(Bloomberg) — Allianz SE, Europe's biggest insurer, said its two most senior executives responsible for the company's asset management and investments businesses will leave.
Jay Ralph will step down at the end of June, while Maximilian Zimmerer won't extend his contract when it expires at the end of the year, the company said in a statement on Thursday. Both management board members are 57 years old.
Insurers and asset managers are grappling with record low interest rates and stricter regulatory capital requirements. Oliver Baete, who took over as chief executive officer of Allianz in May, also faces a slowdown in the insurer's main markets and increased use of digital technology which he says is both a disruption and an opportunity for insurers.
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