(Bloomberg) -- Allianz SE, the German insurer that owns bond giant Pacific Investment Management Co., decided to expand this year’s share buybacks as Chief Executive Officer Oliver Baete returns more excess cash to investors.
The Munich-based company will repurchase an additional volume of as much as €500 million ($546 million) in shares, after already completing a buyback of €1 billion in July, it said in a statement Wednesday. The new repurchases will run through December 31, it said.
Allianz executed a total of €13.5 billion of buybacks since February 2017, including the shares already repurchased in 2024. Baete also raised the regular dividend payout ratio this year.
Allianz has a good organic capital generation, with a “substantial surplus to fund growth and for buybacks,” analyst Michael Huttner at Hamburg-based Berenberg said in a note published last month.
Allianz aims to generate an operating profit of between €13.8 billion and €15.8 billion this year, compared to €14.7 billion in 2023. It is scheduled to announce second-quarter earnings on Thursday.
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