Legal & General plans to cut 1,000 jobs by mid-2027 as part of a broader restructuring led by chief executive António Simões. The London-listed insurer announced a voluntary redundancy programme aimed at reducing its workforce by about a tenth. A source close to the process noted that if the target is not met, compulsory redundancies may follow.

The cuts will exclude the asset management division, which is undergoing its own job reductions under Project Catalyst. The move supports a simplification plan launched in June 2024 to streamline operations and cut costs. Under Simões, the company has reduced its business divisions from four to three and sold non-core assets like Cala Homes.

L&G stated the changes reflect its evolving business model and commitment to supporting affected employees. Shares have risen nearly 15% this year, though they were flat after the cuts were reported. The group has also brought in Eric Adler from PGIM to lead asset management.

The restructuring comes amid a slowdown in pension risk transfer deals, with demand falling in the first half of 2026 according to LCP.