Following its listing on the NYSE
Euronet Amsterdam stock exchange in November 2009, Delta Lloyd
Group, the Netherlands’ sixth-largest insurer, has announced
restructuring that will “transform its organisation and the way in
which it serves its customers”.
As a first move, the insurer is to
take action it believes will “substantially simplify the
organisation”.
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This will involve changing its
top-level structure with key changes including:
- Introducing a new top-level
structure comprising seven business lines in the Netherlands, Delta
Lloyd Life Belgium and Delta Lloyd Germany with each business line
headed by a managing director; - Reducing the number of directors
from 52 to 32; - Separating commercial and
operational banking and insurance activities; - Merging corporate functions at
group level; and - Reducing the number of direct
reports to the executive board from 13 to seven.
Organisational changes will become
effective on 1 January 2011.
In the first half of 2010 Delta
Lloyd reported gross written life premium income of €2.02bn
($2.56bn), up 4% compared with the first half of 2009, and gross
written general insurance premium income of €875m, an increase of
5%. Annualised return on equity was 8.6%.
UK insurer Aviva has a 57.9% stake
in Delta Lloyd.
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