Life Insurance Company axes jobs

Wed, 05 Sep 2007

Standard Life, the Edinburgh-based pensions and life insurance financial services group, today announced 400 job cuts. The news follows an announcement of booming profit for the first half of 2007 – up 71 per cent to £353 million.

Standard Life is attempting to save £100 million per annum, part of which entails axing 1,000 jobs . The firm, who are one of the largest employers in Scotland, are the fifth biggest pensions and life insurance provider in the UK.

The company has diversified into savings and investment products to bring record profits. The chief executive, Sandy Crombie, reportedly commented: "We have made significant progress in increasing margin in our UK business over the first half of 2007, thanks to strong growth in higher margin products supported by the continued improvement in underlying efficiency."
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