The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
400 - 500 jobs Number of planned job losses
Announcement Date
9 September 2020
Employment effect (start)
Foreseen end date
Description
Dutch insurance company Vivat will cut between 400 and 500 jobs over the next three years. The job cuts are a result of the company's new strategy, focusing on pension funding. This new strategy should help to create competitive advantages for the company after being taken over by Bermuda-based insurance company Athora in June 2019. After the takeover, the non-life insurance division was already sold to NN Group, with 575 of Vivat's 2.200 employees moving to NN. The newly announced jobs cuts come on top of this.
Union representatives state that the reorganisation was not surprising but is drastic nonetheless, as it creates a completely different company. The representatives are happy that a solid social plan is in place.
Following the global financial crisis, Vivat was taken over by the Dutch state in 2013. From 2015 until 2019, the company was owned by Chinese insurance company Anbang.
Eurofound (2020), Vivat, Merger/Acquisition in Netherlands, factsheet number 101787, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101787.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
