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Money Management

Allianz reports asset gains for quarter, year

Assets under management at Allianz Group grew 1.9% for the quarter and 4.1% for the year ended June 30, to €2 trillion ($2.3 trillion), bolstered by growth in third-party assets.

A financial update by the insurer Friday said money management operating revenue grew 9% for the three months ended June 30 to €1.7 billion. Revenue growth year over year also was 9%. Net income increased 4.4% for the quarter and 25.5% year-on-year to €477 million.

Third-party assets under management for Allianz's money management units, Pacific Investment Management Co. and Allianz Global Investors, grew 2.4% for the quarter and 4.1% for the year, to €1.5 trillion.

Third-party net outflows totaled €9 billion for the three months ended June 30, compared with net inflows of €21 billion for the quarter ended March 31, and €55 billion in net inflows for the quarter ended June 30, 2017. Market and dividends detracted a further €9.7 billion from third-party assets, but foreign exchange impacts added €53.8 billion in assets.

PIMCO assets under management grew 2.5% for the quarter to €1.13 trillion, and 1.3% for the year. The manager recorded net outflows of €7.9 billion for the quarter, compared with €19.2 billion in net inflows for the previous quarter, and €51.6 billion in net inflows for the comparative quarter in 2017.

AllianzGI assets grew 2.7% for the quarter and 0.9% for the year to €339 billion. Net outflows for the three months totaled €1.3 billion, compared with net inflows of €1.7 billion for the quarter ended March 31, and €3.2 billion in net inflows for the quarter ended June 30, 2017.