QBE adopts US dollar for reporting as it forecasts 40% profit drop
QBE has decided to adopt a US dollar presentation currency for 2010 onwards, as it is claims this is more relevant for measuring performance given that around 75% of business is now written in 48 overseas countries, and over 50% of annualised premium income is derived in US dollars.
It added preliminary premium growth and insurance profit for the half year ended 30 June 2010 indicate: gross written premium growth of 20% to US$6.9bn (European operations up 5% in sterling to around
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