QBE Insurance's 2012 gains failed group expectations

The $761m profit fell short.

According to Patersons Aussie Aftermarket, QBE Insurance Group (QBE) provided its Chairman's and CEO's addresses to its AGM. The Chairman reported that 2011 was characterised by an abnormally large number of natural disasters and difficult investment market conditions.

However, despite there being an improvement, the 2012 net profit of $761m fell well short of the group's expectations.

Here's more from Patersons Aussie Aftermarket:

Results to date are on track to meet the group's targets for 2013 as advised to the market with the annual results in February. QBE’s headline financial targets are for a combined operating ratio of 92% and an insurance profit margin of around 11%.

The CEO reported that 90% of worldwide insured catastrophe losses occurred in the USA in 2012. In North America, the group has now established a standalone unit to manage the run-off of $1.2bn of gross claims provisions with an experienced team proactively managing this portfolio and reporting regularly to group head office