Aviva PLC has taken another step in its quest to restructure the company by eliminating approximately 2,000 positions worldwide over the next six months. The announcement came in the London-based company’s first-quarter interim management statement released yesterday.
Last year, the insurer embarked on a program to reduce costs. According to the statement, the company has lowered expenses in Q1 by £83 million, or 10 percent, compared to the first quarter of last year. The company stated it is on track to meet its savings target of £400 million.
Q1 restructuring costs totaled £54 million. In the statement, CEO Mark Wilson said those costs will likely increase during the remainder of the year as the expense-cutting program continues. “In future years, we will ensure we have more modest restructuring costs,” he stated.