Overview

• Direct Line plans to reduce its workforce by approximately 550 roles, representing about 5-6% of its total employees.
• The job cuts are part of a broader strategy to achieve £50 million in savings and create a more efficient operating model.
• CEO Adam Winslow, who assumed leadership in March, is spearheading a turnaround effort following a period of financial instability.
• The company has faced declining customer numbers due to increased premiums and challenging motor insurance market conditions.
• Direct Line previously fended off a £3.1 billion takeover bid from Belgian insurer Ageas earlier this year.