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(Reuters) — Zurich Insurance Group Ltd. will meet all the targets laid out in its business plan to 2019 and could even beat them, Chief Executive Mario Greco said in an interview published in an Italian newspaper Monday.
In the 2017-2019 period, Zurich plans to cut costs for a cumulative amount of $1.5 billion. In August it said it reached $900 million of the planned cost savings for end-2019.
“We are on track (on) all the goals (in our business plan) and we expect to meet them or even exceed all of them by the end of 2019,” Mr. Greco told La Repubblica. “The current business plan finishes at end-2019, but the strategy will remain the same and we will continue to develop it at an increasing speed.”
According to its business plan, Zurich also aims to reach a return on equity of more than 12% of its operating profit after tax.
Mr. Greco also told the Italian daily the group could partner with companies in sectors different from insurance — such as telecom services, cyber security and energy — to offer its policyholders wider insurance services.
Mexico's Insurance Commission has approved the acquisition of insurer QBE de Mexico Compania de Seguros S.A. de C.V. by Switzerland-based Zurich Insurance Group Ltd., El Economista reported. The transaction is based on an agreement with QBE Mexico's parent firm QBE Insurance Group Ltd. to acquire operations in Latin American countries for $409 million. Zurich Insurance expects to achieve a total return on investments of more than 10% with this acquisition.