Michael Diekmann

Michael Diekmann (born December 23, 1954) is a German manager who served as the CEO of Allianz in between 2003 and 2015.

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.

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.

Under his leadership, the insurer also converted its legal form, then Aktiengesellschaft, or German joint-stock company, to Societas Europaea (SE) in 2006.

Diekmann's total compensation from 2010 was around one hundred and five million Euros.

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.

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.

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.