Allianz SE extended the contract of CEO Oliver Bäte an additional five years, through September 2024.

Bäte has been in charge of Allianz for about four years, and his original contract had been set to expire at the end of September 2019.

The German insurer, in a brief statement, credited Bäte’s solid leadership for leading to the contract extension.

“Under [Bäte’s] leadership, Allianz has developed extremely well over the past three years. The supervisory board is convinced that he is the right chairman of the board of management [CEO] for the challenges ahead,” Michael Diekmann, chairman of the supervisory board, said in prepared remarks.

Bäte also issued a prepared statement, noting that he was pleased that the company has trusted his leadership.

“It confirms that the path we have taken and our strategic approach are right,’ Bäte said. “Together with my colleagues, I will continue to do everything I can to ensure that Allianz stays successful in the future.”

Earlier in November, Allianz said it is aiming for full-year operating profit of nearly $13 billion, which would reach the upper half of its 2018 profit target range.

The board of management is slated to present a strategy update to the public on Nov. 30, 2018.

Source: Allianz