QBE Insurance Group Ltd is preparing to send over 700 Australian jobs offshore in a bid to lower costs, according to The Australian Financial Review.
Last month, reports claimed QBE plans to lay off 700 Australian staff this year as the insurer pursues $US200 million ($A193.7 million) in annual savings.
According to the AFR, documents suggest QBE now plans to employ the same number staff in a Manila-based group by the end of 2013.
QBE is expected to provide details on its cost reduction plans this week.
The AFR admits that QBE may have adjusted its plans since the documents were last updated on February 1.
Last week, ANZ announced that it has cut 70 staff from its wealth management operations and has will outsource the work to India.
The bank has advised staff in its wealth division that about 70 positions are to be made redundant, most of which will be "back office type roles" in Sydney in Melbourne.