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QBE boss âdisappointedâ as adverse conditions pummel its books
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QBE boss âdisappointedâ as adverse conditions pummel its books
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QBE has flagged a $US1.5 billion ($1.97 billion) loss for the year, with the global insurance giantâs books buffeted by higher-than-expected claims from catastrophic weather and the coronavirus crisis.
QBE interim chief executive Richard Pryce said he was âvery disappointedâ by the figures that caused the companyâs share price to plummet more than 12 per cent to $8.73 on Friday. He added that it was necessary to update the market as the insurer tackled the worst hurricane season on record and ballooning reinsurance costs.
How the Morningstar 11 wide moat stocks did in 2020 Lex Hall | 15 Dec 2020Text size
For the year 2020 only two of Morningstar s 11 wide moat stocks posted positive returns. At the end of the year Australia’s top stocks were in general back to square one, with the benchmark S&P ASX 200 posting a return of -0.36 per cent.
The top performer among the 11 wide moat stocks was Wesfarmers (ASX: WES), which posted a return of 27 per cent. It was streets ahead of the other stocks on the list. Second place went to Commonwealth Bank (ASX: CBA), which posted a return of almost 9 per cent while the ASX exchange itself (ASX: ASX) recorded about -1 per cent.