Bond specialist PIMCO has suffered outflows since the departure of its chief investment officer, Bill Gross, in September. The outflows have slowed, however, as the months have progressed. They were €29.3 billion in the second quarter.

The Allianz Global Investors division recorded €6.7 billion in third-party net inflows over the same period. Still, operating revenues at the group's asset management unit dipped 3.6 per cent to €1.55 billion.

“Asset management performed within expectations,” said Allianz's chief financial officer, Dieter Wemmer. “Third-party net inflows at Allianz Global Investors reached a new record high while outflows at PIMCO more than halved compared to the first quarter of 2015.”

Total assets under management increased from €1.801 trillion at the end of 2014 to €1.811 billion at the end of July. 

Allianz's total quarterly revenues climbed 2.4 per cent year-on-year to €30.2 billion, while its operating profit rose 2.6 per cent to €2.84 billion.