Location of affected unit(s)
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

1,800 jobs
Number of planned job losses
Job loss
Announcement Date
20 July 2006
Employment effect (start)
1 August 2006
Foreseen end date
31 December 2009


In 2006 German insurer Talanx acquired Cologne-based German insurer Gerling and announced the restructuring of its life insurance operations. Talanx' life insurance company HDI Leben and the life insurance unit of Gerling, Gerling Leben, were merged to create HDI-Gerling Lebensversicherung AG. HDI-Gerling Lebensversicherung and Talanx subsidiary Aspecta became part of a newly established group HDI Gerling Leben Serviceholding AG. In 2006 Talanx announced that by establishing the new structure 500 jobs in the life insurance unit, 1,250 in the accident insurance unit and 50 jobs in financial services would be cut. Altogether 1,800 jobs are planned to be shed. The life insurance operations will be concentrated at Cologne.

In May 2007 HDI-Gerling Lebensversicherung announced that it would cut 420 jobs in Hamburg and Wiesbaden. Affected employees are going to be asked whether they are willing to move to Cologne or, instead, accept the agreed social plan and leave the company.


  • 10 May 2007: Financial Times Deutschland
  • 8 December 2005: manager magazin (www.manager-magazin.de)
  • 20 July 2006: Handelsblatt
  • 20 July 2006: Financial Times Deutschland


Eurofound (2006), Talanx, Merger/Acquisition in Germany, factsheet number 62627, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62627.