Zurich says plans to axe 240 jobs are necessary to make it “sustainable in a highly competitive market”.

The company stated that the decisions were “not taken lightly” but that it would “create a platform for growth”.

The job cuts were announced as part of a wider restructure, with Life and General Insurance brought together under a single leadership team.

A company statement read: “These changes mean proposals are underway to remove around 240 jobs from the UK business as functions are aligned. Consultation has begun with employees on these proposals. While making these decisions is never done lightly, Zurich is committed to sharing the conclusion of these proposals with employees first.

“It is anticipated that roles will be largely removed from back office and non-market facing areas, such as finance, operations and marketing. These functions have in part been run separately for Life and General Insurance in the past, and there are roles which can be merged.”

UK CEO Tulsi Naidu, said: “Making these decisions is never done lightly, but the steps we are undertaking will make us sustainable in a highly competitive market - creating a platform for growth.”

She said: “Making a strong business stronger still. It will be very much business as usual from a market standpoint as we simplify our structure.

“We have an outstanding commercial insurance offering, great life propositions but an underdeveloped presence serving retail and small business insurance customers. We have fantastic momentum in our business and I see opportunity for us to succeed in all our markets by taking a very customer focused approach.”

Anne Torry, Head of Life with regulatory responsibility for the Life legal entities, will take on additional responsibilities in working with the CEO to reshape the UK business.

David White becomes head of life distribution, bringing together all UK Life routes to market including retail protection, retail platform, corporate savings, corporate risk and Zurich FutureYou.

Jim Sykes has been appointed head of life manufacturing, taking responsibility for product management, post-sales customer service, oversight of outsourced services and core business activities such as underwriting policy.