AVIVA to cut 1,800 jobs over the next three years

AVIVA's head Maurice TULLOCH - appointed as CEO of the UK largest insurer on March 4th 2019 replacing Mark WILSON, announced the Group is cutting 1,800 jobs over the next three years in an effort to cut costs.

Maurice TULLOCH said:

"Reducing Aviva's costs is essential to remain competitive and this means tough decisions and job losses which I do not take lightly. We will do all we can to minimise redundancies and support our people through this."

The announcement was made by TULLOCH as an update on progress since his appointment on the ocassion of a presentation for analysts and investors:

"AVIVA intends to reduce expenses by GBP300 million per annum by 2022, net of inflation, at constant currency. Cost savings will be achieved through lower central costs, savings in contractor and consultant spend, reduction in project expenditure and other efficiencies. This will involve approximately 1,800 role reductions across the group over the next three years, out of a total workforce of around 30,000. AVIVA will look to ensure that redundancies are kept to a minimum wherever possible, for example through natural turnover. AVIVA has engaged with Unite and our employee representative bodies and will continue to consult on specific proposals."

On the same ocassion, TULLOCH said AVIVA's life and general insurance businesses in the UK will be managed separately, with the digital direct business integrated into UK General Insurance.

At the same time, AVIVA announced Angela DARLINGTON is appointed interim Chief Executive Officer of UK Life and Colm HOLMES is appointed Chief Executive Officer of General Insurance.

Share |