FRANKFURT, May 15 (Reuters) - Surging revenue and profit at Allianz’s PIMCO asset management unit gave a strong boost to the insurer’s overall performance in the first quarter, Allianz said on Wednesday.
PIMCO, manager of the world’s biggest bond fund, saw net inflows of third party assets nearly double in the first quarter to over 40 billion euros ($51.9 billion), Allianz said in a statement that provided details of the group’s quarterly results.
Europe’s biggest insurer had already given preliminary key figures for the first quarter on May 7, saying all its divisions contributed to a nearly 20 percent rise in group operating profit.
Operating and net profit in asset management nearly doubled in the first three months of the year, as margins rose in addition to volume.
Germany’s third-biggest insurance group, Talanx, is due to report quarterly results later on Wednesday. ($1 = 0.7705 euros) (Reporting by Jonathan Gould; Editing by Harro ten Wolde)