Allianz Lifts Full-Year Profit Guidance After Strong Nine Months

Allianz SE, the German insurer that owns bond manager Pacific Investment Management Co., raised its outlook for full-year profit after a strong performance in the first nine months of the year.

The Munich-based firm now expects group operating profit will most likely be between €17 billion ($19.8 billion) and €17.5 billion, it said late Thursday. That’s higher than its previous target of €15 billion to €17 billion.

In the first nine months of the year, Allianz achieved an operating profit of €13.1 billion, compared to €11.8 billion in the year-earlier period.

Chief Executive Officer Oliver Baete, who ...