Allianz Profit Beats as Pimco Parent Starts New Buyback (2)

Allianz SE reported better-than-expected profit for the fourth quarter, as Chief Executive Officer Oliver Baete prepares to return additional capital to investors.

The German insurer, which owns asset manager Pacific Investment Management Co., saw operating profit climb 11% to €4.17 billion ($4.33 billion), lifted by its property and casualty business. Analysts had estimated €3.89 billion.

The company proposed raising the dividend almost 12% to €15.40 per share. It also announced a new share buyback program of as much as €2 billion late Thursday.

Baete in December committed to a higher profit payout ratio and raised Allianz’s main medium-term profit ...