Allianz profit jumps as it announces buy-back

Allianz posted a 9.3 percent gain in fourth-quarter operating
profit as it announced a EUR3bn ($3.2bn) buy-back and a new
"flexible" approach to M&A investment.
Profit rose to EUR2.8bn ($2.46bn), the Munich-based company said
today.
The giant insurer and money manager's buy-back will target
about 19mn shares, or 4.2 percent of share capital. At the same
time Allianz ditched a strategy of ring-fencing 20 percent of net
income attributable to shareholders for M&A, with any unused
portion r