Friday, November 17, 2017

QBE puts emerging markets business under review

Poor results from its business operations in Asia and Latin America have prompted QBE to make plans to scale down its presence in emerging markets.

The insurer announced yesterday an ongoing effort to restructure and review its emerging markets unit, which was the primary reason behind a profit slide and share sell-off in QBE shares in June.

During the first six months of the year, the insurer’s earnings reached US$345 million, buoyed mainly by strong performances in the Australian business and a robust showing in its US arm and stronger investment income.

QBE, under chief executive John Neal, has been seeking to rebound after a spate of red flags over its profitability.

The June results harshly affected investor confidence, according to company officials.

Among the lines of business that face possible closure are those in Thailand and Colombia.

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