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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