The Allianz Tower in Berlin
The Alliance can not get her down from the problems in their asset management. Although the division is weakening further, because the major American fund Pimco daughter loses customer funds, aiming for Europe’s largest insurer in 2015 an operating profit of 10.8 billion euros. The new CEO Oliver Bäte lay so on Friday on the upper end of the target range determined.
Positive agrees him that weaken the outflows at Pimco and that last hardly gave large loads in non-life insurance. In addition, the Alliance has a line under the vexing chapter “Fireman’s Fund” pulled. These American subsidiary cared for long loads, but is now history.
Pimco has about € 30 billion Customers Make money
In the past the second quarter, however, the group remained below expectations: Operating profit climbed by only 2.6 percent to 2.84 billion euros, had analysts average expected 2.94 billion. That the surplus equal to more attracted – by 15 percent to more than two billion euros – was among other things to a better tax rate
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Negative outliers was another asset management, where the result plunged by a quarter to 505 million euros. But from the specialized bond fund PIMCO attracted customers in the spring from 29.3 billion euros. Here a long time had taken care personnel disputes for unrest. But now a new management team has been installed - and in the opinion of the Munich parent, the outflows weaken so continuously that the end of a trend reversal could be achieved
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The smaller fund subsidiary Allianz Global Investors, which was a long time in the shadow of Pimco, was able to once again appreciate inflows. Total assets under management remained stable at 1.8 billion euros, as the markets went well overall.
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In the property and casualty insurance put on the operating result by nearly 30 percent to 1.75 billion Euro. Here benefited from the alliance, that there were no major natural disasters. In addition, during the quarter, a gain from the sale of the retail business of Fireman's Fund Insurance Company was recognized. In life and health insurance, premium income fell, the result fell by 13 percent to € 853 million.
Board reduced
In addition, the alliance reduces the board. The committee responsible for the department "Insurance Growth Markets" Manager Manuel Bauer will resign from his position by mutual agreement prematurely, the insurance company already said on Thursday. Thus, his responsibilities will be distributed from September to other board members. The Alliance Board previously consisted of ten members. Is led the panel of CEO Oliver Bäte which now also assumes responsibility for Human Resources.
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