Zurich Insurance said first half net profits in 2016 fell due to restructuring charges relating to efforts to streamline the group.
Switzerland's largest insurance provider said net profits fell 22% to $1.6 billion (€1.4 billion) in the first six months of the year, with the figure beating the expectations of analysts at the AWP financial news agency, who had expected a figure of $1.5 billion.
Operating profits also fell 2% year-on-year to $2.2 billion, the group said in a statement.
The general insurance unit's combined ratio – a measure of how effective insurers are at balancing administrative costs and payouts to clients against premiums paid in – meanwhile held at 98.4%, compared with 98.3% a year earlier.
A combined ratio of less than 100% indicates that an insurer is in profitable territory.
"We have made significant progress over the last six months, with consistent improvement in our underlying performance in the second quarter, in the context of an ongoing challenging market environment," Chief Executive Mario Greco said in a statement.
"We have taken steps to strengthen our geographic footprint by enhancing our position in the US, Malaysia and Australia while exiting several positions where we saw limited potential," he said.
After posting disappointing results for 2015, the company had earlier this year pledged to simplify its management structure and step up a restructuring programme aimed at reining in costs.
