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Australia's QBE Posts $254M Annual Loss on U.S. Blowout

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.

By Byron Kaye, Reuters | Updated on February 25, 2014

SYDNEY (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 was slightly more than the $250 million annual loss predicted by the company in December, and compared with a $761 million net profit the previous year.

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