Natural catastrophes in Australia, Japan and New Zealand hit Allianz Group’s operating profits in the first quarter, but its booming asset management business blunted the impact.
Its asset management business, which includes the Pacific Investment Management Co. (PIMCO), saw net fee and commission income rose by 14.5%, to 1.1 billion euros ($1.4 billion), pushing up operating profit to 528 million euros, or 13.3%. Performance fees dropped by 72 million euros, the company said, after hitting an exceptionally high mark in the first quarter of 2010. Third-party assets under management grew to 1.1 trillion euros, by March 31, 2011.
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