Vital Forsikring ASA

Type
Internal restructuring
Country
Norway
Region
Norge;
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
150 jobs
Number of planned job losses
Job loss
Announcement Date
4 June 2009
Employment effect (start)
4 July 2009
Foreseen end date
31 December 2010

Description

Vital Forsikring announced on 4 June 2009 that they had to cut their costs by NOK 210 million before end of December 2010 implying a reduction of its staff by 150 workers. The company states that they only will let go of temporary workers. At present, there are 1150 employees in full-time positions, and 200 temporary workers. 50 employees will also be transferred from the office in Trondheim to the office in Bergen.

Vital Forsikring ASA is Norway's largest privately owned life and pension insurance company after the merger with Gjensidige NOR Spareforsikring ASA on 9 March 2004. Vital's registered office is in Bergen, though this is not a traditional head office as management and main functions are located in both Trondheim and Bergen, while important functions are also located in Oslo.

Sources

  • 6 April 2009: E24 (www.e24.no)
  • 4 June 2009: Dagens Næringsliv

Citation

Eurofound (2009), Vital Forsikring ASA, Internal restructuring in Norway, factsheet number 69044, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69044.