(Bloomberg) – Zurich Insurance Group AG, Switzerland'sbiggest insurer, plans to cut spending on large technology projectsas it seeks to reduce costs, according to chief risk officerCecilia Reyes.
"Managing, harvesting the benefits from these investments" is achallenge, Reyes said in a Jan. 11 interview at Bloomberg's Londonoffice. "We will cut that back and be more focused."
Chief executive officer Mario Greco has said he wants to"attack" costs and save $1.5 billion from 2015 through 2019. Alongwith its European rivals, Zurich Insurance has struggled to improveprofitability as lackluster economic growth and record-low interestrates hurt investment income and prices in somemarkets remain subdued.
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.
