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

120 jobs
Number of planned job losses
Job loss
Announcement Date
2 March 2017
Employment effect (start)
2 March 2017
Foreseen end date
31 December 2018


On 2 March 2017, industrial insurer Allianz Global Corporate & Speciality (AGCS) announced to cut about 120 jobs in Germany by the end of 2018. AGCS is a subsidiary of the insurance provider Allianz and specialises in insuring large companies worldwide. The industrial insurer is suffering due to low interest rates and tough competition. The 120 job cuts are part of a wider restructuring programme which will affect 500 jobs worldwide.

The management explained that some processes will become digitalised. Other routine jobs will be transferred to India, Romania and China.

AGCS employs about 1,200 staff in Germany and about 5,000 worldwide.


  • 2 March 2017: Süddeutsche Zeitung (Print)
  • 2 March 2017: fondsprofessionell.de


Eurofound (2017), Allianz Global Corporate & Specialty, Internal restructuring in Germany, factsheet number 90490, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/90490.