Allianz SE, the owner of bond manager Pacific Investment Management Co, generated record second-quarter profit on better results in its insurance and asset management businesses.
(Aug 7): Allianz SE, the owner of bond manager Pacific Investment Management Co, generated record second-quarter profit on better results in its insurance and asset management businesses.
Group operating profit rose 11% to 4.87 billion (US$5.61 billion), according to a statement on Friday. That was above analysts’ estimates of 4.58 billion. Pimco attracted 31.7 billion from outside clients, while its sister unit Allianz Global Investors recorded 7.6 billion in third-party inflows.
Allianz aims to generate a full-year operating profit of 17.4 billion, “plus or minus 1 billion,” a target it confirmed on Friday.
Chief executive officer Oliver Baete has stepped up deals activity in recent months, notably in Asia, a strategically important growth region for the firm. Allianz agreed to buy HSBC Holdings Plc’s Singapore insurance unit in July, marking a substantial expansion less than two years after another deal in the city-state fell through. The insurer also clinched a deal to buy the asset management division of Singapore’s United Overseas Bank Ltd.
The HSBC deal should be easier to complete and build from than the failed transaction in 2024, Keefe, Bruyette & Woods said in a research note last month, adding that the deal offers “growth potential across key lines of life, health, and wealth in a major regional hub.”
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