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Zurich cuts jobs and sells under-performing business after missing estimates

Zurich reported third-quarter profit that missed analysts estimates as income from general insurance fell while taxes rose.

By Carolyn Bandel, Bloomberg | Updated on November 06, 2014

(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.

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