Home Business News Aviva to cut 1,800 jobs in a bid to save £300m a year

Aviva to cut 1,800 jobs in a bid to save £300m a year

by LLB Reporter
6th Jun 19 9:24 am

The insurance giant Aviva has announced they are to axe around 1,800 jobs over the next three years as they are attempting to save £300m a year.

The insurance company employs 30,000 staff, and the company are looking to keep redundancies to a minimum as they try to cut costs.

Aviva said the group will look make savings across central costs, reduction in project spend, consultant spend and other areas.

The group have also announced plans to separate the UK life and general insurance sectors to “enable stronger accountability and greater management focus.”

Maurice Tulloch, chief executive said, “Reducing Aviva’s costs is essential to remain competitive and this means tough decisions and job losses which I do not take lightly.

“We will do all we can to minimise redundancies and support our people through this.

He added: “I am also determined to crack Aviva’s complexity, an issue which has held back our performance for too long.”

The union Unite said they want an urgent meeting with senior bosses and they said they will oppose any compulsory redundancies.

Tulloch told investors, “Today is the first step in our plan to make Aviva simpler, more competitive and more commercial.

“We have strong foundations: excellent distribution, world class insurance expertise, and our balance sheet is robust.

“But there are also clear opportunities to improve.

“Reducing Aviva’s costs is essential to remain competitive and this means tough decisions and job losses which I do not take lightly.

“We will do all we can to minimise redundancies and support our people through this.”

In early morning trading on Thursday share were up by more than 1%.

Leave a Commment

You may also like

CLOSE AD

Sign up to our daily news alerts

[ms-form id=1]