Munich Re will cut about 900 jobs worldwide by 2020, including 480 at its German base, as part of its drive to lift efficiency and simplify the operating structure.

The job-cutting announcement comes as Munch Re anticipates first-quarter net profit will exceed €800 million ($1.29 billion), up from €557 million ($895 million) in the corresponding period last year.

“We will simplify our structures and processes in reinsurance and group functions – and even do away with some of them entirely,” Chairman Joachim Wenning said.

“As a result, we will be able to run a growing business with fewer resources.”

The German reinsurer expects to save about €200 million ($321.4 million) a year before tax through various efficiency drives.

Munich Re has kept its full-year profit forecast at €2.1-€2.5 billion ($3.38-$4.02 billion), which would easily surpass last year’s €392 million ($630 million).