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Germany: AXA to go on a diet

The insurance company Axa has confirmed its plan to considerably reduce its workforce in Germany. The reduction in staff will concern every sixth workplace and by 2015 around 1 600 of the current 9 700 positions will disappear. The shrinkage will happen in a “socially acceptable way” by means of natural wastage, said Frank Keuper, the current President of the Board of Directors.

For 2011, Keuper forecasts a drop in profits of 413 million Euros compared to the previous year, which is mostly due to a 200 million Euro write-off for the Greek market. Turnover should increase by one to two percent and reach around 10.6 billion Euros. Whereas the health and accident insurance sectors are showing an increase, the life insurance area is declining.

Source : nzz.ch,  06.12.2011

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