Allianz SE is shrinking its board of management for the second time in four years, absorbing two executive departures into fewer, broader roles as the German insurer accelerates a consolidation drive that began in 2022.
The company said on Friday that Günther Thallinger (pictured left), a board of management member since 2017, will conclude his mandate on Dec. 31, 2026 - three years earlier than his previously scheduled 2029 term expiration. His exit will take the board from nine members to eight.
Thallinger's exit is not the only board seat disappearing. Allianz had already disclosed in March that board member Klaus-Peter Röhler would retire at the end of 2026 upon the expiration of his mandate and reaching the regular age limit of 62 for board of management members. Tomas Kunzmann (pictured centre) was appointed at that time to join the board of management on Jan. 1, 2027, with responsibility for Asia Pacific, including India.
Thallinger's departure now adds a second layer to that succession before Kunzmann has formally taken his seat. Kunzmann will join the board of management on Jan. 1, 2027, and take on further responsibility for Global Health and Sustainability (ESG), in addition to the Asia-Pacific mandate announced in March. He has served as CEO of Allianz Partners since 2022.
Thallinger, 54 and Austrian, has worked for Allianz since 2009 and has served on the board of management since 2017. His responsibilities included Investment Management and Sustainability, while his earlier board remit also included global life and health. His mandate had been extended in 2024 to run through December 2029. Allianz has not disclosed a reason for the early conclusion of his term beyond the mutual agreement between Thallinger and the supervisory board.
Börsen-Zeitung reported that Thallinger's departure was not unexpected among industry insiders, citing his reported interest in pursuing ventures outside the insurance sector. Allianz has not confirmed this account.
Allianz said the reduction to eight members reflects closer integration of capabilities across the group and efficiencies achieved in recent years. Jörg Schneider, chairman of the supervisory board, thanked Thallinger for strengthening Allianz's position as a trusted investor and shaping its sustainability ambition.
Chief executive Oliver Bäte said the future board would combine "a deliberately lean structure and a broad range of experience, backgrounds, and perspectives. It will continue to work across disciplines to create value for our customers, whose needs for protection, retirement solutions, and advice are growing every day in an increasingly complex and uncertain environment."
Allianz's move comes as large European insurers continue to simplify organizational structures and consolidate responsibilities. This year, Admiral Group began merging Admiral Intermediary Services into Admiral Europe Compañía de Seguros, bringing its European distribution channels under a single insurance entity and simplifying its operating structure. The move, agreed in February, is intended to streamline management processes, improve coordination and optimize resources.
With Röhler's retirement and Thallinger's early exit both taking effect at the end of 2026, Allianz is eliminating one board seat while redistributing responsibilities from the two departing executives. Andreas Wimmer (pictured right), already a board member responsible for asset management and US life insurance, will assume responsibility for Allianz Investment Management SE and the group's proprietary investments, while Kunzmann will add Global Health and Sustainability (ESG) to his previously announced Asia-Pacific responsibilities when he joins the board in January.
