ZURICH (Reuters) - Zurich Insurance Group will cut about 800 jobs globally to save around $250 million per year by the end of 2015 as part of a drive to reduce costs and improve profitability.
The company is overhauling its business by investing in high margin units and selling underperforming lines as it works to hone profitability after lowering a key target last December.
On Tuesday, the insurer said the job cuts, which are equivalent to 1.4% of its total headcount, would remove management layers between the group and its business units. Customer-facing activities would not be affected, it added.
“We continue to make significant progress towards our strategic goal to make Zurich a focused and more profitable business,” Chief Executive Martin Senn said in a statement.
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