Allianz Sets New Targets, Agrees on U.S. Reinsurance Deal (2)

Allianz SE raised its medium-term targets and moved to free up capital, as it seeks to win back investors in the wake of a potentially costly implosion of a suite of hedge funds it runs in the U.S.

The insurer vowed to increase annual profit per share by 5% to 7% over the next three years and plans to raise the dividend by at least 5% annually. It also entered into a reinsurance deal that will free up 3.6 billion euros ($4.1 billion) in capital, confirming an earlier Bloomberg report. The transaction is the first in a series of ...