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Admiral to cut 500 jobs in the UK to save £100 million
The restructuring will affect about 5% of Admiral’s UK insurance workforce and is designed to improve speed and efficiency.
Admiral Group said it will cut 500 jobs in the UK, aiming to save £100 million, according to Coverager.
The company said the changes are limited to Admiral’s UK insurance business and will affect about 5% of its workforce. Admiral CEO of Admiral UK Insurance Alistair Hargreaves said the restructuring is meant to align the organization’s structure, skills, and ways of working with evolving customer needs.
The outlet also noted that, following the results, more than 13,000 employees will receive free share awards worth up to £1,800 each under Admiral’s employee share schemes.