Pacific Investment Management Co. (PIMCO) News

Allianz Q3 Profit Rises 36%, Helped by Higher Life & Health Earnings

Allianz SE, Europe’s biggest insurer, said third-quarter profit rose 36 percent, helped by higher earnings at the life and health insurance unit. The shares rose. Net income increased to 1.86 billion euros ($2.03 billion) from 1.36 billion euros [$1.48 billion] …

Allianz Q2 Profit Drops 46% on Nat Cat Claims, Expected Sale of South Korea Unit

Allianz SE said second-quarter profit almost halved, missing estimates, as Europe’s biggest insurer faced higher claims from natural disasters and charges for the expected sale of its South Korea unit. Net income declined to 1.1 billion euros ($1.2 billion) from …

PIMCO Appoints Man Group’s Chief, Roman, as New CEO

Pacific Investment Management Co. named Emmanuel “Manny” Roman as its next chief executive officer, replacing Douglas Hodge, who presided over a tumultuous time that included the departure of Bill Gross and a plunge in assets at the firm. Roman, 52, …

Swiss Re Hikes Corporate Debt Holdings, Cuts Risky Government Bonds

The European Central Bank has turned government bonds into one of the riskiest asset classes, prompting Swiss Re AG to move more of its investments into corporate debt, according to the reinsurer’s chief investment officer. “If you’re looking for a …

AIG to Appeal Ruling Letting PIMCO Suit Over Financial Crisis Investments Proceed

American International Group Inc. failed to persuade a judge to throw out a lawsuit by Pacific Investment Management Co. over investments that were wiped out because of the insurer’s exposure to credit-default swaps and subprime debt in the run-up to …

Allianz Asset Management Hit by PIMCO Outflows, Although Reversal Expected

Allianz Asset Management reported a 17 percent decline in first-quarter earnings as investors continued to withdraw money from its Pacific Investment Management Co. unit 19 months after the ouster of Chief Investment Officer Bill Gross. Operating profit at Allianz Asset …

PIMCO Legal Filing Accuses ‘Bond King’ Gross of ‘Abusive’ Conduct

Pacific Investment Management Co. said former bond manager Bill Gross’ abusive conduct and effort to sabotage colleagues he deemed disloyal gave it “good cause” to oust him, and not pay any of the more than $200 million of damages he …

Court Rules ‘Bond King’ Gross Can Pursue $200M Lawsuit Against Allianz’ PIMCO

Bond manager Bill Gross will be able to pursue his lawsuit to recoup at least $200 million he claims that Pacific Investment Management Co. owes him in the wake of his 2014 ouster from the firm he co-founded. California Superior …

Allianz Q4 2015 Profit Rises to $1.6B on Cat Claims; Lower Than Analyst Estimates

Allianz SE missed analyst estimates for fourth-quarter profit because of claims from natural catastrophes. Net income at Europe’s biggest insurer increased to 1.42 billion euros ($1.6 billion) in the quarter from 1.22 billion euros [$1.3 billion] a year earlier, the …

Vienna Insurance Misses 2014 Profit Estimates on $85 Million Heta Writedown

Vienna Insurance Group AG wrote down debt of Austrian “bad bank” Heta Asset Resolution AG by 80 million euros ($85 million), a larger amount than expected, causing the firm to miss estimates for profit last year. The insurer, based in …