Munich Re, the world's largest reinsurer, has announced plans to cut 900 jobs, generating savings that also helped it to nudge up profit targets for this year and beyond.
Chief executive Joachim Wenning, who had flagged job losses in February without giving details, said half of the cuts would be in Munich, Germany, and half in the US.
The cuts at the company, which employs 42,000 people, would trim costs by €200m, he added.
Munich Re, hit by a spate of natural catastrophes in North America in 2017, also lifted its guidance for profit in 2018.
Last year's deadly hurricanes Harvey, Irma and Maria in the US and Caribbean, wildfires in California and earthquakes in Mexico destroyed infrastructure and homes, leading to record claims for the industry.
However, there are signs the run of catastrophes have allowed reinsurers to push up premiums.
"Munich Re is again poised for growth," Wenning said.
For 2018, Munich Re is aiming for net profit of €2.1 to €2.5 billion. That is up slightly from the guidance of €2-2.4 billion issued alongside annual results last month, and far above its 2017 profit of €375m.
In addition, Munich Re said it expected to grow profit to around €2.8 billion by 2020, thanks to improved earnings of about €500m in its reinsurance business and its primary insurance unit Ergo.
Munich Re also said it planned another €1 billion share buyback before its 2019 annual general meeting.
Wenning confirmed that Munich Re was looking to unite staff scattered around London in a building it would own, but refrained from specifics.
Bloomberg News yesterday reported that Munich Re was in talks to buy a piece of land that has been approved as a site for one of London's tallest buildings.
