Another Downgrade and Write-Downs Close out a Horror 2017 for QBE. AUD 13 FVE Unchanged
Narrow-moat QBE Insurance Group’s new CEO Pat Regan did not take long to clear the decks with a profit downgrade and goodwill write-down. 2017 was a horror year for QBE with natural peril events across the globe resulting in the costliest year in the history of the global insurance industry. QBE now expects to report an aftertax loss of USD 1.2 billion for 2017 when results are released Feb. 26, 2018, compared with a USD 844 million profit for 2016. Despite the significant loss, our AUD 13 fair ...QBE Insurance Group engages in underwriting general insurance and reinsurance risks, management of Lloyd's syndicates and investment management. Co.'s segments are: North American Operations, which writes general insurance and reinsurance in the U.S.; European Operations, which writes general insurance in the U.K., Canada and mainland Europe; Australian and New Zealand Operations, which underwrites general insurance risks in Australia and New Zealand; Emerging Markets, which writes general insurance in North, Central and South America and provides personal, commercial and general insurance covers in the Asia Pacific region; and Equator Re, which provides reinsurance protection in Bermuda.
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