Articles - Zurich streamlining could result in up to 800 job losses


 Zurich Insurance Group has announced plans to streamline its organisational structure to reduce both complexity and costs as it continues to deliver on the Group’s strategic priorities for 2014-2016.

 As set out at Investor Day in late 2013, the Group continues to invest in priority markets and in parallel is reducing the cost of its global structure. This initiative, which follows a comprehensive review, will remove management layers between Group and the business units. It is designed to position the company for profitable growth, placing customers and their needs at the centtr of our business, and to drive one of the key strategic priorities set out in late 2013, which is growing operating earnings.

 CEO Martin Senn comments “We continue to make significant progress towards our strategic goal to make Zurich a focused and more profitable business. This latest initiative empowers our people to act decisively in delivering first-class services to our customers while also minimizing overheads. It will be implemented through a measured process, with employees supported at every stage of the transition.”

 The proposed changes, which remain subject to the appropriate consultation with employees and their representatives, would lead to annual run-rate savings of approximately $250m by the end of 2015. This would correspond to up to 800 job losses throughout the global organisation. Customer facing activities will not be impacted.

Back to Index


Similar News to this Story

COP29 and lessons for investors
COP29 faced criticisms around lobbying and lack of scale of action, but some important agreements were completed. For example, $300bn per year for d
Navigating changes to Solvency II for UK insurers
The UK’s solvency regulations are amended by PS15/24, released by the Prudential Regulation Authority (PRA) in November 2024. With changes to reportin
A Paradise of Love and Joy a Set of Payments Unknown
Unexpected cashflows – and where they could come from. CDI continues to grow in popularity, and as DB schemes see their funding levels improve this is

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.