NU Online News Service, Jan. 13, 10:41 a.m. EST

Australia's QBE Insurance Group says a record level of catastrophe claims in 2011 prompted the company to warn investors that its profit will be down up to 50 percent.

The country's largest insurer says that its annual report is to be released at the end of February but projections are not good. It lowered its profit margin to between 7 percent and 7.5 percent from a previous forecast of 11 percent.

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