Not sure where you get your view from. IAG has far better growth metrics than QBE over the last 1, 5, and 10 years. QBE sales growth is better, but they produce lower cash and earnings growth, suggesting poorer reinsurance management. Admittedly, QBE's forecast growth is mooted to be better than IAG's for next year, but that's because its coming off a much lower (negative earnings growth) base. Perhaps this is the point of your statement?
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