Legal & General is planning to cut between 250 and 450 jobs in support function roles, including in HR and IT.
Legal & General, which employs 8,700 people, said the redundancies were being driven by "changing business demand and operational efficiencies".
The insurer said, "Legal & General has entered into consultation with collective representatives over potential redundancies within its support functions."
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It added that it would keep potential redundancies to a minimum and that where possible it would find alternative employment for those affected.