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Business Description: QBE Insurance Group (QBE) is an international general insurance and reinsurance group underwriting most major commercial and personal lines classes of business through operations in 48 countries.
Strategy Analysis: QBE's strategic objective is to remain a highly respected and successful general insurance and reinsurance group by earning underwriting surpluses in each insurance division and country combined with above benchmark investment returns. The objectives of management are to grow shareholder wealth over the long-term while maintaining a sound solvency position and a low risk profile; improve customer satisfaction and retention; motivate employees and maintain a high degree of integrity. Extensive risk management is in place to protect all stakeholders. QBE's strategy is based on organic growth from existing diversified operations supplemented by astute value-adding acquisitions. QBE has made over 140 acquisitions over the past 25 years and currently operates in 52 countries.
QBE Insurance Group reported NPAT up 8% to US$761.0m for the year ended 31 December 2012. The increase includes the impact of a disappointing underwriting result due to adverse prior accident year claims development and strengthening of risk margins offset by higher investment income compared with 2011. In addition, NPAT was adversely impacted by an increase in amortisation and impairment charges following changes to the structure and operation of the group's business, predominantly in North America. Revenues from ordinary activities were US$20.92m, up 4% from last year. Diluted EPS was 61.3 US cents compared to 61.6 US cents last year. Net operating cash flow was US$2.73bn compared to US$2.14bn last year. The final dividend declared was 10.0 AU cents, taking the full year dividend to 50 AU cents compared with 87 US cents last year.
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