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
1,460 jobs Number of planned job losses
Announcement Date
8 March 2006
Employment effect (start)
8 March 2006
Foreseen end date
31 December 2008
Description
In March 2006, AMB Generali, one of the major insurance companies in Germany, announced a cost cutting programme to reduce annual costs by 100 million euro. AMB estimates that due to the new strategy, it will be able to increase its revenues by another 40 million euro (reaching a total of 450 million Euro in 2008). Altogether about 1,500 jobs are to be cut until the end of 2008.
The loss of 1,000 jobs had already been announced in March 2006. AMB Generali decided to establish one service provider for its subsidiary companies with a new headquarter in Aachen. Therefore, it is going to merge the accounts, buying, administration and facility management departments of its subsidiary insurance and financial services companies: Aachen Münchener, Volksfürsorge, Cosmos Direkt, Central, Advocard and Badenia.
On 7 September 2006, AMB Generali stated that it was planning to cut another 460 jobs at Volksfuersorge, a subsidiary, as part of the formerly announced recapitalisation strategy.
Sources
9 March 2006: Frankfurter Allgemeine Zeitung
29 August 2006: Handelsblatt
8 September 2006: Frankfurter Allgemeine Zeitung
15 September 2006: Handelsblatt
Citation
Eurofound (2006), AMB Generali, Internal restructuring in Germany, factsheet number 63106, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63106.
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