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 65.11 - Life insurance
1,400 jobs Number of planned job losses
Announcement Date
9 October 2014
Employment effect (start)
9 October 2014
Foreseen end date
31 December 2018
Description
As announced on 9 October 2014, German insurance provider Signal Iduna is to cut up to 1,400 jobs by 2018. The job reduction is due to a restructuring plan which aims to better deal with digitalisation. Signal Iduna intends to reduce costs by €140 million within that period. At the same time, the company is going to invest €100 million in information technology and professional training for employees.
Signal Iduna currently employs around 12,900 people in total. The company suffers, as many life insurers, from low interest rates. In 2013, profits decreased by 17 p.c. to €132 million.
Update: On 2 February 2016, Signal Iduna announced how many jobs will be cut in which sectors. The dismissals will affect 700 outposts and 700 employees in the company's headquarters in Dortmund and Hamburg. A total of 1,850 out of 2,200 jobs will remain in Dortmund by the end of 2017. However, these are not the final numbers and the company is currently going through substantial changes to its business structure. Some affected employees have already received their redundancy payment, others are retiring.
Sources
10 October 2014: FAZ
10 October 2014: Handelsblatt
9 October 2014: derwesten.de
2 February 2016: Ruhr Nachrichten (online)
Citation
Eurofound (2014), Signal Iduna, Internal restructuring in Germany, factsheet number 77729, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77729.
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