(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.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 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.
