(Bloomberg) — Zurich Insurance Group AG, Switzerland's biggest insurer, reported third-quarter profit that missed analysts' estimates as income from general insurance fell while taxes rose.
Net income fell to $928 million from $1.1 billion a year earlier, below the $1.04 billion average estimate of 11 analysts surveyed by Bloomberg. General insurance, its biggest unit, saw operating profit drop 4.3% in the quarter to $724 million, the Zurich-based insurer said in an e-mailed statement today.
Chief Executive Officer Martin Senn has cut 670 jobs to help lower costs by $250 million annually, and started selling under-performing businesses, including a Russian general insurance company to Olma Group. Zurich shares declined as much as 3.1% in Swiss trading.
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