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

500 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 a workforce reduction by up to 10% by the end of 2018. AGCS employs 5,000 people worldwide and the restructuring programme will affect 500 jobs, 120 of which in Germany. France, the UK and the US will also be potentially affected by the internal restructuring plan. The management clarified that whenever possible they will propose voluntary leave programmes, early retirement or other measures. Job reductions are due to the low interest rates and tough competition. While some processes will be digitalised, routine jobs will be relocated to India, Romania and China. 


  • 2 March 2017: insurance business
  • 2 March 2017: fondsprofessionell.de


Eurofound (2017), Allianz , Internal restructuring in World, factsheet number 90501, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/90501.