Type
Internal restructuring
Country
Germany
Region
Location of affected unit(s)
Sector
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

1,460 jobs
Number of planned job losses
Job loss
Announcement Date
8 March 2006
Employment effect (start)
8 March 2006
Foreseen end date
31 December 2008

Description

In March 2006, AMB Generali, one of the major insurance companies in Germany, announced a cost cutting programme to reduce annual costs by 100 million euro. AMB estimates that due to the new strategy, it will be able to increase its revenues by another 40 million euro (reaching a total of 450 million Euro in 2008). Altogether about 1,500 jobs are to be cut until the end of 2008.

The loss of 1,000 jobs had already been announced in March 2006. AMB Generali decided to establish one service provider for its subsidiary companies with a new headquarter in Aachen. Therefore, it is going to merge the accounts, buying, administration and facility management departments of its subsidiary insurance and financial services companies: Aachen M├╝nchener, Volksf├╝rsorge, Cosmos Direkt, Central, Advocard and Badenia.

On 7 September 2006, AMB Generali stated that it was planning to cut another 460 jobs at Volksfuersorge, a subsidiary, as part of the formerly announced recapitalisation strategy.


Sources

  • 9 March 2006: Frankfurter Allgemeine Zeitung
  • 29 August 2006: Handelsblatt
  • 8 September 2006: Frankfurter Allgemeine Zeitung
  • 15 September 2006: Handelsblatt

Citation

Eurofound (2006), AMB Generali, Internal restructuring in Germany, factsheet number 63106, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63106.