Allianz's Pimco Posts Outflows as Coronavirus Hits Results
May 12 2020 - 7:50AM
Dow Jones News
By Pietro Lombardi
Allianz SE's U.S. fund manager Pacific Investment Management
Company saw significant outflows in the first quarter, one of the
ways the coronavirus pandemic hit the insurance giant's overall
performance.
The U.S. company, known as Pimco, posted third-party outflows of
43 billion euros ($46.5 billion) in the period. Net inflows in the
first two months "turned into net outflows in March following
industry trends due to Covid-19 pandemic," Allianz said
Tuesday.
"Pimco net outflows were bigger than expected," Citi said.
The coronavirus pandemic had an overall impact on the German
insurer's operating profits of around EUR700 million, contributing
to a 22% decline on year to EUR2.30 billion.
Net profit fell 29% to EUR1.40 billion, broadly in line with the
roughly 30% decline the company had previously guided for.
Allianz shares fell 3% at 1100 GMT.
The insurer's property and casualty business had a 29% decline
in operating profit, which fell by a quarter at the life and health
operations.
"Covid-19 has aggravated operating conditions in our
property-casualty business segment," Chief Financial Officer Giulio
Terzariol said.
In the asset-management division, which includes Pimco,
operating profit grew 19%.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
May 12, 2020 07:35 ET (11:35 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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