Zurich Insurance in Zurich, Switzerland. (AP Photo/Keystone, Steffen Schmidt)

(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.

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