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
330 jobs Number of planned job losses
Announcement Date
13 April 2016
Employment effect (start)
13 April 2016
Foreseen end date
31 December 2020
Description
On 13 April 2016, Germany's third largest insurance company Talanx announced to cut 330 jobs in Germany by 2020. Redundancies will affect Talanx’ subsidiary HDI Vertriebs AG.
According to the CEO, restructuring measures are inevitable as the company needs to become more competitive and strengthen its business. Moreover, the company wants to reduce the cost basis of Retail Germany by €240 million by 2020. During the same period Talanx will invest €300 million in modernising the division. The corporate group will focus on the sales of biometric products such as occupational and disability insurance and on targeting corporate customers and freelance professionals.
The company already made a previous announcement to cut 600 jobs at HDI Kundenservice AG in November 2015. Headquartered in Hanover (Germany), Talanx currently employs over 21,300 employees worldwide of which around 5,000 in Germany.
Sources
13 April 2016: Talanx Press Release
13 April 2016: procontra-online.de
Citation
Eurofound (2016), Talanx, Internal restructuring in Germany, factsheet number 86990, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86990.
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