The move will save about $250m annually

Zurich Insurance Group will cut about 800 jobs globally to save about $250m (£150m) per year by the end of 2015.

The insurer said the restructure was designed to reduce “both complexity and costs” as it works towards its 2014-16 strategy.

Zurich said the initiative, which follows its company review in December, will remove management layers between group and business units.

Chief executive Martin Senn said: “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 minimising overheads. It will be implemented through a measured process, with employees supported at every stage of the transition.”

Senn said in December that Zurich would invest in global corporate and mid-market business, as well as its high-margin retail insurance lines, while either turning around or exiting non-core insurance businesses that were underperforming.

The insurer said that customer-facing activities would not be affected.