(Bloomberg) -- Allianz SE, Europe’s largest insurer, aims to generate an additional 6.5 billion euros ($6.9 billion) in annual premiums as the company focuses on its most profitable businesses.

Allianz wants to achieve annual earnings per share growth of 5 percent on average from 2016 to 2018, the insurer said in a statement on Tuesday. The Munich-based company is also targeting a return on equity of 13 percent, adjusted to exclude unrealized capital gains on bonds and other items, by 2018.

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