Pacific Life and Allianz have agreed that PacLife will not exercise its option to sell Allianz the remaining portion of its ownership of investment manager PIMCO, approximately a third, over the next two years. After Allianz purchased the lion’s share of the company in 2000, it structured its agreement with PacLife with put and call options for the two parties to exercise any time starting in 2003.

"Together with Pacific Life, we have reached the conclusion that both sides would benefit from a continuation of the close cooperation and a prolongation of the ownership structure," Allianz officials said in a statement.

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