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Zurich to cut 240 jobs in UK

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Zurich is set to cut 240 jobs in the UK as it looks to streamline its business lines.

Back office and non-market facing areas are set to take the brunt of the cuts, including areas such as finance, operations and marketing.

The provider currently separates these functions across life and general insurance, with different employees working in the same roles at each department.

However, Zurich is now merging its life and general insurance businesses, and considers that some of the roles can be merged.

It has begun consulting with employees on the cuts.

Zurich said in a statement: “While making these decisions is never done lightly, Zurich is committed to sharing the conclusion of these proposals with employees first.”

A new leadership team will take control of the combined life and general insurance business.

The life business will be split into two units: life distribution and life manufacturing, and will continue to be led by Anne Towry.

Head of life distribution will be David White, who will look after the firm’s retail platform, corporate savings and corporate risk work.

Jim Sykes will be head of life manufacturing, with a remit including product management, underwriting policy and post-sales customer service.

The announcement follows a similar move by Aviva to streamline its insurance businesses this morning.

In 2014, Zurich said it planned to cut up to 800 jobs across its global operations, eyeing annual savings of £150m by 2016.

Three years previously, Zurich UK life entered talks with staff about cutting 120 jobs from its sales and marketing division and closing five branches.

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