Zurich Insurance Group AG (ZURVY) on Thursday reported a lower profit for the first quarter, but added that it remains on track to deliver its 2013 targets.
Net income attributable to shareholders dropped to $1.062 billion from $1.140 billion. Earnings per share dropped to 6.69 Swiss francs from 7.14 francs. The prior-year results have been restated.
Business operating profit was down 1 percent at $1.351 billion compared to $1.370 billion last year.
General Insurance gross written premiums and policy fees rose 2 percent to $10.686 billion, amid disciplined underwriting and expense management.
Global Life gross written premiums, policy fees and insurance deposits fell 9 percent to $6.716 billion
Chief Executive Officer Martin Senn said, "All our core businesses delivered a high quality operating performance while maintaining focus on underwriting discipline and expense management. We continue to operate in a challenging economic environment with persisting low interest rates against which we have posted strong, high quality underlying profits."
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