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Note: For Allianz's Dr Paul Achleitner, head of the finance division of Allianz, whose CFO Oliver Bate was ranked Europe's best by buy-side analysts in Institutional Investor's 2011 All-Europe Executive Team, financial history is divided into BC, or before the crisis, and AD, or after de-leveraging. The German insurance company was one of the big winners this year, also picking up awards in investor relations.
On an exceptionally sunny, mid-March afternoon, Dr. Paul Achleitner draws the shades draped over the back window of his corner office, overlooking Munich's stately English Gardens. "The only thing I want you to be blinded by is me," the Allianz finance manager says dryly.
Achleitner, a former Goldman Sachs partner who joined the German insurance and asset management giant as a member of the management board 12 years ago is, indeed, illuminated. He has a twinkle in his eye and a wears a mischievous smile, clearly pleased by the company's stellar 2010 performance. Revenues at Munich-based Allianz peaked at [Euro]106.5 billion, up 9.3 percent from the year prior; net income rose 12 percent, jumping to [Euro]5.2 billion; and shareholders' equity grew 10.9 percent to [Euro]44.5 billion, prompting a proposed dividend of [Euro]4.5 per-share - and a first place finance buy-side award for the company's official CFO, Oliver Bate, in Institutional Investor's All Europe Exeuctive Team rankings.
Achleitner attributes the profitable results to a stable business model that takes a long-view of markets. "We have had a consistent AA stable outlook [by credit rating agencies Moody's and A.M. Best since 2003, and by S&P since 2007] and this was...