Australia's QBE warns of annual loss on North American claims, writedowns
SYDNEY Dec 9 (Reuters) - Australia's QBE Insurance Group Ltd said on Monday it expected to post a net loss for the 2013 fiscal year, due to a claims increase and goodwill writedowns in its North American operations.
The insurer expected to report a net loss of around $250 million for the 2013 fiscal year, and cash net profit after tax of around $850 million, down from $1.04 billion the year before, it said in a statement.
The profit downgrade is largely due to a $300 million claims increase and $330 million in write-offs of identifiable intangibles associated with QBE's financial partner services business in North America.
The company also said Marty Becker will be succeeding Belinda Hutchinson as the chairman in March 2014.
QBE shares closed at A$15.45 on Thursday and were put on trading halt on Friday pending a review of the North American operations.