(Bloomberg) -- Zurich Insurance Group AG said it plans to cut jobs and exit some businesses in a reorganization of its general insurance unit and set aside $367 million to cover mainly North American auto and construction liabilities.

Net income fell 79 percent from a year earlier to $207 million, Switzerland’s biggest insurance company said in a statement on Thursday. General insurance posted an operating loss of $183 million in the quarter. Zurich said it will provide more information in February on its plans for a projected $3 billion in excess capital.

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