HUNDREDS of jobs are to be axed by one of the UK’s biggest car insurance firms as part of plans to save £100million.
The axing of 500 jobs will come from Admiral’s UK insurance business, in a move that will impact around 5% of its workforce.
Alistair Hargreaves, chief executive of Admiral, said in a statement: “We recognise this will be a difficult time for affected colleagues and our immediate priority is to support those impacted colleagues, including exploring redeployment opportunities wherever possible.”
The insurer has said it will provide support for career transition and future-focused support to help colleagues explore new opportunities.
The insurance giant, which has its headquarters in Cardiff, has insisted that the move is not due to AI, despite using the tech in its operations.
Earlier this year, Admiral said it needed to save £100m, and has added the proposed redundancies are part of that cost-cutting effort.
Mr Hargreaves added: “These changes are aimed at making us faster and more efficient so we can continue to deliver great customer outcomes.”
A Welsh Government spokesperson said: “It is disappointing to learn that Admiral will be making these redundancies.
“A meeting will be arranged with the company to understand the reasons for this action and to offer additional support to those affected through our partnerships between ReACT +. Careers Wales, Department of Work and Pensions and local authority employability services.”
Meanwhile, Legal & General revealed it is also preparing to cut around 1,000 jobs as it moves to become a “leaner” business.
Chief executive Antonio Simoes broke the news to staff in an email on Wednesday — warning the firm had become more complicated than necessary.
The news will spark uncertainty for hundreds of workers, despite the voluntary redundancy offer.
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