Insurance

Operating profit at insurer Allianz jumps 24% to €3.7bn in first quarter

The inflows cap a challenging period for Allianz’s asset management operations, which suffered a double whammy when the turmoil in the bond market compounded the self-inflicted woes from the implosion of a group of hedge funds in the US

Allianz confirmed its target for operating profit this year, which is roughly in line with last year’s €14.2 billion.

Allianz group operating profit rose 24 per cent to €3.7 billion in the first three months, driven by its insurance businesses.

The inflows cap a challenging period for Allianz’s asset management operations, which suffered a double whammy when the turmoil in the bond market compounded the self-inflicted woes from the implosion of a group of hedge funds in the US.

Allianz’s Chief Executive Officer Oliver Baete last year agreed to a $6 billion settlement to ...