RSA cuts 1,200 jobs as profit rises 13%

By News on the Net —— Bio and Archives February 26, 2009

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RSA, the UK's largest commercial insurer, revealed plans to cut 1,200 jobs in the UK by the middle of next year today as it aims to slash its cost base by £70 million.

Andy Haste, the chief executive, detailed the job cuts as the insurer announced a 13 per cent rise in pre-tax profits to £759 million for the 12 months to the end of December and lifted the dividend by 10 per cent to 4.98p. RSA will take a one-off charge of £80 million to cover the cost of the job losses, which account for about 14 per cent of its 8,800-strong UK workforce...more