INSURER Allianz announced profits are down in its first quarter results yesterday. Operating profit declined to €2.72bn (£2.2bn), down from €2.8bn for the first quarter of 2013.
Total revenue for the first quarter was up on last year, at €34bn and the company said it is on track to meet expectations for its full-year results.
The news came as the company was forced to defend its American asset management business Pimco, after investors demanded better oversight following the departure of chief executive Mohamed El-Erian.
Chief executive Michael Diekmann said yesterday: “Responsibilities within Pimco have been redistributed and clearly regulated. They now lie on more shoulders."