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Zurich cutting 90 jobs in UK life business

New move follows 243 losses last year

Zurich is cutting around 90 roles from its UK life business as part of group-wide cost-cutting measures.

The job losses will come from senior management, finance, legal, risk, compliance, operations and marketing departments.

Zurich employs around 1,400 staff in the life arm and those affected are in a 30-day consultation.

A spokeswoman says the cuts will not result in the provider pulling out of any product areas where it currently operates and insists the launch of Zurich’s retail platform is still on course for the second quarter.

The company cut 243 roles from its general insurance business last year, with some of the losses coming from its customer services, finance and offshore teams.

Zurich Global Life in Europe chief executive and UK life business interim chief executive David Sims says: “It is always hard to make decisions which affect our people in this way and we will do everything we can to support them through this process.

“However with today’s uncertain economic outlook, it is more important than ever that we, like all companies, protect our business. This enables us to remain competitive and flexible so that we can meet the changing needs of our customers and distributors and provide them with the products and services they need.”

Master Adviser senior partner Roy McLoughlin says: “It is sad to see a company emerging as one of the leading protection providers having to make job cuts.

“Insurers sometimes underestimate the role of back-office staff and I hope the cuts do not have an impact on service levels but it is reassuring to see Zurich will not be pulling out of any product areas.”

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