Magazine date:
Jan 2016 The posting in August of Zurich’s figures for the first half of 2015 has shown mixed results. Profits for the first 6 months of the year incurred a 3% decrease, with an increase in the provisions of the non life class, proving necessary. As a consequence, the Swiss group has decided not to acquire RSA Insurance.
Last May, the group had already announced its decision to shed some jobs, a move designed to reduce staff by 1140, among whom 440 in the United Kingdom and 500 in Germany. The Swiss insurer will now cut down 300 more jobs in Switzerland by the end of 2018 and another 360 at its non life unit by 2017. In total, 1800 jobs will be affected. Zurich has also announced the end of its non life underwriting operations in the Middle East.