The company says 770 of the 1770 people employed in the Aviva Ireland business will lose their jobs in a process set to begin in March and take two years to complete.

Another 180 Aviva Europe roles based in Ireland will also go as part of a "streamlining" of "administration and support functions".

Aviva blames the "challenging" macro-economic environment, insisting Irish customers will "benefit from Aviva UK's investment in technology, underwriting capability and significant purchasing power".

The firm is also floating the possibility that 200 job losses could be mitigated as it looks at the "feasibility of establishing additional centres of excellence in Ireland to serve customers in the UK".

Igal Mayer, CEO, Aviva Europe, says: "The proposed changes to our regional operations will deliver a stronger, leaner business, at the heart of which is a firm focus on meeting our customers' needs."

However, Daryl Williams, regional officer at union Unite, argues: "While the company is continuing to deliver positive results, it is unacceptable that the very workers delivering these results are being axed."