Insurance giant Legal & General is to cut around 10% of its life and pensions workforce this year.

Legal & General has reported a £1.5bn annual loss

The move came after the company reported a £1.5bn annual loss.

L&G said the UK job cuts - out of a 6,500-strong division - would mirror similar levels last year, when it cut its headcount by 10%.

It said the figure included 450 job losses announced last month.

L&G is cutting costs as it battles against the recession and stock market turmoil, which sent it diving into the red last year with pre-tax losses of £1.49bn.

It made profits of £883m in 2007, although the 2008 figure was impacted by £1.2bn in provisions to cover potential credit defaults.

L&G said job cuts would largely be made across central functions, such as finance, human resources and risk compliance.