Swiss Insurer Helvetia Says 500 Jobs Affected By Cost-Cutting

(MENAFN- Swissinfo) Some 500 jobs, including 200 to 250 in Switzerland, are affected by the new operational efficiency measures recently announced by Swiss insurer Helvetia.

This content was published on January 3, 2025 - 15:58 2 minutes Keystone-SDA

Français fr Helvetia: 500 postes concernés par les réductions de coûts Original Read more: Helvetia: 500 postes concernés par les réductions de coût
Español es La aseguradora suiza Helvetia anuncia recortes que afectarán a 500 puestos de trabajo Read more: La aseguradora suiza Helvetia anuncia recortes que afectarán a 500 puestos de trabaj

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Some of these jobs will be relocated abroad, the St Gallen-based group said on Friday.

Restructuring measures will extend over a period of three years, enabling job cuts to be“significantly limited” through natural fluctuation, internal mobility and requalification measures, a Helvetia spokesperson told AWP on Friday, confirming a report by the Inside Paradeplatz portal.

As for online insurance provider Smile, the group has halted its expansion in Spain, wanting first to focus on synergies between its Iberian subsidiaries Helvetia Seguros and Caser.“The relevant teams and customer relations in Spain will be integrated into Helvetia,” the spokesperson added in an e-mail.

No comment on Germany

These decisions have no impact on Smile's strategy in Switzerland and Austria. No financial repercussions are expected.

In mid-December, the Group had indicated that it wanted to increase its operating efficiency by more than CHF200 million and improve the combined ratio, which stood at 95.4% in the first half of the year, by around 2 percentage points by the end of the first three-year cycle at the end of 2027.

To achieve this goal, the insurer intends to merge its Spanish units Helvetia Seguros and Caser.

However, the insurer declined to comment on Inside Paradeplatz's reports on a possible withdrawal from the German market by mid-2025.

Translated from French by DeepL/mga

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