Insurer to take blow in third quarter

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Zurich’s third-quarter operating profit will be hit by a $550m (£340m) pre-tax charge.

The adjustment is related to the company strengthening claims provisions for its German business and writes off related to acquisitions.

The insurer said in a statement: “Zurich’s leadership is disappointed with this significant financial adjustment and has taken the necessary steps including engaging external experts to validate the remediation actions being taken in Germany.”

The estimated after-tax write-down is $390 million, according to Reuters.

The Swiss insurer said overall the business was on track to deliver targets.