REPORTING SEASON: QBE Insurance (QBE)
Brought to you by CommSec
Figure 1: QBE 12 month chart
Australia’s largest listed insurance company, QBE Insurance (QBE), announced a worse than expected 1H13 (Jan-June 2013) net profit of $477m.
The result was held back by lower investment returns & a fall in earnings across 4 of its 6 markets.
Cyclone Oswald, which made its way through QLD & NSW in Jan cost QBE US$72m (biggest natural disaster expense of 1H13).
The recent strengthening of the US dollar & a rise in bond yields is a positive for QBE, as close to 20% of its investments are held in govt. bonds.
A $0.20ps dividend was announced, payable to eligible shareholders on 23 Sept.