Direct Line to cut 550 jobs

Direct Line Group has outlined a cost-cutting plan to create a leaner and more efficient operating model, which will result in a reduction of around 550 roles – 6% of the workforce.

The UK-based insurer hopes to deliver an additional £50 million of cost savings next year.

Earlier this year, Belgian insurer Ageas made several offers for Direct Line’s UK business, but the group concluded that the offers were “unattractive.”

In July, the company announced that the Direct Line brand will launch for the first time on price comparison websites.