QBE Insurance Group says it will be pleased if it can maintain profits this year in the face of a declining economy.
The Sydney-based insurer says that the majority of its businesses are outperforming their peers.
At the company’s annual general meeting in Sydney yesterday, chairman John Cloney said the insurer “expects 2009 will be another difficult year for investment yields given the global economic uncertainty,” but the company will be “very pleased if we are able to maintain or increase profitability over 2008 levels.”
Chief executive Frank O’Halloran said “QBE’s businesses and balance sheet are in great shape to capitalise on the many opportunities that are available.”
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