The longer the war went on, the more difficult it became for Allianz to maintain business operations - the damage mounted rapidly. There was a shortage of staff. Bombing had destroyed the business premises and brought work to a standstill. At the end of the war the majority of Allianz's assets had been destroyed. Its real-estate holdings had been decimated by war damage, confiscation and nationalization. Premium payments had diminished to a trickle.
Up to 1945 the insurance industry had been required to invest ever greater proportions of its available funds in government bonds. In 1942 this quota had been fixed at 75 %. When the war ended this paper became worthless. In May 1945 Allianz was to all intents and purposes technically bankrupt.
Even so, that very same month individual employees went back to work - they cleared up, secured data, carried out the first inventories and prepared the applications required to receive licenses to transact business from the local authorities.