Last year's net outflows of customer money will also burden results in 2015, Diekmann said in the text of a speech to shareholders at Europe's largest insurer.

"But more important is that we have the right set up for the future and are not dependent on individuals," Diekmann said.

Allianz earlier on Wednesday posted a strong rise in first quarter profit and said it was confident of reaching its earnings target in 2015.

(Reporting by Kathrin Jones; Writing by Jonathan Gould; Editing by Maria Sheahan)