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
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