Allianz Partners to cut up to 1,800 jobs as AI adoption accelerates

Allianz Partners is readying to trim its workforce by 1,500–1,800 positions arsenic the German insurer's concern expands its usage of AI, Bloomberg reported.

The reductions volition span aggregate European countries and are acceptable to beryllium implemented done severance packages, aboriginal status schemes and different voluntary arrangements, according to Allianz Partners CEO Tomas Kunzmann, who addressed the substance astatine an lawsuit successful Munich, Germany.

Voluntary departure schemes person been rolled retired successful Spain, France, Germany, Italy and the Benelux region.

Allianz Partners, which has a headcount exceeding 22,000, antecedently indicated that workforce numbers could beryllium influenced by its AI-led transformation, pointing to the exertion arsenic a contributing origin to the reductions.

"Over the past six months, we person negotiated with our colleagues connected the works councils," Kunzmann said.

Worries implicit the effect of AI connected jobs are mounting arsenic important superior continues to travel into the sector.

Bloomberg Economics projects that 27% of employees successful developed economies could look important disruption from AI.

Ergo, the superior security limb of Munich Re, is targeting astir 1,000 occupation losses successful Germany, with AI enlargement cited arsenic a contributing driver, the study added.

The reductions astatine Allianz Partners reflector a wider inclination among insurers crossed Europe adjusting their operations successful airy of increasing AI use, with Kunzmann stating that unit affected by the changes would beryllium treated reasonably arsenic the process unfolds.

Its genitor company, Allianz, separately reported successful May that shareholders' halfway nett income reached €3.8bn ($4.34bn) successful the archetypal 4th of 2026, climbing from €2.6bn successful the aforesaid play past twelvemonth – a emergence of 48.4%.

Stripping retired the effect of the disposal of stakes successful its Indian associated ventures on with different offsetting factors, halfway nett income roseate by 7%, a displacement chiefly attributed to stronger operating profit.

"Allianz Partners to chopped up to 1,800 jobs arsenic AI adoption accelerates" was primitively created and published by Life Insurance International, a GlobalData owned brand.