QBE Insurance Group shares have been placed in a trading halt before an earnings review.
The company said on Friday morning that it had requested the halt to give it "time to finalise its analysis of information and review by the board, predominantly in relation to its North American operations, and the impact on QBE's forecast financial result for the year ending 31 December, 2013".
It is understood the insurance company is poised to downgrade its profit after the review. It has been facing problems in parts of the United States, home to one of its biggest divisions.
QBE, Australia's biggest general insurer by market capitalisation, suffered a 37 per cent drop in net profits in the six months to June, triggered partly by larger-than-expected costs from its US lenders-placed insurance business.
QBE has a December year-end and will make its full-year report in February.
The shares will remain in a trading halt "until the earlier of the commencement of normal trading on Tuesday, 10 December, 2013, or when the announcement is released to the market," the company said in a separate announcement.
The shares were $15.45 at Thursday's close.
INSURANCE QBE halts trading
QBE Insurance Group shares have been placed in a trading halt before an earnings review.
InvestSMART FORUM: Come and meet the team
We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.
Want access to our latest research and new buy ideas?
Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.
Sign up for free