Allianz closed the second quarter of the year with operating income of €2,8 billion and net income of €1,76 billion, up 10,5%, exceeding half of its full-year target for the six months , equal to 9,5-10,5 billion euros. For this reason, the insurance company is now aiming to close 2014 with record profits. “We expect the top of the fork to be within easy reach,” CEO Michael Diekmann said.
However, asset management, which also includes Pimco, reported a drop in operating profit of 16% to 675 million, the only division to record weakness in the quarter. Investors have in fact withdrawn money from Pimco's main fund 'Total Return Fund', the largest bond fund in the world, both because of the weak performance and to position themselves for a possible rise in interest rates in the US. The fund recorded outflows for the fifteenth consecutive month in July.
