Australia's biggest insurer QBE to cut millions in costs, move jobs to Asia

The insurance giant confirmed reports that hundreds of jobs would move from Australia, the United States and Europe to cheaper countries in Asia.

“Seven hundred is in the ballpark for what we think we can achieve out of our major operating divisions, so that includes the U.S. and includes Europe,” chief executive John Neal told journalists.

“We can manage that not through major redundancy programs, because we don't have any, but through natural staff turnover and a reduction on any dependency on third-party contractors.”

A QBE spokesman said at least 700 jobs would be created in the Philippines.

The development comes as QBE said it was embarking on a cost-cutting program after undertaking a range of takeovers in recent years.

“This initiative is expected to generate annual run-rate expense savings of at least US$250 million per annum by the end of 2015,” it said in a statement.

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