Analysts lower QBE’s earnings estimates
Analysts have lowered their earnings estimates for QBE Insurance as the company prepares to post its 2008 results later this month.
Fairfax media says Merrill Lynch analyst Andrew Kearnan has lowered his 2008 adjusted earning per share estimate by 13% to $1.66 and 2009 by 4% to $2.15.
It says Credit Suisse analysts also downgraded their earnings estimate for QBE after examining the effect of declining bond yields over the past two quarters.
Mr Kearnan told insuranceNEWS.com.au today that any earnings changes reflect mark to market adjustments based on the latest investment market positions, currency assumptions, operational trends and so on.
“We have adjusted our earnings forecast as we do for all of the insurers to reflect various mark to markets of currency, investment returns, the latest operational assumptions and so forth,” he said.
Fairfax media says Merrill Lynch analyst Andrew Kearnan has lowered his 2008 adjusted earning per share estimate by 13% to $1.66 and 2009 by 4% to $2.15.
It says Credit Suisse analysts also downgraded their earnings estimate for QBE after examining the effect of declining bond yields over the past two quarters.
Mr Kearnan told insuranceNEWS.com.au today that any earnings changes reflect mark to market adjustments based on the latest investment market positions, currency assumptions, operational trends and so on.
“We have adjusted our earnings forecast as we do for all of the insurers to reflect various mark to markets of currency, investment returns, the latest operational assumptions and so forth,” he said.