By Anthony Shevlin

Allianz SE (ALV.XE) said Friday that its supervisory board has extended Chief Executive Oliver Bate's contract until Sept. 2024.

The German insurer said Mr. Bate's original contract was due to expire at the end of Sept. 2019 and noted the company has developed "extremely well" over the past three years under his leadership.

"The supervisory board is convinced that he is the right chairman of the board of management for the challenges ahead," said Michael Diekmann, chairman of the supervisory board.

Allianz's board of management will present a strategy update on Nov. 30.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com; @anthony_shevlin

(END) Dow Jones Newswires

November 23, 2018 02:57 ET (07:57 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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