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

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

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

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