(Bloomberg) — Zurich Insurance Group AG, Switzerland's biggest insurer, will cut costs by more than planned as it seeks to reverse a drop in earnings.
Chief Executive Officer Martin Senn said he will make additional annual 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, human resources, finance and communications, he said in a phone interview from Switzerland's financial capital on Thursday. It is too early to comment on possible staff reductions, he said.
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