By Joshua Kirby 
 

Allianz SE on Friday set out higher financial targets for the next three years, as the German insurer looks to focus on its most profitable business lines.

Marking its capital-markets day, Allianz said it is aiming to book 5%-7% compounded average annual growth in earnings per share between 2022 and 2024. This will be driven by higher revenue, better profitability and efficient capital management, the company said.

The company is targeting a return on equity of at least 13% by 2024, and a Solvency II ratio of at least 180%.

In order to attain these goals, Allianz will focus on preferred businesses in life & health such as protection & health, unit-linked and capital-light products, it said. In the property & casualty division, Allianz is targeting revenue growth of 3%-4% annually, and aims to reduce expenses to a ratio of around 26% by 2024.

Separately Friday, Allianz set out its amended dividend policy, targeting a yearly increase of at least 5% in its payout. This policy is dependent on a Solvency II ratio of at least 150%, Allianz said.

 

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

 

(END) Dow Jones Newswires

December 03, 2021 02:23 ET (07:23 GMT)

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