QBE has denied a report that it plans to cut at least 700 jobs, saying it is reviewing operations and no final position has been reached.

The insurer’s share price rose 3%, or 39 cents, to $12.14 on January 21 following the report.

But a QBE spokesman says any cuts will be mainly managed through natural turnover and staff redeployment.

“[Group CEO] John Neal has previously advised the market that QBE is looking to reduce annual operating costs by more than $200 million in coming years,” she said.

“This will be achieved through a wide range of initiatives as we work more closely across the 52 countries in which QBE employees are based. Our twin objectives are to further improve our business practices and to position the organisation for future profitable growth.”