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Australia's QBE Insurance clarifies on delaying earnings forecast
June 27, 2017 / 12:32 AM / 6 months ago

Australia's QBE Insurance clarifies on delaying earnings forecast

June 27 (Reuters) - QBE Insurance Group said on Tuesday it was unaware of the impact of losses in the emerging markets division on overall profitability during its annual meeting in early May.

“It was not until a board meeting on 21 June 2017 that the financial condition of each of its global divisions, including the Emerging Markets division, had been clarified and confirmed,” the company said in response to a query raised by the Australian Securities Exchange.

QBE last week surprised the market with a profit warning, saying it would report lower than expected earnings due to underwriting losses in its emerging markets division. (Reporting By Rushil Dutta in BENGALURU; Editing by Jane Wardell and Stephen Coates)

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