QBE Ltd (ASX:QBE) is a leading provider of general insurance and reinsurance services in Australia, the Pacific, Asia, the Americas and Europe.
The company is Australia’s largest insurer, and one of the top 25 insurers worldwide.
In yesterday’s annual general meeting, QBE said that it expects an FY11 insurance profit margin of 15% – 18%.
The group also anticipates a 30% growth in before-tax insurance profit, saying that it was confident about the medium and long-term outlook.
This compares to previous guidance of 22% – 25% insurance profit growth.
QBE based its more optimistic profit forecast on higher premium income from its recent acquisitions, which will offset the impact of the recent increase in catastrophe claims.
QBE noted that it will be on the hunt for further acquisitions in 2011.