By Ulrike Dauer

FRANKFURT--Germany's Allianz SE (ALV.XE) on Tuesday announced three-year targets aimed at accelerating earnings growth and profitability, strengthen resilience and create scale in important markets.

Europe's biggest insurer by market value will elaborate on strategic initiatives to help reach those targets at its Capital Markets Day later Tuesday, its first broad investor presentation since Oliver Baete became chief executive in May.

Specifically, it targets on average 5% earnings-per-share growth annually in the three years 2016 through 2018. By 2018, the group wants to have a return on equity of 13%. That figure is adjusted to exclude unrealized capital gains and losses on bonds and other items.

The group also seeks 1 billion euros ($1.06 billion) in recurring, annual productivity gains by 2018, in part by implementing digital processes globally. Those gains will be reinvested in technology, human resources and growth.

Allianz is Europe's biggest primary insurer with property/casualty and life/health insurance businesses and asset management. It also owns Pacific Investment Management Company LLC, or Pimco, one of the biggest bond fund managers.

The group also plans to manage its balance sheet to improve capital efficiency and resilience.

For 2015, Allianz is on track for the upper end of the EUR10 billion to EUR10.8 billion target range for operating profit, the company said earlier this month.

-Write to Ulrike Dauer at ulrike.dauer@wsj.com

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(END) Dow Jones Newswires

November 24, 2015 03:35 ET (08:35 GMT)