Allianz SE (AZSEY) shares rose to the highest in more than a year after Europe's largest insurance company said it would launch its first-ever share buyback and boost its annual dividend after better-than-expected full year earnings.

Allianz said it would buyback €3 billion ($3.2 billion) in shares and increase its dividend by 4.1% to €7.60 per share after it posted a 23% increase in fourth quarter net profit and said its full-year figure came in at a forecast-beating €6.9 billion.