Advertise
Resources
Member, Beacon International Group, Ltd.
Markus Riess, CEO of Munich-based ERGO Group A.G., said that the insurer is on track to attain a profit target of €600 million ($674.7 million) by 2021, Handelsblatt reported.
The insurer has achieved more than 50% of its workforce reduction plan in its bid to save costs, Mr. Riess said.
"By the end of the year, net cost savings of almost €100 million will be achieved," he added.
The insurer, a unit of Munich Reinsurance Co., contributed a profit of €91 million in the first quarter.