Top level managers at Hastings Direct insurance company have denied rumours that job losses will be greater than that already advised.
The local newspaper in Bexhill, where Hastings Direct are the towns biggest employer, has been receiving anonymous calls saying that rather than the ten job losses that had been stated there were in fact over fifty less jobs at the company now. There was also speculation that more reductions were on the way.
To clarify the position the company released a statement in which it was made clear that redundancies would add up to ten at the most, coming from a review of operations that had been underway for some time. Any other reductions in the number of jobs had come naturally, either via retirement or by people not being replaced if they left.
Hastings Direct also wanted to confirm they are a very active and successful participant in the insurance market, with plans to develop further in the future. They also intend to retain their Bexhill offices as the centre of operations, aiming to grow further as the business expands.
Two Norwich Union with profit funds are set to pay their policyholders an average of GBP1,000 each should they accept the offer.
Around a million customers hold these particular Norwich Union funds, with 700,000 of them set to receive between GBP400 and GBP1,000 and a further 220,000 looking at a minimum of GBP1,000 up to GBP3,500. The policies in question are the CGNU Life and CULAC with profit fund. The payout will be instead of any future claim on the surplus value of the funds so the options should the considered carefully.
The general opinion is that the offer is a very fair one and is likely to be accepted by most customers, especially in the current economic climate. Payouts are expected to begin in the middle of 2009 since there are a number of administrative procedures to carry out prior to Norwich Union allocating the funds.
The Prudential is said to be expanding the partnership it has with Standard Chartered a bank that works in the emerging markets sector.
At the moment the Prudential provides both insurance and savings products across Asia through the existing partnership, though this is set to develop with the partnership expansion. Moving forwards the Pru will be in a position to provide insurance products to customers in Japan, Thailand, Hong Kong, Malaysia and Singapore.
Current market figures show that the Prudential is the market leader for life insurance in Asia so the move into these far eastern countries is expected to be a fruitful one, the current status of the Prudential helping it quickly gain market share.
