(Bloomberg) — Allianz SE,Europe's biggest insurer, said its two most senior executivesresponsible for the company's asset management and investmentsbusinesses will leave.

Jay Ralph will step down at the end of June, while MaximilianZimmerer won't extend his contract when it expires at the end ofthe year, the company said in a statement on Thursday. Bothmanagement board members are 57 years old.

Insurers and asset managers are grappling with record lowinterest rates and stricter regulatory capital requirements. OliverBaete, who took over as chief executive officer of Allianz in May,also faces a slowdown in the insurer's main markets and increaseduse of digital technology which he says is both a disruption and anopportunity for insurers.

Allianz said it appointed Jacqueline Huntas successor to Ralphto lead its asset-management and U.S. life-insurance divisions.Hunt, 47, previously led Prudential Plc's U.K. and Europeandivision. Allianz Asset Management had almost $2 trillion of assetsat the end of last year. Its investment managers include PacificInvestment Management Co.

Guenther Thallinger, 44, will take over from Zimmerer to leadinvestment management and global life and health,according to the company.

Board's 'rejuvenation'

"It's definitely a rejuvenation of the board and any resultingboost in management's energy is something to welcome," said WernerSchirmer, an analyst at Landesbank Baden-Wuerttemberg who has ahold recommendation on Allianz shares. "Still, it's not as ifyounger executives will find it any easier to navigate thisenvironment. The asset management industry faces difficulty ingenerating returns."

Ralph resigned at his own request to "devote more time to hisfamily," the insurer said. It is also Zimmerer's own wishto retire.

Their exit is a surprise, since neither man "had any issues thatmade you think they might leave, this isn't investment bankingafter all," Schirmer said.

Hunt spent two years at Prudential until leaving in October amidreports she clashed with her new boss, Mike Wells. Hunt had helpedthe U.K. insurer navigate a government overhaul of the pensionssystem that at the time erased 3.6 billion pounds ($5.1 billion) ofthe industry's market value. Thallinger currently serves as head ofthe Allianz Investment Management SE unit, according to thecompany.

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