Why Greco Is Confident About Hitting Zurich Targets
Zurich Insurance Group AG will cut costs by $1.5 billion from 2015 through 2019 as Chief Executive Officer Mario Greco overhauls Switzerland’s largest insurer. The new plan replaces a previous goal to save at least $1 billion by the end of 2018. Zurich Insurance will also target a dividend payout ratio of 75 percent of net income after tax, the firm said in a statement on Thursday. A minimum dividend of 17 Swiss francs ($17) a share will be maintained. Greco discusses the turnaround and Brexit concerns with Anna Edwards and Yousef Gamal El-Din on "Bloomberg Daybreak: Europe."