Allianz Sets Target of Returning 75% of Income to Shareholders

Allianz SE, the German insurer that owns bond giant Pacific Investment Management Co., committed to a higher profit payout ratio as Chief Executive Officer Oliver Baete returns more excess cash to shareholders.

The firm aims to pay out on average at least 75% of net income attributable to shareholders through dividends and share buybacks over the next three years, it said in a statement Monday. Previously, Allianz had a target of returning 60% of profit through dividends, which will be maintained.

Baete, who took the helm at Allianz about a decade ago, has made returning money to investors ...