SYDNEY (Reuters) - QBE Insurance Group Ltd said it expects to post a $250 million net loss this year due to writedowns and unexpectedly large claims after weak crop prices hit its U.S. operations, sending shares in Australia's biggest insurer down 20 percent.
The profit warning was the latest in a string of earnings disappointments from QBE, which has completed more than 75 acquisitions in the past 10 years to expand to 50 countries and grappled with hefty claims from at least one major market for each of the past few years.
The warning and resulting sell-off drew comparisons to gold miner Newcrest Mining, which similarly suffered a slew of profit warnings after writedowns on previous deals.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
