EMCC European Monitoring Centre on Change



Geographic Location

Country: Germany


Sector: Financial services
Financial and insurance activities
65 - Insurance, reinsurance and pension funding, except compulsory social security
Number Employed: 11500
Group: Talanx

Employment Effects

Announcement Date: 20-07-2006
Planned Job Reductions min: 1800
Planned Job Reductions max: 1800
Type of Restructuring: Merger/Acquisition
Employment Effect Start: 01-08-2006
Foreseen End Date: 31-12-2009

Additional Information

In 2006 German insurer Talanx acquired Cologne-based German insurer Gerling and announced the restructuring of its life insurance operations. Talanx' life insurance company HDI Leben and the life insurance unit of Gerling, Gerling Leben, were merged to create HDI-Gerling Lebensversicherung AG. HDI-Gerling Lebensversicherung and Talanx subsidiary Aspecta became part of a newly established group HDI Gerling Leben Serviceholding AG. In 2006 Talanx announced that by establishing the new structure 500 jobs in the life insurance unit, 1,250 in the accident insurance unit and 50 jobs in financial services would be cut. Altogether 1,800 jobs are planned to be shed. The life insurance operations will be concentrated at Cologne. In May 2007 HDI-Gerling Lebensversicherung announced that it would cut 420 jobs in Hamburg and Wiesbaden. Affected employees are going to be asked whether they are willing to move to Cologne or, instead, accept the agreed social plan and leave the company.