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.
Région Bruxelles-Capitale / Brussels Hoofdstedelijke Gewest;
Location of affected unit(s)
Brussels (mainly)
Sector
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65.1 - Insurance
200 jobs Number of planned job losses
Announcement Date
16 December 2016
Employment effect (start)
1 January 2017
Foreseen end date
Description
Ergo, a Belgian insurance company has announced restructuring plans with regards to its activities in Belgium - 200 white collar employees face the loss of their jobs as a result of cost saving measures. The company is phasing out its life insurance business which, due to low interest rates, is no longer sustainable. Union representatives indicate that they are pessimistic about the jobs of the remaining employees as well. As life insurance was one of Ergo's main products, the company is likely to struggle to be profitable in the future. In recent months several financial companies have faced layoffs for similar similar reasons, including: ING, P&V, Axa and Crelan.
Sources
16 December 2016: De Morgen
16 December 2016: De Standaard
Citation
Eurofound (2016), Ergo Insurance, Internal restructuring in Belgium, factsheet number 89640, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/89640.
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