Norwich Union Life, a part of British insurance group Aviva [Get Quote], will be cutting close to 1,700 positions, both permanent and contract, in the UK by the end of 2009.
". . . there is expected to be a reduction of 1,100 permanent roles by the end of 2009.... In addition, 590 contract positions will be closed over the next few months," Norwich Union Life said.
The company noted that the impact on staff would be minimised by natural employee movement... "Consequently the number of permanent employees who will leave the company is estimated to be around 800," the statement added.
Norwich Union Life CEO Mark Hodges said that the firm has made significant progress in improving its operational efficiency and is nearing completion on a series of major projects, which would result in the reduction of the number of roles in a business.
"Unfortunately, this means that a reduction in the number of roles in the business is inevitable.... Making decisions that affect our people is always difficult and we are fully committed to doing everything we possibly can to minimise the number of compulsory redundancies," Hodges added.
Aviva has a significant presence in India and has a joint venture with healthcare products maker Dabur [Get Quote]. In the life insurance joint venture in India, Aviva has a 26 per cent stake while the rest is held by Dabur.
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