Aviva is to cut 1,800 jobs around the globe over the next three years as part of a drive to save up to £300m a year under new chief executive Maurice Tulloch.
The UK's largest insurer, which employs around 30,000 staff in total, said it will look to keep redundancies to a minimum as it slashes costs, with some of the role cuts coming from natural staff turnover.
The group said savings will also be made across central costs, contractor and consultant spend, reduction in project spend and in other areas.
Reducing Aviva's costs is essential to remain competitive and this means tough decisions and job losses which I do not take lightly"
"Today is the first step in our plan to make Aviva simpler, more competitive and more commercial," chief executive Maurice Tulloch said in a statement.
"Reducing Aviva's costs is essential to remain competitive and this means tough decisions and job losses which I do not take lightly. We will do all we can to minimise redundancies and support our people through this," he added.
Aviva said the cuts would fall across its worldwide operations.
"This will involve approximately 1,800 role reductions across the group over the next three years, out of a total workforce of around 30,000," Tulloch said.
Half of the insurer's workforce is based in the UK, namely Norwich, Bristol, Sheffield, York, Perth and Bishopbriggs outside Glasgow.
Aviva also used its statement to announce a shake-up in the group's structure.
The life and general insurance businesses in the UK will be managed separately, with the digital direct business integrated into UK General Insurance.
The UK life business will be headed up by Angela Darlington, formerly chief risk officer, while previous Canadian boss Colm Holmes has been appointed chief executive of UK general insurance.
Customers will not see any changes as a result of the UK split, it said.
The combined business was previously led by Andy Briggs, who stepped down in April just weeks after he missed out on the top job.