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Zurich to cut costs by $1B to reverse profit slide

Zurich will cut costs by more than planned as it seeks to reverse a drop in earnings.

By Oliver Suess, Bloomberg | Updated on May 21, 2015
The logo of Zurich Insurance in Zurich, Switzerland. (AP Photo/Keystone, Steffen Schmidt)

(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.

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