GERMANY – Allianz’s top executive says the group will be “entrepreneurial” in taking advantage of the ageing society.

Management board chairman Michael Diekmann said: “We are in an excellent position to take an entrepreneurial approach to the consequences of an ageing society and turn it to the benefit of our shareholders.”

He told the insurer’s annual general meeting that it is working on a “new generation” of annuities.

“We’re working on a new generation of annuity insurance products which are intended to supplement directly the statutory pension insurance within the scope provided by the Law on Taxation of Pensions and Annuities (Alterseinkuenftegesetz).”

“We’re now preparing for the transformation of the growth market in pension provision,” Diekmann added.

He added that Allianz’s asset management segment’s operating result has risen by 238 million euros to 733 million euros in 2003. The unit, which includes Allianz Dresdner Asset Management and US-based PIMCO, had net inflows of 25 billion euros in 2003.

In the first quarter of 2004, asset management had net inflow of nearly 10 billion euros. “The operating result and the net income for the quarter improved by approximately one third,” Dieckmann said.