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
170 jobs Number of planned job losses
Announcement Date
30 March 2015
Employment effect (start)
30 March 2015
Foreseen end date
31 December 2016
Description
Nürnberger Versicherungsgruppe, a German insurance company, is to cut 170 jobs in Germany by the end of 2016. The reduction is mainly due to low interest rates and a reform of life insurance policy. The company will reduce the number of branches from 63 to 34 and relocate parts of the activities to the headquarters in Nuremberg where new jobs shall be created. The plan will cost 20 to 30 million euros at first but save costs in the long run. Nürnberger Versicherungen employs around 24,400 people in Germany and has generated a profit of 135 million euros in 2014, which was an increase of around 20% compared to 2013.
Sources
30 March 2015: Nürnberger Nachrichten
Citation
Eurofound (2015), Nürnberger Versicherungsgruppe, Internal restructuring in Germany, factsheet number 79237, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/79237.
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