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
65.1 - Insurance

600 jobs
Number of planned job losses
Job loss
Announcement Date
30 May 2017
Employment effect (start)
Foreseen end date
30 May 2020

Description

On 30 May 2017, the German insurance company Gothaer announced the restructuring programme 'Gothaer 2020' which includes a cut of 600 jobs within the following three years in Germany. Furthermore, the insurance company wants to expand its digital products and infrastructure. There will be a cut of 200 jobs each year until 2020.

While the annual consolidated net profit increased by over 17% in 2016, the gross premiums decreased by over 2%.  

The insurer employs about 5,700 staff members at the moment in Germany.


Sources

  • 30 May 2017: Handelsblatt
  • 30 May 2017: fondsprofessionell.de

Citation

Eurofound (2017), Gothaer, Internal restructuring in Germany, factsheet number 91108, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/91108.