Royal Liver Assurance confirmed today it is to close its direct sales operation in Ireland later this year with the loss of 121 jobs.
The company said that increasing competition in the financial services market was behind the decision to end direct sales. Customers are increasingly seeking independent financial advice and greater choice in pensions and life assurance mainly through brokers.
Royal Liver will revamp its Irish operation which employs 550 people to focus on selling through the broker network.
A company statement said that its 300,000 existing customers would not be affected by the changes.
Royal Liver said some employees would be able to tranfer to the new broker company, an application for which is currently with the Financial Regulator for approval.