Pros
The scope of the group is very broad and there are very bright, conceptually driven strong colleagues to work with in Munich and very practical, commercial people to work with in the various operating companies around the world. Connecting the two takes energy, however! Having said that, the strength of the group is in its operating entities (OE's in Allianz speak) and there is enough autonomy for them to do the right thing.
Cons
The overlapping responsibilities in Munich are a recipe for paralysis, especially when allied to the toxic gossip culture reinforced by 3-5 day a week 1-1 scheduled lunch meetings and a very very German hierarchical style. Another issue is that people are seldom fired but can get shoved from project to project - many seem to view it as a comfortable landing point and are happy to wait their time out. This contributes to a civil service culture that is change averse. It also means that many of the people are massively over-qualified for what they are actually doing day to day - more reasons for creating mischief and the "sweet smell of unnecessary work".