UK insurers Legal & General and Admiral announce major job cuts

Major British insurance firms Legal & General and Admiral have announced significant workforce reductions as part of broader restructuring and cost-saving initiatives.

Legal & General plans to cut approximately 1,000 jobs, about 10% of its workforce, by mid-2027. CEO António Simões stated the move is intended to create a ‘leaner organisation’ by simplifying complex structures and processes. The plan will initially involve voluntary redundancies in the UK, though mandatory cuts may follow. The company's fund management division will be excluded from this specific restructuring.

Admiral is also cutting roughly 500 jobs in its UK insurance business, representing about 5% of its staff. This move is part of a larger effort to achieve £100 million in savings. CEO Alistair Hargreaves noted that while the company uses artificial intelligence, the job cuts are driven by a need for efficiency and speed rather than AI adoption.