Arab Today, arab today insurance firm aviva axes 2000 staff
Last Updated : GMT 05:42:12
Arab Today, arab today
Arab Today, arab today

Insurance firm Aviva axes 2000 staff

Arab Today, arab today

Arab Today, arab today Insurance firm Aviva axes 2000 staff

London - Arabstoday

British insurer Aviva said it would axe about 2,000 jobs around the world as part of its ongoing plans to slash costs. “Aviva plc today has informed employees that over the next six months there will be a reduction of approximately 2,000 roles across the group in the UK, Europe and Asia, equating to six percent of the global workforce,” it said in a statement. “As part of Aviva’s commitment to employees and unions to inform them as soon as it can about decisions that impact our people, it is communicating the estimated overall scale of changes today.” Aviva, which is Britain’s second-biggest insurer after Prudential, employs 31,200 people worldwide. The company recently said it had already made £ 275 million of cost savings as part of its previously-announced plans to axe costs by more than £ 400 million. “I know this is difficult news for our employees but these changes are essential if we are to remain competitive,” added chief executive Mark Wilson in the statement. “Aviva needs to become a more efficient and agile organization to unlock its potential. “We must take tough decisions on costs to provide our customers with great value products and ensure our future success. “I am determined that Aviva gets through this phase of our business transformation as quickly as possible.” The news comes one month after Aviva revealed it had tumbled into a net loss of £ 3.0 billion ($ 4.5 billion, 3.5 billion euros) in 2012. The loss, owing mainly to a massive writedown following the sale of its US business, contrasted with a net profit of £ 60 million in 2011. However, the company also posted an annual underlying operating profit — an indicator of its day-to-day business — of £1.78 billion. Back in July, Aviva said it would withdraw from 16 non-core business areas following a major strategic review. Source: ArabNews

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