“The North American commercial enterprise will go back to
earnings in 2014,” QBE chief govt John Neal said in the course of a conference
call in Sydney. “What i am flagging
lightly is for the enterprise to go back to the degrees of profitability we are
seeking out universally across QBE’s commercial enterprise that might take any
other twelve months thru to 2015.”
The insurer introduced Dec. 9 write-downs for the unit,
along with a $600 million goodwill impairment.
QBE expects an underlying coverage income margin of around
10 percentage this yr after a margin of 10.6 percentage in 2013 and gross
written top rate to be $16.eight billion to $17.three billion as compared with
$18 billion in 2013.
The insurer introduced a very last dividend of 12 Australian
cents as compared with the imply estimate of thirteen Australian cents. QBE has
1.fifty nine instances the minimum regulatory capital, it said in these days’s
assertion.
The loss in 2013 in comparison with a internet income of
$761 million a 12 months in advance and was QBE’s first shortfall seeing that
2001 when the insurer incurred a net fee of A$252 million ($228 million) from
the September 11 terrorist attacks in the U.S.
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