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MUNICH, Germany (Reuters) – The low interest rate environment is increasing pressure on Allianz to cut costs because it undermines the insurer’s ability to earn adequate returns on investment, Chief Financial Officer Oliver Baete said.

Baete said that some savings could be found by improving processes in administration, but he did not elaborate on specific measures for lowering costs. The insurer has already begun trimming costs at its German property-casualty division, a move that will involve job cuts.

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