Aviva to Reorganize Norwich Union; Up to 1,800 Jobs Targeted

June 9, 2008

Aviva PLC, the UK’s largest Insurance group, announced plans on Friday, June 6, to slash up to 1,800 jobs at Norwich Union, its UK general insurance business, by the end of 2010 as part of a structural overhaul.

Aviva said it was streamlining Norwich Union’s business after a series of mergers and acquisitions. It also is attempting to adapt to increased demand for insurance services online.

“It is estimated that this approach, combined with the two-year implementation period, will mean that there will be around 1,500-1,800 redundancies by the end of 2010,” Aviva said in a statement to the London Stock Exchange.

Aviva currently employs 59,000 worldwide.

Norwich Union Insurance has offices in 52 British towns and cities, and almost half would be affected by the changes, with some closing down entirely.

“I am convinced we are on the right course and that we have the best people working on delivering the right products and processes to service our customers and partners well,” Norwich Union Insurance chief executive Igal Mayer said.

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