Generali to Cut 800 Jobs in Germany by 2030

Italian insurer Generali plans to cut around 800 jobs at its German subsidiary by the end of 2030 as part of a restructuring programme aimed at adjusting its operations and reducing costs. The company announced the workforce reduction on Friday, October 23.

The planned cuts represent approximately 9% of the German subsidiary’s current workforce of 9,100 employees. Generali said it would mainly implement the reductions through retirements and natural employee attrition, rather than relying entirely on direct job cuts.

Generali Plans Workforce Reduction Through Retirements and Attrition

The restructuring programme will gradually reduce the number of employees at Generali’s German operations over the coming years. By using retirements and attrition, the insurer intends to manage the workforce reduction as part of its broader operational changes.

The company has set the end of 2030 as the deadline for completing the planned reduction. The announcement did not provide a detailed year-by-year breakdown of the job cuts.

Office Consolidation to Reduce Property Costs

Alongside the workforce changes, Generali plans to consolidate some of its office locations to lower property-related expenses. The insurer said the move reflects the growth of hybrid working, which allows employees to divide their time between working remotely and attending the office.

Consolidating office locations could help the company adjust its physical workplace requirements to changing working patterns. Reducing property costs is one of the measures included in the restructuring programme.

Generali to Invest More Than €100 Million in Technology and AI

Despite plans to reduce its workforce, Generali said it would invest more than €100 million in technology and Artificial Intelligence (AI). The investment signals a focus on developing technological capabilities while restructuring its German operations.

Technology and AI are increasingly being adopted across the insurance industry to support business processes, improve operational efficiency and modernise services. However, Generali did not disclose how the planned investment would be allocated or specify which projects would receive funding.

What the Restructuring Means for Generali’s German Operations

The planned job reductions, office consolidation and technology investment form part of a broader effort to reshape Generali’s German business. The company is seeking to reduce certain operating costs while committing additional resources to technology and AI.

The workforce reduction will be implemented over several years, with retirements and attrition expected to account for most of the cuts. The final impact on individual employees, office locations and business operations will depend on how the restructuring programme is carried out through 2030.

Generali has not provided further details about the timing of individual measures or the specific technology and AI initiatives covered by the investment.