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).

{{content.question}}

Mastercard

{{ twilioFailed ? 'SMS Code Failed to Send…' : 'An SMS verification code has been sent ...' }}

Hi {{ user.FirstName }}

Looks like you have already taken a free trial

Email is required.
Email must be a valid email.
Password is required.
First name is required.
Last name is required.
Mobile phone number is required.
You must accept the terms and conditions.

OR

We have sent you a code via SMS to {{user.DayPhone}}

please enter this code below to complete your SMS verification

We cannot send you a code via SMS to {{user.DayPhone}}

If you didn't receive SMS code please

SMS code cannot be sent due to: {{ twilioStatus }}

Please select one of the options below:

Looks you are already a member. Please enter your password to proceed

You have entered an incorrect email or password

Email is required.
Email must be a valid email.
Password is required.

Please untick this box when using a public or shared device


OR

Verify your mobile number to proceed...

Please check your mobile number below and press the Send Verification Code button. This will be used to complete your verification in the next step.

Please sign up for full access

Mastercard

Updating information

Please wait ...

Trial

{{ productPrice }} / day
( GST included )
Price $0
Discount -{{productDiscount}}
GST {{productGST}}
TOTAL   (inc. GST) {{productPrice}}
  • Mastercard
  • Visa

Please click on the ACTIVATE button to finalise your membership

Mastercard

The email address you entered is registered with InvestSMART.

Login or to reset your password, select Forgotten password

You have entered an incorrect email or password

Email is required.
Email must be a valid email.
Password is required.

Please untick this box when using a public or shared device


OR