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QBE - QBE Insurance News Story

A$8.83 -0.1  -0.6%

Last Trade - 29/05/20

Large Cap
Market Cap £6.21bn
Enterprise Value £8.52bn
Revenue £11.85bn
Position in Universe 42nd / 1842

Australia's QBE annual cash profit rises, lowers guidance

Mon 22nd February, 2016 10:36pm
SYDNEY, Feb 23 (Reuters) - QBE Insurance Group Ltd  QBE.AX  
on Tuesday posted a 9 percent rise in annual cash profit even as 
Australia's No.1 insurer by premium income lowered 2016 guidance 
for premium growth, saying pricing and investment markets 
continue to remain challenged.  
    Cash profit rose to $893 million for the twelve months to 
Dec. 31 from $821 million a year ago and higher than analysts' 
forecast of $833 million. 
    The insurer, which generates almost three quarters of its 
premiums abroad, lifted its 2015 interim dividend by 36 percent 
to 30 Australian cents a share.   
    It missed its own guidance for gross written premiums (GWP) 
for the year as it felt the impact of currency headwinds, a 
China-led slowdown in Asia and weakness in some North American 
and Australian market segments. For 2016, it sees GWP at 
$14.2-$14.6 billion compared with $14.8 billion in 2015. 
    Net earned premium (NEP) for 2015 at $12.2 billion also fell 
short of its own expectations. For 2016, it sees NEP at a 
$11.6-$12.0 billion range.  
 (Reporting by Swati Pandey; Editing by Bernard Orr) 
 ((swati.pandey@thomsonreuters.com; +61 2 9321 8166; Reuters 
Messaging: swati.pandey.thomsonreuters.com@reuters.net; 
Keywords: QBE RESULTS/
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