Royal & Sun Alliance and Standard Life announce job losses
Royal Sun Alliance (RSA), one of the UK’s largest insurers, has confirmed plans to shed 1,200 jobs in the UK by mid-2010.
The job losses comes in spite of the insurer announcing a 13% increase in pre-tax profits of £759 million for the full 2008 year.
RSA, who has raised its dividend by 10%, said it expects to continue to face challenging conditions going forward and wants to “maintain tight financial management” and plans to save £70 million by the middle of next year.
Shares in the insurer were up 8% in early trading today as chief executive, Andy Haste, described the results as “strong”.
The insurance giant has a UK workforce of almost 9,000 with its main offices in Liverpool, London and Horsham in Sussex. The job losses will be spread across the company and at all levels, confirmed the company.
Meanwhile, Edinburgh-based insurer Standard Life announced yesterday it is to axe nearly 200 jobs with the bulk of the jobs set to go at Bristol, with the remainder in Edinburgh, Glasgow, Watford, Leeds, Cambridge, London and Manchester.