SYDNEY (Reuters) - QBE Insurance Group, Australia's biggest insurer by premium income, posted an annual net loss of $254 million as its North American arm experienced a significant increase in claims and writedowns.
The loss for the year to Dec. 31 was slightly more than the $250 million annual loss predicted by the company in December, and compared with a $761 million net profit the previous year.
QBE has been grappling with hefty claims as a range of adverse weather events weigh down its North American earnings. The company's North American arm has been upping the amount it sets aside for claims from previous years.
Cash profit, which excludes non-cash charges for amortization and impairment of intangibles, fell to $761 million from $1.04 billion the previous year.
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