(Bloomberg) — Zurich Insurance Group AG, Switzerland's biggest insurer, fell short of an earnings target as fourth-quarter profit fell 20% on lower income from the general insurance unit. The shares declined.
Net income fell to $858 million from $1.07 billion a year earlier, the Zurich-based insurer said in a statement Thursday. Operating profit from general insurance, the biggest unit, declined 30% to $518 million on lower revenue. The shares dropped 3% to 303.4 francs at 9:16 a.m. in Zurich.
"While we made good progress last year in executing the strategy we set out in December 2013, we cannot be satisfied with our 2014 earnings," Chief Executive Officer Martin Senn said. Business operating profit return on equity was 11% in 2014, and "below our target range," he said.
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