Allianz makes progress on Pimco: CFO

Jessica Hartogs, special to CNBC
Can Allianz stop outflows?

It's "another year where we have delivered on our promises," Allianz chief financial officer Dieter Wemmer told CNBC Friday, on the financial service giant's 2015 numbers, adding that the company was heading in the "right direction" in regaining customer trust over its Pimco fund management division.

The German insurer missed on the bottom line in 2015, citing challenging conditions. However net outflows at Pimco nearly halved compared to 2014. Allianz is now targeting an operating profit of up to 11 billion euros this year - in line with forecasts.

The full-year net profit at Europe's largest insurer was 6.6 billion euros ($7.3 billion), also slightly below the 6.7 billion average forecast in the poll.

Answering questions about the outflow numbers at its global fund management division, Pimco, Wemmer said the figures to watch were both outflows and profitability.

"First the outflows in Q4 were 11 billion euros... a lot of money but substantially less than in previous quarters," said Wemmer.

"We are in the right direction of gaining the trust of our customers and I think people who went out of the return fund too early probably missed good performance in the last 15 months," Wemmer told CNBC.

"Pimco had a great quarter on performance fees which clearly helped the profitability, which in the end counts for everybody," he added.Wemmer also said the company was not concerned about the markets' current outlook.

"It might create some challenges but we are a very confident investor…we believe we invest in the long term and deliver returns for the investor," said Wemmer to CNBC.

The logo of German insurer Allianz stands on the company's office buildings at Treptowers in Berlin, Germany.
Getty Images

Allianz unveiled a lower-than-expected dividend of 7.30 euros ($8.12) per share for 2015 after posting net profit for the fourth quarter and full year that were also slightly below analyst consensus.

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"It's a great dividend yield for our investors," said the CFO to CNBC.

The proposed dividend was up 6.6 percent from the previous year's 6.85 euros per share but below the average expectation for 7.35 euros in a Reuters poll of banks and brokerages.

Reuters contributed to this report.

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