LV sheds 400 staff as it looks to cut costs
The workforce reduction is part of a drive to cut costs by £40m by 2018.
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.
Efficiency
A spokesperson confirmed: “The £40m cost reduction programme was mentioned in today’s H1 results and as part of that we have
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insurer
Peach and owner grow in 2025
Peach, which offers underwriting capacity to brokers, schemes and managing general agents for business insurance cover, grew in 2025 as profits at parent NPA Insurance also rose, maintaining the trends of the year before.
Ageas UK GWP jumps as Esure deal flows in
Ageas has posted a 72% hike in gross written premiums in the UK to €1.42bn (£1.21bn) for the first half of the year as the takeovers of Esure and Saga’s underwriter Acromas Insurance Company continued to kick in.
Aviva moves first with terrorism cover for SMEs
Aviva has become the first insurer to add terrorism cover as standard to selected digitally traded commercial products for eligible SME customers in Great Britain.
Pen builds out in thatch with £50m Hadron deal
Pen Underwriting has teamed up with Hadron UK Insurance for the first time in a capacity deal for the thatched and personal leisure property risks market, Insurance Age can reveal.
Allianz Commercial brings in Talbot’s Woolley as president of global specialty and UK region
Allianz Commercial has appointed Emma Woolley as president of global specialty and the UK region in a newly created role.
From transactional to tailored: rethinking insurance for the middle market
The opportunity for the market is to return to the fundamentals of insurance says Stuart Sutherland, head of UK retail at Liberty Specialty Markets, as he tackles the dangers of commoditisation for mid-market businesses and the risks of a one-size-fits-all approach.
People Moves: 17 – 21 August 2026
Stay in the loop with the latest insurance personnel moves.
Marco Capital sails in to buy MGA incubator parent Pro Global
Marco Capital, the property and casualty legacy consolidator and parent of insurance services group PoloWorks, has signed up to buy Pro Global.