EUROPE – Germany’s Allianz says it is targeting retirement provision and that it expects pension assets in Europe to more than double in the next 10 years.

“During the next ten years, pension assets in the EU will more than double to around €16,000bn,” chief executive Michael Diekmann said, citing the potential growth as a reason for Allianz’s focus on retirement markets.

“We are where the market is growing,” Diekmann said in an interview on the Allianz website to accompany first-half figures today.

“I mean not only the typical growth markets like Asia and Central/Eastern Europe. Most importantly, we're in the markets for retirement provision in Europe and North America.”

“More than 200 million people in our European core markets and the US haven't yet made adequate provision for their retirement.

“Anyone who is under 60 now has two alternatives: Either they make provision for their retirement, or later they will have to significantly cut back on their standard of living.”

Allianz’s asset management operations had net inflows of €32bn in the first half, taking third-party assets under management up 17.6% to €688bn.

The segment reported a net income of €76m, from a net loss of €998m a year before.