ALLIANZ SETS 95% GLOBAL CORPORATE COR TARGET AS IT UNVEILS NEW STRATEGIC PLAN

Allianz confirmed the end of the remediation work on its big ticket and specialty business as it raised targets under a new three-year strategic plan. Revealing its strategic outlook for 2022 to 2024, the German insurance giant said its Allianz Global Corporate & Specialty (AGCS) arm would deliver a 95% combined ratio over the next three years. Overall, Allianz is targeting 5% to 7% annual growth in earnings per share and a minimum 13% return on equity. This will see it "accelerate profitable growth” by expanding its leadership position in key markets and building scalable platform models. In property/casualty, the insurer will target annual revenue growth of 3% to 4% and a combined ratio of 92%, reducing its expense ratio to 26% by 2024. This will be driven in part by an expansion of the AGCS business on the back of profitable growth.