The total remuneration for Bàte, who has led the Munich-based insurance giant for over a decade, amounted to 11.61 million euros (2024: 10.23 million) including pension costs, according to the annual report published on Friday. This is expected to push the 61-year-old further up the rankings of the highest-paid CEOs in Germany. Based on currently available data, SAP CEO Christian Klein remains number one in 2025 with 16.24 million euros, while Siemens CEO Roland Busch earned 12.33 million euros in the 2024/25 fiscal year (ending in September).
In the past year, Bàte benefited not only from rising profits but also from the payout of a tranche of long-term bonuses granted to him in 2020. These totaled 5.9 million euros (2024: 4.55 million).
The Allianz supervisory board gave Bàte a positive performance review in the remuneration report: "Financial results significantly exceeded targets despite ongoing macroeconomic volatility and a substantial weakness of the US dollar compared to the plan and the previous year," it stated. "Bàte's clear focus on profitable customer growth was complemented by outstanding customer satisfaction scores, the strengthening of the brand to record levels, and excellent employee engagement scores."
(Report by Alexander Hübner, edited by Ralf Banser. For inquiries, please contact our editorial office at berlin.newsroom@thomsonreuters.com (for politics and economics) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)
