Insurance Australia Group Limited (ASX:IAG) will axe 600 jobs from its Australian intermediated business, CGU.
The insurer says a review of its operating systems would result in the jobs being slashed over the next three years.
The cuts are expected to save $25 million pre-tax in the 2012 financial year – increasing to $65 million pre-tax by December 2015.
IAG’s net profit slipped in the last six months of 2011 to $167 million.
