ZURICH, Switzerland, Oct. 28, 2003 (PRIMEZONE) -- Credit Suisse Group: Winterthur Group announced today that it will combine the two separate sales organizations of its life and non-life operations within the Market Unit Switzerland Non-Life. The reorganization will generate necessary cost savings and create a clearer management structure, enabling Winterthur to offer customers advice on pensions and insurance matters from a single source, in line with their requirements.
Winterthur Group is combining the sales organizations of its life and non-life businesses, which have operated independently until now. "The two individual sales organizations were very successful in recent years when the market was growing, and they made a major contribution towards Winterthur's leadership position in the Swiss market," stated Philippe Egger, Head of Winterthur Insurance. "The combined management of sales is, however, vital in today's world, in view of both costs and the changing needs of our customers. There is an increasing demand for comprehensive advice on pensions and insurance matters from a single source."
Winterthur expects that the reorganization will result in more comprehensive customer service, clearer management of sales and a less complex administrative structure, thus producing efficiency gains and the necessary cost savings. In addition, a joint sales team will be better positioned to exploit the cross-selling potential that already exists between the life and non-life operations.
Winterthur will continue to subdivide the Swiss market into six regions: Eastern Switzerland, Ticino, Zurich, Berne, Central/Northwest Switzerland and Western Switzerland. Winterthur Group will reduce the number of its general agencies going forward -- but will increase their size -- and anticipates that this streamlining of structures will lead to a headcount reduction of around 200. This reduction in positions will be effected wherever possible via natural staff turnover. Winterthur is thus aiming to achieve a leaner administrative structure; the impact on employees with direct customer contact will be minimal. The new sales organization will be implemented in stages over the next twelve months. Winterthur will announce full details of the new sales structure at the beginning of 2004.
The new sales organization will be headed by Peter Frick, who is currently responsible for the sales organization of Winterthur Life in Switzerland. He has been with Winterthur Group for more than 20 years, during which time he has gained extensive experience of both the life and non-life businesses. Peter Frick will become a Member of the Executive Board of the Market Unit Switzerland Non-Life. The Non-Life business will assume responsibility for the entire Winterthur sales organization in Switzerland.
The Market Unit Switzerland Life & Pensions will retain its independence as a product and service center under the management of Ruedi Hefti.
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Winterthur Group
Winterthur Group is a leading Swiss insurance company with head offices in Winterthur. The Group's operations are global, and its products include a broad range of personal, property and liability insurance solutions together with life insurance and pension fund solutions that are tailored to the individual needs of private and corporate clients. Winterthur Group has approximately 23,000 employees worldwide. In 2002 the Group's premium volume was CHF 37.4 billion, and on 30.06.2003, the company had CHF 149.6 billion in assets under management.
Credit Suisse Group
Credit Suisse Group is a leading global financial services company headquartered in Zurich, Switzerland. The Credit Suisse Financial Services business unit offers comprehensive financial advice and banking products as well as Winterthur pension and insurance solutions to private clients and small and medium-sized enterprises. The Credit Suisse First Boston business unit, an investment bank, acts as a financial intermediary and provides support to global companies, institutions, state bodies and private clients. Credit Suisse Group registered shares (CSGN) are listed in Switzerland and Frankfurt, and in the form of American Depositary Shares (CSR) in New York. The Group employs approximately 64,000 staff worldwide. Assets under management as at 30.06.2003 amounted to CHF 1,234.2 billion.
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