QBE cuts projected insurance revenue growth to US$13 bln

QBE INSURANCE GROUP LTD (ASX:QBE) has cut back its projected insurance revenue growth because its predominately overseas-based earnings have been adversely affected by the stronger Australian dollar. Gross written premium (GWP), a benchmark measure of insurance businesses, is now expected to rise 10 per cent to A$14.4 billion (US$12.984 billion) in calendar 2009, rather than the previously forecast A$16.2 billion, from A$13.1 billion in 2008.

* QBE said even if there was further local currency GWP growth forecast in 2010 and the Australian dollar stayed at its current level, the previous A$16.2 billion figure still would not be attained next year.

* The stronger Australian dollar was affecting top line revenue and net profit, Sydney-based QBE said in slides for an investor presentation on Monday.