(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.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.