Allianz CEO Oliver Bäte Sees Significant Increase in Remuneration
Allianz, Germany’s largest insurer, has announced an increase in the remuneration of its CEO, Oliver Bäte. The recent Allianz Group’s annual report reveals that his total compensation for 2024 has risen to just under 10.23 million euros, up from 7.47 million euros in the previous year, marking a significant 36.9% increase.
Supervisory Board’s Praise:
- The Allianz Supervisory Board has given Oliver Bäte an excellent evaluation, acknowledging his leadership in achieving record results.
- The annual bonus is partly determined by the achievement of Group targets, assessed through the individual contribution factor (IBF). This year, Bäte’s IBF is 1.17, slightly above the other Executive Board members, who have an IBF ranging from 1.15 to 1.16.
Executive Board’s Record Performance:
“As Chairman of the Executive Board, Oliver Bäte, together with the Board, has steered the company to record results,” the Supervisory Board praised. The company’s strong performance amid challenging economic conditions is credited to Bäte’s focus on brand strength, customer, and employee satisfaction. During the Capital Markets Day, he presented a compelling update of the corporate strategy for 2025-2027.
Components of Remuneration:
The annual remuneration of Allianz’s Executive Board members is composed of multiple elements, often extending over several years. These include:
- Basic Salary: In 2025, Bäte’s basic remuneration was 2.007 million euros, comprising 19.6% of his total compensation.
- Annual Bonus: For the past financial year, Bäte received a short-term bonus of 2.30 million euros, with an additional 271,000 euros thanks to the recent record results.
- Long-Term Incentive (LTI): This share-based compensation focuses on long-term targets and sustainable value creation, amounting to 4.850 million euros for Bäte, up from 2.283 million euros the previous year.
- Pension Expenses: Allianz has allocated 1.065 million euros for Bäte’s company pension, listed under “pension expenses,” along with 5,000 euros in fringe benefits.
The performance-related remuneration aims to balance short-term achievements with long-term success and sustainable value creation. Strategic sustainability targets, reviewed every four years, are also considered in this evaluation.
