Allianz SE has announced significant changes that are being made to its divisional setup from the beginning of 2023.
The company has announced that the changes are being prompted by the readiness of the Allianz Customer Model (ACM) concept to be implemented directly within the respective global product and segment owners across the Group:
Firstly, Allianz’s businesses in Latin America, Portugal and Spain will be added to the portfolio of Christopher Townsend. He will then continue to hold end-to-end responsibility for the commercial business of Allianz, leading its globalization and margin expansion efforts as part of Allianz’s enterprise strategy, and will assume oversight of the ACM concept related to P&C Commercial.
At the same time, his portfolio will continue to comprise AGCS, Allianz Trade, Allianz Re, and the businesses in the UK and Ireland as well as MENA and Africa.
Secondly, Allianz SE has announced that the ACM for P&C Retail will be integrated to P&C for Retail & SME, the division led by Klaus-Peter Röhler, who will continue to lead the flagship businesses in Germany, including APKV, Allianz Versicherung, Allianz Leben, and ABV, as well as the businesses in Switzerland and Central & Eastern Europe.
Allianz’s Center of Competence Life, including its corresponding ACM concept, and Allianz Global Life (Ireland) will become part of the division led by Andreas Wimmer.
Allianz X will also become part of this division, reflecting the interest of unaffiliated clients in co-investing in Allianz X-sourced opportunities.
The ACM and Center of Competence for Global Health will be part of the division led by Günther Thallinger, who will continue to lead Allianz Investment Management, Group Economic Research, Global Sustainability and Retire +.
Furthermore, as the term of Sergio Balbinot is set to end December 31, 2022, Allianz’s businesses in Southeast Asia, India, China, and Australia will move to the leadership of Renate Wagner, who will focus on high-value growth. Allianz SE has also confirmed that she will also retain responsibility for Human Resources and M&A.
In addition, because the Allianz Customer Model has reached a phase of maturity where it can be integrated fully into the Group, the Allianz SE Supervisory Board has also agreed to dissolve the H10 division led by Ivan de la Sota.
Therefore, de la Sota’s mandate will end as of December 31, 2022 and the employees of the division will be redeployed to their original functions and supported in their career paths.
Together with the previously announced retirement of Sergio Balbinot, the Allianz SE Board of Management will be streamlined from eleven to nine members.
Oliver Bäte, Chairman of the Board of Management of Allianz SE, said: “The changes announced today serve to simplify our organizational structure and enable us to accelerate the delivery of our strategic priorities as well as strengthen the impact of our safeguarding function. I would like to extend my sincere thanks to Ivan de la Sota for his selfless service to Allianz, and for leading some of our most important initiatives during his distinguished career of more than three decades.
“In addition, I would like to express my appreciation to Sergio Balbinot for his outstanding contributions to Allianz Group and his continued support in building our businesses in India, Asia-Pacific and Greece. Sergio will continue to serve Allianz through his representation on critical international boards.”