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Munich Re's Ergo points to progress on restructuring
June 1, 2017 / 9:00 AM / 4 months ago

Munich Re's Ergo points to progress on restructuring

DUESSELDORF, Germany, June 1 (Reuters) - Ergo, the loss-making primary insurance business of Munich Re, said on Thursday it had reached labour agreements on more than half of the 1,800 jobs it aims to cut by 2021 as part of its restructuring.

A year ago, Ergo announced plans to trim its workforce to become profitable after years of losses.

Ergo also said on Thursday it had made strides in unifying a disparate sales force that had previously sold products under individual brands.

In addition, Ergo has increased its digital focus in an effort to save costs. (Reporting by Tom Sims; Editing by Maria Sheahan)

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