Several hurricanes as well as restructuring measures battered Zurich Insurance's profits. The Swiss firm said it would nevertheless be generous with investors.
The Zurich-based insurer said its full-year profit sank 6 percent to $3 billion, hit by damage claims from Hurricanes Harvey, Irma and Maria – $700 million – as well as spending on its own restructuring – $143 million.
Profits were also hit by a one-time $115 million charge after the U.K.'s budget last year did away with a corporate tax break that the insurer has in the past made use of.
Zurich said it is « well on track to achieve its 2017 to 2019 targets.» Under Chief Executive Mario Greco, the firm is slashing $1.5 billion in spending by 2019. As of year end, it had achieved nearly half, or $700 million.
The insurer, cherished as a reliable dividend-payer, said it would lift its payout to shareholders to 18 Swiss francs per share, from 17 francs previously, despite the profit drop.
