Allianz (ALVG.DE) is planning to cut 700 jobs in Germany over the next three years, Sueddeutsche Zeitung reported on Friday, citing company sources.
The cuts are part of a cost-reduction program involving a total of almost 1,300 job reductions, some of which have already happened through early retirement, the newspaper said.
Allianz wasn't immediately available for comment.
The insurer is also aiming to merge facilities in its operations and claims divisions by the end of 2020, the daily newspaper reported, without giving further details.
Management has said disruptions caused by digitization have forced the job cuts, a view disputed by many employees who say the insurer's leadership is just trying to maximize profits, Sueddeutsche Zeitung said.