QBE’s 2017 Is as Bad as It Gets: A Messy Loss, but Hope for the Future; FVE of AUD 13 Unchanged
Narrow-moat-rated QBE Insurance Group’s 2017 messy result was consistent with late January guidance, with a reported loss of USD 1.259 billion. 2017 was clearly 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. The sale of its Latin American operations is a good move, but belated, as the division has underperformed for several years. The sale to Zurich Insurance Group is expected to complete by year-...
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