Castletown-based Friends Provident International has announced it is scaling down its presence in the Isle of Man with the loss of up to 33 jobs.
The move follows the company’s £5.3bn takeover by insurance giant Aviva.
More than 200 staff are based at Friends Provident International’s island base at Royal Court, Castletown.
They have been waiting to hear what the impact of the take-over will be since details were first unveiled in December.
Today staff were told about the new structure of the business, which will result in 33 posts being lost as FPI is integrated with Aviva Asia.
The job losses will take place between now and the end of 2016 and chief executive officer Adrian Emery said it was hoped some of those affected could be offered jobs elsewhere in the Aviva Group.
He said in a statement: ‘The Isle of Man is critical to our business and we remain committed to having a presence here. However, as FPI moves to a more decentralised model, FPI will reduce its presence in the Isle of Man, with a focus on retaining management, governance and critical regulatory and servicing functions.
‘As a result, in the Isle of Man 33 people will be affected by today’s announcement.
‘We will be helping our people through this process, providing a range of support and advice and are being assisted in this by the Isle of Man’s Department of Economic Development. The majority of these changes will happen between now and the end of 2016 and we will look to minimise the impact by offering other opportunities in the wider Aviva Group where possible.’
Any job losses will form part of the potential reduction of 1,500 roles which Aviva announced in January this year.