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Zurich shrinking office space after drop in earnings

Zurich is shrinking office space at a key unit and will ask staff to share desks to help reverse a drop in earnings.

By Oliver Suess, Bloomberg | Updated on April 20, 2015
The logo of Zurich Insurance in Zurich, Switzerland. (AP Photo/Keystone, Steffen Schmidt)

(Bloomberg) — Zurich Insurance Group AG, Switzerland’s largest insurer, is shrinking office space at a key unit and will ask staff to share desks to help reverse a drop in earnings.

The steps are needed to help the firm lower the combined ratio, or losses and operating expenses as a proportion of premiums, by 2 to 3 percentage points by the end of 2016, said Mike Kerner, who heads the general insurance unit. The ratio, a key performance indicator, was 97.3% last year.

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