Norwich Union, Britain’s largest life insurer, saved $252 million during 2003 by moving several of its jobs to India, according to the company’s chief executive, Gary Withers.

He said Norwich Union plans to achieve savings of a further $234 million within the next three years, which is likely to include moving more jobs to India.

The company has announced plans to raise $3 billion through the securitization of its equity release and protection books and also laid out plans to increase its market share by more than 50 percent over the next few years.

Aviva, which owns Norwich Union, has announced more than 5,000 British job cuts over the past 18 months, as it has moved more jobs offshore and closed down its insurance broking division, Hill House Hammond.