Poland’s top insurer PZU will lay off up to 630 persons or 5.5% of its staff in an employment restructuring effort to last from March to June 2013, and will make the appropriate reserve in the 2012 annual report, PZU said in a market filing on Wednesday.

"The restructuring will affect 3145 persons, including employment reduction for up to 630 staff of PZU [parent] and PZU Zycie [life unit] employees . . . which represents 5.5% of the total headcount in both firms," the filing read.

The costs tied to severance payments have been estimated and included in a restructuring reserve that will be booked in the group annual report for 2012, PZU said.

The final number of employees to fall under the restructuring scheme as well as the related costs and synergies will be known once the consultations with trade unions from both firms are completed, the company also said.

Back in July 2012, PZU announced laying off up to 376 employees in life and property segments. The costs of that stage of restructuring had already been booked in 2011, the company said back then.