RSA to sack 1200 despite sound results
It might have returned solid full-year financial results, but global insurer RSA (until last year known as Royal & SunAlliance) still intends to cut 1200 staff in the UK.
RSA netted £586 million ($1.29 billion) last year, against £628 million ($1.39 billion) in 2007. Net written premium lifted 11% to £6.5 billion ($14.4 billion) while the combined ratio of 94.5% reflected continued profitability.
The insurer announced plans to trim about 14% of its 8800-strong UK workforce by the middle of next year as part of a £70 million ($155 million) cost-cutting regime.
The UK division of RSA has under-performed compared to global counterparts with just 1% net premium growth against 19% among the overseas units.
RSA netted £586 million ($1.29 billion) last year, against £628 million ($1.39 billion) in 2007. Net written premium lifted 11% to £6.5 billion ($14.4 billion) while the combined ratio of 94.5% reflected continued profitability.
The insurer announced plans to trim about 14% of its 8800-strong UK workforce by the middle of next year as part of a £70 million ($155 million) cost-cutting regime.
The UK division of RSA has under-performed compared to global counterparts with just 1% net premium growth against 19% among the overseas units.