Direct Line Insurance Group announced that it will be cutting 550 jobs globally due to the difficult trading conditions.
The business will lose 5% of the global workforce as a result of the motor insurance division not performing to expectations.
The British insurer claims that the cost-savings will be PS50 million by 2025. This includes improvements in technology, procurement and our operating model.
In the three-month period ending September 2024, the company reported a loss of 71,000 customers of its own brand motor insurance.
It reported that gross premiums and fees were down to PS836 from PS1.28billion last year.
Adam Winslow announced yesterday that Direct Line Group, which he joined in March as CEO from Aviva, a rival insurer, would be cutting costs. He did this in an update on the company’s trading.
He said: “We’re in the early stages a significant turnaround, and our Q3 trade is still not fully reflecting the actions we’ve taken.”
It has yet to reveal which departments are affected. It did say that the company will not be filling any existing vacancies as part of some job cuts.
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