Zurich Insurance Group AG plans to cut 440 jobs at its U.K. general-insurance unit as part of a cost- cutting program.

Zurich is also seeking to simplify its organizational structure, the company said in a statement to Bloomberg News on Monday. Switzerland’s largest insurer said in May it wants to cut $1 billion of costs by the end of 2018.

Separately, Zurich last week announced 200 job cuts at the general-insurance business as the unit posted a third-quarter loss after increasing the amount of money set aside for liabilities. The unit’s performance prompted Zurich to abandon a proposed 5.6 billion-pound ($8.5 billion) takeover offer for RSA Insurance Group Plc.

Zurich said the job cuts will be carried out by the end of March.

The effort is part of a global reorganization designed to save $300 million annually by the end of 2016, and more than $1 billion annually by the end of 2018, Zurich said.

Kristof Terryn, the newly appointed head of general insurance and global life at the company, is restructuring his management team and exiting some business lines in North America. It is also considering adding more reinsurance coverage for the unit and may withdraw from a number of under-performing portfolios.

The insurer was up 0.9 percent at 2:30 p.m. in Zurich trading Monday. The shares have fallen about 15 percent this year.

Zurich employs approximately 7,000 people in the U.K., at more than 20 locations across the UK, with large sites in Birmingham, Cardiff, Cheltenham, Farnborough, Glasgow, London, Swindon and Whiteley,

*Carrier Management added additional data to this story involving Zurich’s hoped-for reorganization savings and its locations in the U.K.