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QBE Insurance Group Limited (ASX:QBE) is reportedly considering cutting more than 700 jobs to slash costs.
According to Fairfax Media the insurance company is aiming to achieve $US200 million in annual operating cost savings by 2014.
QBE has not formally commented on the report but told the paper CEO John Neal has previously advised the market QBE is looking to reduce annual operating costs in coming years.
The report says QBE started trimming staff last year and the planned job cuts could see QBE cut about 16 per cent of its Australian staff.
QBE Insurance Group reported a net profit of $751.6 million in the first half of the 2012 financial year.
News: QBE considers job cuts to slash costs
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