All data is delayed
See More

Standard Life cuts 139 jobs

Nov 21 2012 19:18
London - British life insurer Standard Life is to cut 139 jobs as part of a previously announced plan to merge its domestic business with that in the rest of Europe.

Standard Life, Britain's fifth-biggest insurer, has been cutting costs and reorganising to prepare for regulatory changes in Britain that will ban commission payments to brokers and automatically enrol workers into company retirement schemes, boosting pension saving.

In August, the 187-year old insurer said it would bring its British, Irish and German businesses under one roof to counterbalance its newly created emerging markets unit, focusing on China, Hong Kong and India.

"Our current model and structure has to change to meet the changing demands of this new world where customers will want to interact in different ways for different products," said Paul Matthews, head of Standard Life's UK and Europe arm.

Standard Life shares were down 0.2% at 12:55 GMT, narrowly underperforming a flat FTSE 100 share index.

The stock has risen 50% since the start of the year, outpacing a 28% rise in the FTSE life insurance index .
britain  |  job cuts



Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote