Zurich Insurance says will cut costs, and up to 800 jobs

11th March 2014, Comments 0 comments

Zurich Insurance Group announced on Tuesday a three-year restructuring plan that could result in the cutting of up to 800 jobs around the world.

The insurer, which employs about 55,000 people worldwide said in a statement that it aimed to slash its annual costs by around $250 million (180 million euros) by the end of 2015.

"This would correspond to up to 800 job losses throughout the global organization," it said, stressing that "customer facing activities will not be impacted."

The restructuring is part of a long-term plan announced late last year for the period 2014-2016, aimed at simplifying Zurich's business structure.

In a bid to streamline its business, the company said it would focus on its priority markets and remove layers of management between its global organisation and the different business units..

The changes "will be implemented through a measured process, with employees supported at every stage of the transition," Zurich chief executive Martin Senn said in the statement.

The company last year raked in a net profit of $4.03 billion, up four percent from 2012.

It booked a restructuring charge in the fourth quarter of $318 million.

© 2014 AFP

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