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Insurers and asset managers are grappling with record low interest rates and stricter regulatory capital requirements. (AP Photo)

(Bloomberg) — Allianz SE, Europe’s biggest insurer, said its two most senior executives responsible for the company’s asset management and investments businesses will leave.

Jay Ralph will step down at the end of June, while Maximilian Zimmerer won’t extend his contract when it expires at the end of the year, the company said in a statement on Thursday. Both management board members are 57 years old.

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