Articles by admin

Australia’s Suncorp Slumps Most Since 2009 on Insurance Margins Warning

Suncorp Group Ltd., Australia’s largest insurer by market value, plunged the most since 2009 after saying margins in its general insurance business will be hit by storm claims and increased costs due to a weaker local currency. Its shares dropped …

Insurance Australia Scraps Plans for Further China Investment

Insurance Australia Group Ltd. scrapped plans for further investment in China and will instead seek growth in other Asian markets, in a sign that Australia’s hopes of boosting services exports to the world’s second-largest economy may be difficult to achieve. …

Insurance Australia CEO Wilkins to Retire Next Month; Harmer Named Successor

Insurance Australia Group Ltd. Chief Executive Officer Mike Wilkins will step down next month after seven years at the helm and be replaced by Peter Harmer, the company said in a regulatory filing Wednesday. Harmer, 54, currently the CEO of …

QBE Selling Lender-Placed Insurance Business for $90M

QBE Insurance Group Ltd., Australia’s second-largest insurer by market value, agreed to sell its North American mortgage and lender services business to National General Holdings Corp. for $90 million. The transaction will result in a pretax loss of about $120 …

QBE Returns to Profit During 2014 as North American Unit Improves

QBE Insurance Group Ltd., Australia’s second-largest insurer by market value, climbed the most in four years in Sydney stock trading as an improving North American business and lower provisions helped it return to profit. Net income in the year ended …

Insurance Australia Shares Drop Most in Six Years After Profit Decline

Insurance Australia Group Ltd. shares slumped the most in six years after the company’s first-half profit declined and missed expectations. The insurer fell 7.5 percent to A$5.91 as of 1:00 p.m. in Sydney, the biggest drop since February 2009. The …

QBE Wins Time for Cleanup as Plan Reduces Risk: Australia Credit

QBE Insurance Group Ltd.’s John Neal is shoring up the insurer’s balance sheet by selling shares and assets. He still has work to do convincing bond investors that business is improving after three profit warnings in two years. QBE debt …

QBE to Sell $750 Million in Shares, Some Assets as Profit Drops

QBE Insurance Group Ltd. plans to raise about $750 million in a share placement and sell assets including part of its lenders’ mortgage insurance business in Australia after reporting an 18 percent drop in earnings. The insurer, which earns about …

NAB Sees $410 Million in U.K. Charges in Annual Result

National Australia Bank Ltd., the nation’s largest lender by assets, will set aside more than £245 million ($410 million) in its full-year result for compensation related to U.K. insurance and hedging products. The Melbourne-based lender’s shares fell 0.9 percent to …

Australia’s Suncorp Plans $462 Million Write-down, Cuts Growth Target

Suncorp Group Ltd., Australia’s largest general insurer by market value, plans a A$500 million (US$462 million) write-down at its life insurance unit and cut its growth target for the year to June 2015. The write-down will reduce net profit and …