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Allianz: Increases dividend distribution by 5% each year from 2021

German insurance company Allianz said on Friday it would increase its dividend by 5% a year from 2021 as it boosted its medium-term outlook, citing progress in restructuring its business strategy.

Allianz says it will distribute half of its profits to shareholders, which it expects to grow by 5-7% each year from 2022-2024, as it plans to increase and focus on effective capital management.

“The new dividend policy reflects our optimism in the financial strength of the Allianz Group,” said Chief Financial Officer Giulio Terzariol.

According to Reuters, the company also states that after the increased dividend payments, it will continue to have 12 billion in surplus capital, which could be used for repurchase of shares and acquisitions.

Allianz adds that it has signed a $ 35 billion fixed income portfolio with Sixth Street subsidiaries as part of its strategy.

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Source From: Capital

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