SYDNEY Aug 19 QBE Insurance Group,
Australia's biggest insurer by premium income, on Tuesday posted
a 18 percent drop in first-half net profit compared with a year
ago, hit by higher-than-expected claims in overseas markets.
QBE said its net profit after tax for the six months ended
June 30 was $392 million, in line with a profit warning issued
last month, and down from $477 million a year ago. The company
also announced a $750 million share placement primarily to
cancel $500 million of convertible subordinated debt.
QBE had warned in July that higher claims in Argentina, crop
damage in Latin America, UK floods and storms in North America
and Europe would outweigh benign catastrophe claims in
(Reporting by Swati Pandey; editing by Jane Wardell and G