Australia's QBE shares fall after earnings warning

lunes 28 de julio de 2014 20:17 GYT
 

SYDNEY, July 29 (Reuters) - Shares of Australia's QBE Insurance Group dropped as much as 13.8 percent in early trade on Tuesday after the company warned higher claims in Latin America will hit its insurance profit margin and costs.

Its insurance profit margin is likely to be around 7-8 percent, compared with consensus expectations of around 10 percent.

At 1213 GMT, its shares were down 12.1 percent at A$10.45 compared with the benchmark S&P/ASX200 index, which was down 0.2 percent. (Reporting by Swati Pandey; Editing by Paul Tait)