Michael Diekmann


Michael Diekmann is a German manager who was the CEO of Allianz from 2003 to 2015.

Early life and education

Diekmann knew early that the family construction business would go to his twin brother, who was more interested in engineering. Instead, he earned his degree from Goettingen University, where he studied law and philosophy.

Career

Diekmann began his career with Allianz in 1988 after becoming frustrated with his own business, a publishing house that focused on travel guides. During his career, he later worked in Australia and the United States, where he successfully revamped the Fireman's Fund Insurance Company, the Allianz subsidiary there. In 1996, he moved to Singapore to run Allianz's Asia-Pacific business front.
As CEO, Diekmann steered Allianz through a difficult period at the start of the century, moving it from a low point in profitability to a bumper year in 2013 with an operating profit of €10.1 billion. Under his leadership, the insurer also converted its legal form, then Aktiengesellschaft, or German joint-stock company, to Societas Europaea in 2006. By 2014, Allianz had grown to become the world’s second-biggest investor after BlackRock. That same year, Diekmann weathered a hailstorm of criticism about the sagging performance at the firm’s asset manager, Pimco.
Diekmann's total compensation from 2010 was around one hundred and five million Euros.
In late 2014, it was announced that Diekmann, would step down the following year after he turned 60, which is traditionally the age limit for board members at Allianz. At the time, investors widely expected him to stay in his role for a further one to two years.

Other activities

Corporate boards