Allianz Will Overhaul Property Insurance Unit, Handelsblatt Says

Allianz SE seeks to return its property insurance business to profit by cutting jobs and offering new products, Handelsblatt reported, citing an interview with Markus Riess, who heads Allianz’s German unit.

The company plans to cut 400 of its 2,200 staff and increase property insurance sales by 550 million euros ($733 million) to 9.5 billion euros by 2014, Riess told the newspaper.

To contact the reporter on this story: Stefan Nicola in Berlin at snicola2@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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