This change in course was a response to the failure of the plans to expand the company and the collapse of the international financial markets. The group management was replaced and a new strategy defined. The corporation decided to shift its focus back onto its European life insurance activities, streamline its managerial structures, and integrate national companies that had, until then, been operating autonomously.
The change in strategy meant taking some unpopular decisions. Not only was the company’s public image at stake, but there was also the danger that its approximately 12,000 staff members would be left disheartened and without any prospects. However, the new group management was well aware that every crisis opens up opportunities too. Its novel brand strategy was an integral part of the turn-around process and a key to getting back on the road to success.