Courtesy of Benzinga.
Australia’s QBE Insurance Group (OTC: QBIEY) projects its 2011 net profit to drop by as much as 50%. It also announced its plans to lower its final dividend.
QBE Insurance lowered its insurance margin forecast for the year to 7-7.5%. The final dividend would decline to 25 cents from 66 cents. Analysts were projecting an 11% surge in net profit.
QBE Insurance shares closed at $13.56 yesterday.
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