Allianz Plans to Buy Back as Much as €2 Billion in Shares

Allianz SE, the German insurer that owns bond giant Pacific Investment Management Co., announced a new share-buyback program as Chief Executive Officer Oliver Baete continues to return excess cash to investors.

Allianz will repurchase as much as €2 billion ($2.1 billion) in shares, it said in a statement from Munich on Thursday. The latest repurchases add to €14 billion in buybacks the company has conducted since early 2017.

Baete, who took the helm at Allianz about a decade ago, has made returning money to investors a priority. In December, he committed to a higher profit payout ratio. The ...