UK’s Direct Line plans to cut 550 jobs, posts fall in gross premiums – ETHRWorld
Direct Line Insurance Group unveiled plans on Monday to cut 550 roles, or about 5% of its global workforce, and reported a fall in gross premiums written in the third quarter, weighed down by its underperforming motor insurance business.
The British insurer has been struggling to reinvigorate its business under a turnaround strategy launched by CEO Adam Winslow after it fended off a 3.17 billion pound ($4.09 billion) takeover attempt by Belgian rival Ageas in March.
“We are in the early stages of a significant turnaround and our Q3 trading is not yet fully reflective of the actions we have taken,” Winslow said in a statement.
Direct Line had 10,131 employees globally, as of December-end, according to its annual report.
Aggressive price hikes have helped Direct Line mitigate the effect of rising cost of claims, but have also turned its customers away to cheaper rivals.
The company said its total gross written premium and associated fees reached 835.9 million pounds ($1.08 billion) in the three months ended Sept. 30, compared with 1.28 billion pounds a year earlier. ($1 = 0.7749 pounds) (Reporting by Yamini Kalia in Bengaluru; Editing by Subhranshu Sahu)
Related
Sainsbury’s announces major change to stores and cuts 3,000 jobs
Sainsbury's will cut 3,000 jobs by closing down its remaining cafés, patisseries and pizza counters, the chain has announced.In a statement, the supermarket sa
ONS to spend millions on temp workers to fix ‘unusable’…
The government’s statistics agency is spending £8m to hire an army of low-paid temporary workers amid efforts to fix its “virtually unusable” data on une
Accessing UK energy jobs
Regional skills investments to help workers access thousands of jobs and 'skills passport' goes live.
Election losses cost 2,000 people their jobs, says Westminster watchdog
More than 2,000 people lost their jobs after an “almost unprecedented” turnover of MPs at the last election, a parliamentary watchdog has said.The Independe
