QBE Insurance Group Limited
(ASX:QBE) Chair, Belinda Hutchinson, will retire from the insurance giant as it announced another major profit downgrade.
The retirement news comes as the insurer announced it would suffer an expected $US250 million net loss for the year to December.
The insurer is expected to post a cash net profit of around $US850 million for the year, and an insurance profit margin of around 6 per cent – nearly half the previously flagged 11 per cent.
The insurer has failed to meet its full year profit guidance every year since 2009.
US-based QBE director Marty Becker has been named the new chair.
QBE generated a net profit of $520.7 million in the first half of fiscal 2013.
