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Zurich Q3 Net Profit Falls 62%

Zurich Insurance Group recorded a bigger-than-expected fall in third-quarter net profit after a blow to its German general insurance business, sending its shares to a three-month low on Thursday.

By Catherine Bosley, Reuters | Updated on November 15, 2012

ZURICH (Reuters) - Zurich Insurance Group recorded a bigger-than-expected fall in third-quarter net profit after a blow to its German general insurance business, sending its shares to a three-month low on Thursday.

A reassessment of the German operation’s loss reserves drove down net profits by $400 million, while a weak investment result and crop losses caused by drought in the United States also took their toll.

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