ZURICH, May 11 (Reuters) - Zurich Insurance on Thursday posted a 31 percent fall in first-quarter net earnings as a February change to British reserving rates impacted property and casualty insurers’ financial results in the country.
The Swiss insurer’s net profit for the first three months dropped almost a third year on year to $607 million, missing the average estimate of $691 million in a Reuters analyst poll.
Excluding the change to the discount rate for calculating personal injury and accident claims in Britain, business operating profit rose 14 percent year on year to $1.218 billion.
“This is a good start to the year with strong performance from all of our businesses,” Chief Financial Officer George Quinn said in a statement. “This strong start to the year puts us on solid footing to deliver on our 2017-2019 financial targets.” (Reporting by Brenna Hughes Neghaiwi)