German financial services major Allianz said that it will buy back up to €1 billion ($1.08 billion) of shares from March 2024.
The buy-back program will be finalized by December 31, 2024, at the latest, Allianz said in a Thursday statement.
Allianz said it also decided on the amendment of its dividend policy. The regular pay-out is increased from 50% to 60% of Allianz Group net income attributable to shareholders, adjusted for extraordinary and volatile items.
The company's board proposes to increase the dividend to €13.80 per share for the fiscal year 2023 from €11.40 per share paid in the previous financial year, Allianz said.
