(Bloomberg) — QBE Insurance Group Ltd. reported a return to full-year profit on an improved North American business even as it flagged falls in premium income due to a strengthening U.S. currency.
Net income in the year ended Dec. 31 was $742 million compared with a loss of $254 million a year earlier, when it wrote down its North American operations, the Sydney-based insurer said in a regulatory statement. That compared with the $826.2 million mean estimate of 11 analysts surveyed by Bloomberg. QBE expects its gross written premium for 2015 to be in the range of $15.5 billion to $15.9 billion compared with $16.3 billion in 2014.
Chief Executive Officer John Neal has embarked on a turnaround strategy for the insurer, which has struggled with writedowns in North America and higher claims in Latin America. He sold shares last year, as well as businesses in the U.S. and Australia, to shore up capital after QBE reported in 2013 its first annual loss in 12 years.
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