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RSA to cut 700 jobs

Royal & Sun Alliance is cutting 700 jobs in an attempt to minimise losses inflicted by the summer floods.

Chief executive Andy Haste says 500 jobs will be axed in the UK and another 200 in Europe in an attempt to save £70m.

The June floods set the insurer back £55m which contributed to its first-half operating profits dropping from £416m to £403m. The July floods cost RSA another £65m which will likely impact on the insurer’s second-half profits.

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