QBE has positioned itself as a top-20 global “pure property and casualty player” that has returned to its core business with “no distractions or complexities”.

The claim came at a third-quarter briefing in Sydney last Tuesday. But investors are not buying it.

The update, delivered by Group CFO Pat Regan, was greeted with a 2% haircut, as the share price closed that day at $12.91. It was clipped a further 2.8% to $12.55 last Wednesday.

Mr Regan emphasised QBE’s program of asset sales, the move from a “federated model” to centralised head office control and an ongoing board and group executive renewal.

It was the third-quarter trading update that prompted investors’ jittery response.

QBE announced an insurance profit margin “unchanged” from its August guidance of 8.5-10% – but specified it would likely fall “towards the bottom end”.

Similarly, the combined operating ratio guidance is unchanged at 94-95%, but with the added detail of “towards the top end”.

Mr Regan says pricing “remains competitive in all markets” and “slightly tougher” than the first half of this year. Gross written premium remains “under pressure”.

Investors on sharemarket forum HotCopper expressed surprise at the hit to the share price.

“Nothing wrong with the presentation… so just don’t understand the fall,” one investor said, voicing the most popular sentiment.

Another was less sanguine: “Surprised anybody thinks it is nothing. If you do the numbers… probably [looking at] a 10% drop in operating profit for the second half.”