Allianz profits drop as investors withdraw funds

FRANKFURT, Aug 5 — German insurance giant Allianz said today its profits fell in the second quarter, while it saw clients withdraw their funds from its troubled asset management operations.

The setback came despite revenues climbing by 8.2 per cent to €37.1 billion, with progress seen in all areas bar asset management. Allianz’s asset management unit has been rocked by legal troubles in the United States, where investors have filed a complaint over heavy losses suffered during the coronavirus pandemic.

The assets managed by Allianz on behalf of third parties fell by around six per cent to €1.8 trillion between the first and second quarters, due to “strong market effect and net outflows”.

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