EMCC European Monitoring Centre on Change

Central

Company/Organisation:
Central

Geographic Location

Country: Germany

Company

Sector: Financial services
Financial and insurance activities
65 - Insurance, reinsurance and pension funding, except compulsory social security
Group: Generali Deutschland

Employment Effects

Announcement Date: 25-11-2011
Planned Job Reductions min: 280
Planned Job Reductions max: 280
Type of Restructuring: Internal restructuring
Employment Effect Start: 25-11-2011
Direct Dismissals: 280

Additional Information

As announced in November 25, 2011 in Handelsblatt, German health insurer Central, a subsidiary of Generali Deutschland, plans to cut 600 employees working as sales representatives.

Update: In December 2012, Financial Times Deutschland reported that 320 representatives will be taken over by the related financial services company DVAG. 280 jobs will be lost.

The job cuts are reported to be necessary due to a difficult market in low-cost insurance and the resulting higher expenditures.