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RSA announces 1,200 UK job cuts

Global insurer RSA is cutting 1,200 jobs from its UK operations in a bid to meet its £70m cost cutting target.

In its financial results for 2008 the global insurance firm said it is reducing headcount by 1,200 as part of a new £70m expense savings target for the UK, to be delivered by mid 2010.

In 2008 RSA achieved its original cost saving target of £120m, and has now set an overall expense ratio of around 14 per cent by the end of 2012.

The news comes as RSA, also UK’s largest commercial insurer, recorded a 1 per cent increase in net written premiums for 2008, up from £2.68bn in 2007 to £2.71 this year.

Its UK personal insurance subsidiary, More Than, recorded premium growth of 2 per cent, while new business sales increased by 10 per cent.

RSA UK chief executive Andy Brown says: “With our continued action on rate and expenses, we are confident that the UK business will continue to deliver sustainable profitable performance.”

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