QBE Insurance Group Limited
(ASX:QBE) has announced the sale of the Group’s workers’ compensation business in Argentina to a company owned by the Werthein Group, with a significant presence in the Argentine Insurance Market.
Total proceeds after settlement of a pre-disposal dividend are around $55 million. The profit on the sale before tax is about $21 million.
The company says the sale of the business will positively impact on QBE’s APRA PCA multiple and S&P Capital position.
QBE’s interim result is due to be announced on Tuesday, 18 August 2015.
QBE reported a net profit of $913 million in the first half of FY 2015.
