QBE's first half profits fall 46%; Australia and New Zealand CEO exits
Australian giant QBE's 2016 first half after tax global profits declined 46% to $265m (£203m)compared with $488m in the same period last year.
The group's underwriting profit collapsed from $295m (H1 2015) to $54m as the combined operating ratio climbed from 95.3% to 99%. The rise was attributed to an "adverse discount rate adjustment" -
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