Allianz Life Insurance Cuts 100 Jobs

Allianz Life Insurance Company plans to eliminate 100 jobs from their workforce. A spokeswoman for the North American insurance company says the tough economic climate has brought them a decline in annuities sales. They’re also eliminating 40 job openings and additional temporary jobs at their Golden Valley Headquarters. Affected employees will receive severance packages and job placement services. This is the second time in two years Golden Valley has been hit with layoffs. In 2006, new laws governing how annuities are sold forced the company to cut 200 jobs. Large insurance companies have come under fire in recent years for the way they sell annuities. In February, Allinaz was forced to pay $10 million to settle charges they sold unsuitable annuities to seniors throughout California. The company also settled a similar suit in Minnesota last fall. The insurance company is a subsidiary of German financial giant Allianz AG. http://www.EmploymentCrossing.com

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Google Video | August 8, 2008

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