QBE Insurance Posts 37% Drop In H1 Profit, Lowers Revenue Outlook

QBE Insurance Group QBIEY reported a 37% fall in its profit for the six months through June and cut its annual revenue view. QBE Insurance's net profit for the period dropped to US$477 million, from US$760 million, in the year-ago period. QBE Insurance shares closed at $15.50 yesterday.