Munich Re gives up its direct insurance activities in Australia

Munich Re has announced its intention to part with Great Lakes Australia, the direct insurance subsidiary operating since 2007 in Australia.

This move will allow the German reinsurer to focus on its core business and to better develop its reinsurance activities in the region (Australia and New Zealand).

To a larger extent, the Munich-based group plans to cut by 2020, 1835 jobs out of a total of 14 320 in its direct insurance subsidiary Ergo.

These restructurings will achieve approximately 280 million EUR (315.9 million USD) in savings within four years.
It is worth reminding that the direct insurance division (Ergo), which represents 45% of the group's total activity sustained a loss of 227 million EUR (248 million USD) in 2015.

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