Zurich Insurance nearly halfway to cost-cutting goal of US$1.5b

Zurich

ZURICH Insurance will have cut costs by US$700 million by the end of the year, nearly halfway to its goal to save US$1.5 billion by 2019, chief executive Mario Greco said in an interview published on Saturday.

"We're on track," Mr Greco told the daily Neue Zuercher Zeitung. "It's a big challenge, because we must simultaneously cut costs as well as invest."