Aegon NV reportedly announced that it plans to cut more jobs, and will close two additional British operations in an effort to improve profitability in its fourth-largest market, according to Reuters.

As part of an effort to cut costs by 25% at the end of 2011, the Amsterdam-based insurer allegedly will close its third-party pension administration and employee benefits software businesses. These moves were initially outlined in June as part of AEGON's British restructuring plan.

Additionally, Reuters says the insurer announced a reorganization of its British sales division earlier this month, which will eliminate 106 jobs.

AEGON says it doesn't yet know how many jobs will be lost, but notes that a total of 89 people will lose their jobs at the two British businesses (82 at the third-party pension administration office, and seven from the employee benefits software unit), Reuters reports.

 

 

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access