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 65.1 - Insurance
600 jobs Number of planned job losses
Announcement Date
22 July 2024
Employment effect (start)
22 July 2024
Foreseen end date
1 January 2026
Description
Nürnberger Versicherung, a German insurance company based in Nuremberg (Bavaria), has announced that it will cut 600 full-time jobs.
The background to the job cuts is the ‘Fit for the future’ restructuring programme, which the company intends to use to save €75 million by 2026. With a bundle of instruments, the number of 2900 full-time jobs will be reduced by around 600, which corresponds to more than 20 per cent of the workforce.
As many of the company's employees work part-time, the number of people affected is even higher. Among other things, part-time solutions are to be promoted until some employees retire within the next few years. Various other flexible working time models should also help to reduce the number of full-time jobs and thus save costs. According to the company, an effective solution has been agreed with the works council and is now to be implemented.
Nürnberger Versicherung generates sales of around €4.3 billion and has almost 4,400 employees. The company operates in the areas of life insurance, private health insurance, property insurance, accident insurance and car insurance as well as in the financial services sector, primarily in Germany. The listed parent company of the Group is Nürnberger Beteiligungs-AG.
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