QBE qbe insurance group limited

News: QBE QBE Insurance Sees FY20 Adjusted Net Cash Loss After Tax Of $780M

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    Dec 18 (Reuters) - QBE Insurance Group Ltd (QBE) :

    • FY20 NET INVESTMENT INCOME IS EXPECTED TO BE $140M
    • QBE NOW EXPECTS TO REPORT A FY20 ADJUSTED NET CASH LOSS AFTER TAX OF $780M
    • FY20 RESULT WILL ALSO BE IMPACTED BY ADDITIONAL ADVERSE PRIOR ACCIDENT YEAR CLAIMS DEVELOPMENT, AMONG OTHERS
    • NET INCURRED COST IN FY20 FROM COVID-19 NOW EXPECTED TO BE ABOUT $470M
    • FY20 NET CATASTROPHE COSTS ARE EXPECTED TO BE ABOUT $680M
    • FY20 RESULT HIT BY EXTRA ADVERSE PRIOR ACCIDENT CLAIMS, NON-CASH CHARGES INCLUDING NORTH AMERICA GOODWILL, DEFERRED TAX ASSET IMPAIRMENT & OTHERS
 
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