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Zurich profit falls 4% on decline at general insurance unit

Zurich Insurance Group said first-quarter profit fell 4% on lower earnings from general insurance and higher tax payments.

By Oliver Suess, Bloomberg | Updated on May 07, 2015
The Zurich Insurance logo in Zurich, Switzerland. (AP Photo/Keystone, Steffen Schmidt)

(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.

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