QBE Insurance Group Limited
(ASX:QBE) has revealed an interim profit drop and capital measures.
The insurance company’s net profit fell 18 per cent to $US392 million in the first half of the 2014 financial year.
Last month QBE warned its first half result would take a profit hit because of its Latin American operations.
The company has also today announced a series of capital management initiatives to improve its balance sheet resilience.
QBE will undertake an equity raising of $US750 million and has flagged the partial float of its mortgage insurance business, QBE LMI in 2015.
A fully franked interim dividend of $AUD0.15 per share has been declared.
