Firm blames market conditions for redundancies
Zurich is to make 90 redundancies within its UK life business as it looks to make efficiency savings.
The global insurer has announced it is planning to reduce the size of its 1,400-strong life insurance team by around 90 roles, from divisions including senior management, finance, legal, risk, compliance, operations and marketing.
The firm has notified those whose jobs may be affected and they will now enter a 30-day consultation process.
Zurich said the move is part of its drive to deliver growth in the light of challenging market conditions.
David Sims (pictured), chief executive officer of Zurich Global Life in Europe and interim CEO for Zurich’s UK life business, said: “It is always hard to make decisions which impact 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’s 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.”