Tag: QBE

An absence of major storm related losses in the six months to June has helped QBE Insurance Group has lifted first-half net profit by 5% to $358 million, helped by higher average premiums across its operations and a a more streamlined business structure.

There’s nothing like big losses, a series of earnings downgrades and finally the omission of a dividend to concentrate the minds of shareholders.

QBE has slashed its interim dividend to 4.0 cents a share from 33 cents as the company confirmed a year of big losses, due to the impact of three hurricanes and fires in the US, earthquakes in Mexico and cyclone Debbie in Australia

What is the start of a new year without news of a loss, write down or a problem somewhere in QBE’s empire – usually North America.

On Tuesday QBE said in revealing a $A700 million blow out in expected claims this calendar year, said “Given catastrophe losses to date, 2017 will likely prove to be the costliest year in the history of the global insurance industry.”

QBE rose nearly 3% (to $10.09) in yesterday’s weak wider market and all but recapturing the 3.5% slide of Tuesday after the shock blowout in the cost of natural disasters forecast for the year to December.

We have warned twice in the past month that QBE might be hit by the impact of those recent huge US hurricanes. And hit they have been, along with the impact of Cyclone Debbie in Australia in march and the recent Mexican earthquakes.

QBE Insurance shares hit a series of near 11-month lows yesterday on fears that the spate of hurricanes in the US will hurt the insurer.

It’s never a good look for a company’s shares to rise in the wake of the announcement of the departure of a long time CEO.

According to Moody’s credit rating agency the impact from Hurricane Irma on the insurance sector will be big – with primary and reinsurance groups hardest hit of all in many cases.

Yesterday was the day QBE looked like impressing the market than providing one of its now usual disappointments.

Despite some tough commentary from exasperated investment analysts about yet another shock downgrade, QBE shares rebounded slightly in yesterday’s generally positive market.

What would investors and the stockmarket do without a profit warning from QBE?

Insurer and reinsurer, QBE, is planning a major move into the evolving world of insurance start ups and other financial technology driven companies in the next year with shareholders at yesterday’s annual meeting in Sydney being told their company has a $50 million budget to spend this year alone.

Insurance giant QBE has reported a 5% in net profit in the year to December 31 to a five year high, an 8% hike in annual dividend and announced a $1 billion share buyback that might take a bit of time to eventuate.

QBE has firmly rejected media claims that it is in discussions with Allianz, the German insurance giant.

By all measures it was a surprisingly interim weak result from global insurance group, QBE yesterday.

Australian insurer, QBE has become one of the first companies around to world to recognise that the Brexit vote last week could impact its UK and EU operations.

Shares in global insurer, QBE edged higher in yesterday’s widespread sell-off despite it telling shareholders that premiums will fall this year because of intensifying competition and weak economic growth.

QBE shares went for a run yesterday, rising 14% at one stage before closing up 8% (to $11.27) after the group produced a solid 2015 profit result, once you had worked your way through the impact of the stronger US dollar and the company’s cost cutting and asset rationalisation.

Global and Australian insurance giant, QBE is lifting its final and annual dividend by a third or more for the year to December, despite a 7% dip in net profit and the impact of the strong US dollar.

What would be a reporting/annual meeting/end of year update period without some bad news from QBE?

It seems the patient shareholders in QBE Insurance Group (QBE) are on something of a promise after the company yesterday boosted its dividend payout ratio for investors in the 2016 financial year.

Insurer QBE Insurance Group (QBE) surprised yesterday with a senior management reshuffle ahead of its half year results next month.

Shares in QBE rose 1.9%, to $14.67 yesterday after the insurer revealed it would be taking a $120 million loss on selling part of its North American business.

QBE Insurance Group (QBE) has bounced back from a US$254 million loss in 2013, to post a US$742 million profit for the year to 2014.

Has QBE been forced to raise around $2 billion of extra capital by the key insurance regulator, the Australian Prudential Regulation Authority?

What’s an Australian corporate profit reporting season without an earnings downgrade from QBE?

Ah, when QBE reveals another review, as it did yesterday of part of its US business, it usually means the market sees another round of losses and one-off shocks are coming.

As forecast in last December’s shock downgrade, QBE Insurance (QBE) has turned in a loss of a quarter of a billion dollars for the year to December, sharply lower than the $US761 million earned in 2012.

QBE, the country’s biggest insurer, has once again underlined a very unpalatable fact – when it comes to meeting earnings guidance, it is a serial under performer.

On the face of it, the market should start solidly today after the 25 point gain in the futures market on Saturday morning, our time.

QBE says it is on track to meet its full-year guidance as it benefits from relatively few natural disasters, the recent fall in the Aussie dollar and lower reinsurance costs in some markets, such as the US.

Eight hours or so after IAG issued its investor day update, QBE, the country’s biggest insurer, revealed that while its expecting as 50% to 60%  rise in first half earnings, the spate of natural disasters would play havoc with its insurance returns.

Shares in QBE Insurance had their best day this year yesterday, rising more than 5% after shareholders heard an upbeat outlook for 2011 profits at the annual meeting in Sydney.

As it forecast earlier this month, QBE Insurance, Australia’s biggest insurance group, saw a 16% fall in 2010 full year net profit because of lower investment yields and higher claims.

QBE Insurance shares jumped sharply on Friday after the company said it will buy the insurance portfolio of US insurer Balboa from Bank of America.

It has taken two days, but the board of giant insurer QBE has finally rebutted those stories earlier this week that CEO Frank O’Halloran was to retire and be replaced.

The 30% slide in the price of QBE shares this year now has an explanation, at last.

Credit Suisse, the Swiss investment bank and fund manager, has spent the best part of $200 million in around eight days, building its stake in QBE.