GLOBAL - Allianz Global Investors, the asset management arm of German insurer Allianz, saw operating profits grow by 35.6% to e777m in the nine months to September.
AGI said the positive growth was driven by a 15% increase in operating revenues - markedly higher than the 4.1% rise in operating expenses.
AGI put the rise in operating revenues down to “continuous business development” worldwide, particularly in the US and Germany.
During the first nine months of 2005, assets under management for third parties increased 21.5% to e711b, including net inflows amounting to e48bn.
According to Allianz, particularly high levels of net inflows and continued favourable sentiment in the capital markets caused an increase in revenues of 17% to e1.9bn.
Net income for AGI in Q3 totalled e40m, an improvement of e97m.
For the Allianz Group, total revenues improved 5.2% to e75.7bn in the nine months to end September, while operating profit rose 16.2% to e5.9bn and net income grew e3.5 billion or 25.4% more than the comparable quarter in 2004 .
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
Caroline Rookes CBE and Michele Hirons-Wood have joined The Pension Superfund's board of trustees to focus on maintaining governance standards and safeguarding member benefits.
The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.