Allianz’s fourth-quarter results were overshadowed on Thursday by outflows at Pimco, where clients continue to pull assets in the wake of a management shake-up at the US-based bond fund last fall.

The German insurer said third-party net outflows at Pimco fell 18% to €236 billion ($268.1 billion) in 2014, with more than 70% coming after September when Bill Gross, Pimco's co-founder, left the fund.