EMCC European Monitoring Centre on Change

AWD

Company/Organisation:
AWD

Geographic Location

Country: European Union
Location of affected unit(s): Germany and Switzerland

Company

Sector: Financial services
Financial and insurance activities
65.1 - Insurance
Number Employed: 1452
Group: Swiss Life

Employment Effects

Announcement Date: 28-11-2012
Planned Job Reductions min: 300
Planned Job Reductions max: 400
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-12-2012
Foreseen End Date: 30-11-2015

Additional Information

Swiss Life, a Swiss life insurance company, restructures the activities of its German subsidiary AWD. Between 300 and 400 jobs will be lost at AWD, mostly in Germany (300 jobs). An additional 90 jobs are said to be lost in Switzerland. The subsidiary will be rebranded “Swiss Life Select”.

The new brand “Swiss Life Select” will focus its activities on Germany, Switzerland, Austria, Poland and the Czech Republic. Activities in Hungary and Slovakia will be shut down.

The restructuring is part of major reorganisation programme of the Swiss Insurance company. It is stated that the restructuring will be implemented through natural attrition, early retirement and internal mobility.