(Bloomberg) -- Zurich Insurance Group AG, Switzerland’s biggest insurer, said first-quarter profit fell 4% on lower earnings from general insurance and higher tax payments.
Net income declined to $1.22 billion from $1.28 billion a year earlier, the Zurich-based insurer said in a statement Thursday. That beat the $1.08 billion average estimate of five analysts surveyed by Bloomberg. Profit at the general insurance unit fell 20% to $706 million.
Europe’s insurers are seeking ways to bolster earnings as they grapple with a slump in interest rates on the debt they have purchased, spurred by the European Central Bank’s bond- buying program. Zurich, led by Chief Executive Officer Martin Senn, has cut 670 jobs and started selling underperforming businesses to help lower costs by $250 million annually by the end of this year.
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