Zurich swings into profit as new boss targets reputation, costs

Zurich: Zurich Insurance’s new chief executive Mario Greco made repairing its battered reputation among investors and cutting costs his top priorities after the Swiss insurer swung back to profit on Thursday. Group net profit for the first quarter was $875 million (Dh3.2 billion), beating even the most optimistic estimate in a Reuters poll of eight analysts which on average expected $707 million. This was 28 per cent lower than in the year-ago quarter but marked a return to profit after a $424 million net loss in the fourth quarter.