(Bloomberg) -- Allianz SE, defending its Pacific Investment Management Co. unit against shareholder criticism over declining returns and management infighting, said the bond manager has been a very profitable investment since the German insurer took it over in 1999.

“We have more than earned back all the expenses spent on the purchase of Pimco over the past few years,” Michael Diekmann, the 59-year-old chief executive officer of Europe’s biggest insurer, said today at the company’s annual shareholder meeting in Munich. Last year, “Pimco again made a significant contribution” to Allianz’s earnings.

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