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Zurich posts Q1 net profit fall on new British reserving rule
May 11, 2017 / 5:20 AM / 7 months ago

Zurich posts Q1 net profit fall on new British reserving rule

ZURICH, May 11 (Reuters) - 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 country.

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 targets.” (Reporting by Brenna Hughes Neghaiwi)

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