ZURICH (Reuters) - Zurich Insurance missed profit expectations in the fourth quarter due to restructuring charges, and said the total cost of an overhaul of its business would be about $600 million – the upper end of its forecast range.
The Swiss company is revamping its strategy by investing in high-margin units and selling underperforming lines.
It took a hit of $318 million in the final quarter of 2013 due to costs of restructuring, including a goodwill writedown at its underperforming Russian retail arm and its exit from a business in Hong Kong.
The total costs of Zurich's strategic overhaul will reach the upper end of the $400 million to $600 million range set out at the insurer's investor day in December, acting Chief Financial Officer Vibhu Sharma said on Thursday.
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