Over the next three years, Allianz also expects to generate EUR 12 billion of excess capital through its operational plans.
At the same time, over the next three years, Allianz will accelerate profitable growth by verticalizing operating models globally across business lines, expanding its leadership position in key markets, and building scalable platform models.
"Allianz continues to overdeliver and outperform, which shows that our customer-centered simplification strategy is working," Allianz CEO Oliver BATE said. "Now, we aim to deploy our global scale as a competitive advantage to grow both our customer base and our margins."
The insurer said it has identified five strategic pillars that will support its outlook and targets between 2022 and 2024. These are:
- Transforming Life & Health and asset management franchises.
- Strengthening leadership position in key Property & Casualty (P/C) markets.
- Boosting growth through scalable platforms.
- Deepening global vertical integration of operating models; and
- Reinforcing capital productivity and resilience.
In the P/C business, the company will focus on annual revenue growth of 3-4% and a target combined ratio of 92%. Product and process optimization and harmonization are envisaged to reduce expense ratio in the P/C business to about 26% by 2024. Further, Allianz aims to make its mid-corporate segment more efficient by rebalancing the portfolio, using integrated tools, strengthening operations in Europe and growing regional hubs as well as by harmonizing and simplifying processes through a global IT platform.