Allianz Global Investors, the asset management arm of German insurer Allianz, has reported record operating profits of E1.12 billion for 2005 in what the group called "a landmark year."

The unit recorded asset inflows of over E65 billion, more than double 2004 which was E29 billion. Operating profit was up 23% from last year. The company attributed the results to strong investment performance and growth across the business.

Joachim Faber, CEO of Allianz Global Investors, said: In 2005 we set out to achieve top-quartile investment returns, increase global market penetration and to produce top-quartile business returns – all of these objectives were achieved.

The company said that the results were strong in all core markets. In Germany, Allianz GI increased its market in mutual fund net flows in 2005 to 30%. In the US, Allianz GI’s value-style equity boutique, NFJ, doubled its assets in 2005 to $20 billion. In Asia, assets under management reached E63 billion compared to E46 billion in 2004.