LV= workforce shrinks by 400

LV= has trimmed its workforce by nearly 10% in the last year as it strives to cut costs by £40m.

The insurer says that the vast majority of the cuts have come about through natural, with vacancies not filled rather than wide-scale redundancies.

Speaking to Insurance Age, a spokesperson said, ‘The £40m cost reduction programme was mentioned in today’s [first half] results and as part of that we have been looking to ensure that as a company we operate as efficiently as possible. We’re seeking efficiencies across all areas of the business and there have been instances where we haven’t replaced some vacant roles, so our headcount has naturally reduced and that number is by about 400.’

LV= is being bought by Allianz in a deal worth £713m. It’s understood the slimming down of its workforce will continue.