Zurich aims to achieve net savings of $US1.5 billion ($2.03 billion) by 2019 under a turnaround plan unveiled to investors last week by Group CEO Mario Greco.

The Swiss insurer will focus on raising profitability and building its strength as a global player in the general and life sectors.

“In the next three years we will focus on execution to increase business profitability through delivering high-quality earnings,” Mr Greco said.

“We are reshaping the business for new market realities and to best equip us for future success. We will become stronger as the competitive landscape shifts, establishing a sound base for future growth.”

Zurich will invest in new technology and data analytics to drive operating efficiencies, even as it incurs $US500 million ($677.02 million) annually in restructuring charges for its IT-related assets.

The plan targets a “business operating profit after tax return on equity” of more than 12% from next year.

Zurich has acted to cut costs and shed underperforming assets after its general insurance arm suffered profit declines.

The measures appear effective: Zurich this month reported third-quarter net income of $US912 million ($1.23 billion), up 342% on the corresponding period last year.

Net income for the nine months to September was up 11% to $US2.53 billion ($3.42 billion).