SYDNEY (Reuters)–QBE Insurance, Australia's most valuable insurer, posted a forecast-lagging 13 percent rise in first-half net profit, hurt by one-off claims, and cut its full-year insurance profit margin forecast, knocking its shares down as much as 11 percent to two-month lows.
The results show some insurers are still vulnerable to the impact of a disaster-filled 2011 that saw unprecedented levels of claims arising from storms, floods, tsunami, tornadoes and earthquakes from Australia to the United States and low bond yields that battered their profits and shares.
QBE, which has made 75 acquisitions in the last 10 years to spread to 50 countries, said first-half net profit was $760 million compared with $673 million reported a year ago and $795 million expected by analysts.
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