On Lookout: Allianz plans acquisitions in eurozone

FRANKFURT:  

Allianz set aside €2.5 billion to 3 billion for acquisitions in the euro zone this year and will use the funds to buy back shares if no takeover targets are found, Chief Financial Officer Dieter Wemmer told Boersen-Zeitung. “Allianz would like to strengthen its footprint in Spain and France,” Wemmer said, adding that there were no obvious takeover targets currently available. In addition to seeking takeovers, Allianz wants to improve its combined ratio, which is expected to remain flat this year. “The insurer’s operating performance could be improved by overhauling businesses such as the company’s operations in South America,”Wemmer said. Asked whether Britain’s decision to leave the EU would have an impact on Allianz AG’s business there, Wemmer said there would be consequences if economic activity slows down.

Published in The Express Tribune, July 17^th, 2016.

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