PIMCO parent Allianz makes $1.8 billion net profit

AP News
Posted: Oct 30, 2012 6:43 AM

FRANKFURT, Germany (AP) — German insurance group Allianz SE says its net income bounced back strongly in the third quarter to €1.4 billion ($1.8 billion).

The result is much better than the €258 million 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 Tuesday its business performed well across all divisions, which include 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.

The Munich-headquartered company gave little detail in the early announcement. It releases full earnings on Nov. 9.