Allianz, one of Europe's biggest insurers, has raised its three-year financial targets after outperforming its key goals for this year.
The operator of the PIMCO brand sees operating profit rising by €3 billion from the expected €15.5 billion this year to hit €18.5 billion in 2027.
For 2024, the insurer targeted operating profit of between €13.8 billion and €15.8 billion.
"Our focus for this next phase will be on translating the success of our customer-centric strategy (...) into even higher sustainable, capital-efficient growth for our shareholders," Allianz chief executive Oliver Baete said in a statement to Capital Markets Day.
The financial services group sees the property and casualty division as the main earnings growth driver in the next few years.
By 2027, Allianz expects earnings per share to rise between 7 and 9% from the current €25 a share, the statement said, up from the 5-7% range it forecast for the previous three years up to 2024.
It also expects a return on equity of at least 17%, up from the 13% expected in the prior three-year period.
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 by 2027.
Operating profit in Allianz's life and health insurance unit is projected to reach €6 billion by 2027, while its asset management business is expected to post a €4 billion profit by that time.
Allianz also 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.
