German insurer Allianz reported today that its asset management arm attracted record inflows last year, leading to a substantial jump in its profits – thanks in large part to huge inflows into bonds giant Pimco, a subsidiary of the company.

The German fund manager reported record profits for the fourth quarter, when operating profits jumped 164% to €576m ($777m), up from €218m over the same period in 2008. The quarter's profits helped to boost the asset manager's annual operating profit by 51% to €1.4bn, which also exceeded its 2007 profits of €1.36bn.