Friends Life has announced it will cut 150 roles as part the ongoing restructure of the business.
The company has not announced which parts of the business the cuts will affect.
Friends Life employees are currently being consulted on the redundancies that will be made.
A Friends Life spokeswoman said: 'Friends Life continues to progress with the ongoing reorganisation of the business to create a group structure which can deliver its clearly-stated business strategy and position the business for future growth.
'We have identified considerable savings from non role-related costs but the proposed changes may result in around 150 roles being made redundant. In addition, we have around 50 vacancies that will not now be filled.'
In July 2011, Friends Life, whose chief executive is Andy Briggs (pictured), announced it planned to close its Basingstoke office and consolidate its Manchester office by the end of 2012, which would put 295 jobs at risk.
In November 2011 the company also signed an outsourcing deal with Diligenta, a subsidiary of Tata Consulting which resulted in 1,900 roles, mainly in IT and customer services moving to Diligenta.