FRANKFURT, May 12 (Reuters) - Allianz saw another 68.3 billion euros ($76.3 billion)in assets flow out of its U.S.-based asset manager Pimco in the first quarter, pushing the operating profit for the group's asset management division down by 14 percent.
Operating profit in the division fell to 555 million euros in the quarter, compared to 646 million in the year-ago period, the company said in a statement.
Total assets under management at Europe's largest insurer rose by 7.3 percent to 1.933 trillion euros largely due to currency translation effects because of the stronger dollar and due to market value increases, the company said.
Allianz already reported preliminary quarterly results on May 6, showing an 11 percent increase in net profit for the full group.
Pimco - which contributes more than a fifth of the German insurer's operating profit - saw record outflows and management turmoil last year, including the acrimonious departure of its leader Bill Gross, known as the "Bond King".
Investors have continued to withdraw money this year, albeit at a slower pace, and Pimco's flagship Total Return Fund has lost its title as the world's biggest bond mutual fund.
($1 = 0.8947 euros) (Reporting by Thomas Atkins; Editing by Kirsti Knolle)