QBE downgraded to Sell

QBE has warned of another poor result, this time due to workers' compensation losses in Latin America. After five long years we've lost our patience.

QBE Insurance’s share price has fallen 11% today after management forecast an 18% fall in net profit to US$390m for the six months to 30 June. The company’s combined ratio is now expected to be in the 96-97% range, compared to previous expectations of around 93%, while profit margins are likely to be 7-8%, compared to earlier guidance of around 10%.

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