Allianz SE today has resolved on a new share buy-back program. The volume of such new program will amount to up to 1 billion euros. The program shall start in early March 2024 and be finalized by December 31, 2024, at the latest. Allianz SE will cancel all repurchased shares.
Allianz SE today further decided on the amendment of the dividend policy:
Allianz SE strives to offer attractive dividends to its shareholders. The framework for this is determined by our net income and the need for an adequate capitalization.
The regular pay-out is increased from 50 % to 60 % of Allianz Group net income (attributable to shareholders), adjusted for extraordinary and volatile items, e.g. amortization of intangible assets from business combinations, interest expenses from RT1 bonds, gains and losses from sale of operations, and non-operating market movements.
In the interest of an attractive dividend policy, the further objective is to pay a dividend per share of at least the amount of the previous year.
The dividend policy is subject to a sustainable Solvency II capitalization ratio of above 150 % (excluding transitional measures).
The amended dividend policy shall already apply to the dividend for the fiscal year 2023. The Management Board therefore proposes to increase the dividend from Euro 11.40 (previous financial year) to Euro 13.80 for the fiscal year 2023 per share entitled to a dividend.
Please note: This dividend policy represents the current intention of the Board of Management and the Supervisory Board and may be revised in the future. Also, the dividend payment in any given year is subject to specific dividend proposals by the Board of Management and the Supervisory Board, each of which may elect to deviate from this dividend policy if appropriate under the then prevailing circumstances, as well as to the decision of the Annual General Meeting.