Legal & General will reduce its workforce by approximately 1,000 roles.
The company plans to complete these cuts by the middle of 2027.
This reduction represents about 10% of the group's total staff.
CEO António Simões informed employees that the move aims to create a leaner organization.
The strategy also intends to simplify the company's operations.
The process begins with voluntary redundancy offers for UK-based staff.
This initiative follows a strategy to streamline the group into three core divisions.
The asset management division will not face cuts as it recently completed its own restructuring.
Legal & General shares fell 0.8% in London following the announcement.