Indexable cutting insert with chip breaker

A cutting insert for chip removing machining, comprising a substantially circular cutting edge formed at a transition between an upper side and an edge surface of the cutting insert, the cutting edge comprising at least one cutting edge portion, the at least one cutting edge portion extending along substantially an entire length of the cutting edge, the upper side comprising a chip surface including at least one chip breaker portion associated with a corresponding cutting edge portion and the edge surface comprising a clearance surface, the edge surface connecting to a lower side of the cutting insert, the lower side comprising means for indexing of the cutting insert, wherein the at least one chip breaker portion is provided at a varying distance from the associated cutting edge portion over substantially an entire length of the associated cutting edge portion, the indexing means is provided at a position relative to a reference line or axis of the tool in order to orient the chip breaker portion in the chip surface to a desired position.