QBE Steadies the Ship Again, But Investor Patience Has Worn Out. AUD 13 FVE Unchanged
Narrow-moat QBE Insurance Group’s first-half 2017 cash profit of USD 374 million increased strongly on a disappointing first-half 2016. Despite the above consensus, 30% increase in cash profit year on year, underlying performance was overshadowed by announced problems in QBE’s emerging markets division covering South America and Asia Pacific, and modestly weaker full-year guidance. A modest positive adjustment of USD 29 million for discount rate changes, USD 107 million in positive prior-year re...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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