Zurich Insurance Group will cut about 800 jobs worldwide to save around $250 million per year by the end of 2015 as it streamlines its organisation in line with strategic priorities set out last year.

The company is overhauling its business by investing in high margin units and selling underperforming lines as it works to hone profitability after lowering a key profitability target last December.

"We continue to make significant progress towards our strategic goal to make Zurich a focused and more profitable business," chief executive Martin Senn said in a statement.

Mr 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.

Zurich said the job cuts would remove management layers between the group and its business units. Customer-facing activities will not be impacted by the job losses, it said.

The insurer employs more than 1,000 staff in Ireland. In addition to its domestic businesses, Zurich located its European head office for general insurance here in 2009. It oversees about 17 markets, including Ireland, and employs 60 staff in the IFSC.

Reuters