QBE forecasts 18% profit decline on higher Latin America claims, competition

QBE Insurance Group Ltd. slumped the most in seven months after forecasting an 18% decline in first-half earnings due to higher claims in Latin America and competition with other insurers.

By Iain McDonald, Bloomberg, David Fickling, Bloomberg | Updated on July 29, 2014

(Bloomberg) — QBE Insurance Group Ltd. slumped the most in seven months after forecasting an 18% decline in first-half earnings due to higher claims in Latin America and competition with other insurers.

Net income will drop to around $390 million for the six months ended June 30 from $477 million a year earlier, the Sydney-based company said in a regulatory statement today. The insurer wrote about $8.5 billion of insurance premiums in the half, compared with a planned $8.9 billion, while it boosted its Latin America claims reserve by $170 million due in part to increased workers’ compensation claims in Argentina.

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