How have the concerns of investors and analysts changed since the outbreak of the financial crisis?
At the beginning of the euro crisis the big focus was on Allianz's exposure to government bonds from peripheral countries – mainly meaning southern European countries. Eventually the question came up as to whether we could withstand a complete collapse of the euro. Since then, this discussion among investors has morphed into the uncertainty related to the effects of historically low interest rates which are of course a consequence of the euro crisis. Insurance is not alone in being affected by this; asset management is too. So within this context, we are currently in the midst of extensive discussions with investors regarding both our investment and our product strategy.
What roles do Investor Relations and top management now play in the dialog with investors?
An intensive dialog with our capital providers is absolutely critical since creating the trust necessary for long-term partnerships is only possible by means of regular personal discussions. We confront critical issues with the greatest possible transparency and by providing information quickly, something our investors appreciate. This means, for example, that in 2013 we traveled on more than 50 days in order to meet our investors. In addition to this, we have quarterly telephone conferences and, of course, we communicate by phone with our investors on a daily basis.
Stock exchange prices reflect expectations for the future. How do you manage expectations? And how do you avoid disappointment?
Transparency, credibility and consistency are the most important components of successful capital market communication. We can't see into the future but we can communicate a status quo in a clear and forthright manner. This applies in good times but also in not so good times. Because of this, as the economic environment and our ongoing business develop, expectations adjust automatically.
