The insurance industry continued to shed jobs this week, with Swiss Re’s announcement that it plans to cut 1,150 jobs and NU’s decision to slash 1,100 workers from its life arm. Stefan Lippe, New Swiss Re’s chief executive, announced the cuts as part of his 90-day review of the business, which announced a £500m loss in February. He also announced the appointment of Agostino Galvagni as chief operating officer. NU said the cuts were part of its ongoing efforts to simplify its life business and increase efficiency.

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