February 24, 2014 / 9:42 PM / in 4 years

CORRECTED-Australia's QBE posts $254mln annual loss on US blowout

(Corrects to show previous net profit figure is US$, not A$)

SYDNEY, Feb 25 (Reuters) - QBE Insurance Group, Australia’s biggest insurer by premium income, posted an annual net loss of $254 million as its North American arm experienced a significant increase in claims and writedowns.

The loss for the year to Dec. 31 compares with a $761 million net profit the previous year. QBE shares were flat on Monday, having fallen a quarter since Dec. 4 when the company warned problems at its U.S. arm would bring a $250 million annual loss. (Reporting by Byron Kaye; editing by Andrew Roche)

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