Zurich on track despite profit dent from British payouts rule
Zurich Insurance (ZURN.S) expects to deliver on its 2017-2019 targets after a strong start to the year, despite a larger-than-expected fall in first quarter net profit due to a change to British claims rules.
A more than 3 percent change to Britain's Ogden rate, a tool for calculating personal injury and accident claims, dampened Zurich's core property and casualty business in the quarter.
But Zurich said on Thursday its core general insurance unit had made "significant progress" in underwriting profitability and the $289 million (£223.6 million) hit to operating profit from the... read more
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