QBE: Annual result 2013

QBE’s dreadful annual result produced no major surprises after it was flagged in December, causing the share price to fall over 30% to $10.08 before recently bouncing back to virtually the same price at which we upgraded the stock in QBE upgraded to Buy from 9 Dec 13 (Buy – $12.00). Despite discussing what went wrong on 9 Dec 13, reading the headline numbers still makes for unpleasant reading. Gross written premium fell 2.5% to US$18bn from a year earlier, with the insurance profit falling 33% to US$841m. Large write-offs and restructuring costs in the US division led to...

QBE’s dreadful annual result produced no major surprises after it was flagged in December, causing the share price to fall over 30% to $10.08 before recently bouncing back to virtually the same price at which we upgraded the stock in QBE upgraded to Buy from 9 Dec 13 (Buy – $12.00).

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