Total assets under management at Allianz Group grew 1.8% in the first quarter of the year to €2.43 trillion ($2.85 trillion), driven by net inflows and positive foreign exchange impacts.
Assets increased 14.1% from €2.13 trillion as of March 31, 2020.
The insurance group said in an update Wednesday that third-party assets under management grew 3.7% in the quarter to €1.78 trillion. Total net inflows were €37.8 billion in the quarter, compared with €28 billion in net inflows in the fourth quarter of 2020 and €46.4 billion in net outflows in the first quarter of 2020.
Total market and dividend impacts detracted €20.7 billion in the quarter, vs. a negative impact of €107.6 billion in the first quarter of 2020. Fourth quarter figures were not available.
Total foreign-exchange and other impacts added €45.8 billion in the three months ended March 31. In the first quarter of 2020, foreign-exchange impacts added €25.1 billion. Fourth quarter figures were not available.
The firm's third-party money management business is made up of Pacific Investment Management Co. and Allianz Global Investors — both of which recorded net inflows in the quarter.
PIMCO assets grew 3.3% in the first quarter to €1.38 trillion and grew 10.4% vs. the same quarter a year earlier. Total net inflows were €25.5 billion in the quarter, vs. net inflows of €19 billion for the previous quarter. For the first quarter of 2020, PIMCO recorded €43 billion of net outflows.
AllianzGI assets grew 4.9% in the quarter and increased 27.2% compared with the first quarter of 2020, to €393 billion.
The manager recorded €12 billion in net inflows for the three months ended March 31, vs. €9 billion in net inflows for the quarter ended Dec. 31, and €3.4 billion in net outflows for the three months ended March 31, 2020.
"Our asset management business continues to grow and perform very well," Giulio Terzariol, chief financial officer, said in a news release. "Record assets under management and our proven ability to manage our cost base effectively bode very well for a healthy development of our operating profitability throughout the year," he added.
