QBE says net loss reflects cost of catastrophes

Company News

by Anna Napoli

QBE Insurance Group (ASX:QBE) has reported a statutory net loss after tax of $US 1.25 billion compared with a net profit of $844 million for the 2016 financial year.

Revenue strengthened over the 2017 financial year, and lifted almost 2 per cent on FY16 to $17.7 billion.

Its net earned premium increased 7 per cent assisted by reinsurance costs savings.

The company declared a final dividend of 4 Australian cents per share 30 per cent franked.

QBE says the results are consistent with an ASX release in January of this year and reflect the record cost of catastrophes in the second half of 2017 coupled with a deterioration in the company’s emerging markets businesses.

Shares in QBE Insurance Group (ASX:QBE) closed closed flat at $10.73 on Friday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.