The company's UK headquarters is at Albert Docks

It follows the failure of the company's Swiss parent company to sell its British business, and staff are said to be "devastated" by the news.

The company, which employs 750 people across the UK, is also to stop selling individual life insurance policies.

Another announcement on the remaining 200 jobs at the Albert Docks site is expected in the middle of August.

Most of the jobs will be lost at the company's financial protection department.

This sale - or lack of sale - is not a reflection on the performance of the UK business Brian Hurd, Swiss Life UK

One employee said: "It's like the break-up of a family."

A company spokeswoman said staff were told of the cuts at a meeting in Liverpool on Thursday.

"Obviously it is a very upsetting time," she said.

Parent company Swiss Life Group put the UK side of the business up for sale last September after bosses decided it was "no longer considered core to the group's activities".

However, no buyer was found so the financial protection department, responsible for selling insurance to individuals, has been axed.

Brian Hurd, managing director of Swiss Life UK, said: "We were very confident about finding a buyer back in September.

'Corporate strategy'

"It should be emphasised that this sale - or lack of sale - is not a reflection on the performance of the UK business which has been excellent.

"It is a reflection on Swiss' desire to implement their corporate strategy of which we are not a part."

The company spokeswoman said it was "too early" to say how many more jobs will be lost if a buyer cannot be found.

"We're trying to be positive at the moment and hope something can be sorted out," she said.

Existing policy holders with the company have been told the news will not affect them, and claims will still be paid.