ASR improves profit, announces job losses

asr logoInsurance company ASR on Tuesday announced a rise in net profit of one-third to €381m over 2014 and the loss of 100 jobs in its life insurance division.

ASR, state owned since the financial crisis, said income from premiums fell 3.5% to €3.8bn and turnover in life insurance was down 7%.

The loss of 100 jobs in the life insurance division over the next three years will see half the workforce depart. Most of the loss will be through natural shrinkage but the company is not ruling out forced redundancies.

The finance ministry has not yet decided when the reprivatisation programme of ASR will begin.

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