Internal restructuring
Location of affected unit(s)
UK; Rest of World
Financial Services
Financial And Insurance Activities
Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security
65 - Insurance, reinsurance and pension funding, except compulsory social security

1,550 jobs
Number of planned job losses
Job loss
Announcement Date
19 June 2006
Employment effect (start)
Foreseen end date


Royal & Sun Alliance, the UK general insurer, said yesterday it would shed 1,550 jobs across the world as part of a cost-cutting plan aimed at saving £130m a year. 1,000 jobs will be lost in the UK, whilst another 550 will be lost in international locations. The move, which drove its shares sharply higher, supplements a radical restructuring started three-and-a-half years ago when RSA's repeated failure to meet improvement targets had left its reputation in tatters. The general insurer also announced ambitious growth targets alongside the cost cuts and stressed its attention was turning to expansion as the bulk of its restructuring had been completed.

Andy Haste, group Chief Executive, said: 'The decision to reduce headcount is always a difficult one but [is] necessary to ensure we remain as competitive as possible.'

A spokesman for UK trade union Amicus said the union was disappointed at the number of jobs being cut and would work with the firm to try and reduce the number of compulsory redundancies.


  • 20 June 2006: The Financial Times
  • 19 June 2006: BBC News


Eurofound (2006), Royal & Sun Alliance, Internal restructuring in World, factsheet number 63674, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63674.