Insurance company Cigna has revealed it will cut about 100 jobs, as it looks to reduce costs as the US continues to experience a record-high rate of medical bankruptcies.

In a statement, the insurance giant said it had reached an agreement with its employees to help them stay on staff.

It said the deal would save $200m in the first year and will “reduce the cost of providing health care to the roughly 25,000 employees who will be impacted by the changes”.

“In the short-term, we will reduce the number of employees we have on our payrolls by roughly 50% in a phased-in manner.

The full-time equivalent of our workforce will remain approximately 25,100,” the company said.

We believe this is a prudent move that will allow us to continue to invest in our business, improve our services and continue to provide the best possible value for our customers.” “

The impact on our businesses and employees is our number one priority.

We believe this is a prudent move that will allow us to continue to invest in our business, improve our services and continue to provide the best possible value for our customers.”

It added: “We will continue to make decisions that are in the best interests of our customers, our shareholders and our employees.”

The US has experienced the largest medical bankruptcy in history, with an average of 10,000 cases a day, according to a report published in the Wall Street Journal on Tuesday.

In October, a group of US insurers sued Cignan to try to force it to pay more to treat sicker patients.

The case was settled in December.