GERMANY – PIMCO parent Allianz makes USD 1.8 billion net profit

German insurance group Allianz SE says its net income bounced back strongly in the third quarter to €1.4 billion (USD 1.8 billion). The result is much better than the €258 billion earned in the same quarter a year ago, when the company had to write off losses on Greek government bonds and other investments.

 

The company said that its business performed well across all divisions, which included life and health insurance and asset management. The company’s businesses include California-based bond fund manager Pacific Investment Management Co., or PIMCO.

 

Allianz raised its prediction for operating earnings for the full year to €9 billion, up from €8.2 billion plus or minus €500 million.