Monira Matin
Life insurer Zurich is set to cut 240 jobs in the UK as part of its ongoing business restructure.
The jobs will be shed from its UK business as the company undergoes a more than $1bn (£690.3m, €879.9m) cost cutting and efficiency drive that will impact around 8,000 of Zurich’s 55,000 employees by the end of 2018.
The life company said it is looking to simplify and streamline its business by merging its general and life units.
Zurich said the jobs cuts would not be in 'market facing' roles and were likely to be from back office positions.
The provider said cuts would be made where there was overlap between life and general insurance positions.
Tulsi Naidu, Zurich's UK chief executive, said the decision to cut jobs is “never done lightly” and would not affect the way Zurich worked with clients.
“We want to continue our market leadership in some areas and take advantage of opportunities to grow in others, making a strong business stronger still. It will be very much business as usual from a market standpoint as we simplify our structure,” she said in a statement on the company’s website.
A new single UK executive team has also been put in place as part of the restructure, with Zurich Life now divided into two organisational units - life distribution and life manufacturing.
David White will take the mantel as head of life distribution, including the Zurich platform and guidance service FutureYou, while Jim Sykes will be head of life manufacturing, heading up product managaement and customer service after sales.
Anne Torry will continue as head of life with regulatory responsibility for the life legal entities.
Profits turnaround
Last November, Zurich reported a massive increase in its third quarter net profit and strong growth over the first nine months of 2016 as the company’s efficiency drive under new chief executive Mario Greco began to see results.
The restructure has also saw the company exit its Singapore business in December 2015 and close its general insurance business in the Middle East by the end of 2016.
This article was originally published by International Adviser