FRANKFURT--Allianz SE (ALV.XE), Europe's biggest insurer by market value, said Tuesday it has placed a EUR1.5 billion ($1.63 billion) subordinated bond with institutional investors in Europe.

The bond, with a 2.241% fixed annual coupon, has a 30-year maturity but will allow Allianz to call it from 2025 onward. After 2025, bondholders will receive a floating coupon. The bond will be listed on the Luxembourg Stock Exchange. Settlement is scheduled for April 9, 2015.

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

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