(Bloomberg) — Allianz SE, Europe's largest insurer, aims to generate an additional 6.5 billion euros ($6.9 billion) in annual premiums as the company focuses on its most profitable businesses.
Allianz wants to achieve annual earnings per share growth of 5% on average from 2016 to 2018, the insurer said in a statement on Tuesday. The Munich-based company is also targeting a return on equity of 13%, adjusted to exclude unrealized capital gains on bonds and other items, by 2018.
Oliver Baete, chief executive officer since May, is grappling with low interest rates, stricter regulatory capital requirements and concern over a slowdown in the insurer's main markets. The CEO has also highlighted increased use of digital technology both as a disruption and an opportunity for insurers.
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