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 - Insurance, reinsurance and pension funding, except compulsory social security
550 jobs Number of planned job losses
Announcement Date
17 April 2007
Employment effect (start)
1 April 2007
Foreseen end date
1 April 2012
Description
The insurance company R+V Versicherung announced its plans to cut approximately 550 jobs. The company currently employs around 11,300 employees in Germany and it is planning to reduce its workforce by 1% per year within the next five years. R+V Versicherung will achieve its this figure by natural turnover, that is, by not replacing those employees who retire or who resign voluntarily. In 2006, the company increased the contribution payments of its insurants by nearly 10%, totalling 9.2 billion Euros in 2006, while its after tax profit rose from 156 million Euros in 2005 to 167 million Euros in 2006.
Sources
18 April 2007: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2007), R + V Versicherung, Internal restructuring in Germany, factsheet number 65255, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65255.
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