(Bloomberg) — Zurich Insurance Group AG, Switzerland's biggestinsurer, will cut costs by more than planned as it seeks to reversea drop in earnings.

Chief Executive Officer Martin Senn said he will make additionalannual savings of at least $1 billion by the end of 2018, including$300 million by the end of next year.

Zurich will save about $600 million from shared services, humanresources, finance and communications, he said in a phone interviewfrom Switzerland's financial capital on Thursday. It is too earlyto comment on possible staff reductions, he said.

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