ZURICH May 11 Zurich Insurance on
Thursday posted a 31 percent fall in first-quarter net earnings
as a February change to British reserving rates impacted
property and casualty insurers' financial results in the
The Swiss insurer's net profit for the first three months
dropped almost a third year on year to $607 million, missing the
average estimate of $691 million in a Reuters analyst poll.
Excluding the change to the discount rate for calculating
personal injury and accident claims in Britain, business
operating profit rose 14 percent year on year to $1.218 billion.
"This is a good start to the year with strong performance
from all of our businesses," Chief Financial Officer George
Quinn said in a statement. "This strong start to the year puts
us on solid footing to deliver on our 2017-2019 financial
(Reporting by Brenna Hughes Neghaiwi)