C _ Group Management Report Capital Markets Day 2021) to approximately € 251 by 2024 (reflecting − Building on a strong customer base, we have a close customer a compound annual growth rate of 5 % to 7 %). understanding upon which we are building global loyalty To ensure the sustainability of our performance, we have set leadership. ourselves non-financial targets that reflect strong underlying − In fast-growing regions, including Asia-Pacific, we are well organizational health: For customer loyalty, our ambition is for more positioned to capture growth opportunities from increasing than 50 % of the business segments of our entities to be or become customer demand for Health & Protection and Asset Management rated by their customers as a “loyalty leader” in terms of the digital Net products and services. Promoter Score (dNPS). In terms of employee engagement, our − Building on our strong footprint in Europe, we aim to profit from ambition is to score above 75 % on the Inclusive Meritocracy Index. At ongoing consolidations. the same time, we have also set the target to become a clear leader in sustainability and diversity. In a continuously evolving market where the demands of customers constantly change, our knowledge of the industry and our expertise in Our business strategy product development and risk management offers us great To implement these strategic objectives, we continue to drive initiatives opportunities to create timely customer-focused solutions. For further addressing the five dimensions of our Renewal Agenda: Customer details on opportunities envisaged by the Allianz Group in the various Centricity, Digital by Default, Technical Excellence, Growth Engines segments, please refer to Outlook 2022. and Inclusive Meritocracy. To realize our growth ambition and accelerate our value creation, we have defined five additional strategic areas of focus: Supervisory Board and Board of Management − Transforming the Life/Health and Asset Management franchise: Allianz Group’s approach to risk governance permits integrated Fully address protection and savings needs and accelerate management of local and global risks and ensures that our risk transformation to a capital efficient model, both leveraging our profile remains consistent with both our risk strategy and our capacity strengths in Asset Management. to bear risks. − Expanding our Property & Casualty leadership position: Beat the Within our risk governance system, the Supervisory Board and best players in each market, building on productivity gains and Board of Management of Allianz SE have both Allianz SE and group- scale, in retail motor and beyond. wide responsibilities. The Board of Management formulates business − Boosting growth through scalable platforms: Scale our customer- objectives and a corresponding risk strategy; the core elements of the facing platforms and build new operating platforms to grow our risk framework are set out in the Allianz Group Risk Policy and business volume and margin. approved by the Board of Management. The Supervisory Board − Deepening the global vertical integration and execution of advises, challenges, and supervises the Board of Management in the agility: Verticalize operating models across lines of business to execution of its management activities. The following committees unleash value from our skills and scale. support the Board and the Supervisory Board on risk issues: − Reinforcing capital productivity and resilience: Retain industry- leading financial strength and unlock further value creation Supervisory Board Risk Committee potential through an improved risk/return profile and an active The Supervisory Board Risk Committee reports to the Supervisory management and reduction of tail risk exposure. Our focus on Board, where the information and the findings are discussed with the capital resilience is matched with a focus on talent development Board of Management. It monitors the effectiveness of the Allianz risk and diversity that also strengthens our organizational resilience. management framework. Furthermore, it focuses on risk-related developments as well as general risks and specific risk exposures and Allianz SE’s Board of Management has also defined a strategy for the ensures that the business strategy is aligned with the risk strategy. management of risks. This risk strategy places particular emphasis on For more information, please refer to the paragraph “Risk ensuring the integrity of the Allianz brand and reputation, remaining Committee” in the Supervisory Board Report. solvent even in the event of extremely adverse scenarios, maintaining sufficient liquidity to meet financial obligations, and providing resilient Group Finance and Risk Committee profitability. The Group Finance and Risk Committee (GFRC) provides oversight of the Group’s and Allianz SE’s risk management framework, acting as a Opportunities primary early-warning function by monitoring the Allianz Group’s and Our financial strength renders us resilient against market stress, and Allianz SE’s risk profiles as well as the availability of capital. The GFRC our ongoing transformation creates capabilities allowing us to profit also ensures that an adequate relationship between return and risk is from new opportunities in a fast-changing business environment. For maintained. Additionally, the GFRC defines risk standards, is the limit- example: setting authority within the framework set by the Board of Management, and approves major financing and capital − We are continuously simplifying our products and processes, management transactions. Finally, the GFRC supports the Board of harmonizing them across our businesses to consequently exploit Management with recommendations regarding the capital structure, economies of scale. 1_Mid-point of our EPS target range. 98 Annual Report 2021 − Allianz Group