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QBE Insurance Group Ltd Just Reported A Loss Of $1.25 Billion

Insurance company QBE Insurance Group Ltd (ASX: QBE) released its full year financial report to investors today, showing a $1.25 billion loss.
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Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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Insurance company QBE Insurance Group Ltd (ASX: QBE) released its full year financial report to investors today, showing a $1.25 billion loss.

QBE is an insurance company with operations in many countries, although it is slowly selling some subsidiaries.

Here are some highlights compared to last year:

  • Reported loss of $1.25 billion, compared to $844 million profit last year
  • Cash loss of $258 million, compared to $898 cash profit last year
  • $930 million of non-cash write downs
  • Dividend down 88% to 4 cents per share

The insurance company said that the North American operations were heavily impacted by second half catastrophes including Hurricanes Harvey, Irma and Marisa and the Californian wildfires.

QBE’s ANZ & European operations reported ‘operating ratios’ of under 100%, but North America, Asia Pacific and Latin America all recorded ratios above 100%, essentially meaning that it made underwriting losses in those regions.

As a result, QBE is selling its Latin American operations to Zurich for $409 million, which includes its operations in Argentina, Brazil, Colombia, Ecuador and Mexico.

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