Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security
65.1 - Insurance

700 jobs
Number of planned job losses
Job loss
Announcement Date
1 July 2020
Employment effect (start)
Foreseen end date


Industrial insurance company Allianz Global Corporate & Specialty [AGCS] is reported to cut around 700 jobs in Germany (exact locations so far unknown). The new company CEO  has announced a comprehensive internal restructuring programme ["new AGCS"] with the aim of creating a "simplified regional organization, leaner processes and reduced complexity to reduce costs". The company has run deficits during recent years and the financial situation did not improve during the COVID-19 pandemic. The company stated that its goal was to return to profitability by 2024 and therefore restructuring was needed. One in five management jobs will be affected by the cuts which are intended to generate savings of 200m euro by 2024.

A timeframe for the job cuts to be realised was not yet announced.



Eurofound (2020), Allianz Global Corporate & Specialty, Internal restructuring in Germany, factsheet number 101215, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101215.