QBE Insurance Group share price ASX QBE

QBE Insurance (QBE)

QBE Insurance Group Limited is an insurance company which underwrites most forms of commercial and industrial insurance policies as well as individual policies. QBE also manages Lloyds syndicates and provides investment management services. The Company provides its services both domestically and internationally.

Rio Tinto Limited is an international mining company. The Company has interests in mining for aluminum borax coal copper gold iron ore lead silver tin uranium zinc titanium dioxide feedstock diamonds talc and zircon. Dually-listed company with RIO LN.

Our Commentary: Updated 26th February 2013

QBE has reported an 8% rise in FY12 net profit to US$761 million, with the result missing previous guidance and analyst estimates.

Cash profit climbed 42% on-year to US$1 billion, but disappointingly the dividend payout ratio was reduced to up to 50% of cash profit, down from the 59% in FY12.

The group blamed the severe drought and Hurricane Sandy in the US as reasons behind the weaker-than-expected net profit. QBE forecast an FY13 insurance margin of 11% and says it will slash 700 jobs from its global workforce to strengthen profitability.

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