Insurance giant Aviva to cut 1,800 jobs

Insurance company Aviva has announced plans to cut 1,800 jobs in order to reduce its expenditure.

With a total workforce of around 30,000, the firm anticipates role reductions of approximately six per cent over the next three years in order to reduce expenses by £300m per annum by 2022.

It is not known yet which areas of the business will be affected by the cuts, and the firm has stressed that redundancies will be “kept to a minimum wherever possible”, relying instead on organic turnover of staff.

The news comes as the multinational firm announced plans to manage its life and insurance businesses separately, with the digital direct business to be incorporated into its UK general insurance division.

Maurice Tulloch, Aviva’s chief executive officer, commented: “Today is the first step in our plan to make Aviva simpler, more competitive and more commercial.

“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.”

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