FRANKFURT May 14 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)