Pacific Investment Management Co. saw outside clients add money in the first quarter, after a year of withdrawals fueled by a global bond market rout.

The giant fixed-income manager recorded €14 billion ($15.3 billion) in inflows, parent company Allianz SE said on Friday, after outflows of more than €75 billion last year. Allianz group operating profit rose 24% to €3.7 billion in the first three months, driven by its insurance businesses.

The inflows cap a challenging period for Allianz’s asset management operations, which suffered a double whammy when the turmoil in the bond market compounded the self-inflicted woes from the implosion of a group of hedge funds in the US. Allianz’s Chief Executive Officer Oliver Baete last year agreed to a $6 billion settlement to put an end to the case.

With appetite for bonds rebounding as central banks appear to near the end of their rate hike cycle, analysts are bullish again on that part of the German insurer’s business.

“Allianz’s earnings are set to keep recovering in 2023-2024 on the back of stronger profits from asset management, which would again make a material contribution to the group’s performance,” S&P Global Ratings said in a report in March. The company benefits from robust and diverse income streams from its various global business activities, it added.

First-quarter operating profit in property-casualty insurance rose by 23% from a year earlier, helped by price increases, while life and health insurance earnings jumped 64% on higher results in the US. Asset management profit was down by about 13%, reflecting the impact of last year’s outflows.

Allianz Global Investors, the other asset manager owned by Allianz, saw clients add about €800 million in the first quarter. The performance of competitors has been mixed. DWS Group pulled in €5.7 billion, while Amundi SA posted surprise outflows of €11.1 billion.

Allianz confirmed its target for operating profit this year, which is roughly in line with last year’s €14.2 billion. It announced a new share buyback program of as much as €1.5 billion this week, after earlier raising its dividend.

(Adds details on insurance earnings, asset manegment starting from 6th paragraph)