Savings hammer at insurance company Helvetia cuts 250 jobs or relocates them abroad
The insurance company Helvetia wants to save 200 million francs. It is putting 500 jobs to the test - up to 250 of them in Switzerland.
03.01.2025, 16:18
SDA
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- The Swiss insurance group Helvetia has announced details of a planned savings program.
- Up to 250 jobs in Switzerland are under review - some of which are likely to be relocated abroad.
- In addition, the expansion of the online insurer Smile to Spain will be stopped.
As announced at the Investors' Day in mid-December, Helvetia Insurance intends to cut costs. This is likely to involve the relocation or even loss of jobs. The expansion of the online insurer Smile into Spain is also under review.
At the Investors' Day, the new CEO Fabian Rupprecht announced a CHF 200 million efficiency program. Rupprecht told the Bloomberg news agency after the event that the planned measures would affect around 500 jobs across the Group.
On Friday, Helvetia confirmed Rupprecht's statements to the news agency AWP on request. The financial portal "Insideparadeplatz" had also previously reported on this. At the end of 2023, the Helvetia Group employed a total of 13,800 people, around 4,000 of them in Switzerland.
Switzerland hardest hit
The Swiss business is also the most affected by the restructuring. According to Helvetia, 200 to 250 jobs will be lost in the Swiss market unit. Some of these will be relocated abroad. However, as the implementation of the measures will be spread over three years, the sheer number of job losses can be limited by natural fluctuation.
The restructuring will also affect Spain, where Helvetia has recently gained considerable weight with the acquisition of the Caser Group. In Spain, the Group will concentrate on exploiting synergies between the companies over the next few years, Helvetia confirmed in December.
No comment on the future in Germany
Smile's expansion into Spain has been halted until further notice. The company will continue to use the skills and experience gained there by the online subsidiary under the Helvetia brand and integrate the teams and customer relationships concerned into the Spanish unit, it said.
According to the information provided, the decision taken for Spain will have no impact on Smile's strategy in Switzerland and Austria. It also has no financial impact. Helvetia did not comment on the future of the German unit and the rumors circulating about a possible sale.