Zurich Insurance Group said today that it expected to meet its financial targets after posting a 79% year-on-year drop in third-quarter net profit.
The Swiss insurer posted a net profit for the quarter of $207m compared with the average estimate for $196m in a Reuters poll of eight analysts.
Zurich last month issued a profit warning for the three months to the end of September.
"We have the right actions underway to address the issues in our general insurance business, and I am confident we will achieve or exceed each of our three targets in 2016," the company's chief executive Martin Senn said.
The company said it plans to reduce the number of staff it has in its general insurance division by around 200 by the end of this year.
