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Operating profits dip at Allianz funds arm

German insurer Allianz's fund management arm reported a 22.8% drop in operating profits compared to the same period last year on the back of lower revenues from its third-party equity business and negative foreign currency developments.

Operating profits for the first three months of the year were €241m ($373m), down from €312m the previous year. Revenues decreased to €727 in the first quarter, from €780m in the same period last year.

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