Allianz is looking to the “undervalued” US market as a potential growth source for shareholders following the German insurer’s decision to sell Dresdner Bank, according to its chief executive, Michael Diekmann.

Mr Diekmann said: “I don’t think you can reach satisfactory growth numbers if you are not a substantial player in the US . . . From a currency point of view, and from what I see of some of our competitors in the US, this is not a bad time to look at the US market.”