German insurer Allianz says its extensive restructuring is on track and there are no plans to adjust its employment needs.

Board member Paul Acheitner has told journalists that a series of warning strikes and protest marches will not affect Allianz plans to shed about 7500 jobs in its insurance and banking operations.

Mr Acheitner says Allianz is working with unions to limit the pain but is determined to realign its business as a pan-European entity. It will be the first company to incorporate under new European Union laws.

He says restructuring under European law will be much easier than trying to complete Allianz’s plans under the national laws of individual countries.

Competition in European insurance markets has become very tight, with Allianz losing more than 1 million customers in Germany over the past few years.

“We cannot stand by while another million customers leave, this time faster than before because the competition is not sleeping,” Mr Acheitner said.