Move is an attempt to improve profitability after missed profit targets

Zurich has said it will sell underperforming businesses in an attempt to improve profitability over the next three years, Reuters reports.

Chief executive Martin Senn said in a statement before a presentation to investors: “We will either turn around or exit those that are under-performing.”

The insurer’s general insurance business has struggled recently with missed profit targets and a scandal surrounding the suicide of its chief financial officer Paul Wauthier. The CFO claimed he had been under undue pressure in his suicide note, although an investigation later found that Zurich had not applied any inappropriate pressure.

Earlier this week Zurich said it was targeting a business operating profit after tax return on equity of 12% to 14% in 2014 to 2016, down from a previous target of 16%. The insurer also said it was aiming to pay an attractive and sustainable dividend.