Allianz Profit Rises With Pimco Clients Adding €32 Billion (2)

Allianz SE reported higher profit for the first quarter amid inflows at its bond manager Pacific Investment Management Co.

Group operating profit climbed 6.8% to €3.99 billion ($4.3 billion), driven by better-than-expected results in property-casualty insurance, Allianz said Wednesday. Pimco attracted €32.4 billion from outside clients, the best quarter in about six years.

Allianz Chief Executive Officer Oliver Baete is relying on the asset management business, which also includes Allianz Global Investors, to diversify the company beyond insurance. After a challenging two years that saw some clients flee fixed-income securities, Pimco is now profiting from returning investor appetite for ...