Allianz Reports a Strong Final Quarter to 2016
Allianz reported a strong set of fourth-quarter results across all divisions. The restructuring of FFIC is on track, the company's capital position is still very strong, the disposal of Korea in life is complete, and the asset management arm PIMCO is returning to strength. We maintain our fair value estimate of EUR 164 per share and no-moat rating.The cost income ratio within PIMCO has come in below 60% and operating profit is stable. Allianz assets under management have increased 6.1%, and out...
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