Low interest rates have forced Allianz to focus on technology, people and distribution, according to Board of Management Chairman Michael Diekmann.

“Investment results will continue to be below the levels we have become accustomed to,” he said in the company’s latest annual report. “It is now more important than ever to continuously increase our operating strengths.

“For us, this means an ongoing focus on smart investments in technology, people and distribution, as well as continuing to outperform our competitors when it comes to selecting and pricing risk.”

Allianz will concentrate on operational decisions and their quick execution – for example, digitalising the business.

“Digitalisation will be the key issue for years to come, both in terms of how we operate our business and how we interact with our clients,” Mr Diekmann said. “Our goal for the coming years is profitable and sustainable growth.”

Mr Diekmann predicts an operating profit of about €9.2 billion ($11.4 billion) this calendar year.