News Article
On Line Life Insurance Company Announces Job Cuts
It has been revealed that Standard Life is to slash 600 jobs at their headquarters based in Edinburgh. The insurance giant, which has become an established on line life insurance provider, is looking to save approximately £100m on its operating costs.
Due to occur through redundancies, the move will not only lower its outgoings but streamline its operations throughout the country. With the largest percentage of jobs being cut in the fields of marketing, communications, IT and finance, Standard Life said that whilst they had noted a 10per cent profit increase for the first half of 2010, significant cuts were still needed.
Chief Executive of Standard Life, David Nish, explained "As we transform Standard Life to deliver its growth ambitions, there is a need to both invest for future growth and actively manage our costs to be competitive". He added that the cuts were necessary for the on line life insurance provider to be able to become a better firm in terms of flexibility and adaptability. Meanwhile the firm added that it was looking at decreasing its involvement with investment bond and life insurance and increasing backing on pension and long-term savings products. With the latest news that an increasingly aged population was likely to lead in a demand surge for longevity insurance, the news has not come as a huge surprise. And with its costs down, and its outlook streamlined and focussed, Standard Life's future looks to be strong and secure.
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