QBE: Interim result 2013

QBE has announced a lousy result but, as Nathan Bell explains, the company is capable of producing significantly higher profits.

QBE’s share price initially fell 9% after the company announced a poor interim result (QBE has a calendar year end). Revenue, measured by gross written premium (GWP), increased 2% to US$9.4bn compared to the same period last year, and net earned premium was flat at $7.3bn, as the company sold or exited poor performing businesses and the US division continued to struggle.

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