QBE Insurance Cuts 2011 Outlook

Australia's QBE Insurance Group (OTC: QBIEY) projects its 2011 net profit to drop by as much as 50%. It also announced its plans to lower its final dividend.

QBE Insurance lowered its insurance margin forecast for the year to 7-7.5%. The final dividend would decline to 25 cents from 66 cents. Analysts were projecting an 11% surge in net profit.

QBE Insurance shares closed at $13.56 yesterday.