The provider says it has not yet decided which departments will suffer cuts, adding it will inform staff in due course.
As well as the job losses, Friends Life has around 50 job vacancies it will no longer fill.
Friends Life currently has around 3,800 employees.
A spokesman says: “Friends Life continues to progress with the ongoing reorganisation of the business to create a group structure which can deliver its clearly-stated business strategy and position the business for future growth.
“We therefore announced to our employees in November that we are proposing the redeployment of a number of group positions into the business divisions in order to align the available skills and resources with the needs of those divisions. We have identified considerable savings from non role-related costs but the proposed changes may result in around 150 roles being made redundant. In addition, we have around 50 vacancies that will not now be filled.”
Money Marketing reported in August that the provider has made head of public relations Peter Timberlake redundant as part of its bid to cut costs across the group.
In July last year, the provider announced it was closing its Basingstoke office and consolidating its Manchester offices by the end of 2012.
In November last year, Friends announced plans to outsource the IT and customer service functions for its heritage business to Diligenta, with 1,900 jobs moving across to the outsourcing specialist.