Insurance Technology Industry News

TMCNet:  Buffeted QBE cuts dividend as well as jobs as new chief tries to steady the ship

[February 26, 2013]

Buffeted QBE cuts dividend as well as jobs as new chief tries to steady the ship

Feb 26, 2013 (The Australian - ABIX via COMTEX) -- QBE Insurance shares fell 1.8% to $A12.79 on 26 February 2013, after the group reported an eight per cent rise in after-tax profit to $A761m for calendar 2012. QBE reduced its final dividend from $A0.25 to $A0.10 per share, while the proportion of profit paid as dividends was cut from 70% to 50%. CEO John Neal said the insurance company was preparing to cut 700 jobs, in line with plans to reduce costs by $US250m over three years.

Publication Date: 27 February 2013 QBE INSURANCE GROUP LIMITED - ASX QBE MORNINGSTAR PTY LTD XL GROUP PTY LTD

[ Back To Insurance Technology Homepage's Homepage ]

FREE Insurance Technology enewslettter.

Events

Weekly Live Demo
Contact Center Solutions

Register Today!