MUNICH (AFX) - Allianz Deutschland AG CEO Gerhard Rupprecht said the insurer will book around 450 mln eur of costs this year linked to the restructuring of its operations in Germany.

In a telephone conference call with reporters, Rupprecht also said about 10 pct of the total cost of the company's restructuring was booked last year.

Earlier today, Allianz said it expects to incur about 500 mln eur in restructuring costs by reducing its administrative locations to ten from 21 and cutting 5,000 jobs in its insurance business.

Rupprecht said Allianz envisions no further job cuts in the mid-term and that an internal agreement made with the insurer's works' council still stands.

Under this agreement, there will be no compulsory layoffs at Allianz's German insurance operations until 2010, provided certain growth and cost-cutting targets are achieved.

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