ZURICH (AFX) - Zurich Financial said it plans to cut 1,000 jobs in Germany in a bid to save around 100 mln eur over the next three years, German daily Handelsblatt reported.

Zurich plans to concentrate its business on five of its existing twenty sites in Germany, though no final decision on restructuring has yet been taken, the newspaper said.

Two weeks ago rival Allianz AG announced 7,500 job cuts in Germany, while French group Axa also warned of job losses in Germany following its acquisition of Swiss insurer Winterthur from Credit Suisse three weeks ago.

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