Prudential is axing 1,500 jobs in preparation for stakeholder pensions, according to the Financial Times.
Scottish Amicable, the IFA arm of the Pru, is to shed 200 jobs.
The Pru will cut nearly a quarter of its direct sales force, shutting all 103 support branches. ScotAm cuts will also be made through its salesforce.
Prudential chief executive of UK operations John Elbourne says the latest round of restructuring is expected to lead to a one-off cost of £90m but will bring savings of £60m a year to the group.
The group says the reduction in sales staff should not affect the proportion of policies sold through IFAs.