UK-based insurer LV= has axed approximately 400 jobs group-wide during the last one year, as part of its strategy to save over £40m in operational expenses by next year.

While announcing its first-half 2017 results, the British insurer said that the number of full-time employees had decreased by almost 400, which equates to about 6% of the total employee strength of the group.

In order to reduce the headcount, LV did not recruit new staff for the positions vacated by the departing employees.

The strategy helped the underwriter to achieve £12m in cost saving of its targeted £40m savings during the first half of 2017.

LV= has spent £80m in developing its digital strategy over the last two years, including a robo-advice service.

LV= Group CEO Richard Rowney said: “ Over the last two years we have invested over £80m in improving our core systems and developing new digital propositions such as our robo-advice service, Retirement Wizard.

“Our continued investment in digital initiatives is enabling us to both reduce costs and improve productivity. At the same time we are improving customer satisfaction levels and we remain the UK’s most trusted, most recommended and best loved insurer.

“This combination of factors underpins the growth in both our trading businesses and together with the significant capital strengthening actions underway leaves the Group well positioned for the future.”