose by 21.5% to €711bn,” said chief financial officer Helmut Perlet in an interview accompanying the group’s third-quarter earnings.

Institutional assets have risen to €428bn at the end of September from €347bn at the end of December 2004. The share of institutional assets has risen to 60.2% of the total, from 59.3%.

Net inflows totalled €48bn in the first nine months – with €16bn coming in the third quarter.

“Nevertheless, we won’t stand still,” Perlet said. “Quite the contrary: these successes show us what is possible in the future.”

The company also said it was now targeting a 10% increase in operating profit in its asset management business.

Allianz today reported that operating profit at Allianz Global Investors rose by 39.2% to €295m in the third quarter – with revenues up 25.1% at €698m.

Overall, Allianz had a net income of €794m in the quarter.

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