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6/6/2019, 10:00 AM (Source: TeleTrader)
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Aviva+1.88%

7.5800
Chart for: Aviva PLC

Aviva+6.37%

302.42
Chart for: Aviva PLC ORD 25P

Aviva to split life, general insurance, lay off 6% of workforce

British multinational insurance company Aviva Plc announced on Thursday it would split its life and general insurance businesses in the United Kingdom and that it intends to reduce expenses by £300 million annually by 2022, in part through the cutting of 1,800 of its 30,000 existing jobs in the same timeframe. Layoffs will affect both the UK and international operations.

Aviva CEO Maurice Tulloch stated that the company remained committed to "progressive dividend policy and debt reduction of at least £1.5 billion," adding that the firm will host a capital markets day in November, during which he would update investors on future strategy and targets.

Aviva provides its services to 33 million customers, while its asset management division currently handles over £331 billion in assets. The company's stock gained 1.79% at 10:02 am CET.

Breaking the News / MA