The job losses will come from senior management, finance, legal, risk, compliance, operations and marketing. The life arm employs around 1,400 at present.
The job cuts are part of a group-wide process of cutting costs.
Zurich has entered into a 30-day consultation with affected staff.
Zurich Global Life in Europe chief executive and UK life business interim chief executive David Sims says: “It is always hard to make decisions which impact our people in this way, and we will do everything we can to support them through this process.
“However with today’s uncertain economic outlook it is more important than ever that we, like all companies, protect our business. This enables us to remain competitive and flexible so that we can meet the changing needs of our customers and distributors and provide them with the products and services they need.”