Original article by Alice Uribe
The Australian Financial Review – Page: 19 : 4-Oct-17
QBE Insurance Group has increased its provision for natural disaster claims in 2017 to $US1.75bn ($A2.24bn), in the wake of a series of such events in Australia and abroad. The insurer has advised that this will reduce its pre-tax earnings by about $US600m. David Ellis of Morningstar and David Spotswood of Shaw & Partners suggest that QBE may have to put its share buyback on hold. QBE recently advised that it has repurchased about 5.5 per cent of its stock to date.
QBE INSURANCE GROUP LIMITED – ASX QBE, MORNINGSTAR PTY LTD, SHAW AND PARTNERS LIMITED, UBS HOLDINGS PTY LTD, FITCH RATINGS LIMITED, INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, SUNCORP GROUP LIMITED – ASX SUN, FLORIDA CITIZENS PROPERTY INSURANCE CORPORATION, CITIGROUP PTY LTD, S&P GLOBAL RATINGS