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| Insurance giant axes 1,200 jobs | Insurance giant axes 1,200 jobs |
| (10 minutes later) | |
| Britain biggest insurer Royal Sun Alliance (RSA) is to cut 1,200 jobs in the UK by the middle of next year. | |
| Thursday's news comes despite RSA declaring a profit before tax of £759m, up 13% in the calendar year 2008. | Thursday's news comes despite RSA declaring a profit before tax of £759m, up 13% in the calendar year 2008. |
| Chief executive Andy Haste said: "In a year of challenging trading conditions and volatile investment markets, we have again delivered strong results. | Chief executive Andy Haste said: "In a year of challenging trading conditions and volatile investment markets, we have again delivered strong results. |
| "We expect to face challenging conditions but are confident of delivering sustainable profits." | "We expect to face challenging conditions but are confident of delivering sustainable profits." |
| But RSA said it wanted to maintain "tight financial management", and would deliver a £70m saving in the UK by the middle of 2010. | But RSA said it wanted to maintain "tight financial management", and would deliver a £70m saving in the UK by the middle of 2010. |
| Unite's regional officer Martin McKeown said the union was "disappointed" with the cuts, adding: "We have been involved in consultation with the company and both parties remain committed to mitigating the consequences of this decision. | Unite's regional officer Martin McKeown said the union was "disappointed" with the cuts, adding: "We have been involved in consultation with the company and both parties remain committed to mitigating the consequences of this decision. |
| "Our immediate priority is to communicate with our representatives and members. We will oppose any compulsory redundancies." | "Our immediate priority is to communicate with our representatives and members. We will oppose any compulsory redundancies." |
| RSA employs around 8,800 people in the UK, with 1,200 of them in Liverpool, and 900 in Horsham, west Sussex. | |
| It also has sizeable centres in Manchester, Sunderland and Halifax. | |
| The company can trace its history back almost 300 years. Its current structure was created in 1996 following the merger of two of the largest insurance companies in the UK, Royal Insurance and Sun Alliance. In 2008 its shortened its name to RSA. | |
| It has a market share of over 13% in the UK, and sells much if its insurance through the MoreTh>n brand. |