On Friday, Generali said it will streamline its German footprint by shrinking certain locations and clustering dispersed teams. The plan centers on creating five regional hubs in Munich, Cologne, Karlsruhe, Hamburg and Saarbrücken to pull together staff currently spread across the country. The company added that most job reductions are expected to occur via "voluntary retirement arrangements." The move was first reported by Manager Magazin.
The German overhaul forms part of a group-wide push to simplify how the business runs and to channel resources toward segments the company believes can deliver higher growth and profits. Under Chief Executive Officer Philippe Donnet's plan through 2027, Italy's largest insurer intends to speed expansion in selected profit pools while making its operating model leaner, increasing automation and boosting productivity. In Germany specifically, Generali is targeting a cost-income ratio of 52% by 2027, down from 57% in 2024, alongside ongoing cost cutting and modernization.
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Generali plans to put "a three-digit million euro amount" into IT, digitization and artificial intelligence, and it expects to bring in new hires "with skills for the future." In Germany, the company had more than 9,000 employees and premium income there topped €15 billion ($16.8 billion) last year, according to its website.
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