Allianz: sets financial targets through to 2024
(CercleFinance.com) - On Friday Allianz unveiled the financial targets in its strategic roadmap for the period 2022-2024, which calls for an acceleration of its profitable growth.
The German insurance giant says that it is targeting average annual growth of 5% to 7% in EPS, along with an RoE of at least 13%.
The company says it aims to expand its leading position in key markets and establish so-called "scalable" platforms that would enable it to increase both its customer base and its margins.
The group is now planning to pay 5% dividend growth p.a., in line with the growth of its EPS, subject to achieving a Solvency II ratio of over 150%.
Allianz also announced on Friday that it had reached an agreement with Resolution Life and subsidiaries of Sixth Street to reinsure a US life insurance portfolio worth 35 billion dollars.
The insurer said the deal will free up some 4.1 billion dollars in value and further enhance its ability to meet regulatory capital requirements.
Allianz shares were the biggest winner on the DAX index on Friday after these announcements, up over 1% in late morning trading, outperforming the German market by about 1.5%.
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