Two of the UK’s largest insurance firms have announced up to 1,650 job cuts in efforts to find ‘efficiencies’ and reduce costs.
RSA, the UK’s largest commercial insurer which includes More Than, revealed plans to cut 1,200 jobs, or around 14% of its UK workforce, by mid-2010. Around 260 of the jobs have already gone or are in the process of going and a similar number are expected to go through natural attrition.
Adrian Brown, RSA UK’s chief executive said: “Decisions like these that affect our people are always difficult, but it is the right thing for our customers and our business. Every support will be given to our colleagues to assist them finding new roles either within the business or with other companies.”
Meanwhile, Legal & General is planning to cut between 250 and 450 jobs in support function roles including HR.
Legal & General, which employs 8,700 people, said the redundancies were being driven by “changing business demand and operational efficiencies”.
The statement from the insurer said: “Legal & General has entered into consultation with collective representatives over potential redundancies within its support functions.”
It added that it would keep any potential redundancies to a minimum and that where possible it would find alternative employment for the staff affected.
Legal & General’s main offices are in London, Brighton and Cardiff, while RSA has offices in London, Liverpool and Horsham in Sussex.