Changes in local market dynamics and the need to continually evolve in a highly competitive environment are the key drivers behind Allianz’s proposal to close its offices in Woking and Luton.
Allianz constantly reviews the effectiveness of its business structures and from time to time makes changes driven by the need to compete efficiently and deliver a sustainable service to customers and brokers. The recent office move in Newcastle is an example of the business taking a positive proactive step to meet local demand.
Employees in both offices have been briefed and the business will now enter a 45 day collective consultation process to discuss the proposals. It is anticipated that 49 employees in Woking and 48 employees in Luton will be put at risk of redundancy. However, the proposals also include the creation of 75 new roles across different Allianz locations so redeploying as many people as possible will be a key objective, should these proposals go ahead.
"I cannot stress strongly enough that Allianz remains fully committed to its strategy of providing a quality service to brokers where we are central to a sustainable local market."
Simon McGinn, General Manager, Commercial & Personal, Allianz Insurance plc
Woking also has a small Credit Management Team which will transfer the short distance to be with other finance colleagues in the Guildford Head Office.
Simon McGinn, general manager, Commercial & Personal said:
"These proposals will bring a short period of uncertainty to the people in these locations during which we will do everything we can to support them. This proposal is not in any way a reflection on my colleagues working at Woking and Luton or the business results they have achieved, but is a necessary decision as part of our focus on efficient transformation."
Should the proposal go ahead, the two locations will close on 30 September and the brokers will be serviced by offices in London, Chelmsford, Birmingham, Maidstone and Southampton.
Simon added:
"I cannot stress strongly enough that Allianz remains fully committed to its strategy of providing a quality service to brokers where we are central to a sustainable local market. We have communicated the proposal to brokers and made it clear that should it go ahead, we have robust plans in place to maintain the high levels of service they have come to expect from Allianz."
The information contained in this press release relates to Allianz Insurance plc. Allianz Insurance plc is one of the largest general insurers in the UK and part of the Allianz Group.
About Allianz Holdings plc
Allianz Holdings plc is the non-regulated holding company which owns the principal insurance operations of Allianz SE in Great Britain.
About Allianz
The Allianz Group is one of the world's leading insurers and asset managers with more than 100 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing 790 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 1.7 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are amongst the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2021, over 150,000 employees achieved total revenues of 148.5 billion euros and an operating profit of 13.4 billion euros for the group.
These assessments are, as always, subject to the disclaimer provided below.
Cautionary note regarding forward-looking statements
This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz Group's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates, most notably the EUR/USD exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions including and related integration issues and reorganization measures, and (xi) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
No duty to update
The Allianz Group assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.
*Including non-consolidated entities with Allianz customers.
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