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Allianz Returns to Q4 Net Profit After U.S. Funds Debacle

February 17, 2023

Germany’s Allianz on Friday swung to a fourth-quarter net profit, rebounding after taking big charges a year earlier for a U.S. funds scandal and as a higher investment margin boosted its life and health insurance business.

But its asset management division – which includes bond giant PIMCO – saw lower revenues and fees as total assets under management dropped 18% during the year.

Its shares dropped 3.2% in morning trade in Frankfurt, though analysts at DZ Bank, who rate the company a “buy,” said the results were overall “good.”

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