Zurich Insurance stuck to its financial targets despite a steep profit decline in a traumatic quarter when it abandoned the planned takeover of Britain’s RSA and suffered losses from explosions in the Chinese port of Tianjin.
Modest job cuts are among its responses to boost returns at its general insurance business. Losses in general insurance, which is Zurich’s biggest source of revenue and sells things like property and casualty insurance, was the main cause of a 79 percent year-on-year fall in quarterly net profit.
The $207 million third-quarter net profit was at least slightly above the average estimate for $196 million in a Reuters poll of eight analysts…Read more at Reuters