Zurich Insurance posts lower-than-expected rise in profit

ZURICH Thu Feb 13, 2014 1:01am EST

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ZURICH Feb 13 (Reuters) - Zurich Insurance posted a rise in fourth-quarter net income on Thursday, but fell just short of expectations due in part to a restructuring charge.

The company reported fourth-quarter net income of $1.07 billion, just missing expectations for $1.28 billion in a Reuters poll of analysts.

Zurich recorded a $318 million restructuring and accounting charge in the fourth quarter, mainly due to a current review of its retail business in Russia.

The Swiss-based insurer, whose 6.4 percent dividend yield is already the highest among the companies in Switzerland's large cap index, said it would pay a dividend of 17 Swiss francs per share for 2013, unchanged from the previous year. (Reporting by Alice Baghdjian)