A Zurich spokesman said yesterday’s announcement "relates to organisational changes for Zurich’s UK Life business and has a minimal impact on Zurich’s international business, with four people today placed at risk of redundancy".
In the statement, Zurich had outlined that the 200 job cuts will include several departments, ranging from sales and marketing, senior management, finance, compliance and operations.
The majority of those affected will now enter into a 90 day consultation process.
Gary Shaghnessy, chief executive for the UK life business said: “The continuing transfer of financial responsibility from the state and coporates onto the individual, the savings and protection gap in the UK, and all the forthcoming fundamental regulatory change, made it essential that the business evolved to meet the changing demands of intermediaries and customers.
Earlier this year former Prudential Vietnam general manager Clive Baker become the new CEO of Zurich International Life, based in the Isle of Man.
