BERLIN (Reuters) – Allianz raised its targets for shareholder returns for 2022-24 on Friday, aiming for 5-7% annual growth in earnings per share, as well as rolling out a new dividend policy.

The company also said it was aiming for a minimum 13% return-on-equity (RoE).

In its three-year strategy outlook, Allianz said efficient capital management was an essential component to meeting the goal.

The company said it expects to generate 12 billion euros ($13.55 billion) of excess capital through its operational plans.

Beginning retrospectively with fiscal year 2021, Allianz will also offer a dividend per share that is the higher of a 50% payout ratio or a 5% increase from the preceding year’s dividend.

($1 = 0.8857 euros)

(Reporting by Miranda Murray; Editing by Paul Carrel)