Allianz Capital Sales Boost 1st Half Profits – Targets U.S. Fund Manager

September 14, 2000

Allianz AG posted a 30 percent rise in 1st half profits to €1.6 billion ($1.38 billion) from €1.2 billion ($1.03 billion) last year. The gains, which exceeded analysts expectations, were due primarily to the disposals of Allianz stakes in German companies.

Allianz also recorded growth in other sectors. A net 6.1 percent rise in life and health premiums, which excludes €6 billion ($5.16 billion) in life product sales required by U.S. accounting rules, and a 5.2 percent rise in p/c sales contributed to overall growth.

Allianz acquisition of California base Pimco Advisors raised its total of assets under management to €674 billion ($580 billion) by the end of June, and Allianz is reportedly seeking additional growth in this sector in the U.S..

According to the financial Times it is one of the primary bidders for Nicholas Applegate, a privately owned institutional fund manager with more than $45 billion under management. Holland’s ING Group and Citicorp were also reported to be interested.

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