FRANKFURT, Feb 17 (Reuters) – Germany’s Allianz reported fourth-quarter net profit on Friday, recovering from heavy spending a year earlier in the U.S. funds scandal and thanks to a higher margin on investments, it boosted your life and health insurance business.
However, its asset management arm – which includes bond giant PIMCO – saw lower revenues and fees as total assets under management fell 18% on the year.
Its shares fell 2.65% in Frankfurt, although analysts at DZ Bank, which recommends a “buy” on the company’s shares, said results were generally “good”.
The profit rebound marked a return to normalcy for Allianz, which is trying to restore its reputation after one of its fund units, Allianz Global Investors, was hit by a fraud case in the United States that broke out. ended in May with $6 trillion in settlements and fines.
Net profit attributable to shareholders of 2,007 million euros ($2,130 million) in the three months to December contrasts with a loss of 292 million euros a year earlier. Analysts had expected a net profit of 2,034 million euros.
Allianz, a global insurer, is one of the world’s biggest fund managers, but its assets under management fell 18% to 2.1 trillion euros in 2022 from 2021, figures showed on Friday.