Allianz, one of Europe’s biggest insurers, has raised its three-year financial targets after outperforming its key goals for this year, the company said on Tuesday.
By 2027, Allianz expects earnings per share to be between 7 and 9%, the German company said on its Capital Markets Day, up from the 5-7% range it forecast for the previous three years through 2024.
It also expects a return on equity of at least 17%, up from the 13% expected in the prior three-year period.
Shares in Allianz were up 0.8% by 0641 GMT according to Lang & Schwarz pre-market indications.
The firm sees annual revenue growth of 6 to 7% for its property-casualty insurance division, potentially bringing an operating profit of 9.5 billion euros ($10.04 billion) by 2027.
Allianz seeks quick end to legal troubles as business booms
Operating profit in Allianz’s life and health insurance unit is projected to reach 6 billion euros by 2027, while its asset management business is expected to post a 4-billion-euro profit by that time.
Late on Monday, Allianz said it plans to distribute at least three-quarters of its net profit to shareholders via dividends and share buybacks over the next three years.
Comments