May 15 (SeeNews) - German insurer Ergo Versicherungsgruppe AG is cancelling direct sales of its life insurance and pension products in Turkey, German media reported on Wednesday.
Following the partial withdrawal, over 100 employees at Ergo's Turkish subsidiary, Emeklilik ve Hayat A.S., will lose their jobs, a spokesman for the company told business daily Handelsblatt.
Recep Akkaya has resigned from the post of general manager of the firm and the operations will be managed by sales executive Basak Bilan Uelker.
The subsidiary is part of Ergo Turkey which includes also a non-life insurance division, Ergo Sigorta A.S.
Ergo, which is part of the world's biggest reinsurer, Munich Re, has been considering different options for its Turkish operations for quite some time. The non-life insurance business is being restructured, the spokesman told the paper.
Gross premiums from Ergo's business in Turkey shrank to 301.6 million euro ($388 million) in 2012.
Ergo bought a 75% stake in Emeklilik ve Hayat and Ergo Sigorta in 2006 and acquired the remainder in 2008.
($=0.7777 euro)