Economy 2013: Allianz CFO hints M&A may be path to growth
Thursday, February 21, 2013 - 05:16
Feb. 21 - The CFO of Allianz explains why weak economic growth in core European countries could be the perfect opportunity to consolidate market position and seek out acquisition targets.
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Is John -- expects -- -- crisis to update in 2013 off the beaten forecasts in 2012 and sticking to its dividend. Chief financial of sudden dates have been on joins -- on the line from Munich. It's not add to profit was up -- fairly optimistic on that economic picture on 2013. So why did you raise your dividend like -- PO. Accept. Well I. Thank you for the question Jamie -- yet we doubled outlook net income to -- -- two billion. And we. Sticking to a policy of -- to the sentence they -- show. And I think that is also quote. Along main competitor I do -- I mean some people might say the cynics may say that you don't want to raise a dividend because you don't want to some point have to cuts in the future I mean look what happens Odyssey yesterday. Well I think we've. Net and the pay -- -- level. Today and said I think support percent is that -- scarlet and sustainable number. And as as a company who is. About it much focused on the long term interest of cut the muscle and invest because. We understand that we have to do it is long term sustainable -- tons 20 spot. OK and on the theme of sustainable bets on what about managers and acquisitions them last year you picked if you -- it's about -- a move for province and Al. Will will look a bit fixed this yet. Well we we never commenting on any annual ball. What we did acquire all the business and on. Out of school Obama took things from my outlook the PNC position and in -- in particular and the poked canto. And it. Certainly believe we will IE on the other acquisition opportunities also -- so the circuit and it did help us to expand on. Kong market positions to even caught up on. That we will certainly do to. I'm if I'm if those. Potential deals are owned a home tough and Germany. Is that a sign that you're not particularly confident about growth prospects and Germany without the help all of that emanate. Well I I I would see it differently I think we all know that that -- market and you'll. Outgoing school face off to a weak economic gross. And -- economic -- means. That the market at auction is not going but fought and trust company which had the -- market position. I think that it's OK I think calls possible. And I think also that is basically -- main focus of the gaping -- market position. I think mutual goal of -- but that they want them to be a pillar of betting. -- -- Okay just to finish up -- I mean your chief executive said today that will bond yields will remain perhaps the biggest challenge you face and 2013. How are we going to overcome that. Well that is absolutely whom that is the challenge for the Hogan -- -- yen to ship. All of competitor heck of -- find it ought not so. A lot. That you will focus in PNC on the underwriting clip though. And in life and we -- changing the Kodak makes but more important. Leon has been -- -- -- -- them -- you can buy a month. Which is a -- main asset management business. But can call and IBM global -- that we are about to pick and collapses. At the medics are openly with 1800. Billion US without a management. And and the commanders called back like cut in 2012. Well we -- hoping it continues to open looking. Okay Dixon thank you very much thought was -- -- see a full Dixon Vanna. I'm Jamie McGinn but this -- Reuters.
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