LV has cut its workforce by 400 over the last 12 months as part of a plan to reduce costs by £40m by 2018.
It is believed that the workforce reduction was done mostly by “natural attrition”. Money Marketing originally reported there have been a “small proportion” of redundancies.
Insurance Age understands there has not been a voluntary redundancy programme.
A spokesperson confirmed: “The £40m cost reduction programme was mentioned in today’s H1 results and as part of that we have b
- Marsh accused of trying to squash Marshmallow name by InsurTech start up
- Brokers face another FSCS hike and situation could yet get worse
- Marsh Networks partners with Ataraxia for succession planning
- Volante launches first MGA – Edison Motor
- Moving away from brokers would be a “major dereliction of duty”, says Phil Bayles
- Stuart Vann out at Esure
- Nexus considering sale, IPO and further options