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Listed insurer Uniqa wants to cut around 600 employees in the group by 2022, mainly in Austria. The board of directors and the supervisory board had decided and approved today a far-reaching strategic program, as announced by the group. The reduction will be achieved “to the greatest extent possible” through natural exit and amicable termination of contracts. A social plan had been agreed.
At the same time, the insurance industry announced one-time expected expenses for reduction and impairment of goodwill in individual countries totaling around 210 million euros.
Without foresight
According to the information, the job cuts will be reflected in the 2020 consolidated financial statements with expenses for restructuring measures of up to around 110 million euros. On the other hand, there would be “specific savings” of up to 50 million euros per year.
Due to the persistently high level of uncertainty regarding macroeconomic and financial developments, the group “is currently unable to provide a forecast for fiscal 2020,” according to the company the night before third-quarter 2020 figures.
