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November 19, 2020: The Group has decided on a new strategic program. This means job cuts, around 600 employees will leave the company in 2020. Furthermore, there is talk of deterioration of goodwill in certain countries. In general, this should result in “one-time expenses of around € 210 million”.
On Wednesday evening, Uniqa Insurance Group AG announced in an ad hoc announcement that on the same day the board of directors and the supervisory board had “decided and approved a far-reaching strategic program for the coming years under the name Uniqa 3.0. “.
In addition to expanding customer orientation, there is talk of making internal processes simpler, more efficient and more profitable ”. “This will go hand in hand with a reduction in the number of Uniqa Group employees,” says the text.
According to the plan, around 600 salaried employees of the Uniqa Group will leave the company by the end of 2022. “To the greatest extent possible, reduction should be achieved through natural exit and through mutual termination of the contract. A social plan has been agreed. “
Restructuring costs and specific savings
Due to the planned measures, “which mainly involve the reduction of the number of employees in Austria”, there will be expenses for restructuring measures of up to around 110 million euros in the consolidated annual accounts for the financial year 2020.
On the other hand, there would be “future savings” of up to 50 million euros per year.
The previous number of employees
In the 2019 group report, the Uniqa Group stated that its average workforce (full-time equivalents, FTE) for 2019 was 13,038 (2018: 12,818).
Of these, 4,202 (2018: 4,271) were employed as field personnel in sales, 8,836 (2018: 8,547) in administration. “In Austria 6,193 FTEs were used (2018: 6,058)”.
Including general agency employees who work exclusively for Uniqa, around 19,200 people were active for the group.
“There is currently no forecast for fiscal year 2020”
The resolution on the new strategy program also signifies a “review of our medium-term planning,” the group announced on the broadcast.
“Subject to significant changes in the cost of capital parameters”, will cause impairment losses on goodwill in Serbia, Bulgaria and Romania for an amount of approximately 100 million euros for the 2020 financial year.
“Due to the persistently high level of uncertainty regarding macroeconomic and financial developments, Uniqa is currently unable to provide a forecast for the financial year 2020.”
More information is expected shortly: The company will present the business figures for the first three quarters of 2020 and the new strategy program at a press conference today.
