(Bloomberg) — Zurich Insurance Group AG will see improving results this year after taking steps to cut costs and overhaul units following unexpected losses at its general insurance unit, according to Chairman Tom de Swaan.
"The implementation of these measures is going according to plan," he said at the company's annual general meeting on Wednesday. "I am convinced that they will result in our once again realizing significantly better results this year. "
Zurich is also looking at possible acquisitions and disposals to boost returns, De Swaan said. Switzerland's biggest insurer said in February it won't achieve its return on equity target for after-tax business profit because of the challenges in the general insurance unit.
|Rebuild confidence in Zurich
Chief Executive Officer Mario Greco, speaking at his first general meeting in that role, said he's talking to employees, brokers and customers as he seeks "a clear and simple strategy'' to rebuild confidence in Switzerland's largest insurer. "I need to develop a deeper understanding of the root causes of recent underperformance and to find a way forward for the company," he said.
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