Allianz profit jumps as it announces buyback

Allianz posted a 9.3 percent gain in fourth quarter operating
profit as it announced a EUR3bn ($3.2bn) buyback 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 buyback will target
about 19 million shares, or 4.2 percent of share capital. At the
same time Allianz ditched a strategy of ringfencing 20 percent of
net income attributable to shareholders for M&A, with any
unused portio