The Prudential is preparing to cut a further 2,000 jobs, according to reports.
The London Timessays Britain's second-biggest insurer will today announce plans to trim a fifth of its workforce following a review of the Prudential's UK and European operations.
It's thought that the Scottish Amicable brand will be dropped. Prudential bought Scottish Amicable in 1997 in a £2.75 billion deal that saw the Scottish insurer shedding its mutual status.
The acquisition included £485 million of goodwill paid by Prudential shareholders.
The Timessays Prudential's fund-management arm, and its Egg internet banking unit, won't be affected by the job cuts.
The Pru has announced it has agreed to transfer its UK general insurance business to WSG-Gesellschaft, Credit Suisse Group's insurance unit.
The transaction is expected to generate value for Prudential of approximately £810 million through a combination of upfront and future payments and the release of capital from the general insurance business.
The deal includes the formation of a strategic alliance to offer Prudential branded general insurance products in the UK. The Pru says the alliance is part of its UK insurance strategy to focus on its core medium and long-term savings businesses.
PA