Israel Phoenix Assurance Ltd. (TASE:PHOE1; PHOE5) has determined to shut down its retailing unit for advertising and marketing pension, with 120 workers to be laid off within the coming days. Phoenix has been Israel’s most worthwhile firm within the insurance coverage trade lately.

“Globes” has discovered from sources that Phoenix plans promoting its saving merchandise, that are a part of the long run financial savings and life dangers division, headed by Daniel Cohen, many by means of insurance coverage companies.

The retail unit for pension advertising and marketing was established about six years in the past, and it markets Phoenix merchandise solely. Within the unit the corporate should pay mounted wage bills, even when the entrepreneurs don’t really promote merchandise. In distinction the cost to insurance coverage brokers relies solely on commissions paid following a sale. Phoenix has concluded that the unit must be closed.

Market sources imagine that lots of the workers that might be laid off might be taken in by insurance coverage companies that the Phoenix owns. Phoenix has 3,100 workers and there usually are not anticipated to be any across-the-board layoffs all through the corporate.

Phoenix CEO is Eyal Ben-Simon

Revealed by Globes, Israel enterprise information – en.globes.co.il – on April 27, 2023.

© Copyright of Globes Writer Itonut (1983) Ltd., 2023.